J.P. Morgan Australia FTM 29 May 26 Perseus Mining; GemLife; Centuria Capital Group; Rare Earths Dashboard and More

研报英文原文证据摘录

J.P. Morgan Australia FTM 29 May 26 Perseus Mining; GemLife; Centuria Capital Group; Rare Earths Dashboard and More

Asia Pacific Equity Research AC Asia Pacific Equity Research

29 May 2026 J P M O R G A N

aprr.publications@jpmorgan.com

ResetData Market Update

CNI provided a market update on ResetData, its 50%-owned neocloud JV acquired in August 2024 at a $42m post-money

valuation. The update provided first-time revenue visibility, disclosed a contracted international offtake customer, and flagged

monetisation options. We view the update as strategically positive, with revenue ramp-up quantified for ResetData, but

execution risks remain on customer commitments, funding structure, power access and conversion of pipeline into contracted

utilisation.

Rare Earths Dashboard (Jonathon Sharp)

China still sets spot, but the West is paying for security; strategic pricing and ramp-up risk now

drive the debate

This is our inaugural Rare Earth Commodity Dashboard, covering key ASX equity picks and the latest price trends across

NdPr, dysprosium and terbium. Key takeaways:

1) China’s rare earth controls proved the leverage is real, and accelerated a structural split in the market. In April 2025,

China imposed export licensing on seven medium/heavy rare earths, Dy, Tb, Sm, Gd, Lu, Sc and Y, plus related compounds,

metals, alloys and finished magnets. NdPr was not targeted, but the disruption was immediate: monthly NdFeB magnet exports

fell 77% to 1,238t in May-25, with US shipments down 92% to 46t (see Figure 10). Exports recovered from Jul-25 as licences

started coming through, but the controls were not lifted. The key lesson is that China’s leverage is not NdPr oxide; it is HREs,

metal-making, alloying, and magnet manufacturing.