Lithium to Rare Earths: could these Critical Minerals spell the Next ASX Boom

Global supply chain tensions especially around China’s dominance in critical minerals have pushed lithium and rare earths into the spotlight as they emerge as major opportunities on ASX.

Lynas Rare Earths Limited (ASX: LYC) 

had a solid start to FY26 with production, sales and cash flows all jumping higher in the September 2025 quarter.
Quarterly gross sales revenue went up to $200.2 million compared to $170.2 million in the last quarter and $120.5 million in the same period a year ago.

Total Rare Earth Oxide (REO) output reached 3,993 tonnes, well above the 3,212 tonnes recorded in Q4 FY25 and NdPr production was 2,003 tonnes helped by steady operations at Lynas Malaysia.
Lynas finished the quarter with cash and short-term deposits at $1.06 billion and approved construction of an expanded Heavy Rare Earth (HRE) separation circuit in Malaysia with first Samarium production targeted for the first half of CY26.

Arafura Rare Earths Limited (ASX: ARU) 

is moving ahead with Nolans Project as global demand for reliable rare-earth supply is growing.
The company even got pointed out as one of only two priority projects under the new Australia–US Critical Minerals Framework which puts it in a good spot in the rare-earth space.

During the quarter, Export Finance Australia gave a conditional approval for up to US$100 million in equity and also the US EXIM Bank sent a non-binding letter of interest for as much as US$300 million in financing. 

The balance sheet got stronger as well as they completed a two-tranche capital raise plus a share purchase plan, leaving them with around $90 million in cash by 30 September 2025 and the company is aiming for a Final Investment Decision in Q1 2026.

Global Lithium Resources Limited (ASX: GL1) 

recently announced the successful negotiation and execution of a Native Title Mining Agreement between GLR Australia and the Kakarra Part B Native Title Group for the Manna Lithium Project. 
In the September quarter, the company had operating cash outflow of around $1.56 million and sold its Kairos Minerals stake for $7.1 million.

The Final Investment Decision is expected by end of 2025 and work continued on the Definitive Feasibility Study optimisation which was focused on reducing capital expenditures and operating expenditures in order to improve Manna Project economics.
At the end of quarter, the company had a cash position of $21.4 million which will help in future to create value for shareholders.

PMET Resources Inc. (ASX: PMT)

is moving ahead with Shaakichiuwaanaan lithium Project in Quebec which is now seen as one of the largest lithium pegmatite resources.
PMET finished over 23,000m of drilling at the Shaakichiuwaanaan property and by the end of the September 2025 quarter, the company had around $61.2 million in cash which is a good enough financial base.

The updated Mineral Resource Estimate released in July 2025 confirmed a combined Indicated Resource of 108 Mt at 1.40% lithium oxide and an Inferred Resource of 33.4 Mt at 1.33% lithium oxide. 
With a strengthening resource base and major feasibility milestones PMET is moving towards a Final Investment Decision.

(Source: Company Reports)