The Lynas Rare Earths Ltd (ASX: LYC) share price is up 2.13% in late morning trade, having earlier posted gains of 5.8%.
Lynas shares closed yesterday trading for $8.92 and are currently trading for $9.11.
And there's certainly plenty of ASX investor interest today, with more than $32 million worth of trades having gone through within the first hour of trading.
So, why are investors bidding up the Lynas share price today?
What's piquing ASX investor interest?
As the only substantial producer of rare earths outside China, Lynas has seen strong demand from the United States and other nations looking to secure sources of the critical minerals outside of the Middle Kingdom.
Today, the Lynas share price is marching higher as investors eye FY22 revenue of $920 million, an 88% year-on-year leap.
And profits were way up from FY21 as well, with net profit after tax (NPAT) rocketing 244% to $540.8 million.
While the ASX 200 rare earths producer didn't offer specific guidance for FY23, Lynas did highlight its ongoing growth plans, stating:
Our expansion initiatives will support the further growth and development of outside China supply chains, including the re-establishment of a rare earths supply chain in the United States.
With cash on hand as at 30 June of $966 million, Lynas arguably looks to be in a strong position to pursue those growth ambitions.
Lynas share price snapshot
Despite a sharp retrace in 2022, the Lynas share price remains up by around 37% over the past 12 months. That compares to a full-year loss of around 5% posted by the ASX 200.
Longer term, Lynas shares have gained 443% over five years, smashing the 24% return delivered by the benchmark index.