#1MP MATERIALS Q2 2023 Results August 3, 2023#2Safe Harbor This presentation contains certain statements that are not historical facts and are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "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 market for rare earth materials, future demand for electric vehicles and magnets, estimates and forecasts of our results of operations and other financial and performance metrics, including NdPr oxide production and shipments in the 2023 third quarter, and the Company's Stage II and Stage III projects, including the Company's ability to achieve run rate production of separated rare earth materials and production of magnetic alloy and magnets. 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 fluctuations and uncertainties related to demand for and pricing of rare earth products; changes in domestic and foreign business, market, financial, political and legal conditions; changes in demand for NdFeB magnets; the effects of competition on the Company's future business; risks related to the rollout of the Company's business strategy, including Stage II and Stage III, and the timing of achieving expected business milestones in Stage II and Stage III including producing NdPr oxide and shipments in the 2023 third quarter; risks related to the Company's long-term agreement with General Motors, including the Company's ability to produce and supply NdFeB magnets; the impact of the global COVID-19 pandemic, on any of the foregoing risks; risks related to current and future governmental environmental laws, regulations, licenses or legal requirements; and those risk factors discussed in the Company's filings with the Securities and Exchange Commission, 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 our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. The Company does not intend to update publicly any forward- looking statements except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this presentation may not occur. KENNAIO 2 VANDA MP MATERIALS#33 Use of Non-GAAP Financial Measures This presentation references certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, Production Costs, and Free Cash Flow, which have not been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). We define Adjusted EBITDA as our GAAP net income 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; start-up costs; transaction-related and other non-recurring costs; accretion of asset retirement and environmental obligations; gain or loss on sale or disposal of long-lived assets; and other income or loss. We define Adjusted EBITDA Margin as our Adjusted EBITDA divided by our total revenue. Adjusted Net Income is defined as our GAAP net income excluding the impact of stock-based compensation expense; start-up costs; transaction-related and other non-recurring costs; gain or loss on sale disposal of long-lived assets; and other items that we do not consider representative of our underlying operations; adjusted to give effect to the income tax impact of such adjustments; and the release of valuation allowance. Adjusted Diluted EPS is defined as GAAP diluted earnings per share ("EPS") excluding the per share impact, using adjusted diluted weighted-average shares outstanding, of stock-based compensation expense; start-up costs; transaction- related and other non-recurring costs; gain or loss on sale or disposal of long-lived assets; and other items that we do not consider representative of our underlying operations; adjusted to give effect to the income tax impact of such adjustments; and the release of valuation allowance. Our key performance indicator, realized price per REO MT, is calculated as the quotient of: (i) our GAAP product sales for a given period and (ii) our REO sales volume for the same period. Production Costs, which we use to calculate our key performance indicator, production cost per REO MT, is defined as our GAAP cost of sales (excluding depreciation, depletion and amortization), less stock-based compensation expense included in cost of sales, shipping and freight costs, and costs attributable to certain other sales, for a given period. Production cost per REO MT is calculated as the quotient of: (i) our Production Costs for a given period and (ii) our REO sales volume for the same period. We define Free Cash Flow as net cash provided by operating activities less additions to property, plant and equipment, net of proceeds from government awards used for construction. You can find the reconciliation of these measures to the most directly comparable GAAP measures in the Appendix. MP Materials' management uses Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, 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 EBITDA Margin, Adjusted Net Income, 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 believes