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MP MATERIALS Q2 2026 Results August 6 , 2026
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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 “estimate,” “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 metrics, 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 United States Department of War (the “DoW”) formerly known as the Department of Defense, 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 Transactions; the availability of additional or replacement funding for our development projects and operations; statements regarding expectations and benefits of a long-term agreement with Apple and the Company’s ability to supply U.S.- produced rare earth magnets; the ability to achieve technological advancements and supply chain objectives and the timing thereof; and statements related to the incentives in the State of Texas related to the 10X Facility. Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company’s future financial results and business. Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors that could 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 legislative 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 government that any aspect of the Transactions was unauthorized, void or voidable; our ability to obtain additional or replacement financing, as needed; 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 the 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, risks related to our ability to satisfy the conditions necessary to receive the Texas incentives related to the 10X Facility, 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; volatility 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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This presentation references certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income (Loss), and Adjusted Diluted EPS, which have not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). MP Materials defines Adjusted EBITDA as GAAP net income or loss before interest expense, net; income tax expense or benefit; and depreciation, depletion and amortization; further adjusted to eliminate the impact of stock-based compensation expense; initial start-up costs; transaction-related and other costs; accretion of asset retirement and environmental obligations; gain or loss on disposals of long- lived assets; other income or loss; and other items that management does not consider representative of our underlying operations. MP Materials defines Adjusted Net Income (Loss) as GAAP net income or loss excluding the impact of stock-based compensation expense; initial start-up costs; transaction-related and other costs; gain or loss on disposals of long-lived assets; change in fair value of derivative instruments; and other items that management does not consider representative of our underlying operations; adjusted to give effect to the income tax impact of such adjustments. MP Materials defines Adjusted Diluted EPS as GAAP diluted earnings or loss per common share, excluding the per-share impact of each adjusting item described in the previous sentence (the numerator) divided by the adjusted diluted weighted-average shares outstanding (the denominator). In addition, when appropriate, we include an adjustment to reverse the impact of applying the if-converted method to our 2026 Notes if necessary to reconcile between GAAP diluted earnings or loss per common share and Adjusted Diluted EPS. MP Materials’ management uses Adjusted EBITDA, Adjusted Net Income (Loss), and Adjusted Diluted EPS to compare MP Materials’ performance to that of prior periods for trend analyses and for budgeting and planning purposes. MP Materials believes Adjusted EBITDA, Adjusted Net Income (Loss), and Adjusted Diluted EPS provide useful information to management and investors regarding certain financial and business trends relating to MP Materials’ financial condition and results of operations. MP Materials’ management believes that the use of Adjusted EBITDA, Adjusted Net Income (Loss), and Adjusted Diluted EPS provides an additional tool for investors to use in evaluating projected operating results and trends. MP Materials’ method of determining these non-GAAP measures may be different from other companies’ methods and, therefore, may not be comparable to those used by other companies and MP Materials does not recommend the sole use of these non-GAAP measures to assess its 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 MP Materials’ 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. In order to compensate for these limitations, management presents reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures. Use of Non-GAAP Financial Measures 3
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Delivered strong NdPr production and sales volumes • Produced 840 MT, +41% YoY • Sold 1,006 MT, +127% YoY Commissioning of Dy/Tb circuit underway Signed significant long-term offtake agreement with new American aerospace and defense customer for separated gadolinium, expanding HREE business at attractive economics Generated solid financial results • Segment Revenue plus PPA Income of $113.2 million • Segment Adjusted EBITDA of $32.5 million, +$45.2 million YoY Second Quarter and Recent Highlights Magnet commissioning and qualification advancing • Magnets delivered to GM for in-car qualification/regulatory testing • On track for initial commercial magnet deliveries in Q4 10X construction accelerating Launched Project Swarm to aggregate demand and standardize specs for the drone industry • Executed subscription agreements with multiple leading U.S. and allied customers Continued profitable precursor product sales • Segment Revenue of $16.5 million • Segment Adjusted EBITDA of $7.5 million 4 Materials Segment Magnetics Segment Note: Materials Segment includes sales volumes, revenue, and profits recognized on intercompany transactions with the Magnetics Segment.
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Quarterly Financial Metrics – Consolidated 2025 2026 1. All figures in millions except for per share amounts. 2. See Appendix for reconciliation of Adjusted EBITDA and Adjusted Diluted EPS to the most directly comparable financial measure prepared in accordance with U.S. GAAP. Comparable Sequential and YoY Financial Metrics1 $57.4 $132.9 $126.1 $57.4 $90.6 $108.5 $42.3 $17.6 Q2 2025 Q1 2026 Q2 2026 PPA $(12.5) $36.6 $28.5 Q2 2025 Q1 2026 Q2 2026 Adjusted EBITDA2Revenue and PPA Income Adjusted Diluted EPS2 5 $(0.13) $0.03 $(0.01) Q2 2025 Q1 2026 Q2 2026
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Comparable Sequential and YoY Operational Metrics1 Quarterly Operating Metrics – Materials Segment 2025 2026 13,145 12,983 11,072 Q2 2025 Q1 2026 Q2 2026 REO Production Volumes 443 1,006 1,006 Q2 2025 Q1 2026 Q2 2026 597 917 840 Q2 2025 Q1 2026 Q2 2026 NdPr Production Volumes NdPr Sales Volumes2 6 Upstream KPIs Midstream KPIs 1. All figures in metric tons. 2. Includes intercompany sales volumes to the Magnetics Segment.
