3 ASX shares to buy for exposure to critical minerals momentum

Following are the top three ASX stocks to consider for critical minerals exposure, supported by solid business fundamentals and a growth-led outlook.

ASX Mining Stocks to Buy — Free Report

Lynas Rare Earths Limited (ASX: LYC)

Lynas Rare Earths Limited (ASX: LYC) is one of the top critical minerals ASX stocks which is currently trading at a market capitalisation of $14.01 billion.

Total REO production increased to 4,254t. Quarterly sales revenue surged by 55% year-on-year to $310.1 million and is the highest quarterly sales revenue figure since Q4 FY22. The average selling price rose to $102.1/kg. Cash sales receipts reached $266.6 million for the quarter.

Cash payments for CAPEX, exploration and development declined to $28.7 million, and closing cash and short term deposits increased to $1.2 billion.

LYC remains focused on delivering the Towards 2030 growth initiative. It includes progress on the construction of the expanded Heavy Rare Earths (HRE) facility at Lynas Malaysia. Construction activities are currently focused on concreting works for the Solvent Extraction, Motor Control Centre and Control Room buildings.

Iluka Resources Limited (ASX: ILU)

Iluka Resources Limited (ASX: ILU) is one of the top critical materials ASX stocks to consider. It is currently trading at a market capitalisation of $2.76 billion.

ILU had announced its quarterly review on 28 October 2026 for the period ended September 2026. Zircon/rutile/synthetic rutile (Z/R/SR) production in Q3 2026 was 76kt. Total Z/R/SR sales reached 115.2kt and Ilmenite sales volume reached 32.9kt for the quarter.

Iluka Resources reported Mineral Sands revenue of $219 million for Q3 2026 and reported a unit revenue of Z/R/SR sold of $1,742 per tonne.

It has incurred an exploration and evaluation activities expenditure of $1.9 million and has done total capital expenditure accrued for the Eneabba rare earths refinery at 30 September 2026, which was $1.24 billion. Mineral Sands net debt declined from $273 million in June 2026 to $249 million in September 2026.  

ILU has completed 65% of the Eneabba refinery, and the total capital expenditure for the project remains to be $1.7-1.8 billion. The definitive feasibility study for Wimmera, Victoria, is scheduled for board consideration in H1 2027. The Typhoon deposit is expected to complete its feasibility study by Q1 2027.

EQ Resources Limited (ASX: EQR)

EQ Resources Limited (ASX: EQR) is one of the leading ASX stocks to consider for critical minerals exposure. It is currently trading at a market capitalisation of $1.55 billion.

EQR had announced its quarterly activities and cash flow report on 28 October 2026. Production increased by 81% to 51,233 mtu. Sales volume grew by 69% to 49,715 mtu and the realised price rose by 20% to US$2,248/mtu.

Revenue surged by 101% from $79 million in Q4 FY26 to $158.8 million in Q1 FY27. It has reported a record quarterly EBITDA of $122.5 million and unaudited NPAT of $114 million.

It has posted a record operating cash flow of $75.6 million and reported a closing cash balance of $82.4 million and a receivable of $51.5 million.

EQR is expected to do a production of 240k-280k mtu in FY27, with a cash cost of US$416-US$483 per mtu. It is expected to incur a capital expenditure of $80-$100 million. The resource and reserve drilling advanced, with updated estimates for Barruecopardo, Mt Carbine and Wolfram Camp on track for FY2027.

(Source: Company Announcements)