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Here are 1-3 brief analogies to describe MP Materials:

• The Alcoa of rare earth elements.

• The Saudi Aramco of rare earths for the Western supply chain.

• The TSMC of critical materials for advanced technologies.

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• Neodymium-Praseodymium (NdPr) Oxide: A high-purity rare earth oxide critical for manufacturing powerful permanent magnets used in electric vehicles, wind turbines, and other advanced technologies.
• Mixed Rare Earth Carbonate Concentrate: The initial raw material concentrate produced directly from the Mountain Pass mine, containing a blend of various rare earth elements for further processing.
• Lanthanum Carbonate: A rare earth compound primarily used in catalysts for petroleum refining and in specialized polishing applications.
• Cerium Carbonate/Oxide: Rare earth compounds widely employed in polishing applications, catalytic converters, and as additives in glass and ceramics.

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• Shenghe Resources (Singapore) Pte. Ltd.: Historically, this has been MP Materials' largest customer, purchasing rare earth concentrate. While its proportional revenue contribution is expected to decrease as MP Materials expands its downstream operations, it remains a significant customer. Shenghe Resources (Singapore) is a private company.
• General Motors (NYSE: GM): MP Materials has a multi-year agreement to supply NdPr alloy and finished NdFeB magnets for General Motors' electric vehicle (EV) programs.
• Sumitomo Corporation (TYO: 8053): This Japanese trading company is a strategic partner and customer for MP Materials' NdPr oxide.

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• Sempra Energy (SRE)

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James Litinsky, Chairman and Chief Executive Officer

James Litinsky is the Founder, Chairman, and Chief Executive Officer of MP Materials Corp.. He is also the Founder, Chief Executive Officer, and Chief Investment Officer of JHL Capital Group LLC, an alternative investment management firm. Prior to founding JHL in 2006, he was a member of the Drawbridge Special Opportunities Fund at Fortress Investment Group LLC, a global investment management firm. Before Fortress, he was a Director of Finance at Omnicom Group, Inc., and worked as a merchant banker at Allen & Company. Mr. Litinsky led the acquisition of the Mountain Pass mine and took MP Materials public via a SPAC in 2020.

Ryan Corbett, Chief Financial Officer

Ryan Corbett joined MP Materials as its Chief Financial Officer in 2019. Previously, he was a Managing Director at JHL Capital Group LLC, an alternative investment management firm, where he focused on JHL's investment in MP Materials. Before JHL, Mr. Corbett was a member of alternative asset managers Brahman Capital Corp. and King Street Capital Management LP, where he focused on special situations investments across the capital structure. He began his career in investment banking and corporate finance at Morgan Stanley & Co.

Michael Rosenthal, Chief Operating Officer

Michael Rosenthal is a Founder and the Chief Operating Officer of MP Materials. He has managed the Mountain Pass operation since the Company acquired the site in 2017. Before MP Materials, he was a Partner at QVT Financial, an investment management firm, where he concentrated on investments in the global automotive sector and in China. Prior to joining QVT, he worked as a senior high yield credit analyst for Shenkman Capital Management.

Elliot D. Hoops, General Counsel and Secretary

Elliot D. Hoops joined MP Materials as its General Counsel and Secretary in May 2021. Prior to MP Materials, he was Vice President and Deputy General Counsel at Penn National Gaming, Inc. (now known as PENN Entertainment, Inc.) from January 2019 to May 2021, where he was responsible for various legal matters, including commercial transactions, financings, corporate governance, securities law, and gaming regulatory compliance. Before Penn, he spent over a decade at Pinnacle Entertainment, Inc., managing diverse legal matters and several public company transactions, including acquisitions and a spin-off. Earlier in his career, he was an associate at Holland & Knight LLP and an attorney advisor with the U.S. Securities and Exchange Commission.

