Rare earth elements aren’t really rare at all. They are actually found in abundance but often difficult to find in a pure form. Of the entire suite of nearly indistinguishable silvery-white soft metals, neodymium, praseodymium, dysprosium, and terbium account for the lion’s share (roughly 80-90%) of the rare earths market value.
Of the suite of 17 rare earth elements (REE) neodymium, praseodymium, dysprosium, and terbium are the four most sought-after – the so-called super magnets.
China currently controls about 70% of mining and about 90% of refining, which creates structural vulnerability for Western original equipment manufacturers (OEMs).
The European Union has set 2030 targets for domestic extraction (10%), processing (40%), recycling (25%), and a cap of less than or equal to 65% reliance on any one country.
Barclays research estimates global rare earth demand will surge six-fold by 2050 due to the anticipated scale-up of electric vehicles, wind turbines, and other clean technologies.
Neodymium rare earth magnets are the most powerful permanent magnets available. They are made from high-quality neodymium magnetic material and use this material to produce high-strength, permanent magnets.
Dysprosium and terbium are essential for producing high-performance permanent magnets.
Everyday uses of dysprosium include in smartphones and flat-panel displays, usually as part of a compound or an alloy. Some educational toys and kits that involve magnets use dysprosium-enhanced magnets for better performance.
This REE is often alloyed with neodymium to produce magnets with higher resistance to demagnetisation. These magnets are crucial in EV motors and wind turbine generators.
The magnetic properties of dysprosium make it valuable in data storage technologies, such as in hard disk drives. As such, this valuable rare earth element has a range of everyday applications and is widely used in the industrial sector, as well as in medical devices.
It is used in the construction of solid-state lasers, which are used in a variety of applications including material processing and scientific research.
Dysprosium also has a high cross-section for capturing thermal neutrons, making it useful in control rods in nuclear reactors. Its temperature-sensitive magnetic changes are employed in some types of temperature sensors.
Some dysprosium compounds show promise as contrast agents in magnetic resonance imaging (MRI), although this is still largely in the research phase.
Similarly, terbium is used extensively in flat-panel displays such as LCDs and LEDs. Its applications extend to being a dopant in various optical materials, such as lasers and photodetectors to improve efficiency and sensitivity.
Alloys of terbium with other rare earth metals are used in the construction of high-performance magnets and actuators, which are critical in many industrial applications such as robotics.
Terbium compounds can act as catalysts in a variety of chemical reactions, including petrochemical processes. It can be used in bioassays and in medical X-ray detectors, with its luminescent properties making it invaluable in enhancing the effectiveness of imaging systems.
The International Energy Agency (IEA) reports demand for key energy minerals is set to grow rapidly across all scenarios, with the largest source of growth coming from the energy sector. In the Stated Policies Scenario (STEPS) demand for rare earth elements grows strongly, increasing 50-60% by 2040.
Growing demand for permanent magnets, particularly from EVs and wind power, boosts the need for magnet rare earths, the IEA says.
Total magnet REE demand could reach 131,000 tonnes by 2030 and further to 181,000 tonnes by 2050, with the share of demand from EV motors rising most sharply from 7% in 2023 to nearly 30% in 2050.
It is for these reasons that a growing number of ASX-listed mining companies are ramping up development of near-term and currently producing projects.
Magnets doing heavy lifting
ABx Group (ASX:ABX) is one such company. It is focusing on economic studies to identify the optimum project design at its Deep Leads project in northern Tasmania, and is conducting metallurgical work in-house and with partners to support these studies.
As CEO Dr Mark Cooksey explains to Mining.com.au, ABx continues engaging several customers with the aim of securing binding agreements soon. Investment into ABx is also being discussed.
The company has reported resource growth and exceptionally high proportions of dysprosium and terbium – the elements with some of the highest supply risk – at its Tasmanian clay rare earths project.
Cooksey tells this news service ABx is progressing next steps at the project including a planned 39-hole drilling program at its T8 discovery made in late 2025 and large-batch testing for a mixed rare earth carbonate (MREC) product.
The major strategic decision for ABx going forward is whether to produce an intermediate product, such as an MREC, or move further downstream to produce separated rare earth oxides.
