Rare Earths Market
Rare Earths Market
The Ex-China Supply Gap is Real — and Growing
Magnetic rare earths (NdPr, Dy, Tb) are the fundamental building blocks of the modern energy transition. While demand is accelerating across EV, wind, and AI/datacenter sectors, the global supply chain remains critically concentrated.
Source: Adamas Intelligence, MP Materials Nov 2025, Select headlines, tag “Rare Earth”.
Structural Demand
What is Driving Magnet REE Demand
Electric vehicles and wind energy form the core of structural NdPr demand growth, with emerging technologies providing additional upside.
01
Electric Mobility
NdPr is critical to high-efficiency permanent magnet motors used across modern EV platforms, making electrification the largest structural demand driver.
02
Wind Energy
Direct-drive offshore turbines use permanent magnet generators, requiring ~240kg of NdPr per megawatt in these configurations.
03
Humanoid Robotics
An emerging demand source. Humanoid and advanced robotics rely on precision NdFeB motors in joints and actuators, with potential to scale over time.
04
AI & Datacenters
Growth in hyperscale data centres drives incremental demand through cooling systems, power infrastructure, and storage hardware.
Where Demand Comes From Today
Share of Global NdPr Magnet Demand
The Metals That Matter
The Four Magnet Metals That Matter
OBY's Man of War resource delivers a 23% Magnet REO (MREO) ratio — nearly a quarter of all rare earth oxide consists of the four metals that determine economic value.
Neodymium
Primary component of NdFeB permanent magnets. Highest-volume magnet REE by demand.
Praseodymium
Paired with Nd to improve corrosion resistance and mechanical stability.
Dysprosium
Critical additive for maintaining magnet coercivity at elevated temperatures.
Terbium
Reduces Dy requirements while improving magnet performance and efficiency.
Man of War Rare Earths Project
Man of War already screens differently
Scale is real today. The 2026 question is how much of that scale can be made cleaner, simpler, and more financeable.
