1 MP MATERIALS First Quarter 2022 Results May 5, 2022 Safe Harbor 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 words such as "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "will," "target," or similar expressions that pre ...

MP Materials Corp. (NYSE:MP) Q1 2022 Earnings Conference Call May 5, 2022 5:00 PM ET Company Participants Martin Sheehan - Head, Investor Relations Jim Litinsky - Chairman & Chief Executive Officer Ryan Corbett - Chief Financial Officer Michael Rosenthal - Chief Operating Officer Conference Call Participants Matt Summerville - D.A. Davidson Carlos De Alba - Morgan Stanley David Deckelbaum - Cowen Sathish Kasinathan - Deutsche Bank George Gianarikas - Baird Subash Chandra - Benchmark Carlos De Alba - Morgan ...

Financial Performance - Total revenue for Q1 2022 was $166.258 million, a significant increase of 177.5% compared to $59.971 million in Q1 2021[21] - Net income for Q1 2022 reached $85.551 million, up 431.5% from $16.119 million in Q1 2021[21] - Operating income for Q1 2022 was $115.024 million, compared to $21.709 million in Q1 2021, reflecting a growth of 429.5%[21] - The company reported a basic earnings per share of $0.49 for Q1 2022, compared to $0.10 for Q1 2021[21] - For the three months ended March 31, 2022, net income was $85.6 million, compared to $16.1 million for the same period in 2021, representing a significant increase of 431%[89] - Basic earnings per share (EPS) for Q1 2022 was $0.49, up from $0.10 in Q1 2021, while diluted EPS was $0.45 compared to $0.09 in the prior year[89] - Adjusted EBITDA for the same period was $132.257 million, representing a 301% increase from $33.000 million in 2021[129] - Adjusted Net Income for Q1 2022 reached $96,337,000, compared to $23,177,000 in Q1 2021, reflecting a strong year-over-year growth[171] - Adjusted Diluted EPS for Q1 2022 was $0.50, up from $0.13 in Q1 2021, demonstrating substantial earnings growth per share[174] - Free Cash Flow for Q1 2022 was $71,169,000, a significant recovery from a negative $9,963,000 in Q1 2021, indicating improved cash generation capabilities[177] Revenue and Sales - Total product sales from agreements with Shenghe were $155.0 million in Q1 2022, compared to $59.7 million in Q1 2021, indicating a growth of 160%[90] - For the three months ended March 31, 2022, product sales increased to $161.755 million, a 171% increase from $59.739 million in the same period of 2021[129] - REO sales volume rose by 20% to 11,706 MT in Q1 2022, compared to 9,793 MT in Q1 2021[101] - The realized price per REO MT surged by 135% to $13,818 in Q1 2022, compared to $5,891 in Q1 2021[101] - Total Value Realized for Q1 2022 was $161,755,000, up from $59,739,000 in Q1 2021, resulting in a realized price per REO MT of $13,818 compared to $5,891[160] Assets and Cash Flow - Cash and cash equivalents increased to $1.233 billion as of March 31, 2022, from $1.179 billion at the end of 2021[19] - Total assets rose to $1.987 billion as of March 31, 2022, compared to $1.890 billion at the end of 2021, marking an increase of 5.2%[19] - Total stockholders' equity increased to $1.090 billion as of March 31, 2022, up from $1.009 billion at the end of 2021[19] - Cash provided by operating activities for Q1 2022 was $120.971 million, a substantial increase from $9.335 million in Q1 2021[26] - Net cash provided by operating activities increased by $111.6 million to $120.97 million for Q1 2022, reflecting increased product sales[156] - Net cash used in investing activities increased by $30.6 million to $49.8 million for Q1 2022, mainly due to capital expenditures for the Stage II optimization project[157] Production and Operations - REO production volume increased by 10% to 10,828 metric tons (MT) in Q1 2022, up from 9,849 MT in Q1 2021[101] - The company achieved approximately 95% uptime in production, significantly enhancing production efficiency[112] - Production cost per REO MT increased from $1,475 in Q1 2021 to $1,594 in Q1 2022, primarily due to higher payroll costs and employee headcount[134] - Selling, general and administrative expenses rose by $2.5 million, or 28%, primarily due to increases in personnel costs and stock-based compensation[137] Investments and Projects - The company is currently enhancing its Mountain Pass facility to enable the separation of individual rare earth elements, part of the Stage II optimization project[29] - Construction has begun on a new manufacturing facility in Fort Worth, Texas, as part of the Stage III downstream expansion strategy[29] - Capitalized expenditures for the three months ended March 31, 2022, were $68.0 million, compared to $27.3 million for the same period in 2021, reflecting increased investment in Stage II optimization and Stage III projects[51] - A $35 million contract was awarded by the Department of Defense to design and build a facility for processing heavy rare earth elements, establishing the first of its kind in the U.S.[118] - The company expects to incur approximately $500 million in capital costs in 2022 for the completion of various projects, including the HREE separation facility[147] Risk and Compliance - As of March 31, 2022, Shenghe accounted for over 90% of the company's product sales, indicating a significant concentration of risk[33] - The company has not experienced a reduction in production or sales due to the COVID-19 pandemic, although it has faced cost and schedule pressures on its Stage II optimization project[37] - The company is not currently a party to any material legal or governmental proceedings[185] - There have been no material changes to the risk factors disclosed in the Form 10-K for the year ended December 31, 2021[186] - The company reported no changes that materially affected internal control over financial reporting during the fiscal quarter[183]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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) Delaware 84-4 ...

