MP Materials (MP) investor relations material

Business overview and vertical integration

• Largest producer of rare earth materials in the Western world, with full vertical integration from mining to magnet manufacturing.

• Key customers include General Motors and Apple, supporting both magnet and recycling businesses.

• Vertical integration enables efficiencies and resilience across the value chain.

• Public-private partnership with the Department of Defense includes a price floor and accelerated downstream investment.

• Ongoing expansion includes new magnetics facility (10X) and heavy rare earth separation projects.

Market dynamics and supply chain risks

• Export restrictions from China have highlighted supply chain vulnerabilities, increasing OEM engagement.

• Geopolitical tensions, especially between China, the U.S., and Japan, are impacting industrial supply chains.

• Customers are increasingly seeking supply chain independence from China.

• Strategic value of vertically integrated assets is rising as supply chain risks become more apparent.

Policy environment and bipartisan support

• Rare earths and magnets enjoy strong bipartisan support in the U.S., with engagement across administrations.

• Department of Defense partnership is backed by bipartisan committees and is seen as critical for national security.

• Business strategy is designed to be robust regardless of political changes.