Slide 1: Third Quarter 2022 Results
Third Quarter 2022 Results November 3, 2022 1
Slide 2: Safe Harbor
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 w
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures This presentation references certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, Total Value Realized, Production Costs, Free Cash Flow, Normalized Stage I Free Cash Flow, and Adjusted O
Slide 4: Third quarter highlights
Third quarter ▪ Stage II commissioning process has begun at Mountain Pass highlights – Construction nearing completion – Commissioning initiated on several circuits ▪ Stage III magnetics facility building shell complete – Engineering, manufacturing technology development, procurement and hiring acce
Slide 5: Operations and Financial Overview
Operations and Financial Overview
Slide 6: Continued operational execution
Comparable Operational Metrics—Sequential and Year-over-Year Continued (17)% YoY $13,918 +51% YoY (16)% QoQ operational 12,814 +7% QoQ $11,636 10,676 execution 10,000 $7,693 2021 2022 Stage II Related Q3 2021 Q2 2022 Q3 2022 Q3 2021 Q2 2022 Q3 2022 (1) R ▪ Production remained strong; comparison REO
Slide 7: Rapid revenue & earnings growth
(1) Comparable Financial Metrics—Sequential and Year-over-Year Rapid +25% YoY $110.0 +34% YoY revenue & (17)% QoQ $143.6 (13)% QoQ $91.4 $124.4 earnings growth $99.8 $68.3 2021 2022 ▪ Revenue growth driven by higher Q3 2021 Q2 2022 Q3 2022 Q3 2021 Q2 2022 (2) Q3 2022 realized pricing Revenue Adjuste
Slide 8: Significant Stage I normalized free cash flow
(1) YTD 2022 Reported Free Cash Flow to Normalized Stage I Free Cash Flow Bridge Significant 197.1 5.0 $320.8 Stage I normalized free cash flow ▪ Normalized Stage I Free Cash Flow of $320.8M or 73.9% of YTD revenue 13.6 $105.2 ▪ Offtake Agreement completed in Q1 2022; $13.6M paydown was reflected as
Slide 9: Stage II and Stage III Updates
Stage II and Stage III Updates
Slide 10: Stage II Process Flow
Stage II Process Flow Third-Party RE Carbonate Handling, Dissolution, Pre-Processing Recycled Material Stage I (simplified) Mining / Crushing Milling Flotation Drying / Roasting Leaching Purification Impurities RE Leach Concentrate Solution Dry Tailings Ce Concentrate RE Solution Aqueous Solutions o
Slide 11: Stage III
STAGE III STAGE III April 2022 October 2022
Slide 12: Additional Photos
Additional Photos
Slide 13: Roaster
mx 1, ane 7 6! DIR ea NI M3
Slide 14: NdPr Finishing
NdPr Finishing
Slide 15: Salt Crystallizer
Salt Crystallizer
Slide 16: Appendix
aD MP maeteriacs Appendix
Slide 17: Summary P&L
Summary P&L MP MATERIALS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the three For the three months ended months ended September 30, June 30, (in thousands, except share and per share data, unaudited) 2022 2021 2022 Revenue: Product sales $ 124,231 $ 98,581 $ 139,183 O
Slide 18: Reconciliation Net Income to Adjusted EBITDA
Reconciliation Net Income to Adjusted EBITDA For the three For the three months ended months ended September 30, June 30, (in thousands, unaudited) 2022 2021 2022 Net income $ 63,177 $ 42,763 $ 73,269 Adjusted for: Depreciation, depletion and amortization 2,096 6,951 5,407 Interest expense, net 1,22
Slide 19: Reconciliation Net Income to Adjusted Net Income
Reconciliation Net Income to Adjusted Net Income For the three For the three months ended months ended September 30, June 30, (in thousands, unaudited) 2022 2021 2022 Net income $ 63,177 $ 42,763 $ 73,269 Adjusted for: (1) Stock-based compensation expense 7,806 4,552 7,440 (2) Transaction-related, s
Slide 20: Reconciliation Diluted EPS to Adjusted Diluted EPS
Reconciliation Diluted EPS to Adjusted Diluted EPS For the three For the three months ended months ended September 30, June 30, (unaudited) 2022 2021 2022 Diluted EPS $ 0.33 $ 0.23 $ 0.38 Adjusted for: Stock-based compensation expense 0.04 0.02 0.04 (1) Transaction-related, start-up and other non-re
Slide 21: YTD 2022 Cash Flow Bridge
YTD 2022 Cash Flow Bridge(1) 13.6 5.5 5.0 $333.6 $328.0 18.0 $314.4 (22.8) Net Cash Provided Offtake Paydown Adjusted Operating Working Capital Cash Interest and Ore Stockpile Transaction- Adjusted EBITDA (2) by Operating Cash Flow Taxes Inventory Related, Start-Up Activities & Other Non- (3) Recurr
Slide 22: Net Cash Provided by Operating Activities to Non-GAAP Financial Measures
Reconciliations Net Cash Provided by Operating Activities to Non-GAAP Financial Measures For the nine months ended (in thousands, unaudited) September 30, 2022 Net cash provided by operating activities $ 314,419 (1) Additions to property, plant and equipment, net (209,202) Free Cash Flow 105,217 Adj
Slide 23: KPI – Realized Price Reconciliation and Calculation
KPI – Realized Price Reconciliation and Calculation For the three For the three months ended months ended September 30, June 30, (in thousands, unless otherwise stated, unaudited) 2022 2021 2022 (1) Product sales $ 124,231 $ 98,581 $ 139,183 (1)(2) Total Value Realized 124,231 98,581 139,183 Divided
Slide 24: KPI – Production Cost Reconciliation and Calculation
KPI – Production Cost Reconciliation and Calculation For the three For the three months ended months ended September 30, June 30, (in thousands, unless otherwise stated, unaudited) 2022 2021 2022 (1) Cost of sales $ 22,417 $ 21,907 $ 22,092 Adjusted for: (2) Stock-based compensation expense (889) (5