ASX critical minerals grabbing investors’ interest

Several ASX critical minerals stocks are outperforming the broader market as rising production, balance sheet strength and progress towards major development milestones have improved the investor sentiment.

Lynas Rare Earths Limited (ASX: LYC) 

has risen by over 17% in the past one week and delivered a strong start to FY26 as production and sales increased in the September 2025 quarter.
Quarterly gross sales revenue increased to $200.2 million compared to $170.2 million in the previous quarter which reflects stronger operating performance across its global supply chain outside China.

Total Rare Earth Oxide output reached 3,993 tonnes compared to 3,212 tonnes in Q4 FY25 while NdPr production rose to 2,003 tonnes and the company currently has market capitalisation of $15.24 billion.

The company ended the quarter with $1.06 billion in cash and short-term deposits and approved the construction of an expanded Heavy Rare Earth separation circuit in Malaysia with first Samarium production targeted in the first half of CY26.

Arafura Rare Earths Limited (ASX: ARU) 

now has a market capitalisation of $1.36 billion and has delivered a return of over 140% in the past 12 months due to the constant progress at the Nolans Project.

The company announced that Export Development Canada has extended credit approval for its existing US$300 million lending commitment and it was also identified as one of only two priority projects under the Australia US Critical Minerals Framework which places it in a strong strategic position within the rare earth sector.

During the September quarter, Export Finance Australia provided conditional approval for up to US$100 million in equity while the US EXIM Bank issued a non-binding letter of interest for up to US$300 million in potential financing.

The balance sheet is exceptional with around $90 million in cash as of 30 September 2025 and management is targeting a Final Investment Decision in Q1 2026 which can serve as a catalyst for another rally.

Core Lithium Limited (ASX: CXO) 

has surged over 14% year-to-date in 2026 and market capitalisation has reached $838.06 million which reflects improving investor confidence.
The company has completed the sale of its non-core uranium assets to Elevate Uranium Ltd with total consideration of $5 million in cash and shares plus a 1.0% Net Smelter Royalty on any metals or minerals produced from EL31449 which hosts the Napperby Project.

On 10 November 2025, Core announced an updated mine plan and revised Ore Reserve for the Grants deposit which will be initially mined as an open pit before transitioning to underground operations and reduces pre-production capital by an estimated $35 to $45 million.

Ore Reserves increased by 33% to 1.53 million tonnes at a grade of 1.42% lithium oxide and lifted contained lithium oxide by 44% and Core ended the September quarter with cash of $35.9 million.

Northern Minerals Limited (ASX: NTU) 

has surged 25% year-to-date in 2026 and now has a market capitalisation of $357.91 million while on 3 November 2025, it announced the successful completion of a $60.5 million placement to institutional investors.

A major milestone was achieved in September 2025 with the Definitive Feasibility Study outlining pre-production capital of $592 million, forecast average annual EBITDA of $175 million and an initial mine life of 11 years.

Northern Minerals is now focused on finalising its full project funding package over the next six months with a targeted Final Investment Decision expected in Q4 FY26 subject to the completion of funding arrangements.

First production from the Browns Range project is targeted for 2028 which aligns with an expected global shortfall in dysprosium and terbium.

(Source: Company Reports)