Slide 1: Q3 2025 Results
Q3 2025 Results November 6, 2025
Slide 2: Safe Harbor
Safe Harbor 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 safe harbor provisions for forward-lookin
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 Net Income (Loss), and Adjusted Diluted EPS, which have not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”)
Slide 4: 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 5: Highlights
Materials Magnetics Highlights • Record NdPr oxide production of 721 MT — a 21% • Received initial Apple prepayment of $40M sequential increase • Independence commissioning advancing • Second highest quarterly production of REO • Profitable metal deliveries continued • DoW purchase price agreement c
Slide 6: Financial Metrics - Consolidated
Financial Metrics - Consolidated Revenue impacted by cessation of Adjusted EBITDA impacted by cessation of Improved EPS driven by a higher tax concentrate sales in Q2, mostly offset by concentrate sales, offset by the EBITDA benefit and higher interest income, the ramp in sales of separated products
Slide 7: Operating Metrics - Materials Segment
Operating Metrics - Materials Segment Strong production driven Concentrate sales discontinued NdPr production Sales volumes continue Realized pricing by continued high in Q2; expect to stockpile volumes increased with to track production with increased year-over-year recoveries and plant concentrate
Slide 8: Financial Metrics - Segments
Financial Metrics - Segments Record NdPr oxide revenue in Segment Adjusted EBITDA Revenue driven by initial Segment Adjusted EBITDA Q3; lower total revenue from impacted by the cessation of production and sales of improvement driven by cessation of concentrate sales concentrate sales beginning in ma
Slide 9: 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 10: Heavy rare earth separations
Heavy rare earth separations
Slide 11: A Vertically-Integrated National Champion
A Vertically-Integrated National Champion World-Class Deposit High-Grade Concentrate Refined NdPr Oxide Materials Segment Magnetics Segment NdPr Metal NdFeB Alloy Flake NdFeB Magnets 11
Slide 12: Appendix
Appendix
Slide 13: P&L: Condensed Consolidated Statements of Operations
P&L MP Materials Corp. and Subsidiaries For the three months Condensed Consolidated Statements of Operations For the three months ended September 30, ended June 30, (in thousands, except share and per share data, unaudited) 2025 2024 2025 Revenue $ 53,553 $ 62,927 $ 57,393 Operating expenses and inc
Slide 14: Reconciliation: Net Loss to Adjusted EBITDA
Reconciliation: Net Loss to Adjusted EBITDA For the three months For the three months ended September 30, ended June 30, (in thousands, unaudited) 2025 2024 2025 Net loss $ (41,780) $ (25,516) $ (30,872) Adjusted for: Depreciation, depletion and amortization 22,497 19,344 20,777 Interest expense, ne
Slide 15: Reconciliation: Net Loss to Adjusted Net Loss
Reconciliation: Net Loss to Adjusted Net Loss For the three months For the three months ended September 30, ended June 30, (in thousands, unaudited) 2025 2024 2025 Net loss $ (41,780) $ (25,516) $ (30,872) Adjusted for: Stock-based compensation expense(1) 7,654 5,453 5,427 Initial start-up costs(2)
Slide 16: Reconciliation: Diluted Loss per Common Share to Adjusted Diluted EPS
Reconciliation: Diluted Loss per Common Share to Adjusted Diluted EPS For the three months ended For the three months ended September 30, June 30, (unaudited) 2025 2024 2025 Diluted loss per common share $ (0.24) $ (0.16) $ (0.19) Adjusted for: Stock-based compensation expense 0.04 0.04 0.04 Initial