Lynas Rare Earths, the largest rare-earths producer outside China, reported annual net profit after tax of A$222.4 million ($159.37 million), up from A$8 million a year earlier but below the Visible Alpha consensus of A$242.5 million. Its shares initially fell as much as 8% before paring losses. The company is seeking new supply from ionic clay project developers worldwide and remains in early-stage discussions with various parties about a U.S. magnet-making facility. Interim CEO Pol Le Roux said new supply agreements could be announced soon, without specifying whether Lynas would purchase material or acquire businesses. Average selling prices rose 59% to A$80.7 per kilogram, supported by stronger neodymium-praseodymium pricing, increased heavy rare-earth sales and floor-price agreements with Japanese and U.S. customers. Lynas is addressing ore-quality challenges at its Mt Weld mine and has resolved quality issues at its Kalgoorlie plant. Western countries and their allies are developing alternative supply chains because China accounts for about 90% of global rare-earth production. China’s one-year suspension of export controls on several medium and heavy rare-earth products expires in November. Lynas is searching for a new CEO following Amanda Lacaze’s retirement.