MP Materials SPAC Presentation Deck

EXECUTIVE SUMMARY: BUSINESS OVERVIEW 1 Assel Market Growth 3 Strategy MPMATERIALS MP owns and operates one of the world's largest integrated rare earth mining and processing facilities in Mountain Pass, CA - The only major rare earths resource in the Western Hemisphere with a proven, multi-decade reserve base A rich, decades-long history as the world's leading producer of rore earth materials until the 1980s, when Chinese industrial policy prioritized market share dominance in this critical industrial input MP purchased the resource and state-of-the-art facilities in 2017 with the vision of incorporating proven process technologies to recreate an integrated domestic supply chain company to power the coming Electric Vehicle ("EV") revolution -Neodymium-Praseodymium ("NdPr") is a rare earth material used in high-strength permanent magnets that power the traction motors of EVs, robolics, wind turbines, drones and many other high-growth, advanced motion technologies - With growing EV penetration, the market for NdPr is expected to rapidly fall into deficit without credible global resources with economic viability at current prices Global industry and governments are motivated to diversify sourcing beyand China's current dominance to ensure material availability and provide the certainly required to invest in the supply chains necessary for ex-China EV production .MP's current strategy consists of a three-stage plan to re-establish this critical industrial input within the United States: Stage I (complete): commissioning of the mining, milling, and flotation processes to produce a high-quality rare earth concentrate, an intermediate product that is currently sold into Asia. MP's median monthly production is >2.6x that of its predecessor in a largely fixed cost business: Adj. EBITDA and FCF positive at this stage Stage II (complete by 2022): retrofit of the existing processing facility workflow to make separated rare earth oxides more reliably, at significantly lower cost and with an expected smaller environmental footprint. The project is permitted, "shovel-ready." and is expected to accelerate near-term ecmings power to $252 milion of expected 2023 Adj. EBITDA at estimated forward pricing Stage II (2025+): leverage singular source of commercial-scale Western rare earth supply to expand downstream to magnels, easing concerns about China as a supply chain "single point of failure" as global EV penetration accelerates: flexibility to buy, build, or JV with substantial incremental EBITDA opportunity

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