MP Materials Investor Conference Presentation Deck

KPI - Realized Price Reconciliation and Calculation (in thousands, unless otherwise stated, unaudited) Product sales Adjusted for: Tariff rebate(1) Total Value Realized (2) Divided by: REO sales volume (in MTs) Realized price per REO MT (in dollars) (3) 1. Represents non-cash revenue recognized in connection with a tariff rebate received relating to product sales from prior periods. 2 See "Use of Non-GAAP Financial Measures" for definition and further information. 3. May not recompute as presented due to rounding. $ $ For the three months ended March 31, 2022 161,755 $ 161,755 11,706 13,818 $ 2021 For the three months ended December 31, 2021 59,739 $ (2,050) 57,689 9,793 5,891 $ 97,721 97,721 9,674 10,101 25

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