Original article by Alex Gluyas
The Australian Financial Review – Page: 27 : 15-Oct-25

Shares in rare earths producers have rallied due to factors such as rising demand for the critical minerals and concerns over supply amid renewed trade tensions between the US and China. Lynas Rare Earths has risen by 227 per cent so far in 2025, while Australian Strategic Materials is up 272 per cent. US-based MP Materials has in turn rise by 480 per cent in the year-to-date. However, Macquarie analysts now consider shares in both Lynas and Iluka Resources to be fully priced, contending that these stocks have outpaced gains in underlying rare earths prices. The firm has an ‘outperform’ rating on Meteoric Resources, whose shares rose 17.1 per cent to $0.24 on Tuesday.

CORPORATES
LYNAS RARE EARTHS LIMITED – ASX LYC, AUSTRALIAN STRATEGIC MATERIALS LIMITED – ASX ASM, MP MATERIALS CORPORATION, MACQUARIE EQUITIES LIMITED, ILUKA RESOURCES LIMITED – ASX ILU, METEORIC RESOURCES NL – ASX MEI