MP Materials Results Presentation Deck

4 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

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