that the use of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Diluted EPS provide an additional tool for investors to use in evaluating projected operating results and trends. MP Materials believes realized price per REO MT is an important measure of the market price of the Company's concentrate product. Furthermore, MP Materials believes production cost per REO MT sold, which utilizes the non-GAAP financial measure, Production Costs, is a key indicator of the Company's concentrate production efficiency. As we evolve as a business and transition from a producer of rare earth concentrate to a producer of separated rare earth products upon completing the commissioning of our Stage II project, the metrics that management anticipates using to evaluate the business may change or be revised. For example, in completing the transition to separated rare earth products, we may determine that production cost per REO MT, which is a metric focused solely on Stage I concentrate operations, and consequently, Production Costs, are no longer meaningful in evaluating and understanding our business or operating results. We believe Free Cash Flow is useful for comparing our ability to generate cash with that of our peers. Free Cash Flow is not meant to be considered in isolation or as an alternative to cash flows from operating activities and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. 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. MP MATERIALS#44 Highlights Stage I Upstream ● Record production achieved in a quarter with a planned maintenance outage Strong Adjusted EBITDA margins despite difficult pricing comparisons Stage II Midstream ● Commenced production of separated rare earth products ● Initial NdPr oxide shipments expected in Q3 DAT Stage III Downstream ● Metal and alloy production equipment being installed R&D and product development equipment being installed Engineering and manufacturing team strengthening MP MATERIALS#5Operations and Financial Overview MP MATERIALS#6Stage I Operating Metrics Highest concentrate production in a quarter with a planned maintenance shutdown. REO Production Volumes (MT) 10,300 6 10,671 10,863 Q2 2022 Q1 2023 Q2 2023 Sales volumes driven by higher production offset by the charging of additional Stage Il circuits; ~1/3 of expected concentrate consumption into midstream circuits occurred as of June 30. Comparable Operational Metrics – Sequential and Year-over-Year REO Sales Volumes (MT) 10,000 10,215 11 Q2 2022 Q1 2023 10,271 Q2 2023 2022 2023 Realized pricing impacted by decline in market prices for NdPr; expect low teens percent decline in sequential realized price in Q3. Realized Price(¹) ($/MT REO) $13,918 $9,365 Q2 2022 Q1 2023 Stage II Related $6,231 Q2 2023 Cost control in Stage I remains robust, with incremental investment in Stage II preparation and headcount as commissioning progresses. Production Cost(²) ($/MT REO) $1,750 ~$350 Q2 2022 1. Realized price per REO MT is calculated as the quotient of: (i) our GAAP product sales for a given period and (ii) our REO sales volume for the same period. 2. See Appendix for calculation of production cost per REO MT, which includes the non-GAAP financial measure, Production Costs. See Appendix for a reconciliation of Production Costs (non-GAAP) to Cost of sales (GAAP). In completing the transition to separated rare earth products, we may determine that production cost per REO MT, which is a metric focused solely on Stage I concentrate operations, and consequently, Production Costs, are no longer meaningful in evaluating and understanding our business or operating results. $1,978 -$230 $1,938 ~$320 Q1 2023 Q2 2023 MP MATERIALS#7Financial Metrics Change in revenue reflects market pricing for rare earth materials. 7 $143.6 Revenues $95.7 $64.0 Q2 2022 Q1 2023 Q2 2023 Adjusted EBITDA similarly reflects market prices offset by continued cost control. Comparable Financial Metrics - Sequential and Year-over-Year(¹) Adjusted EBITDA (²) $110.0 $58.7 $27.0 Q2 2022 Q1 2023 Q2 2023 Demonstrated margin resilience despite difficult pricing compares. 2022 Adjusted EBITDA Margin 77% 2023 61% Q2 2022 Q1 2023 1. All figures in millions except for margins and 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 42% Q2 2023 Comparisons impacted by flow-through of earnings and updated full year tax rate. Adjusted Diluted EPS(2) $0.41 Q2 2022 $0.27 Q1 2023 $0.09 Q2 2023 MP MATERIALS#8Stage II Update MP MATERIALS MP MATERIALS#9307 RUUS B YANG#10Appendix MP MATERIALS#1111 P&L MP Materials Corp. and Subsidiaries Condensed Consolidated Statements of Operations (in thousands, except share and per share data, unaudited) Revenue: Product sales Other sales Total revenue Operating costs and expenses: Cost of sales (excluding depreciation, depletion and amortization) Selling, general and