MP Materials Investor Conference Presentation Deck

Stage II - In Process Separated Rare Earth Oxides ● Optimization project adds back roasting into the refining process, which previously drove decades of success at Mountain Pass Roasting leverages the inherent benefits of the ore body, significantly lowering costs while improving reliability and reducing the environmental footprint Higher recoveries of NdPr at lower cost maximizes the upside earnings potential from growth in electrification Mining Processing Business Overview Refining Separation Metal Making Alloying Magnet Making MP MATERIALS 3.6x NdPr (estimated) ~1,675 Molycorp Maximum ~6,075 MP Materials 2023E Refined REO Volumes (MT) Selective rejection of cerium ~20,000 mT REO Refined NdPr Volumes 18

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