ASX rare earth stocks under $1 that could perform in 2026

ASX rare earth explorers trading under $1 provide exposure to critical minerals demand as global supply chains diversify from China. Arafura, St George and Lindian advance flagship projects with funding secured, drilling success and construction momentum targeting production timelines.

Lindian Resources Limited (ASX: LIN) 

is ramping up construction at the Kangankunde rare earths project in Malawi and is targeting premium monazite concentrate at lowest quartile operating costs.
Komatsu owner-operator mining fleet mobilisation is underway with initial units on site for inspection and commissioning to support pre-production works and cost control.

Processing plant has advanced via Obsideo D&C contract with optimised flowsheet which boost throughput 25% to 75tph for Stage 1 concentrate production.  Site prep is underway with 95% work complete ahead of schedule and it has NPV up by 45% to $1.725bn pre-tax.

The company is fully funded post $91.5M placement and Iluka partnership for offtake/funding as it surpasses 100,000 LTI free hours as stockpile, workshop, power and camp infrastructure progress toward Q4 2026 first production.

Arafura Rare Earths Limited (ASX: ARU) 

has advanced its Nolans Project as the most construction ready NdPr source outside China and is supported by geopolitical supply chain diversification.
The company has highlighted US-Australia government co-investment exploration for Nolans alongside US$1B debt funding which was secured from banks and export agencies in Australia, Korea, Germany and Canada.

Key milestones include a binding $200M Convertible Note term sheet with the National Reconstruction Fund, conditional US$100M equity from Export Finance Australia and progress with German Raw Materials Fund and US EXIM Bank.

Early works at Nolans are complete, long-lead procurement is underway and a major capital raise recently secured significant equity which positions the company for Final Investment Decision (FID) soon with Phase 1 targeting integrated rare earth oxide production.

St George Mining Limited (ASX: SGQ) 

has delivered standout expansion drilling at its 100% owned Araxa niobium-rare earths project in Brazil. It is the largest and highest grade carbonatite hosted REE resource in South America.
Expansion and infill drilling has intersected thick high grade zones outside the current MRE which include 139.45m @ 4.05% TREO and 0.55% Nb₂O₅ from surface plus a new niobium zone with 81.5m @ 1.27% Nb₂O₅ including 43m @ 2.01% Nb₂O₅, open in all directions.

Araxa hosts 40.6Mt @ 4.13% TREO and 41.2Mt @ 0.68% Nb₂O₅. Upgraded MRE is due in Q1 2026 with three rigs active 24/7 alongside pilot plant plans via CEFET University partnership.
Capital raise of $72.5M was completed with Hancock Prospecting investment, fully clearing deferred payments to previous owner for debt free ownership.

 (Source: Company Reports)