administrative Advanced projects, start-up, development and other Depreciation, depletion and amortization Accretion of asset retirement and environmental obligations Loss on sale or disposal of long-lived assets, net Total operating costs and expenses Operating income Interest expense, net Other income, net Income before income taxes Income tax expense Net income Earnings per share: Basic Diluted Weighted-average shares outstanding: Basic Diluted $ $ $ For the three months ended June 30, 2023 2022 64,001 23 64,024 22,704 18,865 7,222 12,203 227 2,320 63,541 483 (1,392) 13,821 12,912 (5,517) 7,395 0.04 0.04 176,984,917 177,859,118 $ $ $ $ 139,183 4,379 143,562 22,092 18,120 1,769 5,407 419 1 47,808 95,754 (1,326) 2,212 96,640 (23,371) 73,269 0.42 0.38 176,527,570 193,414,563 $ $ $ For the three months ended March 31, 2023 95,666 34 95,700 24,216 19,403 8,280 8,122 227 2,490 62,738 32,962 (1,359) 13,693 45,296 (7,849) 37,447 0.21 0.20 176,881,723 193,613,539 MP MATERIALS#1212 Reconciliation: Net Income to Adjusted EBITDA (in thousands, unaudited) Net income Adjusted for: Depreciation, depletion and amortization Interest expense, net Income tax expense Stock-based compensation expense(¹) Start-up costs Transaction-related and other non-recurring costs(3) (2) Accretion of asset retirement and environmental obligations Loss on sale or disposal of long-lived assets, net(4) Other income, net(5) Adjusted EBITDA $ LA $ For the three months ended June 30, 2023 2022 73,269 7,395 $ 12,203 1,392 5,517 5,730 3,828 2,160 227 2,320 (13,821) 26,951 $ 5,407 1,326 23,371 7,440 812 119 419 1 (2,212) 109,952 $ $ For the three months ended March 31, 2023 37,447 1. Principally included in "Selling, general and administrative" within our unaudited Condensed Consolidated Statements of Operations. 2. Relates to certain costs included in "Advanced projects, start-up, development and other" within our unaudited Condensed Consolidated Statements of Operations that do not qualify for capitalization incurred in connection with the initial commissioning and starting up of our separations capability at Mountain Pass and our metal alloy and magnet-making capabilities at Fort Worth prior to the achievement of commercial production. These costs include payroll of employees directly involved in such commit oning activities, training costs of testing and commissioning the new circuits and processes, and other related costs. Given the nature and scale of the related costs and activities, management does not view these as normal, recurring operating expenses, but rather as non-recurring investments to develop such capabilities. Therefore, we believe it is useful and necessary for investors to understand our core operating performance in current and future periods by excluding the impact of these start-up costs. 3. The majority of the amounts for the three months ended June 30, 2023, and March 31, 2023, are included in "Advanced projects, start-up, development and other" within our unaudited Condensed Consolidated Statements of Operations, and pertain to legal, professional services, and other costs associated with non-recurring transactions. 4. Amounts for the three months ended June 30, 2023, and March 31, 2023, principally relate to demolition costs incurred in connection with demolishing and removing certain out-of-use older facilities and infrastructure from the Mountain Pass site to accommodate future expansion in rare earth processing. 5. Principally comprised of interest and investment income. 8,122 1,359 7,849 7,013 4,564 3,322 227 2,490 (13,693) 58,700 MP MATERIALS#1313 Reconciliation: Net Income to Adjusted Net Income (in thousands, unaudited) Net income Adjusted for: Stock-based compensation expense(¹) Start-up costs (2) (3) Transaction-related and other non-recurring costs Loss on sale or disposal of long-lived assets, net(4) Other Tax impact of adjustments above (5) Adjusted Net Income $ $ For the three months ended June 30, 2022 2023 7,395 73,269 $ 5,730 3,828 2,160 2,320 (21) (4,389) 17,023 $ $ 7,440 812 119 1 (30) (2,002) 79,609 $ For the three months ended March 31, 2023 37,447 1. Principally included in "Selling, general and administrative" within our unaudited Condensed Consolidated Statements of Operations. 2. Relates to certain costs included in "Advanced projects, start-up, development and other" within our unaudited Condensed Consolidated Statements of Operations that do not qualify for capitalization incurred in connection with the initial commissioning and starting up of our separations capability at Mountain Pass and our metal alloy and magnet-making capabilities at Fort Worth prior to the achievement of commercial production. These costs include payroll of employees directly involved in such commissioning activities, training costs, costs of testing and commissioning the new circuits and processes, and other related costs. Given the nature and scale of the related costs and activities, management does not view these as normal, recurring operating expenses, but rather as non-recurring investments to develop such capabilities. Therefore, we believe it is useful and necessary for investors to understand our core operating performance in current and future periods by excluding the impact of these start-up costs. 