#1MP MATERIALS Q3 2023 Results November 2, 2023#22 Safe 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, the Company's Upstream 60K strategy, including statements regarding the timing, costs and ability to increase REO production, 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 Company's Upstream 60K strategy, including delays in completion, unexpected costs and expenses and timing for obtaining regulatory approvals; 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; risks related to our Stage II operations and our ability to separate rare earth materials, 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. CANNA 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"). 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; start-up costs; transaction-related and other non-recurring costs; accretion of asset retirement and environmental obligations; gain or loss on disposals of long-lived assets; and other income or loss. We define Adjusted EBITDA Margin as our Adjusted EBITDA divided by our total revenue. MP Materials defines Adjusted Net Income as GAAP net income or loss excluding the impact of stock-based compensation expense; start-up costs; transaction-related and other non-recurring costs; gain or loss on disposals of long-lived assets; 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; and the release of valuation allowance. MP Materials defines Adjusted Diluted EPS as GAAP diluted earnings or loss 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 disposals of long-lived assets; 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; and the release of valuation allowance. Production Costs, which we use to calculate our key performance indicator, Production Cost per REO MT, is defined as 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 not attributable to concentrate 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' management 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. 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 MP Materials continues to evolve as a business and transitions from a producer of rare earth concentrate to a producer of separated rare earth products upon completing the commissioning of the Company's Stage Il 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, management 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 the Company's 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 ● ● ● Tenth consecutive quarter of over 10,000 metric tons of REO production All initial line fills complete Announced "Upstream 60K" strategy targeting ~50% expansion of REO output within four years with modest investment Stage II Midstream ● Commenced shipments of NdPr oxide Production ramp to continue in Q4 and into 2024 Customer deliveries beginning in Q1 DAT Stage III Downstream ● Team moving into new magnetics headquarters Installation of production equipment ongoing Assessing high return on capital capacity expansion MP MATERIALS#5Operations and Financial Overview MP MATERIALS#6Operating Metrics Continued strong Stage I production REO Production Volumes (MT) 6 10,863 ||| 10,886 Q3 2022 Q2 2023 10,766 Q3 2023 Sales volumes driven by the charging of additional Stage Il circuits which is now complete, offset slightly by favorable timing of shipments Cost control in Stage I remains robust, with incremental investment in Stage II commissioning and related headcount. Comparable Operational Metrics - Sequential and Year-over-Year Realized Price (1) ($/MT REO) REO Sales Volumes (MT) 10,676 10,271 9,177 Realized pricing impacted by decline in market prices for NdPr; expect flattish sequential realized price in Q4 Q3 Q2 Q3 2022 2023 2023 $11,636 Q3 2022 2022 $6,231 Q2 2023 2023 $5,718 Q3 2023 Production Cost(²) ($/MT REO) $1,653 Stage II Related -$230 $1,938 ~$320 $2,020 -$410 Q3 Q3 Q2 2022 2023 2023 Initial NdPr production underway with first shipments made to Southeast Asia for metallization. NdPr Production Volumes (3) N/A Q3 2022 1. Realized Price per REO MT is calculated as the quotient of: (i) our GAAP rare earth concentrate 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. 3. N/A = Not Applicable as there was no NdPr production in these periods. (MT) 50 N/A Q2 Q3 2023 2023 MP MATERIALS#7Financial Metrics Change in revenue reflects market pricing for rare earth materials and lower concentrate sales as discussed on the previous slide. $124.4 7 Revenues $64.0 $52.5 Q3 2022 Q2 2023 Q3 2023 Change in Adjusted EBITDA reflects market pricing as well as transition to separated product production. Comparable Financial Metrics - Sequential and Year-over-Year(¹) Adjusted EBITDA (²) $91.4 $27.0 $15.6 Q3 2022 Q2 2023 Q3 2023 Demonstrated margin resilience despite difficult pricing compares. 2022 Adjusted EBITDA Margin 73% 2023 42% Q3 2022 Q2 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. 