MP Materials : Overview - November 2025

About this update from Mp Materials Corp.

MP Materials Overview N O V E M B E R 2 0 2 5 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 the most directly comparable GAAP financial measure, because such information is not available, and management cannot reliably predict all of the necessary components of such GAAP financial measure without unreasonable effort or expense. We believe non-GAAP measures such as EBITDA are indicators of the performance of our core business operations period-over-period. However, there are a number of limitations related to the use of this non-GAAP financial measure and its nearest GAAP equivalent. In particular, these illustrative examples and estimates of EBITDA are based on the calculation of "EBITDA" as set forth in the agreements governing the transactions described herein between the Company and the Department of Defense and are not calculated in the same manner as we may calculate similarly titled measures for other purposes, including in our earnings releases or other announcements. In addition, our method of determining non-GAAP measures may be different from other companies' methods and, therefore, may not be comparable to those used by other companies, and we do not recommend the sole use of non-GAAP measures to assess our financial performance. Management does not consider non-GAAP measures in isolation or as an alternative or to be superior to financial measures determined in accordance with GAAP. The principal limitation of non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in our financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. The illustrative examples presented in this presentation are estimates and future projections and are based on various assumptions, which may prove to be incorrect. Various risks could cause our actual performance to be materially different from the illustrative examples, projections and estimates. These examples, projections and estimates are provided solely for illustrative purposes, and there can be no assurances that any such financial results or performance will ultimately be realized, in the manner illustrated herein or at all. These illustrative examples, projections and estimates should not be relied upon as being necessarily indicative of future results. 3 A T R A N S F O R M A T I O N A L P U B L I C - P R I V A T E P A R T N E R S H I P MP Materials Overview America's National Champion in Rare Earth Magnetics Only fully integrated producer of rare earth products globally with mining, refining, magnet production and recycling capabilities Investing in midstream and downstream expansion to support long-term agreements with Department of War, Apple and GM Significant EBITDA visibility underpinned by DoW partnership with material potential upside levers Founder-led, owner-operator culture 4 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 NdFeB Magnets Drive the Modern Economy Existing products / technologies Electric Vehicles Renewable Energy Household Goods Consumer Tech Robotics Technologies of the future Humanoid Robotics eVTOL Defense Fusion Power (Stellarator) 5 A U.S. Magnet Solution is Required to Ensure Supply Security Global Market Share (%) ~40% Mining ~60% Refining ~90% Magnets >90% 6 <10% ~10% ~10% Metal Conversion ~90% Source: Department of Energy Rare Earth Magnet Supply Chain Deep Dive Assessment China ROW 300 200 2040 Kt G00 881 800 700 Other 600 500 410 400 Robotics 287 25G 264 2025 126 127 EV & Genl Auto 1 100 - G1 18G Magnetics Market Significant demand growth for NdFeB magnets Magnet demand up ~3.4x 622 Independence Facilities Primary NdPr requirements up ~3.2x Implies 33 Mountain Passes Deficit of 98kmtpa NdPr Shortfall of 16 Mountain Passes G1 NdPr Supply NdPr Demand Magnet Demand NdPr Supply NdPr Demand Magnet Demand 7 Source: Adamas Intelligence "Rare Earth Magnet Market Outlook to 2040, Q3 2024" Includes EVs, automotive micromotors, sensors, and speakers NdPr oxide sourced from recycling has historically accounted for ~30% of supply Primary Recycled 2 Upstream Mining & Beneficiation Midstream Separation & Refining Downstream Metal, Alloy & Magnet Manufacturing Our Mission is to Restore the Full Rare Earth Supply Chain to the U.S. 8 A Vertically-Integrated National Champion Materials Segment World-Class Deposit High-Grade Concentrate Refined NdPr Oxide Magnetics Segment NdPr Metal NdFeB Alloy Flake NdFeB Magnets 9 DoW Transaction Summary A win for MP shareholders, government & industry, and U.S. taxpayers Accelerates build-out of fully integrated American supply chain at scale Addresses significant economic and national security vulnerability Secures critical input to Physical AI and future dual-use technologies Aligns MP and DoW interests with shared upside and strict performance expectations Positions MP as a national champion with a durable and scalable economic platform 10 Attention : This is an excerpt of the original content. 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