Zachary Lehman, Chief Technology Officer

Zachary Lehman is Chief Technology Officer at MP Materials, joining in June 2020. Prior to MP Materials, he served as Director of Information Technology at JHL Capital Group LLC from 2011 to 2020. Before JHL, he held leadership roles at Eze Castle Integration, first as Service Director and later as Director of Technology Consulting, advising financial services firms on IT infrastructure, compliance, and security. Earlier in his career, Mr. Lehman served as Director of Technology at Värde Partners and as a Systems Support Engineer at Sara Lee Corporation in 1998.

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The key risks to MP Materials' business are primarily associated with its ambitious vertical integration strategy, the inherent volatility and geopolitical influence within the rare earth market, and its reliance on key strategic partnerships.

1. Execution Risk in Vertical Integration and New Facilities: MP Materials is undertaking a significant strategic shift to become a fully integrated rare earth magnet producer. This involves the successful and timely commissioning of new facilities, such as the Fort Worth magnet manufacturing plant and the 10X Facility, as well as scaling up heavy rare earth separation capabilities at Mountain Pass. The company faces considerable execution risks, including potential delays, cost overruns, and technical challenges in transitioning from mining and processing to manufacturing high-quality magnets. Any setbacks in achieving anticipated production rates or competing with established magnet manufacturers, particularly those in China, could materially impact its financial performance and market opportunities.
2. Geopolitical and Market Risks: The rare earth market is characterized by significant price volatility and is heavily influenced by geopolitical factors. China's dominance in global rare earth and magnet production presents a substantial competitive threat and potential for supply chain disruptions. Fluctuations in the global macroeconomic environment, supply and demand dynamics, and currency exchange rates directly affect the pricing and demand for rare earth products, especially NdPr oxide, to which MP Materials' financial performance is sensitive.
3. Customer Concentration Risk: While MP Materials has secured crucial long-term agreements with entities like the U.S. Department of Defense and Apple, its business model involves a degree of customer concentration. The success and stability of these partnerships are contingent on MP Materials' ability to consistently meet contractual obligations, including production volumes and quality specifications. A significant reliance on a small group of anchor customers introduces a risk if these agreements are not honored or if there are changes in demand or policy from these key partners.

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The active research, development, and growing adoption by major customers (particularly in the automotive sector) of non-rare-earth magnet technologies for applications like electric vehicle motors.

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MP Materials (symbol: MP) operates in the critical rare earth materials sector, with its addressable markets encompassing rare earth elements, specifically neodymium-praseodymium (NdPr) oxide, and rare earth permanent magnets, particularly neodymium-iron-boron (NdFeB) magnets.

Rare Earth Elements (Overall Market)

The global rare earth elements market was valued at approximately USD 12.44 billion in 2024. This market is projected to expand significantly, reaching an estimated USD 37.06 billion by 2033, demonstrating a compound annual growth rate (CAGR) of 12.83% from 2025 to 2033.

Neodymium-Praseodymium (NdPr) Oxide

The global market for Neodymium-Praseodymium (NdPr) Oxide, a key component in high-strength permanent magnets, was valued at approximately USD 5.397 billion (US$ 5397 million) in 2024. Forecasts indicate substantial growth, with the market expected to reach USD 11.03 billion (US$ 11030 million) by 2031, exhibiting a CAGR of 10.9% during the forecast period.

Rare Earth Magnets (NdFeB Magnets)

The global rare earth magnet market, which includes NdFeB magnets that MP Materials is developing, was valued at approximately USD 19.5 billion in 2024. This market is anticipated to grow, with projections ranging from USD 30.3 billion by 2033 to USD 40.5 billion by 2034, or even reaching USD 69.7 billion by 2032 with a 12.1% CAGR from a 2025 value of USD 31.3 billion. Another estimate projects the market to reach USD 30.01 billion by 2030 from USD 21.98 billion in 2025 at a CAGR of 6.4%.

