Commenced production of separated rare earth products

Initial NdPr oxide shipments expected in Q3

Stage I REO sales and production volumes of 10,271 and 10,863 metric tons, respectively

Revenue of $64.0M and net income of $7.4M

Adjusted EBITDA of $27.0M

Diluted EPS of $0.04 and Adjusted Diluted EPS of $0.09

LAS VEGAS--(BUSINESS WIRE)-- MP Materials Corp. (NYSE: MP) (“MP Materials” or the “Company”) today announced financial results for the three months ended June 30, 2023.

“In recent weeks, MP Materials has begun producing refined rare earth products at Mountain Pass, an important milestone for the Company and in returning the full rare earth supply chain to the United States. We expect to report NdPr oxide shipments in the current quarter,“ said James Litinsky, Founder, Chairman and CEO of MP Materials. “While our financials were impacted by weaker commodity pricing, we continue our solid execution in our upstream concentrate business and in our downstream magnetics business in Texas.”

Litinsky added, “Achieving refined rare earth production is a milestone worth celebrating as we work relentlessly towards solidifying MP as the American champion in our industry.”

Second Quarter 2023 Financial and Operational Highlights

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