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$19.9 $21.1 $16.5 Q2 2025Q1 2026Q2 2026 $(12.7) $36.7 $32.5 Q2 2025Q1 2026Q2 2026 Quarterly Financial Metrics – Segments Comparable Sequential and YoY Financial Metrics1 1. All figures in millions. 2. Includes revenue and profits from intercompany sales to the Magnetics Segment. 3. Adjusted EBITDA on a consolidated basis, which is a non-GAAP financial measure, includes Corporate expenses and other. Corporate expenses and other were $7.9 million and $11.0 million for the three months ended June 30, 2025 and June 30, 2026, respectively, and $9.6 million for the three months ended March 31, 2026. See Appendix for a reconciliation of Adjusted EBITDA to the most directly comparable financial measure prepared in accordance with U.S. GAAP. $37.5 $114.5 $113.2 $37.5 $72.2 $95.6 $42.3 $17.6 Q2 2025Q1 2026Q2 2026 Segment Revenue and PPA Income 2025 2026 PPA Segment Adjusted EBITDA3 $8.1 $9.6 $7.5 Q2 2025Q1 2026Q2 2026 Segment Revenue Segment Adjusted EBITDA3 7 Materials Segment2 Magnetics Segment
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Appendix
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9 P&L MP Materials Corp. and Subsidiaries Consolidated Statements of Operations For the three months ended June 30, For the three months ended March 31, (in thousands, except share and per share data, unaudited) 2026 2025 2026 Revenue $ 108,490 $ 57,393 $ 90,649 Price protection agreement income 17,580 — 42,273 Operating costs and expenses: Cost of sales (excluding depreciation, depletion and amortization) 72,292 50,431 74,245 Selling, general and administrative 35,164 27,429 33,640 Depreciation, depletion and amortization 35,379 20,777 32,137 Start-up costs 14,428 761 5,889 Advanced projects and development 1,283 2,496 1,905 Other operating costs and expenses (income), net (447) (619) 9,228 Total operating costs and expenses, net 158,099 101,275 157,044 Operating loss (32,029) (43,882) (24,122) Interest expense, net (9,703) (5,414) (9,846) Other income, net 12,397 6,572 20,326 Loss before income taxes (29,335) (42,724) (13,642) Income tax benefit 9,039 11,852 5,674 Net loss $ (20,296) $ (30,872) $ (7,968) Loss per common share: Basic $ (0.11) $ (0.19) $ (0.04) Diluted $ (0.11) $ (0.19) $ (0.04) Weighted-average shares outstanding: Basic 178,409,085 163,834,693 178,019,549 Diluted 178,409,085 163,834,693 178,019,549
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10 Reconciliation: Net Loss to Adjusted EBITDA 1. Principally included in “Selling, general and administrative” within our unaudited Condensed Consolidated Statements of Operations. 2. Included in “Start-up costs” within our unaudited Condensed Consolidated Statements of Operations and excludes any applicable stock-based compensation, which is included in the “Stock-based compensation expense” line above. Primarily relates to certain costs incurred in connection with the commissioning and starting up of our initial magnet-making capabilities at the Independence Facility prior to the achievement of commercial production. 3. Pertains to legal, consulting, and advisory services, and other costs associated with specific matters or transactions, including litigation matters, potential acquisitions, mergers, or other investments. For the three months ended June 30, 2026 and March 31, 2026, amount is principally included in “Other operating costs and expenses (income), net” within our unaudited Condensed Consolidated Statements of Operations. Additionally, the three months ended March 31, 2026, includes $8.8 million related to the settlement of a construction-related litigation matter. For the three months ended June 30, 2025, amount is principally included in “Selling, general and administrative” within our unaudited Condensed Consolidated Statements of Operations. The three months ended June 30, 2025, includes $1.8 million of transaction costs to establish our partnership with the DoW. 4. Included in “Other operating costs and expenses (income), net” within our unaudited Condensed Consolidated Statements of Operations. 5. Principally comprised of interest and investment income. For the three months ended June 30, For the three months ended March 31, (in thousands, unaudited) 2026 2025 2026 Net loss $ (20,296) $ (30,872) $ (7,968) Adjusted for: Depreciation, depletion and amortization 35,379 20,777 32,137 Interest expense, net 9,703 5,414 9,846 Income tax benefit (9,039) (11,852) (5,674) Stock-based compensation expense(1) 11,287 5,427 12,867 Initial start-up costs(2) 13,588 634 4,853 Transaction-related and other costs(3) (285) 5,128 10,489 Accretion of asset retirement and environmental obligations(4) 385 372 386 Loss (gain) on disposals of long-lived assets, net(4) 168 (991) — Other income, net(5) (12,397) (6,572) (20,326) Adjusted EBITDA $ 28,493 $ (12,535) $ 36,610
