MP Materials (MP) 49th Annual Automotive Symposium summary

Strategic transformation, partnerships, and industry positioning

• Undergoing a three-stage transformation to become a fully integrated rare earth mining, refining, and magnet manufacturing leader, with commercial magnet production for General Motors starting by year-end.

• Secured transformational public-private partnership with the U.S. Department of War, providing a price floor, minimum guaranteed EBITDA, and accelerating the build-out of an integrated American supply chain.

• Expanded partnership with Apple anchors facility expansion, exceeds $500M in initial contract value, supports device recycling, and includes a $200M prepayment.

• Positioned as a national champion, addressing economic and national security vulnerabilities, with the U.S. government as the largest shareholder but no special governance rights beyond national security matters.

• Founder-led, owner-operator culture underpins operational strategy.

Capacity expansion, supply chain, and vertical integration

• Magnet manufacturing capacity is scaling from 1,000 to 10,000 tons, with the new 7,000-ton facility being the largest in the Western world.

• Mission to restore the full rare earth supply chain to the U.S., covering mining, refining, and magnet manufacturing, with vertical integration from ore mining to finished magnet block production.

• Current NdPr oxide production is 3,000 tons, targeted to double to 6,000 tons, supporting both internal magnet needs and third-party sales.

• Nearly $2 billion in cash on the balance sheet, with $1.25 billion budgeted for the new magnet facility.

• Mine life is just under 30 years, with potential for extension through further drilling and alternative feedstocks.

Key transactions, agreements, and financial outlook

• 10X Facility offtake agreement ensures a 10-year commitment, providing stability and minimum cash flow with shared upside.

• Guaranteed $140 million EBITDA for the new facility, with visibility to a minimum of $650 million run-rate EBITDA when combining price floor agreements and facility earnings.

• Significant EBITDA visibility underpinned by government and commercial partnerships, with upside from NdPr price, magnetics growth, and recycling.

• 10X Facility EBITDA sharing mechanism provides minimum and upside scenarios based on magnet production.

• Non-GAAP EBITDA estimates are illustrative and subject to risks and assumptions.