Rox finalises $350m Youanmi package

Lynas Rare Earths (ASX: LYC) has signed a binding letter of intent with the US Department of War to finalise a four-year rare earth oxide offtake agreement. Under the agreement, Lynas will allocate $137m worth of rare earth oxides to support US supply chain resilience objectives with an established floor price for supply of US$110/kg for neodymium and praseodymium. This offtake agreement follows the mutual decision to modify the original agreement between Lynas and the DoW based on significant uncertainty as to whether the construction of the heavy rare earth (HRE) processing facility at Seadrift, Texas would proceed. Lynas chief executive and managing director Amanda Lacaze says, through the agreement, the US Defense Industrial Base will continue to have access to rare earth oxides essential for modern manufacturing. “We thank the US Government for working with Lynas to reach this mutually beneficial arrangement and look forward to finalising the definitive agreement in due course and continuing our productive engagement," she said. Lynas and the DoW continue to discuss further supply arrangement for HRE oxides.  Last week, Lynas extended its rare earths supply deal with Japan Australia Rare Earths (JARE) through to 2038 and established a floor of US$110/kg for neodymium and praseodymium — identical to that set in the DoW agreement.  As the world’s only significant producer of separated rare earth materials outside of China, Lynas is strategically important to diversifying the global supply of rare earths. This significance has been bolstered by the company’s H1 FY26 results in which the company reported a 63% rise in revenue for $413.7m — Lynas’ best first-half profit in three years.  Lynas saw the average price of all its rare earth products rose to $96/kg during the half, a trend that continued in 2026 with neodymium and praseodymium reaching a domestic price of $157 /kg in China. 

Element 25 (ASX: E25) has secured commitments for an $18m share placement to fund the expansion of its Butcherbird manganese project in WA to 1.1mtpa of manganese oxide concentrate.This follows the June 2025 announcement that the Northern Australia Infrastructure Facility (NAIF) would support the project with a $50m investment.Element 25 managing director Justin Brown comments on the expansion.“Expanding Butcherbird is an important part of our strategy to sell manganese concentrate to steel industry partners as well as using it as feedstock in our plans to produce HPMSM,” he said.“We are pleased with the support from new and existing shareholders in this placement, particularly in light of the challenging market backdrop.”Under the placement, the company will issue 60 million fully paid ordinary shares at an issue price of $.30/share, representing a 9.1% discount to the last close price on April 8. The placement is expected to settle on April 22.

UGL to construct Stage 3 of Western Downs batteryThe CIMIC Group’s specialist engineering and services provider, UGL, has been selected by Neoen and Tesla to construct Stage 3 of the 305MV/1220MWh Western Downs battery in Queensland.This follows UGL’s successful delivery of Stage 1 and early completion of Stage 2 (270MW / 540MWh) in November.For Stage 3, UGL will install 312 Tesla Megapack 2XL units, along with high-voltage infrastructure, control and switchroom facilities, earthworks and footings. UGL will also provide testing and commissioning support to ensure seamless integration to the grid.Together, Stage 1 and Stage 2 provide 540MW/1080MWh of storage capacity. Once Stage 3 becomes operational, the battery will offer a combined total of 845MW/2.3GWh.ACS group and HOCHTIEF chief executive and CIMIC Group executive chairman Juan Santamaria comments on the major renewable energy storage project.“Stage 3 of the Western Downs Battery will add 305MW/1220MWh of storage capacity to Queensland’s energy network, building on the success of Stages 1 and 2 delivered by UGL,” he said.“This expansion strengthens grid reliability and supports the integration of renewable generation in one of Australia’s most important energy corridors.”UGL managing director Doug Moss comments on Stage 3.“Western Downs Battery Stage 3 will be our tenth battery installation project and our seventh in partnership with Neoen and Tesla,” he said.“As a leader in constructing and commissioning renewable energy assets and connecting them to the grid, we are helping to accelerate Australia’s energy transition.”Construction on Western Downs Battery Stage 3 will commence February 2026 with completion expected in the summer of 2027/28.

Sunrise Energy Metals (ASX: SRL) has successfully raised major capital with its latest share placement to fund pre-construction activities at the Syerston scandium project in NSW.