On April 6, 2026, Reid Wiseman looked out the window of the Orion capsule and watched the Earth set behind the Moon. He was the commander of Artemis II — the first crew to fly to the Moon since Apollo 17 in December 1972. Four crew, 54 years of waiting, and a ship packed with rare earth magnets in its guidance systems, thrusters, and sensors.

Five months later, Wiseman is standing at a podium in Toronto. Not at NASA. At a rare earth conference. He is the opening keynote at the Adamas Rare Earth Mines, Magnets & Motors 2026 summit. It kicks off today at the Westin Harbour Castle and runs through Wednesday. That choice says a lot about where this industry thinks it is.

This is not a small event. The summit sold out smaller venues in 2024 and 2025, so Adamas moved it to a bigger hotel this year. The speaker list reads like a roster of every firm trying to build a rare earth supply chain outside China. James Litinsky, the CEO of MP Materials, is here. So is Pol Le Roux, CEO of Lynas. Erik Eschen from VAC Group, Andrea Bory from Solvay, Dave Fulton from BorgWarner, Ross Bhappu from Energy Fuels, Rahim Suleman from Neo Performance. Leaders from USA Rare Earth, Noveon Magnetics, Cyclic Materials, Iluka, Arafura, and a dozen more.

The agenda tells you what they are worried about. Trade wars and price floors. Whether EVs still have legs or have hit a fork in the road. Robotics and air taxis — the new demand sources nobody saw coming two years ago. And the question that hangs over all of it: can the West really close the mine-to-magnet gap, or is it still just talk?

That last question is why Wiseman's presence matters. Adamas called the Western supply chain effort a "moonshot." Then they booked the man who just flew to the Moon. The rare earths in his ship came from China. Roughly 90% of the world's rare earth refining still happens there. Every speaker on this week's agenda is working on a piece of the puzzle to change that. The question is speed. China built its position over 30 years. The West is trying to catch up in five.

Ryan Castilloux, head of Adamas, put it simply when the event was first billed. The 2026 summit was built to deliver "unmatched insights and networking" for an industry running out of time. Three days of panels, deals, and a welcome reception at the Hockey Hall of Fame. The last time this many rare earth CEOs were in one room, they were speaking before Congress. This time they are here to do business.

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Neo Performance Materials signed an MOU with Rainbow Rare Earths for offtake from the Phalaborwa project in South Africa. The deal covers magnet rare earths. Neo gets 40% of the project's split NdPr oxide and 65% of its mixed heavy rare earth output — a blend that holds dysprosium, terbium, and samarium. Rainbow plans to pull rare earths from gypsum waste stacks left over from decades of fertilizer making. No new mining needed. Neo will give tech support for the splitting circuit, with test work now running in Estonia.

The U.S. Export-Import Bank signed a deal with Argentina to fund up to $7 billion in critical minerals and energy projects through 2027. They are calling it the "Andes-Atlantic Corridor." The money will help Argentine firms buy American mining and refining gear. It also gives Washington a foothold in South America's lithium, copper, and rare earth deposits. The deal came with a broader push for grid upgrades and digital builds across the country.

Rare Earths Americas (NYSE: REA) put out its first drill results from the Homer project in Brazil's Goiás Alkaline province last week. The firm has drilled more than 6,500 meters so far. Several zones grade above 2,000 ppm total rare earth oxides over 10-meter stretches. The project sits on a ring-shaped magnetic zone covering more than 35 square kilometers. REA has only tested about 7% of it. The company went public in May and is running a $5 million drill program aimed at 15,000 meters of total drilling. It is focused on heavy rare earths for magnets and defense.

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PrNd alloy prices rose on Thursday to 893,000–900,000 yuan per tonne, up 9,000 yuan from the day before. Better hopes for NdFeB magnet exports drove the move. But the rest of the rare earth market stayed soft. Terbium metal fell for a second straight week. Dysprosium-iron alloy pulled back week-over-week. Holmium oxide edged lower.

— Shanghai Metals Market

A Bloomberg feature lays out how USA Rare Earth landed its deal with the Commerce Department. The terms: a $277 million stake plus a $1.3 billion loan, in exchange for 10% of the firm. The company locked in the deal before it had begun output at Round Top or its South Carolina magnet plant.

— Bloomberg

Chris Griffith, who ran Gold Fields until 2022, is raising a fund that targets $1 billion for African critical minerals projects. He is working with former Goldman Sachs banker Colin Coleman and former Ashanti Goldfields CEO Sam Jonah. The fund is in its early stages.

— Mining.com

Scrap PrNd closed at 750–760 yuan per kilogram, flat on the week. Scrap dysprosium and terbium from NdFeB also held steady. Buyers paused ahead of China's week-long National Day break starting October 1.

— Shanghai Metals Market