William Blair Initiates Coverage of One Critical Mineral and Two Rare Earth Companies

William Blair initiated research coverage of IperionX Limited (IPX $43.79), Lynas Rare Earths Ltd. (LYSDY $9.79), and MP Materials Corp. (MP $62.00). IperionX is a titanium metal and critical materials company that produces high-performance titanium alloys from recycled material or minerals; Lynas Rare Earths is the leading producer of separated rare earths outside China, with Australian mining and processing operations and a major downstream plant in Malaysia; and MP Materials is the only fully integrated U.S. mine-to-magnet producer.

Analyst Neal Dingmann said, "High demand currently exists for titanium in the U.S. driven by the aerospace, defense, medical, clean energy, and other sectors. Titanium offers a lower weight and superior strength-to-weight ratio compared to most conventional metals. IperionX is scaling operations that could result in the nation's largest titanium powder production, paired with component manufacturing. Much of the expansion is government funded, including the $47.2 million U.S. Department of Defense (DoD) Industrial Base Analysis and Sustainment, or IBAS, award. All initially required IperionX titanium manufacturing equipment is online and operational, and IperionX owns or has the rights to 10,000-plus Tennessee acres that are prospective for critical mineral sands, including titanium at its Titan Critical Minerals Project. The company commenced a definitive feasibility study in April, and the study is expected to be completed by mid-2026, leading to a fully integrated mineral-to-metal U.S. titanium supply chain."

Dingmann noted that Lynas also offers crucial rare earth assets and active operations spanning the chain from mine up to the magnet making process. "Lynas has been mining since 2011, separating light rare earths since 2013, producing mixed rare earth carbonate since 2024, and separating heavy rare earths since 2025-years ahead of all operators outside China," he said. "We believe the company's level of integration is unmatched by any other non-Chinese producer. Lynas is winding down the large capital build portion of its strategic plan, and the fruits of its labor are beginning to be realized. The rising demand for high-purity inputs and the bottleneck in global separation capacity provide Lynas's integrated processing with a major competitive edge."

While MP Materials is earlier in its story, Dingman noted that the company has secured its sole mine-to-magnet status in the domestic rare earth supply chain. "MP Materials is a miner, producer, and marketer of rare earths, specializing in the production of refined rare earth oxides and concentrates, in addition to related products in the U.S.," he said. "The company was founded in 2017 and went public on the New York Stock Exchange on June 22, 2020. It focuses on rare earth ore sourcing and separation/processing operations at its Mountain Pass mine in San Bernardino, California, with alloy and magnet production occurring at its Independence facility in Forth Worth, Texas. These two facilities contribute to the extensive mine-to-magnet supply chain MP has spent years developing, and the company is set to begin construction on a third 10X facility in 2028, assisted by substantial government funding. MP Materials has long-term supply agreements with the DoD, GM, and Apple for its rare earth materials and magnets."

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