NdPr production more than doubled quarter-over-quarter to 272 metric tons; expect 50% sequential growth in Q3

Signed NdPr supply agreement with a global automaker for a significant volume commitment

Awarded Department of Defense NdPr supply contract

Received initial $50 million magnetics customer prepayment

Expecting approximately $190 million in additional customer prepayments and tax credits by the end of 2025

Commissioned prototype magnet production line in Fort Worth; start of commercial metal production on track for 2024

LAS VEGAS--(BUSINESS WIRE)-- MP Materials Corp. (NYSE: MP) (“MP Materials” or the “Company”), today announced financial and operational results for the three months ended June 30, 2024.

“We had a very challenging quarter, operationally and financially, with higher-than-expected upstream downtime and a continued weak pricing environment. Despite this, we more than doubled NdPr production sequentially. We also signed a substantial new NdPr supply agreement with a global automaker,” said James Litinsky, Founder, Chairman and CEO of MP Materials. “Going forward, we expect to ramp NdPr output by 50% in the third quarter, positioning us for continued reductions in our refined products cost structure through year-end.”

Litinsky continued, “While it is early, we are cautiously optimistic that the third quarter will be one of our best REO production quarters ever. Moreover, our growth projects are progressing well with Upstream 60K advancing and NdPr metal production in Fort Worth on track to begin later this year.”

Second Quarter 2024 Financial and Operational Highlights

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