Highlights

• REMX ETF experienced a decline of 3% for the week but an increase of 83% year-to-date, driven by policy support including $134M in U.S. DOE funding and a €3B EU critical minerals initiative.
• MP Materials outperformed with a 7% weekly gain and a 296% year-to-date gain, following an upgrade from Morgan Stanley.
• USA Rare Earth surged 25% due to an ex-China supply deal that secures feedstock for its Oklahoma magnet plant, which is set to launch in Q1 2026.
• Heavy rare earth supply constraints intensify, with Western buyers paying up to 4× China's domestic price for dysprosium, bringing attention to upcoming catalysts such as Arafura's final funding approval and MP Materials' magnet factory progress.

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Welcome to the inaugural Rare Earth Exchanges™ Weekly Stock Report, our new investor-facing roundup tracking the world’s most important rare earth and strategic-materials equities. Each week, we’ll cut through noise and distill market performance, policy shifts, company catalysts, and geopolitical signals shaping the global mine-to-magnet supply chain.

This first edition marks the beginning of a reporting series we intend to sharpen over time. Our commitment is simple: deliver clear, data-driven, independent analysis that helps investors make better decisions in an increasingly volatile and strategically contested sector. Of course we leverage our proprietary rankings model, and as the market evolves, so will our methods, metrics, and tracking tools—we welcome feedback and look forward to improving this report every week.

And as always, Rare Earth Exchanges stands by a core principle: if we get something wrong, we will publicly correct it. While we must be independent and critical, we must support the pathway to resilience for USA, and other nations.

Transparency is not a slogan for us; it’s our operating philosophy. In a sector defined by complexity, opacity, and geopolitical leverage—plus a lot of noise and government narrative--honest reporting and candid assessment is a competitive advantage.

Below is the full Sector Overview and weekly performance breakdown for some of the companies featured on the Rare Earth Exchanges (REEx) rankings.

Sector Overview

Market Performance

Rare earth equities consolidated after a strong rally. The VanEck Rare Earth/Strategic Metals ETF (REMX) dipped roughly 3% for the week, though it remains up over 83% year-to-date (opens in a new tab). Note, we are working on a fund based on our proprietary algorithm, rankings, and insights.  We are self-funded, so it will take some time, but we are making progress.

Policy Backdrop

Investors digested major policy moves aimed at non-Chinese supply chains. The U.S. Department of Energy announced $134 million for domestic REE projects, and the EU launched a €3 billion critical minerals initiative. Meanwhile, China eased export curbs on certain magnets while keeping tight controls on RE oxides, signaling a calibrated strategy. Geopolitical shifts (e.g., a U.S.-brokered DRC-Rwanda minerals peace accord) further underscore the strategic importance of rare earths. REEx expects European nations to start becoming more aggressive on the policy front, seeking to bolster competition against not only China but also the USA.

What follows are the performances this week of companies listed on the Rare Earth Exchanges rankings.

Light Rare Earth Producers

MP Materials (opens in a new tab) (NYSE: MP)

Outperformed. MP’s stock gained ~7% this week, closing around $62, buoyed by a Morgan Stanley upgrade to Overweight (new price target $71). The upgrade cited MP’s emerging role as the U.S.’s fully-integrated mine-to-magnet supplier amid rising geopolitical tensions. Year-to-date, MP has surged ~296%, reflecting strong NdPr output growth and Pentagon-backed partnerships (DoD funding and a Saudi JV) that reinforce its strategic value. MP remains the USA’s strategic rare earth element asset. Rare Earth Exchanges (REEx) has suggested MP will likely fall under the “to big to fail” status given the unfolding geopolitical realities.

Lynas Rare Earths (opens in a new tab) (ASX: LYC | OTC: LYSDY)

Lagged. Lynas shares (opens in a new tab) pulled back ~3.7% to about $9.45 on the U.S. OTC market (opens in a new tab), giving up some recent gains. The decline came on light volume and no new negative news – in fact, analyst sentiment has improved (UBS and Goldman upgraded Lynas to “Strong Buy” in late November). The stock still trades above its 200-day moving average after a strong 2025 run. Investors are watching for operational updates on Lynas’s Malaysian processing plant license and the ramp-up of its new Kalgoorlie facility in Australia.

