Desk · Producers · Mixed basket
ASX:LYC · LYSDY · OTCQX
Lynas Rare Earths
Largest producer outside China. Mt Weld plus Malaysia separation; first commercial ex-China Dy and Tb; $110/kg floors with Japan and a DoW LOI.
Strong
Pulse Timeline
Isoelectric line is the baseline Pulse. Spike height is catalyst strength. Wide gaps or a flat line = stalled progress / life support.
- 1) 03-16 Oxide
- 2) 07-16 Build
- 3) 12-15 Beat
- 4) 12-15 Listing
Lead II · 25 mm/s · Pulse 10 mm/mV · snapshot 2026-08-22
Building
Cadence is real, not yet a cluster. Next print has to land.
- Last beat
- 37d
- Beats / 90d
- 1
- Recent gap
- 122d
2 beats in 180d
- — Last material beat 37d ago — HREE plant capex re-estimate A$294m.
- — Next: Malaysia HREE facility progress vs A$294m budget (115d).
- — Recent gap 122d between prints.
- — Government / strategic paper is on the tape.
Trading
- Last
- A$16.40
- 1d
- +2.1%
- Mkt cap
- $12.0B
- Volume
- 4.8M
- 52-week
- A$6.4 – A$22.1
- 1m
- —
- 3m
- —
- 1y
- +31.0%
Shares — · EV / MagREO $150M/kt · snapshot, not a live tape
Company & people
HQ
Perth, Australia
Focus
Mixed basket · Hard rock
CEO Amanda Lacaze
- Amanda Lacaze, CEO
- John Humphrey, Chair
Mine / project
Flagship
Mt Weld + LAMP Malaysia + Kalgoorlie crack-leach
Location
Laverton, WA; Kalgoorlie; Kuantan, Malaysia · Australia / Malaysia
Deposit
Carbonatite (Mt Weld)
Resource
Mt Weld — high-grade carbonatite, ~9.7 kt contained REO at reserve scale; 2024 MRE/OR update.
NdPr / MagREO
Lynas 2025 program ~10,500 tpa NdPr. First commercial Dy (May 2025) and Tb (Jun 2025) outside China.
Desk basket
4.1% TREO · 80 kt MagREO (desk) · 10,500 t NdPr (desk)
Radioactivity
Moderate — typical monazite / carbonatite
Capital, loans, grants & support
JOGMEC / Sojitz floor
Offtake to 2038: 5,000 tpa NdPr at $110/kg floor + half of HREO
US Department of War offtake
Binding LOI ~$96m over 4 years for LREE/HREE oxide
JS Link (Korea) partner
A$50m equity + exclusive NdFeB supply to 2038; 3,000 tpa magnet plant in Kuantan
- JOGMEC/Sojitz to 2038
- US DoW LOI oxide supply
- JS Link magnets Malaysia
The Pulse
The only ex-China name that has sold commercial Dy and Tb. HREE plant re-cut to A$294m. Seadrift is dead; the US relationship is a supply contract. Floors are now market structure.
OTCQX ADR. No urgent US uplist — already the Western benchmark producer.
Next: 15 Dec 2026 — Malaysia HREE facility progress vs A$294m budget
Nasdaq path
Home listing is not Nasdaq. Bid price, registration, and a real asset gate are.
- 01 · DoneASX listing1 Sept 2011
Primary listing LYC. The Western producer benchmark does not need a US board to sell oxide.
- 02 · DoneOTCQX ADR (LYSDY)
Sponsored ADR on OTCQX. Last ~US$12 — the $4 bid test is already cleared on the ADR, not the ordinary.
- 03 · DoneDTC / ADR settlement
ADRs settle electronically. US accounts can hold Lynas without a Nasdaq ticker.
- 04 · LiveUS holder tape
DoW oxide LOI and US customers already treat this as a supply name. Holders are not the constraint.
- 05 · NextMalaysia HREE plant15 Dec 2026
Towards 2030 HREE facility re-cut to A$294m. That is the pulse, not an uplist.
- 06 · GapSEC registration
ADR program is not a 20-F Nasdaq listing. They could file. They have not needed to.
- 07 · LiveNasdaq $4 bid
LYSDY ~US$12. Bid is not the wall. A Nasdaq listing would be a liquidity/index choice, not a rescue.
- 08 · GapNasdaq application
Not started, and not required. Seadrift is dead; the US relationship is a supply contract.
Catalysts
- 16 Mar 2026DoW LOI ~$96m oxide supply offtake
- 16 Jul 2026HREE plant capex re-estimate A$294m construction
Journal
Desk note
Stays on this device. Not the press release.
Pulse = Catalyst proximity + government/strategic support + Nasdaq-path / listing signals + valuation & execution + stage progress. Method