MP Materials and USA Rare Earth report strong Q1 earnings as US efforts to counter China’s rare earth supply chain control accelerate.
MP Materials reported Q1 2026 revenue of $90.65M, a 49% year-over-year increase, driven by record NdPr production of 917 metric tons and $42.3M from a Department of Energy price protection agreement. USA Rare Earth generated its first revenue of $5.70M from its UK subsidiary and secured a $1.6B CHIPS funding package from the Department of Commerce.
China’s dominance in rare earth mining, processing, and magnet production remains unchallenged, forcing US firms into multi-year permitting and commissioning timelines. Energy Fuels stands out as the only domestic conventional uranium mill processing rare earth oxides without radioactive byproduct hurdles.
The geopolitical stakes were underscored by REalloys CEO Lipi Sternheim, who told Bloomberg Businessweek on May 22, 2026, that rare earths now mirror oil’s OPEC dynamics, with China as the sole dominant player.