MP Materials Corp. (NYSE:MP) Q4 2021 Earnings Conference Call February 24, 2022 5:00 AM ET Company Participants Martin Sheehan ??? Head of Investor Relations Jim Litinsky ??? Chairman and Chief Executive Officer Michael Rosenthal ??? Chief Operating Officer Ryan Corbett ??? Chief Financial Officer Conference Call Participants Tyler Langton ??? JPMorgan Matt Summerville ??? D.A. Davidson David Deckelbaum ??? Cowen George Gianarikas ??? Baird Carlos De Alba ??? Morgan Stanley Lawson Winder ??? Bank of America ...

Table of Contents Delaware 84-4465489 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 September 30, 2021 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 ...

Financial Data and Key Metrics Changes - Revenues more than doubled year-over-year to $99.8 million, representing a 143% increase [12][28] - Adjusted EBITDA increased nearly 6x year-over-year to $68.3 million, with adjusted EBITDA margins improving from 36% last year to 68% [13][29] - Adjusted net income grew over 7x versus last year to $52 million, a 55% improvement over the second quarter [30] Business Line Data and Key Metrics Changes - Production volumes hit record highs, producing just under 12,000 metric tons of contained rare earth oxides, an 18% increase year-over-year and a 16% increase from Q2 [17][24] - The company shipped over 12,800 metric tons of REO, a 36% increase in sales volumes, and a 30% increase over the second quarter [24][11] - Realized prices increased by 127% year-over-year, driven primarily by NDPR and other magnetic rares [12] Market Data and Key Metrics Changes - Strong global demand for rare earth materials continues to drive pricing and sales, with a 5% sequential increase in realized pricing [26] - The U.S. Department of Commerce initiated a Section 232 investigation into imports of permanent magnets, highlighting the importance of domestic production [56] Company Strategy and Development Direction - The company is focused on progressing its Stage 2 and Stage 3 projects, with expectations for significant production increases in 2023 [15][52] - Investments are being made in heavy rare earth separation capabilities and magnet recycling, which are seen as future growth opportunities [48][49] - The company aims to restore the full supply chain and move downstream into magnetics, positioning itself as a leader in rare earth magnet recycling [49][88] Management's Comments on Operating Environment and Future Outlook - Management acknowledges ongoing supply chain challenges but emphasizes strong cash generation and operational improvements [50][51] - The company remains optimistic about its long-term asset value and the potential for significant growth in the rare earth market [51][80] - Management views 2022 as a transition year, with expectations for continued improvements in production efficiency and output [83] Other Important Information - The company has a fortress balance sheet with $1.2 billion in cash, allowing for continued investment in growth opportunities [14][34] - New operating cost line items have been added to the P&L to reflect costs associated with advanced projects and development [31] Q&A Session Summary Question: What should be expected for fourth quarter output given planned maintenance? - Management indicated that Q4 output may be similar to Q2 due to planned maintenance [66] Question: Will costs related to Stage 2 hiring continue to expand? - Management expects costs to remain steady in the near term but anticipates increases as the project progresses [67] Question: When can more precise timing for Stage 2 commissioning be expected? - Management indicated that the second half of 2022 is when first oxide is expected, but specifics will be updated as the project progresses [71] Question: What is the current status of heavy rare earth separation? - Management confirmed ongoing work to make heavy rare earth separation commercially viable, with no specific announcements at this time [96] Question: How much CapEx is left for Stage 2 and its exposure to cost inflation? - Management did not provide specific numbers but indicated that the overall Stage 2 project is approximately $220 million [108] Question: Is there a consideration for partnerships in Stage 3? - Management confirmed that they are building something and will announce details before year-end, with a focus on the magnetics opportunity [111]

1 Second Quarter 2021 Results August 5, 2021 Safe Harbor 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," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "will," "target," or similar expressions that predict ...

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 June 30, 2021 or (I.R.S. Employer Identification No.) 6720 Via Austi Parkway, Suite 450 Las Vegas, Nevada 89119 (702) 844-6111 Securities registered pursuant to Section 12(b) of the Act: ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Fo ...

MP Materials Corp. (NYSE:MP) Q2 2021 Earnings Conference Call August 5, 2021 5:00 PM ET Company Participants Martin Sheehan - Head of Investor Relations James Litinsky - Chairman & Chief Executive Officer Michael Rosenthal - Chief Operating Officer Ryan Corbett - Chief Financial Officer Conference Call Participants David Deckelbaum - Cowen Carlos De Alba - Morgan Stanley Tyler Langton - JPMorgan Matt Summerville - D.A Davidson Operator Hello, and welcome to the MP Materials Second Quarter 2021 Financial Res ...