Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-39277 MP MATERIALS CORP. (Exact name of registrant as specified in its charter) (State ...

Q1 2024 Results May 2, 2024 Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. These forward-looking statements are subject to a number of risks and uncertainties, including fluctuations and uncertainties related to demand for and pricing of rare earth products; changes in domestic and foreign business, market, financial, political and legal con ...

Financial Performance - Revenue decreased by 49% year-over-year to $48.7 million, primarily due to a 54% drop in the realized price of REO[5] - Net income fell by $21.0 million year-over-year to $16.5 million, influenced by lower revenue and higher costs[8] - Adjusted EBITDA declined to $(1.2) million, driven by lower revenue and increased operational costs[6] - Net income for Q1 2024 was $16,489,000, a decrease of 56% compared to $37,447,000 in Q1 2023[20] - Adjusted EBITDA for Q1 2024 was $(1,233,000), down from $58,700,000 in Q1 2023[20] - Diluted earnings per share for Q1 2024 was $(0.08), compared to $0.20 in Q1 2023[26] - The adjusted net income (loss) for Q1 2024 was $(7,492,000), down from $51,327,000 in Q1 2023[24] Production and Sales - REO production reached 11,151 metric tons, marking a 4% increase year-over-year[3] - NdPr production volume was 131 metric tons, with initial sales contributing to revenue[3] - The realized price per REO metric ton decreased to $4,294, down 54% from the previous year[3] - The company's REO Production Volume is a key indicator of mining and concentrate processing capacity, with volumes now including those fed into downstream circuits for separations facilities[39] - NdPr Production Volume is a critical measure of the company's separations and finishing capacity, with sales volume calculated on an NdPr oxide-equivalent basis[42][43] Cash Flow and Debt - Cash, cash equivalents, and restricted cash at the end of Q1 2024 totaled $297,496,000, down from $654,366,000 at the end of Q1 2023[20] - Net cash used in operating activities for Q1 2024 was $(41,126,000), compared to net cash provided of $55,491,000 in Q1 2023[20] - Proceeds from the issuance of long-term debt in Q1 2024 amounted to $747,500,000[20] - The company repurchased 13.0 million shares, representing 7.3% of outstanding shares, at $15.43 per share[1] - Issued $747.5 million in new 3.0% convertible notes due 2030, while repurchasing $480.0 million of existing convertible notes due 2026[1] Strategic Initiatives - The company plans to expand its manufacturing operations downstream to provide a full supply chain solution from materials to magnetics[30] - The company anticipates increased demand for rare earth materials, particularly for electric vehicles and magnets, with expected NdPr oxide production and sales growth in Q2 and throughout 2024[32] - The company is implementing its Upstream 60K strategy, which includes plans for increased REO production and the development of magnetic precursor products[32][34] - Expected capital expenditures in Stage II and Stage III projects are part of the company's growth strategy, with a focus on achieving run rate production of separated rare earth materials[32][34] Risks and Uncertainties - The company faces risks related to demand fluctuations and pricing for rare earth products, as well as competition and regulatory approvals affecting its business strategy[33][34] - The company does not intend to update forward-looking statements unless required by law, highlighting the inherent uncertainties in its projections[35] Tax and Credits - The company was awarded a $58.5 million tax credit to support U.S. rare earth magnet manufacturing[1] Asset Management - Total assets increased to $2.35 billion as of March 31, 2024, compared to $2.34 billion at the end of 2023[12] Losses and Disposals - The company reported a loss on disposals of long-lived assets of $146,000 in Q1 2024, compared to a gain of $2,490,000 in Q1 2023[24] Financial Metrics - Adjusted EBITDA, Adjusted Net Income (Loss), and Adjusted Diluted EPS are used by the company to assess financial performance and trends, providing insights beyond GAAP measures[36][37] - The realized price per REO MT is a significant measure of market pricing, calculated based on sales revenue and sales volume for the period[41] - The company has a share repurchase program in place, although its impact on long-term stockholder value remains uncertain[34]

USA News Group CommentaryIssued on behalf of Ares Strategic Mining Inc. VANCOUVER, BC, May 1, 2024 /PRNewswire/ -- In an effort to bolster the domestic supply chain for critical minerals and materials, the Biden Administration recently announced a $17.5-million investment to develop more affordable, sustainable production processes throughout the USA. The announcement came just days after the Center for Strategic & International Studies's (CSIS) Project on Critical Minerals Security launch, meant to build t ...

MP Materials Corp. (MP) closed the latest trading day at $14.74, indicating a -1.93% change from the previous session's end. The stock trailed the S&P 500, which registered a daily loss of 1.23%. Elsewhere, the Dow lost 1.36%, while the tech-heavy Nasdaq lost 1.4%.The company's stock has climbed by 1.97% in the past month, falling short of the Basic Materials sector's gain of 7.94% and outpacing the S&P 500's gain of 1.61%.Investors will be eagerly watching for the performance of MP Materials Corp. in its u ...

MP Materials (MP) announced that it received a $58.5-million award to advance the construction of its fully integrated rare earth magnet manufacturing facility. This will be the first of its kind facility in the United States, with a capacity to produce approximately 1,000 tons of Neodymium-iron-boron (NdFeB) magnets annually.MP Materials began construction on its manufacturing site in Fort Worth, TX, in April 2022. It plans to start the commercial production of precursor materials in Fort Worth in the summ ...

MP Materials Corp. (MP) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.Shares of this company have returned -7.6% over the past month versus the Zacks S&P 500 composite's +3.3% change. The Zacks Mining - Miscellaneous industry, to which MP Materials belongs, has gained 4.2% over this period. Now the key question is: Where could the stock be headed in the near term?Although media repor ...

Photofex MP Materials Corp. (NYSE:MP) is a leading producer of rare earth elements. This mining facility is located in Mountain Pass, California, which is near the Mojave National Preserve. The rare earth elements that it produces are used in so many products that are critical for our modern life. They are used in clean energy, automotive, military, and many high-tech products. What makes this situation unique is that MP Materials is one of the few producers in the Western world. These elements cannot be so ...

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about MP Materials Corp. (MP) .MP Materials Corp. currently has an average broke ...

MP Materials Corp. (MP) has been one of the most searched-for stocks on Zacks.com lately. So, you might want to look at some of the facts that could shape the stock's performance in the near term.Over the past month, shares of this company have returned -7.1%, compared to the Zacks S&P 500 composite's +3.4% change. During this period, the Zacks Mining - Miscellaneous industry, which MP Materials Corp. falls in, has lost 1.6%. The key question now is: What could be the stock's future direction?While media re ...