MP Materials (MP) investor relations material

Resource expansion and mine life

• Early exploratory drilling at Mountain Pass indicates potential for additional ore, likely extending mine life and resource scale beyond current models.

• Positive reconciliations between actual results and block models suggest more ore can be brought into production blocks over time.

• Consistent mineralogy supports stable cost structure and operational efficiency.

• No new permits are required for expansion under the current mining permit, and facility upgrades are ongoing.

• Investment in ore sorting and other technologies aims to leverage lower-grade ore and increase throughput.

Production targets and operational upgrades

• Upstream REO production has reached 13,500 tons in a quarter, nearing the 60,000-ton annual target, with further upgrades planned for 2027–2028.

• Achieving the 6,075-ton NdPr refining run rate by year-end is a mechanical, not technical, challenge, focusing on materials handling and reliability.

• Facility upgrades include replacing pumps and debottlenecking processes to support higher throughput.

• Methodical ramp-up is prioritized to maintain cost structure and product quality.

Heavy rare earths and product diversification

• Initial heavy rare earth separation facility, focused on dysprosium and terbium, is being commissioned with first product expected this year.

• SEG+ fraction (samarium, europium, gadolinium, and heavier) is being stockpiled, with samarium separation for defense applications ready by early 2028.

• Long-term contract secured for separated gadolinium with an aerospace and defense firm, representing a significant ancillary revenue stream.

• All 17 rare earth elements are present in the ore body, enabling further product and revenue diversification.