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A method is provided for treating a rare earth metal-bearing scrap material by melting an extractant selected from the group consisting of bismuth (Bi) and lead (Pb) and contacting the melted extractant and the scrap material at a temperature and time to recover at least one of the light rare earth metal content and the heavy rare earth metal content as a metallic extractant alloy, which can be subjected to vacuum distillation or sublimation to recover the rare earth metal(s). The method can be practiced to recover the light rare earth metal content and the heavy rare earth metal content concurrently in a one-step process or separately and sequentially in a two-step process.