MP Materials Results Presentation Deck

4 Highlights Stage I Upstream ● Record production achieved in a quarter with a planned maintenance outage Strong Adjusted EBITDA margins despite difficult pricing comparisons Stage II Midstream ● Commenced production of separated rare earth products ● Initial NdPr oxide shipments expected in Q3 DAT Stage III Downstream ● Metal and alloy production equipment being installed R&D and product development equipment being installed Engineering and manufacturing team strengthening MP MATERIALS

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