Heavy Rare Earth & Other Junior Projects

Meteoric Resources (opens in a new tab) (ASX: MEI)

Notable gainer. Meteoric jumped ~7% to A$0.15 after Macquarie reiterated an “Outperform” rating and A$0.39/sh target, highlighting the upside at Meteoric’s Caldeira ionic-clay rare earth project in Brazil. This came despite a minor regulatory setback (a local permit vote delayed to Dec 19). Macquarie noted that shedding China’s grip on REEs is tough, but Meteoric is making headway and could become Brazil’s second-largest REE mine. The stock is up ~76% YTD, reflecting optimism about Caldeira’s large resource and strategic appeal.

Arafura Rare Earths (opens in a new tab) (ASX: ARU)

De-risking milestone. Arafura’s share price was flat around A$0.27 (~US$0.18) this week, but a major catalyst unfolded: shareholders approved all funding resolutions at a Dec 5 EGM. This clears the final internal hurdles for Arafura’s >A$1 billion Nolans Project financing. With equity placements approved and debt commitments secured from U.S. EXIM, EDC (Canada), and NAIF (Australia), only a ~A$115 M German government tranche remains. The decisive shareholder votes (87–96% in favor) signal confidence in Nolans, which is now on the cusp of a Final Investment Decision and accelerated construction.  Arafura could be a game-changer in the next couple of years, suggests REEx. Is this Down Under stock undervalued today?

USA Rare Earth (opens in a new tab) (NASDAQ: USAR)

Surged on supply deal. USAR stock spiked about 25% after its UK subsidiary Less Common Metals signed a supply agreement to provide rare earth alloys to Solvay SA and Arnold Magnetic Technologies. Currently priced 17.35 afterhours. This ex-China supply deal (following USAR’s $100 M acquisition of LCM in November) secures feed for USAR’s Oklahoma magnet plant slated to start up in Q1 2026. Investors cheered the move as a tangible step toward a Western rare earth magnet supply chain.  Rare Earth Exchanges suggests this mind-to-magnet story remains dependent on feedstock and scalable refining, and investors need to keep fixated on key indicators and milestones.

Other Movers

Most other rare earth juniors were mixed during the week without major news:

• Defense Metals (TSX-V: DEFN) (opens in a new tab) hovered around C$0.24 after announcing a new financing
• Northern Minerals (opens in a new tab) (ASX: NTU) traded steadily as it advances the Browns Range heavy REE project. Note: NTU ranked #9 on the REEx Heavy Rare Earth Element rankings.
• Ionic Rare Earths (opens in a new tab) (ASX: IXR) and Search Minerals (TSX-V: SMY) saw only modest fluctuations.
• Ucore Rare Metals (opens in a new tab) (TSX-V: UCU) held directionally toward 52-week highs as it progresses a Louisiana REE separation plant
• Namibia Critical Metals (opens in a new tab) (TSX-V: NMI) remained range-bound amid ongoing JOGMEC JV work at its Lofdal heavy rare earth deposit.
• We cite Brazilian Rare Earth (opens in a new tab) (BRE: AX) below due to refining expertise consulting deal with Carester—keep an eye on this one. While down -5.4% last week, they are up 72.41% for the year.

Downstream & Magnet Manufacturers

Refiner/Processing

Energy Fuels (opens in a new tab) (NYSE: UUUU)

Traded flat near $15.69. While primarily a uranium producer, Energy Fuels is now _one of a few  U.S. rare earth processors (albeit small amounts)—they are separating NdPr oxid. (Notably, its high-purity NdPr was validated by South Korea’s POSCO for magnet production earlier this year.) The stock’s steady performance mirrors stable uranium markets and the long-term nature of rare earth refining efforts.

Solvay S.A. (opens in a new tab) (BR: SOLB)

Rose 2% after confirming it has started pilot production of magnet-grade oxides (NdPr, Dy/Tb, Sm) at its plant in La Rochelle, France. Solvay also inked contracts to supply U.S. magnet makers with these oxides, marking an early but important European entry into the REE midstream.

