The Globe and Mail reports in its Thursday, May 28, edition that Neo Performance refines and manufactures rare earth metals, magnets and magnetic powders. The Globe's guest columnist Philip MacKellar writes that it was his top pick at the start of 2025. Eighteen months ago, the thesis was clear: The company's products are vital across the economy, particularly for expanding industries like electric vehicles, energy storage and renewables. Neo was one of the only company at scale outside China with rare earth expertise across the supply chain. This mismatch suggested Neo could benefit from trade tensions or expansion efforts outside of China. Since last year, investing in Neo has proven successful. The deepening U.S.-China trade war led Beijing to impose export controls on rare earths, exposing vulnerabilities in Western defence systems. Consequently, demand for rare earths surged, expanding beyond electric vehicles and renewable energy to include robotics, artificial intelligence data centres and semi-conductors. As a result, the shares rallied 94.7 per cent in 2025. Risks and all, Neo Performance is Mr. MacKellar's largest holding, his price target is likely going up. He says the rewards appear to outweigh the risks.