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MP Materials Investor Presentation Deck

Business Overview Mine 9 Beneficiate Stage I: Concentrate Production • Turn mid-to-high single digit % ore into 60% REO concentrate ● Largest ex-China producer • ~15% global market share in 2022 Refine Stage II: RE Separations Separate RE concentrate into individual RES ● • Optimized refining capability for separated REOS •~6,075 mt NdPr targeted annual production Metallize, Alloy, Sinter, Finish *** Stage III: RE Magnets NdPr metal, alloy & magnets • Initial Texas facility • General Motors agreement Buy, build and/or JV ● MP MATERIALS

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