MP Materials (MP) 2nd Annual CG Virtual Sustainability Summit summary

Q4 performance and operational highlights

• Achieved nearly a 4,000-ton production run rate in the material segment by year-end, with strong momentum continuing into Q1.

• Produced first commercial magnets to customer specifications, marking a significant milestone.

• Returned to profitability, with expectations for continued and enhanced financial performance due to favorable market pricing.

• Customer engagement has accelerated across all business segments.

Market developments and strategic positioning

• Recent Lynas-Japan agreement secures 5,000 tons of NdPr and 75% of heavy rare earths for Japan, tightening global supply.

• Vertically integrated model positions the business as the only ex-China player with true supply security, benefiting from market scarcity.

• Market developments support a price floor for NdPr and highlight the strategic value of integrated supply chains.

Production targets and capacity expansion

• Targeting 6,000 tons NdPr run rate by year-end, with a clear execution plan focused on mechanical reliability improvements.

• Upstream REO production exceeded 50,000 tons last year, with a focus on optimizing concentrate quality and economic value.

• Recycling and third-party feedstock opportunities are expected to bring incremental production volume.