MP Materials (MP) JP Morgan Energy, Power and Renewables Conference summary

Business transformation and strategy

• Operations expanded from 8 to 730 employees since 2017, with a three-stage plan: concentrate production, refining, and magnetics.

• Consistent production of over 40,000 tons at Mountain Pass, with refining ramping up and a new magnetics facility in Fort Worth expected to be EBITDA positive this year.

• Full supply chain restoration in the U.S. is a key milestone, with magnet production at scale targeted for this year.

Market trends and demand outlook

• Rare earths market has faced a significant bear market in the past 6–9 months, with demand diversified across EVs, wind, HVAC, and industrial uses.

• EV demand has softened, but hybrid vehicle sales have surged, maintaining strong rare earth magnet demand.

• Hybrids use about two-thirds the rare earth content of EVs, supporting ongoing demand despite EV pullback.

Supply dynamics and China’s role

• Over 80% of global supply is controlled by two Chinese supermajors, with only two significant non-Chinese players.

• Chinese quotas are flat this year, and current prices mean Chinese producers are likely losing money.

• China’s supply increases are expected to align with domestic and global OEM growth, not to subsidize Western competitors.