Just days ago, Victory Metals (ASX:VTM) completed heritage survey clearance of a previously registered heritage site covering 1,000 acre tenure immediately adjoining heavy rare earth mineralisation open and overlying the key alkaline intrusion at the company’s flagship North Stanmore Heavy Rare Earth Elements (HREE) Project in Western Australia.
The company says this is a pivotal step forward as it works toward establishing North Stanmore as a long term, strategic Western supplier of critical heavy rare earths, dysprosium, terbium, scandium, gallium, and other high value metals.
In August 2025, Victory announced a mineral resource estimate (MRE) for North Stanmore, totalling 320.6 million tonnes, with the majority of the resource classified in the indicated category.
The company says this positions North Stanmore as Australia’s largest indicated clay heavy rare earth resource, underscoring its pivotal role as a future supplier of critical materials for the future.
Another advanced player in the magnet rare earths space is Critica (ASX:CRI), which earlier this month initiated a Scoping Study phase for its flagship Jupiter Rare Earth Project in Western Australia, marking a key transition from technical validation into structured project development.
“Jupiter is differentiated not just by its scale, but by its simplicity – a clay-hosted system with demonstrated beneficiation performance”
The study is designed to translate Jupiter’s scale, beneficiation performance, and jurisdictional advantages into a defined, credible and capital-efficient development pathway, establishing a clear foundation for subsequent feasibility stages.
Subject to study outcomes and key approvals, Critica’s indicative development pathway for Jupiter includes a Scoping Study in H1 2026, then onto a Prefeasibility Study during H2 2026, followed by a Definitive Feasibility Study n H2 2027.
As reported by Mining.com.au on 20 January, the company has appointed Sedgman to lead the Scoping Study for its flagship Jupiter project, which will be supported by Snowden Optiro providing specialist mining input and SRK Consulting overseeing resource updates and optimisation.
CEO Jacob Deysel says appointing Sedgman to lead the Jupiter Scoping Study “is a major step forward as we shift from technical validation to defining a development pathway”.
“Jupiter is differentiated not just by its scale, but by its simplicity – a clay-hosted system with demonstrated beneficiation performance that provides a strong potential for a capital-efficient project configuration and development option,” the CEO says.
“With Sedgman’s rare earth experience, combined with Snowden Optiro’s mining capability and SRK’s resource oversight, we have an experienced team to convert Jupiter’s technical strengths into a robust and defensible development pathway.”
ASX magnetism
Meanwhile, Octava Minerals (ASX:OCT) on 29 January agreed with vendors to vary the terms of an acquisition for the Byro Rare Earth Element Project in Western Australia.
As part of the variations, both parties have agreed to extend the date to 31 March 2026 for meeting certain conditions, as well as to issue performance rights instead of the granting of a right to two million shares.
The variation comes after bioleaching testwork was conducted in 2025 by two independent consulting groups – BiotataTEC and CSIRO, achieving “excellent initial recoveries” using bioleaching including 68-75% for the rare earths neodymium, praseodymium, and dysprosium.
In 2024, Octava signed the deal to acquire Byro. As reported, Octavia has big plans for 2026, with drilling to continue at Sweeneys with initial assay results expected this quarter. It also plans to begin work on the Anomaly 1 zinc-silver-tin prospect, just to the northeast of Sweeney’s.
Another is Renegade Exploration (ASX:RNX), which in 2025 expanded its US footprint, staking almost 40 new lode claims in California’s Mountain Pass district, which is a globally significant hub for rare earth production.
The Mustang Project is within close proximity to the Colosseum gold-rare earths mine and just 10km north-east of the Mountain Pass rare earths mine, which contains one of the richest deposits of REEs in the world and is the only site of its scale in the Western Hemisphere.
MP Materials says the facility’s integrated operations offer significant cost and production advantages all while rigorous waste reduction, water stewardship, and materials recycling efforts help minimise its environmental impact and preserve ecological diversity.
Nearby, Locksley Resources (ASX:LKY) – a US-focused critical minerals explorer targeting high-grade rare earth elements and antimony in California – is strategically located just 1.4km from Mountain Pass, the only producing rare earths mine in North America. Its Mojave Project is backed by strong federal momentum and drill-ready approvals.
Write to Adam Orlando at Mining.com.au
Images: iStock, Unsplash & Mining.com.au
