Slide 1: A Transformational Public-Private Partnership
A Transformational Public-Private Partnership J U LY 1 0 , 2 0 2 5
Slide 2: Cautionary Note Regarding Forward-Looking Statements
Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. MP Materials Corp. (the “Company,” “we,” “us” and “our”) intend such forward-looking statements to be covered by the
Slide 3: Adjusted EBITDA and Estimates
Adjusted EBITDA and Estimates This presentation includes some illustrative examples of forward-looking estimates of EBITDA as described below, which is a non-GAAP measure. Because these are illustrative examples and forward-looking estimates, we are unable to present a quantitative reconciliation to
Slide 4: A Transformational Public-Private Partnership
A Transformational Public-Private Partnership The DoD is making a multi-billion-dollar commitment to accelerate American rare earth supply chain independence DoD Investment & Strategic Capital NdPr Price Floor Commitment “10X” Magnet Manufacturing Expansion $400M Convertible Preferred Equity $110/kg
Slide 5: NdPr Price Floor Commitment Overview
NdPr Price Floor Commitment Overview A durable pricing mechanism that ensures stable and predictable cash flow with shared upside Historical NdPr Pricing1 Illustrative Annual Materials Segment EBITDA2,3 Assumes 6,075 MT4 of annual NdPr production and target run-rate production cost $/kg $250 5 MP Ma
Slide 6: 10X Facility Offtake Overview
10X Facility Offtake Overview A 10-year commitment that ensures stability and minimum cash flow with shared upside MP Annual Magnet Capacity Target Illustrative Annual 10X Facility EBITDA1 Assumes 7,000 MT of magnets produced by 10X annually MP Materials DoD Share 10,000 MT 7,000 MT $145M $30M 2,000
Slide 7: Significant EBITDA Visibility with Upside Opportunity
Significant EBITDA Visibility with Upside Opportunity MP is now positioned as a national champion with a durable and scalable economic platform Illustrative Annual EBITDA Potential upside: • NdPr Price Upside • Upstream 60K • Magnetics Upside & Growth • Other >$650M Independence EBITDA1 Independence
Slide 8: Transaction Summary
Transaction Summary A win for MP shareholders, government & industry, and U.S. taxpayers Accelerates build-out Addresses significant Secures critical input Aligns MP and DoD Positions MP as a of fully integrated economic and to Physical AI and interests with shared national champion American supply
Slide 9: A TRANSFORMATIONAL PUBLIC-PRIVATE PARTNERSHIP
99 A TRANSFORMATIONAL PUBLIC-PRIVATE PARTNERSHIP