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11 Reconciliation: Net Loss to Adjusted Net Income (Loss) 1. Principally included in “Selling, general and administrative” within our unaudited Consolidated Statements of Operations. 2. Included in “Start-up costs” within our unaudited Condensed Consolidated Statements of Operations and excludes any applicable stock-based compensation, which is included in the “Stock-based compensation expense” line above. Primarily relates to certain costs incurred in connection with the commissioning and starting up of our initial magnet-making capabilities at the Independence Facility prior to the achievement of commercial production. 3. Pertains to legal, consulting, and advisory services, and other costs associated with specific matters or transactions, including litigation matters, potential acquisitions, mergers, or other investments. For the three months ended June 30, 2026 and March 31, 2026, amount is principally included in “Other operating costs and expenses (income), net” within our unaudited Condensed Consolidated Statements of Operations. Additionally, the three months ended March 31, 2026, includes $8.8 million related to the settlement of a construction-related litigation matter. For the three months ended June 30, 2025, amount is principally included in “Selling, general and administrative” within our unaudited Condensed Consolidated Statements of Operations. The three months ended June 30, 2025, includes $1.8 million of transaction costs to establish our partnership with the DoW. 4. Included in “Other operating costs and expenses (income), net” within our unaudited Consolidated Statements of Operations. 5. Included in “Other income, net” within our unaudited Condensed Consolidated Statements of Operations. 6. Tax impact of adjustments is calculated using an adjusted effective tax rate, which excludes the impact of discrete tax costs and benefits, applied to each adjustment. The adjusted effective tax rates were 29.9%, 25.4% and 39.4% for the three months ended June 30, 2026 and 2025, and for the three months ended March 31, 2026, respectively. For the three months ended June 30, For the three months ended March 31, (in thousands, unaudited) 2026 2025 2026 Net loss $ (20,296) $ (30,872) $ (7,968) Adjusted for: Stock-based compensation expense(1) 11,287 5,427 12,867 Initial start-up costs(2) 13,588 634 4,853 Transaction-related and other costs(3) (285) 5,128 10,489 Loss (gain) on disposals of long-lived assets, net(4) 168 (991) — Change in fair value of derivative instrument(5) 1,223 2,529 (4,098) Tax impact of adjustments above(6) (7,774) (3,229) (9,491) Adjusted Net Income (Loss) $ (2,089) $ (21,374) $ 6,652
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12 Reconciliation: Diluted Loss per Common Share to Adjusted Diluted EPS 1. Tax impact of adjustments is calculated using an adjusted effective tax rate, which excludes the impact of discrete tax costs and benefits, applied to each adjustment. The adjusted effective tax rates were 29.9%, 25.4% and 39.4% for the three months ended June 30, 2026 and 2025, and for the three months ended March 31, 2026, respectively. 2. For the three months ended March 31, 2026, these shares were antidilutive for GAAP purposes. For purposes of calculating Adjusted Diluted EPS, we have added back the assumed conversion of these shares since they would not be antidilutive when using Adjusted Net Income as the numerator in the calculation of Adjusted Diluted EPS. For the three months ended June 30, For the three months ended March 31, (unaudited) 2026 2025 2026 Diluted loss per common share $ (0.11) $ (0.19) $ (0.04) Adjusted for: Stock-based compensation expense 0.06 0.04 0.07 Initial start-up costs 0.08 — 0.02 Transaction-related and other costs — 0.03 0.05 Loss (gain) on disposals of long-lived assets, net — (0.01) — Change in fair value of derivative instrument 0.01 0.02 (0.02) Tax impact of adjustments above(1) (0.05) (0.02) (0.05) Adjusted Diluted EPS $ (0.01) $ (0.13) $ 0.03 Diluted Weighted-Average Shares Outstanding 178,409,085 163,834,693 178,019,549 Assumed conversion of Series A Preferred Stock(2) — — 13,320,013 Assumed conversion of Warrant(2) — — 5,577,049 Assumed conversion of 2026 Notes(2) — — 395,908 Assumed conversion of restricted stock units(2) — — 1,017,347 Assumed conversion of performance awards(2) — — 524,451 Adjusted Diluted Weighted-Average Shares Outstanding 178,409,085 163,834,693 198,854,317