Rare Earth Stocks in North America: The Largest Rare Earth Companies in the US and Canada in 2024

Rare earth elements, including neodymium and praseodymium, are widely used in today’s tech industry, such as in smartphone cameras and defense systems. In recent years, the rapid development of the electric vehicle industry, driven by permanent magnet synchronous motors, has also led to a significant demand for rare earth elements. According to relevant institutions’ forecasts, the global rare earth market is expected to grow to $14.24 billion by 2030 at a compound annual growth rate (CAGR) of 14.9%.

As of now, China remains the world’s largest rare earth producer and holds the most rare earth reserves. This has sparked the determination of North American countries like the US and Canada to develop rare earth mining and processing, as well as high-value rare earth element production, and to establish their own rare earth supply chains.

Below are the largest rare earth stocks on the US and Canadian stock exchanges (data collected as of January 5, 2024):

US Rare Earth Stocks

Despite having vast rare earth reserves and being the world’s second-largest rare earth element producer, the US lacks significant processing capacity. In an effort to change this imbalance, the country has been actively focusing on this area, providing good opportunities for investors to capitalize on the growth potential of the rare earth market.

1. MP Materials Corp (NYSE: MP) Market Cap: $32.61 billion; Stock Price: $18.34 MP Materials is the largest rare earth producer outside of China, focusing on high-purity separated neodymium-praseodymium oxide, as well as lanthanum-cerium oxide and carbonate. The company went public in mid-2020, raising $1.47 billion, and previously acquired the Mountain Pass mine in California from Molycorp, which is the only operational rare earth mine and processing facility in the US. In the third quarter of 2023, MP Materials’ separated neodymium-praseodymium oxide went into production and announced a goal to increase rare earth oxide production by 50% within four years.
2. Energy Fuels Inc (NYSEAMERICAN: UUUU, TSX: EFR) Market Cap: $11.13 billion; Stock Price: $9.03 US uranium company Energy Fuels primarily supplies uranium products to large nuclear utility companies. Its three US uranium centers include White Mesa in Utah, Nichols Ranch in Wyoming, and Alta Mesa in Texas. Energy Fuels has been actively expanding its rare earth element production capacity, with the construction of the first-phase rare earth element separation facility at White Mesa expected to be completed and commissioned in early 2024, along with plans to advance the design, engineering, and permitting of second-phase cracking and separation facilities (with an annual rare earth oxide production capacity of up to 15,000 tons). Last year, Energy Fuels acquired the Bahia project in Brazil, which is expected to supply 3,000 to 10,000 tons of rare earth element-containing bastnaesite ore annually.

Canadian Rare Earth Stocks

The Canadian government’s critical minerals strategy includes CAD $3.8 billion in federal specific funding, focusing on opportunities at every stage of the value chain for 31 key minerals in Canada, including rare earth elements, from exploration to recovery. In addition, the government allocated CAD $7.5 million to support a rare earth processing facility in Saskatchewan.

1. NioCorp Developments Ltd (TSX: NB) Market Cap: $100.271 million CAD; Stock Price: $3.92 CAD NioCorp Developments is developing the Elk Creek project in Nebraska. According to the company, this critical mineral project has North America’s highest-grade niobium deposit under development, indicating equivalent or greater rare earth resource quantities than the second largest in the US. In December 2023, NioCorp demonstrated the ability to produce magnetic rare earth oxides on a demonstration scale, including neodymium-praseodymium oxide, dysprosium, and terbium. The latest feasibility study for Elk Creek is expected to be completed in 2024.
2. Aclara Resources Inc. (TSX: ARA) Market Cap: $61.714 million CAD; Stock Price: $0.51 CAD Aclara Resources is developing the Penco Module project in Chile, which is rich in heavy rare earth ion clays, and the company aims to produce rare earth concentrates via an environmentally friendly extraction process. In September 2023, the Penco Module pilot plant successfully produced 107 kilograms of wet high-purity heavy rare earth element concentrates, with full-scale production expected to commence in the second quarter of 2027. Recently, the company announced the initial inferred resource for the Carina Module.
3. Ucore Rare Metals Inc (TSXV: UCU) Market Cap: $48.85 million CAD; Stock Price: $0.87 CAD Ucore Rare Metals is engaged in rare earth exploration and separation in Canada and the United States, owns the Bokan-Dotson Ridge rare earth project in Alaska, and is developing a heavy and light rare earth processing complex in Louisiana. The company’s RapidSX demonstration plant in Ontario was commissioned at the end of 2023, after receiving $4 million in funding from the U.S. Department of Defense (DoD). In January 2024, Ucore acquired 80800 square feet of brownfield facilities in Louisiana for the development of the first commercial rare earth processing facility.

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