Phoenix Tailings (opens in a new tab)

Privately held startup with 200 ton capability today, and shows real promise, given this segment of the value chain represents the highest risk

ReElement Technologies (opens in a new tab)

Shows significant promise and is also privately held. Once part of publicly traded American Resources Corporation (opens in a new tab), they are separate, but the latter remains a material stockholder. CEO Mark Jensen remains a key figure to help American ingenuity in resolving the rare earth refining bottleneck.

Carester (opens in a new tab)

A very important, albeit private, French player inked a recent deal to support refining processes with publicly traded Brazilian Rare Earths (opens in a new tab) (BRE: XA)—a firm REEx has suggested has future potential. Generally, we like BRE, the management, the potential of the geology and geographic location, and the strategic implications (near a seaport, etc.). Note REEx suggests great promise with Carester.

Aclara Resources (opens in a new tab) (ARA.TO)

Should be monitored. At 2.55, the company with two major South American mining interest holders is up 454.35% for the year.  A contingent from the EU visited the company this week, as reported by REEx.

Magnet Manufacturers (ex-China)

Rare earth magnet demand optimism lifted select names.  Many of the magnets produced in China are not publicly traded.

LG Innotek (opens in a new tab) (KRX: 011070)

A Korean producer of electronic components and NdFeB magnets surged over 14% this week, supported by bullish outlooks for EV motor materials and a brokerage upgrade (target raised to ₩320,000). They are up 76% year to date.

Shin-Etsu Chemical (opens in a new tab) (TSE: 4063)

One of the world’s largest ex-China magnet makers from Japan, climbed ~4% on the week.

TDK Corp. (TSE: 6762)

Was flat, underperforming peers after a strong November. Industry-wide, magnet suppliers are assessing China’s latest policy change, allowing some NdFeB exports under license.

Neo Performance Materials (opens in a new tab)

Was down 0.7% last five days and up 119.46% for the year. The Canada play should be watched carefully. They still depend on China for some production, however, but they have deep knowledge and expertise that can be leveraged in a nascent ex-China world.

Additionally, global competition is heating up – for example, India just approved a $816 M incentive program to kick-start domestic NdFeB magnet manufacturing, which could eventually challenge incumbents.

Privately held firms to watch

• Startup Vulcan Elements (opens in a new tab), which announced a large deal with the U.S. government in partnership with privately held ReElements Technologies
• Privately held Vacuumschemelze (opens in a new tab) continues to do deals covered by the REEx annual deal flow report, with numerous deals and a plant in South Carolina.
• Two private American players to watch include Permag Magnetic Solutions (opens in a new tab)(EEC) and Arnold Magnetic Technologies.
• Noveon Magnetics (opens in a new tab), privately held, is an important player in the nascent ex-China space in USA.

Outlook

Momentum into Year-End

Rare earth stocks enter the final weeks of 2025 with significant momentum and investor focus. Despite this week’s mild pullback, the sector still vastly outperforms broader mining indices as of late, thanks to strong magnet metal prices and geopolitical tailwinds, not to mention unprecedented deal-making thanks to the Trump administration.

That security premium has, in the heavy rare earth sector, substantial deltas in pricing, with China far more economical, but of course, nations are in a race to achieve resilience of their respective supply chains. Heavy rare earth oxides (dysprosium, terbium) remain extremely scarce outside China – Western buyers are paying up to 4× China’s domestic price for Dy per REEx– which could spotlight companies aiming to fill that gap (e.g. Energy Transition Minerals’ Greenland project or Avalon Advanced Materials in Canada).

Key Catalysts Ahead

Investors will be watching for any year-end policy moves from Beijing (such as 2026 export quota announcements or stockpiling plans) that could move REE markets.

Project-specific news is also on the radar: Arafura’s final German funding approval, MP Materials’ magnet factory progress (our national treasure trove must execute), and Pensana’s potential U.S. listing plans in 2026 are a few items that could drive sentiment. Overall, rare earths remain a high-impact theme as governments and industries race to secure supply chains – a trend that is expected to intensify heading into 2026.

Note that we make extensive use of Yahoo Finance for this stock research.

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