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 ...

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, 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 ...

1 First Quarter 2021 Results May 6, 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 or i ...

MP Materials Corp. (NYSE:MP) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ET Company Participants Martin Sheehan ??? Head of Investor Relations James Litinsky ??? Chairman and Chief Executive Officer Ryan Corbett ??? Chief Financial Officer Conference Call Participants David Deckelbaum ??? Cowen Timna Tanners ??? Bank of America Sathish Kasinathan ??? Deutsche Bank Ben Kallo ??? Baird Serena Rocha ??? Morgan Stanley Subash Chandra ??? Northland Operator Ladies and gentlemen, welcome to the MP Materi ...

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, 2020 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 ...

1 Fourth Quarter & Full Year 2020 Results March 18, 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," "target," or similar expressions that pred ...

MP Materials Corp. (NYSE:MP) Q4 2020 Earnings Conference Call March 18, 2021 5:00 PM ET Company Participants Martin Sheehan - Head of Investor Relations James Litinsky - Chairman & Chief Executive Officer Ryan Corbett - Chief Financial Officer Michael Rosenthal - Chief Operating Officer Conference Call Participants Carlos De Alba - Morgan Stanley David Deckelbaum - Cowen Chris Terry - Deutsche Bank Benjamin Kallo - Baird Operator Good afternoon. My name is Shantel and I'll be your conference operator today ...