Overview - November 2025

MP Materials Overview

N O V E M B E R 2 0 2 5

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.

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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

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

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• 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 Household Goods Consumer Tech Robotics

Technologies of the future

Humanoid Robotics

eVTOL

Defense

Fusion Power (Stellarator)

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~40%

Mining

~60%

Refining

~90%

Magnets

>90%

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<10%

~10%

~10%

Metal Conversion

~90%

Source: Department of Energy Rare Earth Magnet Supply Chain Deep Dive Assessment

300

200

2040

Kt

G00

881

800

700

Other

600

500

410

400

Robotics

25G

264

2025

126

127

EV & Genl Auto1

100

-

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

NdPr Supply NdPr Demand Magnet Demand NdPr Supply NdPr Demand Magnet Demand

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Source: Adamas Intelligence "Rare Earth Magnet Market Outlook to 2040, Q3 2024"

1. Includes EVs, automotive micromotors, sensors, and speakers

2. NdPr oxide sourced from recycling has historically accounted for ~30% of supply

Upstream Mining & Beneficiation

Midstream Separation & Refining

Downstream Metal, Alloy & Magnet Manufacturing

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Materials Segment

World-Class Deposit

High-Grade Concentrate

Refined NdPr Oxide

Magnetics Segment

NdPr Metal

NdFeB Alloy Flake

NdFeB Magnets

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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

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