MP Materials SPAC Presentation Deck

STAGE III: BENEFITS OF VERTICAL INTEGRATION SIGNIFICANT DOWNSTREAM EARNINGS POTENTIAL •Uniquely positioned to capture significant downstream profit opportunity via buy, build or JV strategy as the sole commercial-scale source of magnetic feedstock in the Western Hemisphere • Magnet production allows a "value upgrade" of MP's rare earth materials and access to a business unavailable to potential competitors without our scarce resource Provides MP Materials a scalable industrial output with profitability protection against NdPr pricing volatility • Total profit opportunity provides a high return-on-capital investment regardless of ultimate structure MPMATERALS Illustrative Permanent Magnet Motor Stator NdPr Magnets Rotor Stator STRATEGY

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