Core Insights - MP Materials and Energy Fuels are positioned to be key players in the U.S. rare earth and critical minerals supply chain [1] Company Overview - MP Materials, based in Las Vegas, NV, is the largest producer of rare earth materials in the Western Hemisphere, with a market capitalization of $13.7 billion [2] - Energy Fuels, located in Lakewood, CO, has a market capitalization of $3.99 billion and is a leading producer of natural uranium concentrates [3] Financial Performance - MP Materials reported a revenue increase of 84% year-over-year to $57.4 million in Q2 2025, with NdPr production up 119% and REO production up 45% [5][11] - Energy Fuels experienced a revenue decline of 52% year-over-year to $4.2 million in Q2 due to lower uranium sales volumes [10][11] Strategic Developments - MP Materials secured a long-term agreement with Apple to supply rare earth magnets made from recycled materials and partnered with the U.S. Department of Defense to develop a domestic rare earth magnet supply chain [8][9] - Energy Fuels is diversifying into rare earths by producing high-purity separated rare earth oxide NdPr at its White Mesa mill [3][13] Production and Capacity - MP Materials is ramping up production and expects to construct a second domestic magnet manufacturing facility, increasing U.S. rare earth magnet manufacturing capacity to 10,000 metric tons [9] - Energy Fuels is developing significant rare earth element capabilities, with projects in Australia, Madagascar, and Brazil that could supply REE oxides to U.S. and European manufacturers [15] Earnings Estimates - The Zacks Consensus Estimate for MP Materials' fiscal 2025 earnings is a loss of 34 cents per share, with an expected profit of 91 cents per share in fiscal 2026 [16] - Energy Fuels' fiscal 2025 earnings estimate is a loss of 33 cents per share, with a projected profit of one cent per share in fiscal 2026 [16] Stock Performance - MP Materials stock has surged 394.5% year-to-date, outperforming Energy Fuels' 236.5% gain [19] - MP Materials is trading at a forward price-to-sales ratio of 26.82X, while Energy Fuels is at 38.11X [20] Investment Outlook - MP Materials is seen as a more compelling choice for long-term growth in critical minerals due to its production gains, partnerships, and strategic importance [21][22] - Energy Fuels offers exposure to both uranium and rare earths, but MP Materials has an edge in price performance and earnings momentum [22]