3. The majority of the amounts for the three months ended June 30, 2023, and March 31, 2023, are included in "Advanced projects, start-up, development and other" within our unaudited Condensed Consolidated Statements of Operations, and pertain to legal, professional services, and other costs associated with non-recurring transactions. 4. Amounts for the three months ended June 30, 2023, and March 31, 2023, principally relate to demolition costs incurred in connection with demolishing and removing certain out-of-use older facilities and infrastructure from the Mountain Pass site to accommodate future expansion in rare earth processing. 5. Tax impact of adjustments is calculated using an adjusted effective tax rate, which excludes the impact of discrete tax costs and benefits, to each adjustment. The adjusted effective tax rates were 31.3%, 24.0% and 20.1% for the three months ended June 30, 2023 and 2022, and for the three months ended March 31, 2023, respectively. 7,013 4,564 3,322 2,490 (20) (3,489) 51,327 MP MATERIALS#1414 Reconciliation: Diluted EPS to Adjusted Diluted EPS (unaudited) Diluted EPS Adjusted for: Stock-based compensation expense Start-up costs Transaction-related and other non-recurring costs Loss on sale or disposal of long-lived assets, net Tax impact of adjustments above(1) Adjusted Diluted EPS Basic Weighted-Average Shares Outstanding Assumed conversion of Convertible Notes(²) Assumed conversion of restricted stock Assumed conversion of restricted stock units Diluted Weighted-Average Shares Outstanding Assumed conversion of Convertible Notes (²) Adjusted Diluted Weighted-Average Shares Outstanding LA $ For the three months ended June 30, 2023 0.04 2022 0.38 0.03 0.02 0.01 0.01 (0.02) 0.09 176,984,917 555,282 318,919 177,859,118 15,584,409 193,443,527 $ $ 0.04 (0.01) 0.41 176,527,570 15,584,409 845,450 457,134 193,414,563 193,414,563 $ $ For the three months ended March 31, 2023 0.20 1. Tax impact of adjustments is calculated using an adjusted effective tax rate, which excludes the impact of discrete tax costs and benefits, to each adjustment. The adjusted effective tax rates were 31.3%, 24.0% and 20.1% for the three months ended June 30, 2023 and 2022, and for the three months ended March 31, 2023, respectively. 2. The Convertible Notes were antidilutive for GAAP purposes for the three months ended June 30, 2023. For purposes of calculating Adjusted Diluted EPS, we have added back the assumed conversion of the Convertible Notes since they would not be antidilutive when using Adjusted Net Income as the numerator in the calculation of Adjusted Diluted EPS. 0.04 0.02 0.02 0.01 (0.02) 0.27 176,881,723 15,584,409 723,145 424,262 193,613,539 193,613,539 MP MATERIALS#15Year-to-Date 2023 Cash Flow Bridge(1) 15 $65.5 Net Cash Provided by Operating Activities (11.5) 3. Amount is net of cash paid for interest. 4. Excludes items that were accrued but not yet paid. 5. Principally relates to demolition costs. Working Capital 1. All figures in millions. May not recompute as presented due to rounding. 2. Amount includes ore stockpile inventory. 23.1 Cash Paid for Taxes (11.9) Cash Received from Interest and Investment Income (3) 15.9 Start-Up Costs and Transaction- Related and Other Non-Recurring Costs (4) 4.6 (5) Other Items $85.7 Adjusted EBITDA MP MATERIALS#1616 Reconciliation: Net Cash Provided by Operating Activities to Free Cash Flow (in thousands, unaudited) Net cash provided by operating activities Additions to property, plant and equipment Free Cash Flow $ $ For the six months ended June 30, 2023 65,459 (130,236) (64,777) MP MATERIALS#1717 Reconciliation and Calculation: Production Cost KPI (in thousands, unless otherwise stated, unaudited) Cost of sales (excluding depreciation, depletion and amortization) Adjusted for: Stock-based compensation expense(¹) Shipping and freight Other Production Costs(2) Divided by: REO sales volume (in MTs) Production cost per REO MT (in dollars)(²) 1. Pertains only to the amount of stock-based compensation expense included in cost of sales. 2. See "Use of Non-GAAP Financial Measures" for definition and further information. $ For the three months ended June 30, 2023 2022 22,092 22,704 (795) (1,995) (11) 19,903 10,271 1,938 $ $ (506) (3,508) (580) 17,498 10,000 1,750 $ $ For the three months ended March 31, 2023 24,216 (1,122) (2,288) (603) 20,203 10,215 1,978 MP MATERIALS