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Corporate Overview RYAN CORBETT – C HIEF FINANCIAL OFFICER NOVEMBER 3 , 2 026
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2 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 . MP Materials Corp. (the “Company,” “we,” “us” and “our”) intend such forward-looking statements to be covered by the safe harbor provisions for forward -looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward -looking statements may be identified by the use of the words such as “estim ate,” “plan,” “shall,” “may,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “will,” “target,” or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward -looking statements include, but are not limited to, statements regarding the price and market for rare earth materials; the continued demand for rare earth materials and the market for rare earth materials generally; future demand for magnets; estimates and forecasts of the Company’s results of operations and other financial and performance metric s, including expected NdPr oxide production and shipments; the Company’s mining and magnet projects, including the Company’s ability to expand its heavy rare earth separation capabilities, and to develop the 10X Facility and to achieve run rate production of separated rare earth materials and production of commercial metal and magnets; the transactions (“Transactions”) with the Uni ted States Department of War (the “DoW”), the timing and consummation of future phases of the Transactions, the Company’s and the DoW’s future obligations related to the Transactions; the availability of government appropriations, funding and support for the Tran sactions; the availability of additional or replacement funding for our development projects and operations; statements regarding expec tations and benefits of a long-term agreement with Apple and the Company’s ability to supply U.S.-produced rare earth magnets; and the ability to achieve technological advancements and supply chain objectives and the timing thereof. Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company’s future financial results and busines s. Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors that c ould cause actual results to differ materially from those reflected by such statements. These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to, the heightened significance of the development of the Company’s midstream and downstream operations, including ramping its separation capabilities, and its ability to vertically integrate its value chain; risks related to the timing and achievement of expected business milestones, including with respect to the construction of the 10X Facility; the availability of appropriations from the legis lative branch of the federal government and the ability of the DoW to obtain funding and support for the Transactions; the determination by the legislative, judicial or executive branches of the federal governm ent that any aspect of the Transactions was unauthorized, void or voidable; our ability to effectively assess, determine and monitor the financial, tax and accounting treatment of the Transactions, together with our and the DoW’s obligations thereunder; challenges associated with identifying alternate sales channels and customers for the highly -specialized products contemplated by the Transactions should t he partnership be altered or terminated; our ability to effectively use the proceeds and utilize the other anticipated benefits of the Transactions as contemplated thereby; risks related to the Company ’s long-term agreement with Apple and the Company’s ability to meet the obligations thereunder, including risks related to our ability to construct, develop and scale our facilities, technology and production; fluctuations in the pricing and volume of the magnet products to be produced under the agreement with Apple, our ability to effectively comply with the broader legal and regulatory requirements and heightened scrutiny associated with government partnerships and contracts; limitations on the Company’s ability to transact with non -U.S. customers; changes in trade and other policies and priorities in U.S. and foreign governments, including with respect to tariffs; fluctuations, variability and uncertainty in demand and pricing in the market for rare earth products, including magnets; vol atility in the price of our common stock; and those risk factors discussed in the Company’s filings with the SEC, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed by the Company with the Securities and Exchange Commission. If any of these risks materialize or the assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. The Company does not intend to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this presentation may not occur. Safe Harbor 2
