June 14 (Reuters) - Canadian rare earths company Neo

Performance Materials ( NOPMF ) said on Friday it would be

undertaking a comprehensive strategic review, which could

include a sale, divestiture, merger or other business

combinations.

Rare earths are a group of 17 elements used in products from

lasers and military equipment to magnets found in EVs and

consumer electronics.

"While the Board believes the company's valuation will, in

time, reflect the true value of its business, a thorough review

of strategic alternatives is a prudent step to enhance that

process," the company said.

Toronto-based Neo also appointed John McGarva to its board

after consulting with Australia-based Hastings Technology Metals ( HSRMF )

, which is a significant shareholder of the company.

The company said McGarva is independent of the Australian

firm, and that the strategic review process was not being

undertaken at the request of Hastings.

Last year, Hastings had signed a deal with Neo to supply up

to 25,000 tonnes per annum of rare earth concentrate for Neo's

downstream processing facilities across Europe and Asia from the

first quarter of 2025.