It's been a big few years for ASX rare earths shares as the market seemingly turned its attention to the critical minerals.
Indeed, the share price of S&P/ASX 200 Index (ASX: XJO) miner Lynas Rare Earths Ltd (ASX: LYC) has soared nearly 400% over the last five years as demand for its products saw its profits surge.
But the ASX 200 giant isn't the only share involved in rare earths. Here are five others that haven't yet commanded such attention.
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5 often-overlooked ASX shares involved in rare earths
Demand for rare earths could soar in the coming years amid the world's transition to renewable energy. The materials are a critical component of most technology – including that needed to harness power from the elements and certain batteries.
With this in mind, it's likely no surprise that Lynas is far from the only ASX share working to produce the elements.
Iluka Resources Limited (ASX: ILU) is a $4 billion mineral sands miner and also works in the rare earths space. The company recently made a final investment decision on its Eneabba rare earths refinery.
Its shares are currently trading for $10.42.
Arafura Rare Earths Ltd (ASX: ARU) is also an ASX rare earths stock. The company is working to kick off construction at its Nolans Project – located 135 kilometres from Alice Springs – in 2023.
Right now, stock in the mining developer is swapping hands for 40.5 cents.
Another ASX rare earths company is Hastings Technology Metals Ltd (ASX: HAS). It's developing two resources in Western Australia. Its Yangibana project, in the Gascoyne region, covers around 650 square kilometres.
The company's share price is $3.70 at the time of writing.
The fourth ASX rare earths share market watchers might not have been across is Australian Strategic Materials Ltd (ASX: ASM). As the name suggests, the company is focused on Aussie assets. Its cornerstone project is located in Dubbo, New South Wales, and is ready for construction to begin.
An investor can snap up the stock for $1.60 apiece today.
Finally, ASX share Peak Rare Earths Ltd (ASX: PEK) is, of course, working in the rare earths space.
It's developing the Ngualla project in Tanzania – one of the world's largest, highest grade, and lowest cost, neodymium praseodymium deposits. It also has the potential to build a rare earths refinery in the United Kingdom.
The Peak share price is 47.5 cents right now.