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3 MP Materials Overview MP Materials (NYSE: MP) is America’s only scaled, vertically integrated rare earth magnetics company Scale & Financial Strength • Largest NdPr oxide producer in the Western H emisphere • ~10,000 MT of installed NdFeB magnet ca pacity by y/e 2028 • Fortress balance sheet and strong liquidity Strategic Customers & Partners • Materials Division supports top auto OEMs, J apanese magnet producers, industrial and technology companies • Magnetics Division anchored by foundational G M and Apple agreements Public-P rivate Partnership • Decade-lo ng, multibillion -dollar partnership with the U.S. Department of War (DoW) • Combines strategic capital, NdPr price floor, m agnet offtake agreements • Dramatically accelerates and derisks growth, i ncreases earnings quality and visibility World-C lass Asset Base • Mountain Pass, one of the world's largest and hi ghest-quality rare earth deposits • The only scaled rare earth mining and p rocessing facility in the U.S. Vertically Integrated Supply Chain • Integrated light and heavy rare earth se paration at Mountain Pass • Two U.S. metal-to-m agnet manufacturing facilities in Texas Founder Led with an Owner- O perator Culture • >1,200 U.S. employees with unmatched e xpertise and experience • Growing portfolio of proprietary m anufacturing technologies and IP
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4 Vertical Integration A Durable Competitive Advantage Bastnaesite Ore NdPr MetalHigh-Grade Concentrate NdFeB Alloy FlakeSeparated NdPr Oxide NdFeB Magnets Materials Segment Magnetics Segment 50,692 MT REO in concentrate produced in 2025 UPSTREAM Mining & Concentrate MIDSTREAM Refining & Separation ~6,000 MT NdPr oxide annual production target ~10,000 MT NdFeB magnet capacity by end of 2028 DOWNSTREAM Metal, Alloy & Magnets
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5 Department of War Public-Private Partnership Overview DoW Investment & Strategic Capital Convertible Preferred Equity and Warrant • $400M initial investment; underlying as- c onverted, as-exercised DoW ownership of ~9.5% based on fully diluted share count1 Governance • No Board seats; Vote shares with Board $150M loan to expand HREE separation capabilities • 12-y ear duration @ 5.38% NdPr Price Floor Commitment $110/kg NdPr price floor • DoW will pay MP the difference between $110/kg and ma rket-based sales prices • Applies to all NdPr products (oxide, metal, concentrate) • Ability to realize on sold, stockpiled, and/or internally c onsumed products Shared upside • Once 10X facility achieves target capacity, DoW receives 3 0% of upside above $110/kg 10-y ear term beginning October 1, 2025 “10X” Magnet Manufacturing Offtake MP to construct new “10X” facility • 10X facility brings MP magnet capacity to 10,000 MT • 100% DoW offtake commitment for 10X production on a c ost-plus basis • Expected to syndicate most production to commercial c ustomers Strong risk adjusted returns with shared upside on 10X • $140M minimum EBITDA guarantee (2.0% escalator) • DoW receives first $30M of upside above minimum E BITDA; then a 50/50 split with MP 10-y ear term beginning at 10X commissioning A multi-billion-dollar effort to accelerate supply chain independence 1. Assuming cashless exercise of Warrant at 2026 average share price through June 30, 2026, or 5.63M shares, plus 13.32M preferred converted shares, and fully diluted average shares of 198.91M from the MP Materials Q2 2026 10Q
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6 NdPr Oxide & Metal Offtakes Multi-year agreement with Sumitomo to deliver NdPr oxide and metal to Japanese magnet producers Multi-year, significant offtakes with oxides and/or metal with leading global OEMs Key Customer Partnerships Heavy Rare Earth Offtakes Dy/Tb separations used for internal magnetics production Significant, long-term agreement for Gadolinium with a large U.S. aerospace and defense firm Samarium separations included in the DoW agreement Apple Foundational customer of recycling business $500M+ long-term contract for magnets, including $200M in prepayments Feedstock sourcing and technical collaboration General Motors Foundational magnetics customer for Independence Multi-year contract; anchor customer for majority of initial 1,000 MT of annual magnet production Received $150M in prepayments for magnet precursor products
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7 Market
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8 Rare Earth Magnets Underpin the World's Most Strategic Industries Enable high-efficiency motion and energy conversion Growth opportunities Core markets Essential to industry and levered to powerful growth technologies EnergyData CentersConsumer Technology Industrial Automation eVTOLAerospace & DefenseHumanoids Drones Transport Automotive
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9 Ex-China NdPr Supply is the Market Binding Constraint Source: Internal benchmarking and Adamas Intelligence “Rare Earth Magnet Market Outlook to 2040, Q4 2025” NdPr Demand is assumed to be ~1MT of NdPr oxide to produce 2MT of NdFeB magnets. Medium-term Ex-China NdPr oxide supply is already committed • MP production committed to vertical integration and strategic customers • Only other significant processor has effectively committed production to Japanese industry Significant shortfall in NdPr oxide supply to feed announced new magnet capacity build-out • 62,000 MT of announced magnet capacity additions requires an additional ~31,000 MT of NdPr oxide – equivalent to >5 Mountain Passes Vertical integration uniquely positions MP for significant value creation across the RE supply chain NdPr Oxide Equivalent Magnet Demand Ex-China NdPr Production Capacity MP: 6k MT Other: 8k MT Announced: 62k MT Magnets ~14,000 MT NdPr ~31,000 MT NdPr ~80,000 MT NdPr Estimated: 160k MT Magnets Actual: 27k MT Magnets ~13,500 MT NdPr Ex-China Magnet Capacity Current Supply Current Demand Announced Demand 2040E Demand
