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MP MATERIALS MP Materials Reports First Quarter 2021 Results Revenue Grew 189 % Year - over - Year to $ 60.0 million Net Income Increased 737 % Year - over - Year to $ 16.1 million Adjusted EBITDA Grew 537 % Year - over - year to $ 33.0 million Exhibit 99.1 MOUNTAIN PASS , Calif . – May 6 , 2021 – MP Materials Corp. ( NYSE : MP ) ( “ MP Materials ” or the “ Company ” ) , the largest rare earth materials producer in the Western Hemisphere , today announced its financial results for the three months ended March 31 , 2021 . “ Our solid first quarter results demonstrate our continued strong operational execution along with the upside our business has from higher rare earth prices . MP's revenues nearly tripled and Adjusted EBITDA increased over 6 times compared to last year's first quarter , " said MP Materials Chairman and CEO James H. Litinsky . “ Importantly , our Stage II optimization plan is on track , and we are making steady progress on our Stage III vision . ” Litinsky continued , “ During the first quarter , we issued one of the largest green bonds in the country while maintaining our conservative capital structure via a significant net cash position . This demonstrates our continued commitment to positioning MP as a Western champion of the electrification and sustainability revolution . As we continue along our strategic roadmap , we remain laser - focused on execution and creating value for shareholders . " 2021 First Quarter Financial and Operating Highlights For the three months ended March 31 , ( unaudited ) Financial Measures : 2021 2020 ( in thousands ) 2021 vs. 2020 Amount Change % Change Product sales $ Net income SS 59,971 $ 20,719 $ 39,252 189 % $ 16,119 $ 1,925 $ 14,194 737 % Adjusted EBITDA ( 1 ) $ 33,000 $ 5,180 $ 27,820 537 % Adjusted Net Income ( 1 ) $ 23,177 $ 2,571 $ 20,606 801 % Key Performance Indicators : ( in whole units or dollars ) REO production volume ( MTs ) 9,849 9,682 167 REO sales volume ( MTs ) 9,793 8,321 1,472 2 % 18 % Realized price per REO MT ( 1 ) $ 5,891 $ 2,544 $ 3,347 132 % Production cost per REO MT ( 1 ) $ 1,475 $ 1,300 $ 175 13 % ( 1 ) See " Use of Non - GAAP Financial Measures " below for the definitions of Adjusted EBITDA , Adjusted Net Income , and Total Value Realized and Production Costs , which are used in the calculations of realized price per REO MT and production cost per REO MT . In addition , see tables below for reconciliations of non - GAAP financial measures to GAAP financial measures . Revenue increased 189 % year - over - year , driven by increases in the realized sales prices of rare earth oxide ( " REO " ) in concentrate and in the metric tons ( " MT " ) of REO sold . The realized sales price increase of 132 % was due to higher demand for rare earths driving increased market prices . The 18 % increase in MTs sold was mainly due to the timing of shipments , which fluctuate quarter - to - quarter but approximate production volumes over time . The 2 % increase in production compared to the first quarter of 2020 was due to a modest improvement in the efficiency of our processing operations and an increased ore feed rate , partially offset by slightly fewer scheduled production hours . 1