Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
3 ASX Stocks in Focus With Rare Earths and Tungsten Developments
Highlights:
Three ASX-listed companies have drawn market attention following a series of significant corporate and operational updates spanning the rare earths and tungsten sectors. The developments include a major proposed transaction, progress on a large-scale project and continued investment in expanding production capacity.
Stocks in Focus:
Meteoric Resources Enters Lynas Acquisition Deal
Meteoric Resources Limited (ASX: MEI) announced on 1 October 2026 that it had entered into a binding Scheme Implementation Deed with Lynas Rare Earths for the proposed acquisition of 100% of Meteoric. The all-share transaction carries an implied equity value of approximately AU$968 million, based on Lynas’ 60-day VWAP. Under the proposal, Meteoric shareholders would receive 0.0207 new Lynas shares for each Meteoric share held. The proposed deal would add Meteoric’s flagship Caldeira Rare Earth Project in Minas Gerais, Brazil, to Lynas’ asset portfolio. The DFS projects annual average production of approximately 3,862 tonnes of NdPr and 127 tonnes of DyTb over the expected life of the Caldeira project. Lynas has also agreed to provide an interim funding facility of up to AU$110 million to support Caldeira development, transaction costs and working capital during the Scheme process.
Viridis Advances Colossus Towards Development
Viridis Mining and Minerals Limited (ASX: VMM) outlined significant progress in its FY2026 Annual Report, with its Colossus Rare Earths Project moving from feasibility towards execution. The company obtained its Preliminary Licence in December 2025 and lodged its Installation Licence application in May 2026. Its demonstration plant also achieved average recoveries of 78.7% for MREO and 64.0% for TREO.
The company's DFS is based on a 200.1 million-tonne Ore Reserve and a 25-year production target, with an after-tax NPV8 of US$1.196 billion and an IRR of 36.4%. Viridis has subsequently secured strategic equity commitments of up to US$120 million, while BNDES approved a financing facility of up to approximately US$15 million for eligible research and development activities.
EQ Resources Strengthens Tungsten Operations
EQ Resources Limited (ASX: EQR) reported its FY2026 performance in its Annual Report, highlighting a significant improvement in its financial position. The company recorded a statutory net profit after tax of AU$7.1 million, compared with a loss of AU$39.2 million in FY2025, while EBITDA reached AU$50.6 million. The company also approved a AU$39 million Mt Carbine Expansion Project, which is designed to double crushing capacity from approximately 1 million tonnes per annum to 2 million tonnes per annum. Commissioning is expected to begin in the March 2027 quarter.
Outlook
The three companies are progressing different growth strategies across the critical minerals sector. Meteoric is awaiting shareholder, regulatory and Court approvals for the Lynas transaction, with implementation targeted for March 2027 if conditions are satisfied. Viridis is focused on securing the Installation Licence, finalising offtake arrangements, completing senior debt financing and reaching a Final Investment Decision, with first production targeted for 2028. EQ Resources is entering FY2027 with higher-grade areas accessible at both operations, its Mt Carbine expansion underway and plans to build resources and reserves across its Australian and Spanish assets.
Note- All data presented is based on information available at the time of writing.
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