By the mid-2030s, Australia and Malaysia will emerge as key non-Chinese rare earth supply networks and provide meaningful supply security benefits to buyers, but their higher costs, limited scale and persistent downstream dependence on China will prevent them from completely supplanting China's dominant position. Rare earths are essential inputs for a range of advanced technologies, yet their global supply chains remain highly concentrated in China. This dependence has raised concerns among governments and manufacturers seeking to strengthen the resilience of critical mineral supply chains and reduce exposure to potential disruptions. As a result, increasing attention is being given to developing alternative sources of rare earth mining, processing and manufacturing, particularly in countries such as Australia and Malaysia. Among the most strategically important magnet materials, neodymium and praseodymium form the basis of high-performance magnets, while dysprosium and terbium, both subject to Chinese export controls, enable them to withstand high temperatures.