Source note: This article is based on the ranking 'Heavy Rare Earth Stocks: Essential Top 10 for 2026', published by rare-earth-mining.com. According to the source, the ranking orders ten listed companies by their readiness to supply separated dysprosium (Dy) and terbium (Tb) outside China, from operating producers to pre-construction developers. The source states that market capitalisation is not a criterion.
The facts cited were drawn by the publisher from company filings and releases and checked on 23 October 2026. The ranking describes production readiness and is not an investment recommendation. According to the source, Dy and Tb help NdFeB magnets keep their magnetic performance at high temperature, which is why EV traction motors, defence systems and aerospace actuators depend on them.
The source states that China dominates separated heavy rare earth supply. It does not report current Dy or Tb oxide prices and only refers readers to a price tracking page, so this article does not state any price levels. Export controls and Chinese supply policy are not addressed in the source.
Lynas Rare Earths (ASX: LYC) is the only company in the ranking that the source describes as already producing separated heavy rare earths at scale. It produced 19 t of Dy/Tb in the June 2026 quarter, up from 8 t in the previous quarter, according to the source. Lynas also first produced samarium oxide in March 2026, with gadolinium expected early in FY28 and yttrium in early calendar 2028.
The Malaysian heavy circuit expansion is under construction, with its cost increased from about A$180m to about A$294m including contingency, according to the company's June 2026 quarterly report as cited by the source. Pol Le Roux became interim CEO on 1 July 2026, and the company expects the full heavy suite on site by late 2027. The source identifies ore quality as the main risk.
MP Materials (NYSE: MP) reported NdPr output of 840 t in Q2 2026, up 41% year on year, according to the source. Its first heavy rare earth separation circuit reached mechanical completion in May 2026, and management says it is on track to begin producing Tb and Dy later in 2026. The source notes that heavy volumes have not been disclosed, so the company's heavy output cannot yet be measured.
Energy Fuels (NYSE American: UUUU) began construction on 29 July 2026 of a US$104m expansion at its White Mesa mill in Utah. The source says it is designed for up to about 120 t/yr of Dy oxide and 20 t/yr of Tb oxide, a maximum design figure rather than guaranteed output, with completion at the end of 2027. The main feed is to come from the Donald joint venture with Astron (ASX: ATR), which remains subject to a final investment decision.
On 23 June 2026 Energy Fuels agreed to acquire Vacuumschmelze, with closing expected in early 2027. Iluka Resources (ASX: ILU) reported that its Eneabba refinery in Western Australia was more than 50% complete in June 2026, with commissioning scheduled for 2027. According to the source, Iluka has signed its first binding take-or-pay offtake agreement with an unnamed global automaker, starting in 2028, covering about 1,200 t over four years, with minimum revenue of US$155m and including Dy and Tb.
USA Rare Earth (NASDAQ: USAR) closed its Serra Verde acquisition on 3 September 2026, according to the source. In July it produced first commercial-grade dysprosium and NdPr oxide samples from recycled magnet swarf. The company targets 600 t/yr of magnet capacity at Stillwater, Oklahoma, with first magnet sales by year-end, and expects the Round Top definitive feasibility study by year-end, with commercial operations targeted for late 2028.
The remaining companies are at earlier stages. Ucore Rare Metals (TSXV: UCU) is commissioning its first RapidSX machine, rated at 600 t/yr of TREO, with factory acceptance testing scheduled for August to September 2026, but the source lists construction completion, commissioning, qualification, funding and permits as still pending. Aclara Resources (TSX: ARA) filed its Carina feasibility study on 13 April 2026, showing capex of US$780.9m and average output of 156 t/yr of Dy and 27 t/yr of Tb, with first production targeted for H2 2028, although no fully committed financing package is in place.
Rainbow Rare Earths (LSE: RBW) plans about 60 t/yr of Dy and 20 t/yr of Tb at its Phalaborwa project in South Africa, with the prefeasibility study due in Q4 2026. Critical Metals (NASDAQ: CRML) received Greenland approval for the Tanbreez mining and closure plans on 6 October 2026, with first ore targeted for Q4 2028 or Q1 2029, but the source says no separation route has been confirmed. Northern Minerals (ASX: NTU) missed its 30 September 2026 final investment decision deadline for the Browns Range xenotime project, and its funding is incomplete.
The editorial takeaway is the distance between announced heavy rare earth capacity and separated output. In the source, only Lynas reports Dy and Tb tonnage, while MP Materials is expected to begin heavy production later in 2026. The other projects depend on financing, permits, commissioning and offtake agreements, as the source notes.
For a market where demand comes from EV motors, defence and aerospace, the timing of commissioning is as important as nameplate capacity. Price levels, Chinese export policy and demand forecasts are not covered by the source, so readers should check benchmark price data and official trade information before drawing market conclusions. The next milestones named in the source include MP Materials' start of Tb and Dy production later in 2026, Rainbow's prefeasibility study in Q4 2026, USA Rare Earth's Round Top study by year-end, the Energy Fuels closing of the Vacuumschmelze deal in early 2027, Iluka's commissioning in 2027, and Lynas's full heavy suite on site by late 2027.
Aclara's Carina project is scheduled for construction in Q1 2027. This article is for informational purposes only and does not constitute investment advice. Source: rare-earth-mining.com, 'Heavy Rare Earth Stocks: Essential Top 10 for 2026', https://rare-earth-mining.com/top-10-heavy-rare-earth-stocks
Source: rare-earth-mining.com