MP Materials Corp. · NYSE:MP
MP Materials — Investor Presentation (November 2025)
14 slides from MP Materials's investor presentation, November 2025
Slide 1: MP Materials Overview
MP Materials Overview N OV E M B E R 2 0 2 5
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: 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: MP Materials Overview: America's National Champion in Rare Earth Magnetics
MP Materials Overview America’s National Champion in Rare Earth Magnetics Only fully integrated Investing in midstream and Significant EBITDA visibility Founder-led, owner-operator producer of rare earth downstream expansion to underpinned by DoW culture products globally with support long-term part
Slide 5: NdFeB Magnets Drive the Modern Economy
NdFeB Magnets Drive the Modern Economy NdFeB magnets enable the efficient conversion of energy into motion (or vice versa) They power more than 90% of EV motors, along with many other technology and defense applications Existing products / technologies Electric Vehicles Renewable Energy Househol
Slide 6: A U.S. Magnet Solution is Required to Ensure Supply Security
Global Market Share (%) A U.S. Magnet ~40% ~10% Solution is Required to Mining Refining Ensure Supply Security ~60% ~90% ~10% <10% Metal Conversion Magnets ~90% >90% China ROW 6 Source: Department of Energy Rare Earth Magnet Supply Chain Deep Dive Assessment
Slide 7: Magnetics Market
Magnetics Market 2025 2040 Kt Significant demand 900 881 growth for NdFeB 800 magnets 700 Other Magnet demand up ~3.4x 600 622 Independence Facilities Primary NdPr requirements up ~3.2x 500 Implies 33 Mountain Passes 410 400 Robotics Deficit of 98kmtpa NdPr Shortfall of 16 Mountain Passes 300 259 26
Slide 8: Our Mission is to Restore the Full Rare Earth Supply Chain to the U.S.
Our Mission is to Restore the Full Rare Earth Supply Chain to the U.S. Upstream Mining & Beneficiation Midstream Separation & Refining Downstream Metal, Alloy & Magnet Manufacturing 8
Slide 9: 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 9
Slide 10: DoW Transaction Summary
DoW Transaction Summary A win for MP shareholders, government & industry, and U.S. taxpayers Accelerates build-out Addresses significant Secures critical input Aligns MP and DoW Positions MP as a of fully integrated economic and to Physical AI and interests with shared national champion American sup
Slide 11: 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 Target1 Illustrative Annual 10X Facility EBITDA2 Assumes 7,000 MT of magnets produced by 10X annually MP Materials DoW Share 10,000 MT 7,000 MT $145M Anchored
Slide 12: 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 • Recycling > $650M • Other Independence EBITDA1
Slide 13: Apple Transaction Summary
Apple Transaction Summary New long-term partnership anchors Independence expansion and creates significant opportunity in recycling Anchors the Exceeds $500M in Scales recycling Supported by a Extends an existing expansion of initial contract value capabilities at $200M prepayment five-year technica
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