Financial Performance - Generated fourth quarter revenues of $61.0 million, a 48% increase year over year[1] - Revenue for the full year 2024 decreased 20% to $203.9 million compared to 2023[10] - Total revenue for Q4 2024 was $60.986 million, a 48% increase from $41.205 million in Q4 2023, while full-year revenue decreased by 19.6% to $203.855 million from $253.445 million in 2023[32] - Adjusted EBITDA declined by $12.0 million year-over-year to $(10.7) million, driven primarily by elevated production costs[6] - Adjusted EBITDA for Q4 2024 was $(10.707) million, down from $1.300 million in Q4 2023, and for the full year, it decreased to $(50.168) million from $102.502 million in 2023[38] - Adjusted Net Loss decreased by $145.5 million year-over-year to $(74.1) million, driven mainly by lower Adjusted EBITDA[12] - Net loss increased by $6.1 million year-over-year to $(22.3) million, primarily due to higher interest expense and depreciation[8] - Net loss for Q4 2024 was $(22.342) million, compared to $(16.259) million in Q4 2023, and for the full year, the net loss was $(65.424) million compared to a net income of $24.307 million in 2023[32] - The adjusted net loss for the year ended December 31, 2024, was $74.104 million, a significant decline from the adjusted net income of $71.378 million in 2023[45] - Diluted earnings per share for the year ended December 31, 2024, was $(0.57), compared to $0.14 for the year ended December 31, 2023[48] - The adjusted diluted earnings per share for the year ended December 31, 2024, was $(0.44), down from $0.39 in 2023[48] Production and Operations - Achieved record production of 45,455 metric tons of REO in concentrate in 2024[1] - Produced record 1,294 metric tons of NdPr oxide in 2024[1] - The Materials segment operates the Mountain Pass Rare Earth Mine, producing refined rare earth products and concentrate, while the Magnetics segment began production of magnetic precursor products in December 2024[64] - REO Production Volume is a key performance indicator, reflecting the efficiency of the Company's upstream operations, and includes volumes for downstream circuits starting from Q2 2023[66] - NdPr Production Volume is a critical measure of the Company's midstream operations, indicating the efficiency of separating and finishing NdPr oxide[69] - NdPr Sales Volume is calculated in MTs and is a key measure of the Company's ability to convert production into revenue, with future sales expected to include transactions with the Magnetics segment[71] Costs and Expenses - Adjusted EBITDA declined $10.5 million to $(1.3) million year-over-year, impacted by higher production costs[22] - Operating loss for Q4 2024 was $(43.962) million, compared to $(33.628) million in Q4 2023, and for the full year, the operating loss increased to $(169.426) million from $(17.719) million in 2023[32] - Total operating costs and expenses for Q4 2024 were $104.948 million, up from $74.833 million in Q4 2023, and for the full year, they rose to $373.281 million from $271.164 million[32] - The company incurred $1.397 million in start-up costs for Q4 2024, down from $5.205 million in Q4 2023, reflecting a reduction in initial operational expenditures[32][39] - The company incurred $5.5 million in demolition costs in 2023 to remove older facilities at the Mountain Pass site for future expansion in rare earth processing[42] Financial Position - Cash and cash equivalents increased to $282.442 million in 2024 from $263.351 million in 2023, while total cash, cash equivalents, and short-term investments decreased to $850.868 million from $997.844 million[30] - Long-term debt increased significantly to $908.729 million in 2024 from $681.980 million in 2023, reflecting a rise in financial leverage[30] - The company reported a decrease in inventories to $107.905 million in 2024 from $95.182 million in 2023, indicating potential supply chain challenges[30] Strategic Initiatives - The company plans to expand its manufacturing operations downstream to provide a full supply chain solution from materials to magnetics[54] - The company is focusing on its Upstream 60K strategy to increase REO production and achieve run rate production of separated rare earth materials[56] - The company is currently assessing the timing and costs associated with its Stage II and Stage III projects, which are critical for future growth[57] Segment Performance - Materials Segment revenue increased 48% to $61.0 million year-over-year, driven by higher NdPr oxide and metal sales[21] - Magnetics Segment Adjusted EBITDA for Q4 2024 declined by $0.7 million to $(3.061) million compared to Q4 2023, and for the full year, it decreased by $5.7 million to $(12.224) million[26][27] - MP Materials reported a modification in its segment structure, now comprising two operating segments: Materials and Magnetics, effective from Q4 2024[63] Market Indicators - The realized price per REO MT is a significant indicator of market pricing for the Company's concentrate products, calculated based on sales revenue and sales volume[68] - The NdPr Realized Price per KG is an important measure of market pricing for NdPr products, expected to include future sales to the Magnetics segment[72] - Adjusted EBITDA, Adjusted Net Income (Loss), and Adjusted Diluted EPS are used by management for performance comparison and trend analysis, providing insights into financial conditions[61] - The Company emphasizes that non-GAAP measures should not be solely relied upon for assessing financial performance due to their inherent limitations[62] - Segment Adjusted EBITDA is calculated as segment revenues minus significant segment expenses, excluding certain non-recurring and non-cash costs[65]