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MP Materials (symbol: MP) is poised for future revenue growth over the next 2-3 years, driven by several key initiatives and market dynamics:

1. Expansion into Neodymium-Iron-Boron (NdFeB) Magnet Manufacturing (Stage III): MP Materials is vertically integrating its operations by moving downstream into the production of finished rare earth permanent magnets at its Fort Worth, Texas facility. Commercial production of neodymium-praseodymium (NdPr) metal commenced in January 2025, with the first deliveries of automotive-grade NdFeB magnets anticipated by the end of 2025. This facility aims to produce approximately 1,000 metric tons of finished NdFeB magnets annually, supplying companies like General Motors. This expansion into high-value magnet production is expected to generate significantly higher margins compared to raw material or oxide production.
2. Increased Production and Separation of Rare Earth Elements (Stage II): The company is significantly expanding its capabilities to separate and refine rare earth elements at its Mountain Pass facility. MP Materials has reported record production of NdPr oxide, with a 51% year-over-year increase in Q3 2025. Furthermore, the commissioning of its heavy rare earth (dysprosium and terbium) separation capabilities is targeted for mid-2026, aiming for 200 metric tons per year of combined production to support magnet manufacturing. This transition to producing higher-value separated products and heavy rare earths reduces reliance on foreign processing and captures more value within the domestic supply chain.
3. Strategic Partnerships and Government Support: MP Materials has secured crucial long-term agreements and government backing that provide revenue visibility and market position. This includes a long-term agreement with General Motors to supply rare earth materials, alloys, and magnets for electric vehicle motors. Additionally, a long-term purchase price agreement with the U.S. Department of Defense provides an "elevated pricing floor" and enhances cash flow visibility. The company has also received a $40 million prepayment from Apple for magnets produced from recycled materials, with a total of $200 million expected. These partnerships are pivotal in securing future revenue streams and strengthening the company's market position.
4. Growing Demand from Electrification and Advanced Technologies: The increasing global demand for electric vehicles (EVs), wind turbines, robotics, and defense systems fuels the need for high-strength rare earth permanent magnets. MP Materials is positioning itself as a critical supplier for these sectors, with its NdPr magnets being essential for modern electric motors and generators. The company anticipates "explosive growth in rare earth magnetics due to physical AI," further driving demand for its products.

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Share Repurchases

• In September 2024, MP Materials increased its share repurchase program by $300 million, bringing the total authorized amount to $600 million, effective until August 30, 2026.
• During 2024, the company repurchased approximately 8.6% of its common stock, totaling $225.1 million.
• Following an August 1, 2024, earnings announcement, MP Materials repurchased approximately 2.2 million shares at an average price of $10.84.

Share Issuance

• In July 2025, MP Materials priced an upsized public offering of 11,818,181 shares of common stock at $55.00 per share, expecting gross proceeds of approximately $650 million.
• The net proceeds from this offering are intended to fund the acceleration and expansion of operations, including the 10X Facility, strategic growth opportunities, and general corporate purposes.

Inbound Investments

• The U.S. Department of Defense (DoD) made a strategic investment in July 2025, purchasing $400 million in newly-created preferred stock convertible into common shares, potentially making the DoD the largest shareholder. This partnership also includes a $150 million low-interest loan for heavy rare earth separation and a guaranteed price floor of $110 per kilogram for NdPr products.
• In July 2025, Apple agreed to invest $500 million for MP Materials to supply rare earth magnets manufactured in the United States, including $200 million in milestone-based prepayments.
• General Motors, a foundational partner, has provided $150 million in prepayments as part of an agreement for MP Materials to supply permanent magnets for its next-generation electric vehicles.

Outbound Investments

• No information available regarding MP Materials making strategic outbound investments in other companies during the specified period.

Capital Expenditures

• MP Materials anticipates capital expenditures of $200-250 million for 2024.
• The company has outlined a CapEx plan of $150-175 million for 2025, focusing on completing the Independence facility, advancing heavy rare earth separation, and other investments at Mountain Pass.
• Capital expenditures in Q1 2025 were $30.5 million, split roughly evenly between the materials and magnetics divisions. The primary focus of these expenditures is on expanding operations, including Stage II refining upgrades and the construction of magnet manufacturing facilities in Fort Worth, Texas.