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10 Materials Division
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11 Upstream Mining & Concentrate Production World-C lass, Long -Life Resource • 75 years of production history since discovery in 1949 • High-g rade resource averaging ~6% TREO over life- of-mine • 1.8M MT contained REO (2.5% cutoff) • 28-y ear implied mine life with significant expansion potential One of the World’s Top Rare Earth Producers • Produced >50K MT of TREO concentrate in 2025 • World's second-m ost productive rare earth mine in 2025 • "Upstream 60K" strategy targets increased concentrate production with modest c apital and limited impact on mine life High-Quality Ore, Superior Economics • Bastnaesite mineralogy supports low-c ost processing and high recovery rates • Higher-g rade concentrate improves midstream refining efficiency and economics Bastnaesite Concentrate Mountain Pass Mine & Processing Facility Note: See S-K 1300 Technical Report for more information
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12 Midstream Separation & Refining NdPr oxide production steadily ramping Annual NdPr oxide production target of ~6,000 MT Expanding portfolio of separated rare earth products, including Ce chloride, La carbonate, Gd & Sm oxides and SEG+ (heavy rare earth concentrate) Lower unit costs expected through scale and chloralkali recommissioning NdPr customer base Japanese magnet manufacturers, leading automotive OEMs, industrials, and technology companies NdPr production provides feedstock for MP's downstream magnet manufacturing operations NdPr Oxide Separations Pad Note: See S-K 1300 Technical Report for more information
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13 HREE Circuit Separation capacity designed to support MP's 10,000 MT m agnet manufacturing platform Designed to process ~3,000 MT of feedstock and produce ~ 200 MT of Dy/Tb annually First Dy/Tb production expected in Q4 Uniquely capable of processing a variety of fe edstocks, making MP a preferred separation partner Sm a nd Gd oxide production expected in 2028, with potential to add additional HREE products Recycling Circuit Initially designed to process Apple post-i ndustrial and end-of-life feedstock Will also recycle production scrap from Independence and 1 0X Capacity to produce >1,000 MT of NdPr oxide annually fro m recycled materials Positioned to be a low-c ost producer of recycled rare earth oxides Commissioning targeted for 2028 Heavy Rare Earths & Recycling Dy/Tb Separations Circuit
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15 Environmental Responsibility Cactus Nursery - Cultivating biodiversity Water Reclamation Facility – Enabling sustainable water usage Co-located mining and refining, combined with high-grade ore, reduce processing, packaging, and transportation emissions Dry-stack tailings eliminate the need for conventional tailings ponds Mountain Pass operates as a net-zero-discharge facility with no routine discharge to groundwater or waterways Industry-leading water recycling, with >95% of upstream water consumption and >50% of midstream water consumption derived from internally recycled sources Recommissioning chloralkali facility to recycle wastewater into key separation reagents EcoVadis Bronze Medal recipient, ranking in the top 35% of assessed companies worldwide Note: See MP Materials Sustainability Report on our website for more information MP operates under some of the world's most rigorous environmental standards
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16 Magnetics Division
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17 U.S. Magnetics Facilities & Capabilities Independence – First Fully Integrated Magnet Manufacturing in the U.S. (Fort Worth, Tx) 250K sq ft metal-to-magnet manufacturing facility ~3,000 MT annual NdFeB capacity Integrated pilot plant and analytical laboratory; engineering center of excellence Majority of capacity committed to long-term GM and Apple contracts First metal sales in Q1 2025 GM magnet sales expected to begin in Q4; Apple in 2027 Independence 1M+ sq ft metal-to-magnet manufacturing facility ~7,000 MT annual NdFeB capacity $1.25B+ capital investment Decade-long, 100% offtake commitment from U.S. Department of War (DoW) 10X 10X Rendering – 7,000 MT Facility – Targeted to Commission in late 2028 Magnetic Strength Temperature Resistance Wind Automotive (Traction motors) Robotics Drones eVTOL Consumer Electronics Currently Producing High-End NdFeB Magnets for EV Traction Motors Producing high-end NdFeB Magnets for EV traction motors Building out product set to cover >80% of magnet grades for western industry Developed advanced Grain Boundary Diffusion (GBD) process to significantly reduce HREE content in magnets. Investing with partners to advance U.S. state-of-the-art capabilities Intellectual Property
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18 Thank You