Company Overview - MP Materials Corp. shares increased by 10.1% to close at $24.47, with trading volume significantly higher than usual, compared to an 8.7% gain over the past four weeks [1] - The company announced the start of commercial production of neodymium-praseodymium (NdPr) metal and trial production of automotive-grade sintered neodymium-iron-boron (NdFeB) magnets at its Fort Worth, TX facility, marking it as America's first fully integrated rare earth metal, alloy, and magnet manufacturing facility [2] Industry Context - China remains the dominant player in the rare earth market, prompting the U.S. government to seek reduced reliance on Chinese imports through domestic production and partnerships with allied nations [3] - The Trump administration's 10% tariff on Chinese imports may influence U.S. rare earth prices in the long term, with interest in securing rare earth supplies from Ukraine as part of financial support [3] Financial Performance - MP Materials is expected to report a quarterly loss of $0.12 per share, reflecting a year-over-year change of -500%, while revenues are projected to be $50.58 million, an increase of 22.7% from the previous year [4] - The consensus EPS estimate for MP Materials has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [5] Comparative Analysis - MP Materials is part of the Zacks Mining - Miscellaneous industry, where Cleveland-Cliffs (CLF) also operates, with CLF's stock rising 8% to $10.52 but showing a -1.6% return over the past month [5] - Cleveland-Cliffs' consensus EPS estimate has decreased by 6.7% over the past month to -$0.54, representing a year-over-year change of -980% [6]

Group 1 - The article discusses MP Materials (NYSE: MP) and its potential as an investment opportunity, particularly in the industrial sector [1] - The author emphasizes the importance of companies with a strong history of operational performance and investor respect, which is prevalent in the industrial sector [1] - The author expresses a personal philosophy about investing that has been beneficial over the years, aiming to share insights with readers [1]

Group 1: Company Overview - MP Materials Corp. shares increased by 12.4% to close at $20.46, following a notable trading volume compared to typical sessions, despite a 7.7% loss over the past four weeks [1] - The company is positioned to benefit from rising U.S.-China tensions, as its Mountain Pass facility is the only large-scale rare earth production source in the U.S. [2] - MP Materials aims to expand production and refining operations to ensure U.S. independence from China in the rare earths sector, which is vital for electric vehicles and AI technology [2] Group 2: Financial Performance - The company is expected to report a quarterly loss of $0.12 per share, reflecting a year-over-year change of -500%, with revenues projected at $50.58 million, a 22.7% increase from the previous year [3] - The consensus EPS estimate for the quarter has been revised 12.2% higher in the last 30 days, indicating a positive trend that may lead to price appreciation [4] Group 3: Industry Context - MP Materials is part of the Zacks Mining - Miscellaneous industry, where Cleveland-Cliffs (CLF) also operates, having closed 4.2% higher at $9.90, but with a -19.8% return over the past month [4] - Cleveland-Cliffs has seen a significant downward revision in its EPS estimate, changing -57% over the past month to -$0.50, representing a -900% change from the previous year [5]

Company Overview - MP Materials Corp. operates the Mountain Pass mining and processing facility in California, which is one of the largest rare earth mining and refining facilities globally [3]. - The company has been a significant producer of rare earth content for many years and is ramping up its refining facility to produce separated rare earth products [3]. Market Dynamics - The rare earth magnet market, which includes products like neodymium and praseodymium, differs structurally from the battery materials market, although there is some confusion regarding their categorization [2]. - Rare earth permanent magnets are primarily utilized in motors, indicating their critical role in various applications beyond battery technology [2].

