MP Materials Investor Conference Presentation Deck

1. 2. Continued operational execution 2020 2021 Stage II Hiring Comparable Operational Metrics-Sequential and Year-over-Year 10,297 Q2 2020 9,287 Q1 2021 REO Sales Volumes (MT) 9,793 Q2 2020 9,849 (4)% YOY +1% QOQ 9,877 Q2 2021 +11% YoY +5% QOQ 10,305 Q1 2021 REO Production Volumes (MT) Q2 2021 $3,093 Q2 2020 Q1 2021 Realized Price(¹) ($/MT REO) $1,412 $5,891 Q2 2020 $1,475 +137% YoY +25% QOQ $7,343 MP MATERIALS See Appendix for calculation of realized price per REO MT, which includes the non-GAAP financial measure, Total Value Realized. See Appendix for a reconciliation of Total Value Realized (non-GAAP) to Product sales (GAAP). See Appendix for calculation of production cost per REO MT, which includes the non-GAAP financial measure, Production Costs. See Appendix for a reconciliation of Production Costs (non-GAAP) to Cost of sales (GAAP). Q2 2021 +9% YoY +4% QOQ $1,538 Q1 2021 Production Cost(2) ($/MT REO) Q2 2021 15

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