30% Q3 2023 Comparisons impacted by flow-through of earnings. Adjusted Diluted EPS(2) $0.36 IT. $0.09 Q2 2023 Q3 2023 Q3 2022 $0.04 MP MATERIALS#8Operations Update NdPr oxide EE n # H#9Closing Remarks Separated REO ready for shipping#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: Rare earth concentrate Other rare earth products 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 disposals of long-lived assets, net Total operating costs and expenses Operating income (loss) Interest expense, net Other income, net Income (loss) before income taxes Income tax benefit (expense) Net income (loss) Earnings (loss) per share: Basic Diluted Weighted-average shares outstanding: Basic Diluted $ $ $ For the three months ended September 30, 2023 2022 52,472 44 52,516 22,217 19,561 10,209 16,751 227 1,087 70,052 (17,536) (1,396) 14,456 (4,476) 200 (4,276) $ (0.02) (0.02) $ 177,231,717 177,231,717 $ $ 124,231 214 124,445 22,417 17,722 2,625 2,096 418 $ 45,278 79,167 (1,224) 6,168 84,111 (20,934) 63,177 $ 0.36 $ 0.33 $ 176,543,624 193,409,857 For the three months ended June 30, 2023 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 MP MATERIALS#1212 Reconciliation: Net Income (Loss) to Adjusted EBITDA (in thousands, unaudited) Net income (loss) Adjusted for: Depreciation, depletion and amortization Interest expense, net Income tax expense (benefit) Stock-based compensation expense(¹) (2) Start-up costs Transaction-related and other non-recurring costs(³) Accretion of asset retirement and environmental obligations Loss on disposals of long-lived assets, net(4) Other income, net(5) Adjusted EBITDA $ LA $ For the three months ended September 30, 2023 2022 63,177 (4,276) $ 16,751 1,396 (200) 6,298 7,082 1,642 227 1,087 (14,456) 15,551 $ 2,096 1,224 20,934 7,806 1,383 502 418 (6,168) 91,372 $ $ For the three months ended June 30, 2023 7,395 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 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 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 September 30, 2023, and June 30, 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. 12,203 1,392 5,517 5,730 3,828 2,160 227 2,320 (13,821) 26,951 MP MATERIALS#1313 Reconciliation: Net Income (Loss) to Adjusted Net Income (in thousands, unaudited) Net income (loss) Adjusted for: Stock-based compensation expense(¹) Start-up costs (2) (3) Transaction-related and other non-recurring costs Loss on disposals of long-lived assets, net(4) Other Tax impact of adjustments above (5) Release of valuation allowance(6) Adjusted Net Income $ $ For the three months ended September 30, 2023 (4,276) $ 2022 63,177 6,298 7,082 1,642 1,087 (1) (4,806) 7,026 $ 7,806 1,383 502 (23) (2,299) (2,427) 68,119 $ $ For the three months ended June 30, 2023 7,395 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 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 September 30, 2023, and June 30, 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 29.8%, 23.8% and 31.3% for the three months ended September 30, 2023 and 2022, and for the three months ended June 30, 2023, respectively. 6. Reflects the impact of a release of a portion of our valuation allowance. 5,730 3,828 2,160 2,320 (21) (4,389) 17,023 MP MATERIALS#1414 Reconciliation: Diluted Earnings (Loss) per Share to Adjusted Diluted EPS (unaudited) Diluted earnings (loss) per share Adjusted for: Stock-based compensation expense Start-up costs Transaction-related and other non-recurring costs Loss on disposals of long-lived assets, net Tax impact of adjustments above(1) Release of valuation allowance Adjusted Diluted EPS (2) 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 (2 Assumed conversion of Convertible Notes(2) Assumed conversion of restricted stock(3) Assumed conversion of restricted stock units Adjusted Diluted Weighted-Average Shares Outstanding ¹² (3) (2)(3) $ $ For the three months ended September 30, 2022 2023 (0.02) $ 0.33 0.03 0.04 0.01 0.01 (0.03) 0.04 177,231,717 177,231,717 582,144 438,803 178,252,664 $ 0.04 0.01 (0.01) (0.01) 0.36 176,543,624 15,584,409 840,786 441,038 193,409,857 193,409,857 $ For the three months ended June 30, 2023 0.04 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 29.8%, 23.8% and 31.3% for the three months ended September 30, 2023 and 2022, and for the three months ended June 30, 2023, respectively. 2. The Convertible Notes were antidilutive for both GAAP purposes and for the purposes of calculating Adjusted Diluted EPS for the three months ended September 30, 2023. 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. 3. The assumed conversion of restricted stock and restricted stock units was antidilutive for GAAP purposes for the three months ended September 30, 2023. For the purposes of calculating Adjusted Diluted EPS, we have added back the assumed conversion of restricted stock and restricted stock units since they would not be antidilutive when using Adjusted Net Income as the numerator in the calculation of Adjusted Diluted EPS. 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 MP MATERIALS#15Year-to-Date 2023 Cash Flow Bridge(1) 15 $76.5 (1.8) Net Cash Provided Working Capital (²) by Operating Activities 1. All figures in millions. May not recompute as presented due to rounding. 2. Amount includes ore stockpile inventory. 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. 23.1 Cash Paid for Taxes (24.4) Cash Received from Interest and Investment Income (3) 22.5 Start-Up Costs and Transaction- Related and Other Non-Recurring Costs (4) 5.3 Other Items (5) $101.2 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(¹) Free Cash Flow 1. Amount is net of $1.1 million in proceeds from government awards used for construction. For the nine months ended September 30, 2023 76,480 (187,877) (111,397) $ $ 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) $ For the three months ended September 30, 2023 2022 22,417 22,217 $ (842) (1,867) (968) 18,540 9,177 2,020 $ 1. Pertains only to the amount of stock-based compensation expense included in "Cost of sales" within our unaudited Condensed Consolidated Statements of Operations. 2. See "Use of Non-GAAP Financial Measures" for definition and further information. (889) (3,796) (89) 17,643 10,676 1,653 $ $ For the three months ended June 30, 2023 22,704 (795) (1,995) (11) 19,903 10,271 1,938 MP MATERIALS