Financial Data and Key Metrics Changes - In Q3, the company produced over 13,700 tons of contained rare earth oxides in concentrate, which is over 15% higher than the previous best quarter, indicating significant production growth [8][9] - Historically, the company produced around 40,000 tons of contained oxides and concentrate, which was significantly lower than the recent production levels achieved under current management [9][10] - The company is targeting an increase to 60,000 tons of contained rare earth oxides and concentrate over a four-year period, with a capital investment plan of less than $200 million for this initiative [11][13] Business Line Data and Key Metrics Changes - The midstream operation has seen a 76% sequential growth in rare earth oxide production, with expectations for continued growth as the refining facility ramps up [21][22] - The company is focused on optimizing production processes to become a globally low-cost producer of rare earth materials, emphasizing the importance of mechanical execution in their operations [22][23] Market Data and Key Metrics Changes - The rare earth market is heavily dominated by China, which holds 40% of the reserves and 90% of the magnet business, creating a significant competitive landscape for the company [17][19] - The company has noted a recent pullback in commodity prices, particularly for NdPr, which has affected production decisions and pricing strategies [24][28] Company Strategy and Development Direction - The company is executing a methodical strategy to scale up production and establish itself as a key player in the rare earth materials market, particularly in the context of geopolitical tensions and supply chain security [4][19] - The establishment of the Independence facility in Dallas-Fort Worth aims to produce finished permanent magnets, with General Motors as a foundational customer [6][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing operational milestones and a significant investment program coming to an end, which positions the company for growth as commodity prices stabilize [57] - The company is also focusing on expanding relationships outside of China, particularly with Japanese and Southeast Asian markets, to diversify its customer base [34][35] Other Important Information - The company has received a $50 million prepayment from General Motors and expects an additional $100 million in prepayments, which will support its capital needs [46] - The company is actively engaging in share repurchase programs, having bought back 8.6% of its shares this year, indicating a focus on return on invested capital [56] Q&A Session Summary Question: Can you discuss the record production in Q3 and the opportunity to expand operations? - The company produced over 13,700 tons of rare earth oxides, marking a significant increase and progress towards the upstream 60,000 strategy [8] Question: What is the impact on mine life from the recent production increases? - The increase in production was primarily due to improved recovery rates, which positively affects mine life assumptions [14][16] Question: How does the company differentiate itself in the rare earth market? - The company is one of only two significant non-China producers and leverages decades of know-how and capital investment to maintain its competitive edge [17][19] Question: What progress has been made in the midstream operations? - The midstream operations have ramped up significantly, with a focus on mechanical execution to increase throughput and maintain uptime [22][23] Question: How does the company view the geopolitical landscape and its implications? - Management sees bipartisan support for the rare earth industry and anticipates continued focus on creating a level playing field for domestic producers [49][51]

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [2][7]. Core Insights - MP Materials is the largest rare earth material producer in the Western Hemisphere, with a focus on neodymium praseodymium (NdPr) and a significant role in the global rare earth supply chain [7][16]. - The company reported a revenue of $62.927 million in Q3 2024, a year-on-year increase of 20%, primarily due to increased production and sales of rare earth oxides (REO) [7][16]. - The company aims to restore the complete rare earth supply chain in the U.S. to enhance its position in future green technology industries [9][18]. Financial Performance - Revenue projections for 2024, 2025, and 2026 are $151 million, $341 million, and $521 million respectively, with expected EPS of -$0.29, $0.36, and $0.65 [6][19]. - The gross profit margin is expected to turn positive in early 2025, with a significant increase in net profit forecasted for 2026 [7][19]. - The company’s REO production reached 13,742 tons in Q3 2024, a 28% year-on-year increase, while NdPr production was 478 tons, reflecting strong growth expectations [8][17]. Market Position and Strategy - MP Materials is strategically expanding its operations across the entire rare earth industry chain, from mining to processing and application [8][17]. - The company has completed the second phase of its vertical integration plan and is progressing towards the recovery of the rare earth metal magnet industry [9][18]. - The target price for the company is set at $21.60, based on a 60x PE valuation for 2025, reflecting its leadership in the Western rare earth industry [19].

Exhibit 99.1 For the three months ended September 30, 2024 vs. 2023 MP Materials Reports Third Quarter 2024 Results Revenue increased 20% year-over-year to $62.9 million Record REO production of 13,742 metric tons, a 28% increase year-over-year Record NdPr production of 478 metric tons, a 76% sequential increase NdPr sales volumes nearly tripled sequentially to 404 metric tons Fort Worth metal production in commissioning with deliveries on track for year-end LAS VEGAS, November 7, 2024 – MP Materials Corp. ...

MP Materials Corp. (NYSE:MP) Gabelli Funds 48th Annual Automotive Aftermarket Symposium Conference November 4, 2024 2:50 PM ET Company Participants Martin Sheehan - Head of Investor Relations Ryan S. Corbett - Chief Financial Officer Conference Call Participants Brian Sponheimer - Gabelli Funds Brian Sponheimer Okay. Moving along, we have via Zoom, MP Materials, and their CFO, Ryan Corbett, and Martin Sheehan, who heads up, Investor Relations for the company. As I mentioned before, MP is the largest owner a ...

MP Materials Overview Gabelli Funds' 48 t h Annual Automotive Symposium 2024 This presentation contains certain statements that are not historical facts and are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of the words such as "estimate," "plan," "shall," "may," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "will," "target," ...