Slide 1: First Quarter 2022 Results
First Quarter 2022 Results May 5, 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: First quarter highlights
First quarter ▪ Growth in production and sales volumes of 10% and 20% YoY, respectively highlights ▪ Higher realized prices and cost discipline resulted in record financial performance – Revenues up 177% YoY to $166.3M 1 – Adjusted EBITDA up 301% YoY to $132.3M 1 – Adjusted EBITDA Margin up +23pts Y
Slide 5: Operations and Financial Overview
Operations and Financial Overview
Slide 6: Continued operational execution
Comparable Operational Metrics—Sequential and Year-over-Year Continued +20% YoY +135% YoY +21% QoQ +37% QoQ 11,706 operational $13,818 9,793 9,674 execution $10,101 $5,891 2021 2022 Stage II Related Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1 2022 ▪ YoY production growth driven by higher REO Sales Vo
Slide 7: Rapid revenue & earnings growth
(1) Comparable Financial Metrics—Sequential and Year-over-Year Rapid +177% YoY +68% QoQ +301% YoY +85% QoQ $166.3 revenue & $132.3 earnings growth $99.1 $71.3 $60.0 2021 2022 $33.0 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1 2022 ▪ Revenue growth driven by strong sales Revenue Adjusted EBITDA (2) vol
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 47.1 1.3 $133.1 Stage I normalized free cash flow 13.6 $71.2 ▪ Normalized Stage I Free Cash Flow of $133.1M or 80.1% of YTD revenue ▪ Offtake Agreement completed in Q1 2022; $13.6M paydown was reflected as a
Slide 9: Stage II and Stage III Updates
Stage II and Stage III Updates
Slide 10: Stage II & Stage III progress
Stage III Fort Worth magnetics facility Stage II & Stage III progress Stage II Concentrate dryer and calciner 10
Slide 11: Additional Photos
Additional Photos
Slide 12: Lanthanum filtration, drying, and packaging
Lanthanum filtration, drying, and packaging
Slide 13: Salt crystallizer and brine concentrator
Salt crystallizer and brine concentrator
Slide 14: NdPr finishing and warehouse
NdPr finishing and warehouse
Slide 15: NdPr finishing and warehouse – night shift
NdPr finishing and warehouse – night shift
Slide 16: Leaching
Leaching
Slide 17: Appendix
aD MP maeteriacs Appendix
Slide 18: Summary P&L
Summary P&L MP MATERIALS CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the three months ended For the three months ended March 31, December 31, (in thousands, except share and per share data, unaudited) 2022 2021 2021 Revenue: Product sales $ 161,755 $ 59,739 $ 97,721 Ot
Slide 19: Reconciliation Net Income to Adjusted EBITDA
Reconciliation Net Income to Adjusted EBITDA For the three For the three months ended months ended March 31, December 31, (in thousands, unaudited) 2022 2021 2021 Net income $ 85,551 $ 16,119 $ 48,989 Adjusted for: Depreciation, depletion and amortization 5,260 6,150 4,615 Interest expense, net 1,90
Slide 20: Reconciliation Net Income to Adjusted Net Income
Reconciliation Net Income to Adjusted Net Income For the three For the three months ended months ended March 31, December 31, (in thousands, unaudited) 2022 2021 2021 Net income $ 85,551 $ 16,119 $ 48,989 Adjusted for: (1) Depletion 3,069 4,531 3,229 (2) Stock-based compensation expense 9,773 5,673
Slide 21: Reconciliation Diluted EPS to Adjusted Diluted EPS
Reconciliation Diluted EPS to Adjusted Diluted EPS For the three For the three months ended months ended March 31, December 31, (unaudited) 2022 2021 2021 Diluted EPS $ 0.45 $ 0.09 $ 0.26 Adjusted for: (1) Depletion 0.01 0.02 0.02 (2) Stock-based compensation expense 0.05 0.03 0.04 (3) Transaction-r
Slide 22: YTD 2022 Cash Flow Bridge
YTD 2022 Cash Flow Bridge(1) 13.6 $134.6 1.3 $132.3 2.6 1.2 $121.0 (7.4) Net Cash Provided Offtake Paydown Adjusted Operating (2) Working Capital Cash Interest and Ore Stockpile Transaction- Adjusted EBITDA by Operating Cash Flow Taxes Inventory Related, Start-Up Activities & Other Non- (3) Recurrin
Slide 23: Reconciliations 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 three months ended (in thousands, unaudited) March 31, 2022 Net cash provided by operating activities $ 120,971 (1) Additions of property, plant and equipment, net (49,802) Free Cash Flow 71,169 Adjusted
Slide 24: KPI – Realized Price Reconciliation and Calculation
KPI – Realized Price Reconciliation and Calculation For the three For the three months ended months ended March 31, December 31, (in thousands, unless otherwise stated, unaudited) 2022 2021 2021 Product sales $ 161,755 $ 59,739 $ 97,721 Adjusted for: (1) Tariff rebate — (2,050) — (2) Total Value Rea
Slide 25: KPI – Production Cost Reconciliation and Calculation
KPI – Production Cost Reconciliation and Calculation For the three For the three months ended months ended March 31, December 31, (in thousands, unless otherwise stated, unaudited) 2022 2021 2021 (1) Cost of sales $ 23,173 $ 17,936 $ 18,455 Adjusted for: (2) Stock-based compensation expense (715) (1