Slide 1: Q1 2024 Results
Q1 2024 Results May 2, 2024
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 t
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 (Loss), Adjusted Diluted EPS, and Free Cash Flow, which have not been prepared in accordance with generally accepted accounting
Slide 4: Year to Date Highlights
Year to Date Highlights Upstream Midstream Downstream Capital Structure • Second highest quarterly • Initial NdPr metal sales • Initial design capacity (1ktpa) • Repurchased 7.3% of REO production ever of Fort Worth fully committed outstanding shares for • Broadened ex-China $200.8 million ($15.43/s
Slide 5: Operations and Financial Overview
Operations and Financial Overview
Slide 6: Operating Metrics
Operating Metrics Second highest REO Concentrate sales volumes Realized pricing declined with Steady NdPr volumes as Sales volumes impacted by Realized pricing declined with production in history driven by impacted by higher production lower NdPr market prices; production levels carefully longer sal
Slide 7: Financial Metrics
Financial Metrics YoY revenue decline driven by lower prices, Adjusted EBITDA compares driven by Margins primarily impacted by lower Earnings comparisons impacted by increased consumption of concentrate in change in revenue and initial subscale pricing compares, Stage II ramp, and change in Adjusted
Slide 8: Capitalization Update
Capitalization Update Repurchased 7.3% of outstanding Materially extended debt maturities with Cost of capital for new notes, adjusted for shares for $200.8 million during the low-coupon new issuance and capped call, is 4.7% until share price quarter. repurchase of existing debt at a discount. excee
Slide 9: Leach Circuit
Leach Circuit 1
Slide 10: Separations Pad
a Separations Pad =
Slide 11: NdPr Production
NdPr Production 1,000 kg slings 3
Slide 12: Magnetics Facility
Magnetics Facility Fort Worth, Texas 4
Slide 13: Appendix
Appendix
Slide 14: 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 March 31, ended December 31, (in thousands, except share and per share data, unaudited) 2024 2023 2023 Revenue: Rare earth concentrate $ 40,076 $ 95,666 $ 40,329 Nd
Slide 15: Reconciliation: Net Income (Loss) to Adjusted EBITDA
Reconciliation: Net Income (Loss) to Adjusted EBITDA For the three months For the three months ended March 31, ended December 31, (in thousands, unaudited) 2024 2023 2023 Net income (loss) $ 16,489 $ 37,447 $ (16,259) Adjusted for: Depreciation, depletion and amortization 18,385 8,122 18,633 Interes
Slide 16: Reconciliation: Net Income (Loss) to Adjusted Net Income (Loss)
Reconciliation: Net Income (Loss) to Adjusted Net Income (Loss) For the three months For the three months ended March 31, ended December 31, (in thousands, unaudited) 2024 2023 2023 Net income (loss) $ 16,489 $ 37,447 $ (16,259) Adjusted for: Stock-based compensation expense(1) 7,467 7,013 6,195 (2)
Slide 17: Reconciliation: Diluted EPS to Adjusted Diluted EPS
Reconciliation: Diluted Earnings (Loss) per Share to Adjusted Diluted EPS For the three months For the three months ended March 31, ended December 31, (unaudited) 2024 2023 2023 Diluted earnings (loss) per share $ (0.08) $ 0.20 $ (0.09) Adjusted for: Stock-based compensation expense 0.04 0.04 0.03 I
Slide 18: First Quarter 2024 Cash Flow Bridge
(1) First Quarter 2024 Cash Flow Bridge 7.8 0.1 35.5 $(1.2) (3.5) $(41.1) Net Cash Used in Working Capital Cash Received Initial Start-Up Other Items Adjusted EBITDA Operating from Interest and Costs and Activities Investment Transaction- Income(2) Related and Other Costs(3) 1. All figures in millio
Slide 19: Reconciliation: Net Cash Used in Operating Activities to Free Cash Flow
Reconciliation: Net Cash Used in Operating Activities to Free Cash Flow For the three months (in thousands, unaudited) ended March 31, 2024 Net cash used in operating activities $ (41,126) (1) Additions to property, plant and equipment (51,742) Free Cash Flow $ (92,868) 19 1. Amount is net of $0.1 m