Canadian group’s magnet business also posts gains.
Neo Performance Materials posted strong growth in the second quarter of 2026. The Canadian rare earths and critical materials specialist benefited from robust demand and a continued favourable pricing environment.
Revenue rose by around 79% year on year to $205.7 million. The Rare Metals segment once again recorded particularly strong performance. According to the company’s results, this was driven by record prices for hafnium, gallium and tantalum, combined with robust sales volumes and continued tightness in global supply.
Neo also made progress in its magnet business. Shipments of polymer-bonded magnets at its Magnequench division increased by 35% year on year. Meanwhile, the company is advancing the expansion of its magnet production operations in Estonia. Samples are already being delivered to customers for qualification, with commercial production expected to begin later this year.
Neo remains confident about the full year. The company significantly raised its earnings guidance in July and now expects results at the upper end of the forecast range.
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