Rare Earths "A lot can happen in a week" Ariyasinghe

Research evidence excerpt

Rare Earths "A lot can happen in a week" Ariyasinghe

Global Research

24 June 2026ab

Rare Earths Equities

GlobalA lot can happen in a week

Basic Materials

Dim Ariyasinghe

Focus returning to sector Analyst

Focus is returning to the rare earths sector as newsflow increases, policy support dim.ariyasinghe@ubs.com

continues to build, and the market structure evolves. A lot can happen in a week and we +61-3-9242 6385

specifically highlight: (i) Energy Fuels (Not Covered) acquiring magnet maker VAC, (ii) Lachlan Shaw

Iluka (Neutral) announcing its maiden rare earths offtake, (iii) Lynas (Buy) licensing delay Analyst

for its LAMP expansion, and (iv) more controls on China's rare earths exports. We lachlan.shaw@ubs.com

continue to like the sector and expect further momentum as Western economies actively +61-3-9242 6387

look to decouple supply chains from China. Levi Spry

Analyst

UUUU>VAC: Another integrated player to build out the western supply chain levi.spry@ubs.com

+61-3-9242 6709

Energy Fuels (UUUU)'s announced $1.9bn acquisition of German-based magnetics

manufacturer Vacuumschmelze (VAC) is only the latest example of vertical integration in Fintan Collins

the market (after MP, LYC, etc). The merger hopes to build a fully Western integrated Associate Analyst

mine-to-magnet platform with UUUU's upstream/midstream operations to supplement fintan.collins@ubs.com

+61-3-9242 6179

VAC's downstream facilities. In our view, this development could impact the market in a

multitude of different ways: i) it could serve as a potential acceleration of the western Ben Wood

magnet industry, ii) vertical integration could see further bifurcation between West vs Analyst

China, and iii) it could lead to a better understanding (and potential improvement) of ben.wood@ubs.com

+61-39-242 6709