MP Materials Investor Conference Presentation Deck

1. 2. 3. Rapid revenue & earnings growth 2020 2021 Comparable Financial Metrics-Sequential and Year-over-Year(¹) +141% YoY +22% QOQ $73.1 $30.4 Q2 2020 27% Q2 2020 $60.0 Q1 2021 Revenue 57% Q2 2021 +36pts YoY +7pts QoQ 64% Q1 2021 Adjusted EBITDA Margin(3) Q2 2021 $7.9 Q2 2020 MP MATERIALS All figures in millions except for margins See Appendix for reconciliation of Adjusted EBITDA and Adjusted Net Income to the most directly comparable financial measure prepared in accordance with U.S. GAAP Q2 2020 and Q1 2021 Adjusted EBITDA Margin calculations exclude $1.4M and $2.1M, respectively, of out-of-period tariff refunds recognized within revenues but removed from the calculations of Adjusted EBITDA $4.9 Q2 2020 $33.0 Q1 2021 Adjusted EBITDA (2) $23.2 +491% YoY +41% QOQ $46.4 Q2 2021 +583% YoY +44% QOQ $33.4 Q2 2021 Q1 2021 Adjusted Net Income (2) 16

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