MP Materials Investor Conference Presentation Deck

Rapid revenue & earnings growth 1. 2. ■ ■ 2021 2022 Revenue growth driven by strong sales volumes and higher realized pricing Adjusted EBITDA growth driven by higher profit per metric ton of REO Margin growth demonstrates the leverage in the business model driven by increasing demand - and price - of NdPr Comparable Financial Metrics-Sequential and Year-over-Year $60.0 Q1 2021 57% $99.1 Q4 2021 Revenue MP MATERIALS 72% +177% YoY +68% QOQ $166.3 Q1 2022 +23pts YoY +8pts QoQ 80% Q1 2021 Q4 2021 Q1 2022 Adjusted EBITDA Margin(³) All figures in millions except for margins and per share amounts See Appendix for reconciliation of Adjusted EBITDA and Adjusted Diluted EPS to the most directly comparable financial measure prepared in accordance with U.S. GAAP 3. Adjusted EBITDA Margin, which is a non-GAAP financial measure, is calculated as our Adjusted EBITDA divided by our total revenue adjusted for the impact of tariff rebates related to prior period sales. $33.0 Q1 2021 $0.13 Q1 2021 $71.3 Q4 2021 Adjusted EBITDA (²) $0.31 (1) +301% YoY +85% QOQ $132.3 Q1 2022 +285% YoY +61% QOQ $0.50 Q4 2021 Adjusted Diluted EPS(2) Q1 2022 15

View entire presentation