Will recent European and US rare earth developer milestones move the dial on ex-China supply?

Three ex-China rare earth developers have announced production milestones in recent weeks, spanning sintered magnets in Europe and pilot oxide, metal and magnet output in the US. The announcements add capability at several stages of the supply chain, but Benchmark data shows separation rather than magnet making remains the constraint, with China accounting for 97% of separated dysprosium and terbium oxide in 2026.