#1WE Palakkers MP MATERIALS Gabelli Funds 46th Annual Auto Symposium - October 31, 2022#2Safe Harbor This presentation contains certain statements that are not historical facts and are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "will," "target," or similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the market for rare earth materials, future demand for electric vehicles and magnets, estimates and forecasts of our results of operations and other financial and performance metrics, and the Company's Stage II and Stage III projects. Such statements are all subject to risks, uncertainties and changes in circumstances that could significantly affect the Company's future financial results and business. Accordingly, the Company cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; changes in demand for NdFeB magnets; the effects of competition on the Company's future business; risks related to the rollout of the Company's business strategy, including Stage II and Stage III, and the timing of achieving expected business milestones; risks related to the Company's long-term agreement with General Motors, including the Company's ability to produce and supply NdFeB magnets; the impact of the global COVID-19 pandemic, on any of the foregoing risks; and those risk factors discussed in the Company's filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed by the Company with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. The Company does not intend to update publicly any forward-looking statements except as required by law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this presentation may not occur. MP MATERIALS#357 58 59 60 62 61 La Ce Pr Nd Pm Sm a Co Pr Nd Nd Pm Sm Lanthanum Cerium Praseodymium Neodymium Promethium Samarium Transportation MP MATERIALS Pr Nd Tb Dy Pred Terbium Dyspresim Rare Earths Energy Rare Earths - The Lanthanide Series 63 64 65 66 67 68 69 70 71 Tb Dy EU € Eu Eu Gd Gd Tb Dy Ho Er Tm Yb Lu € Terbium Holmium Gadolinium Dysprosium Erbium Thulium Lutetium Europium Ytterbium Industrial Magnet Robotics EV Motor Consumer Tech Aerospace EV Rare earths present a single point-of-failure threat to industries that drive prosperity and security. 39 21 Y Sc Yttrium Scandium#4MP MATERIALS 60M 50M 40M 30M 20M 10M 0 The world is rapidly electrifying. Projected Global EV Sales Growth -8% share 2021 -16% share 2025 -70% share 2040 Source: IEA, BloombergNEF#5Transport Type MP MATERIALS We are shifting from a fuel-intensive to a mineral-intensive system. Propulsion System 4 Energy Security Framework A kilograms 250 200 150 100 50 Cu Mineral Content Per Vehicle ICE Co 7x Mn BEV Graphite REE Oxides Source: Adamas Intelligence#6Magnets are synonymous with electric motion and vital to EVs, regardless of battery chemistry. accebo NdPr permanent magnets power > 90% of EV motors MP MATERIALS metric tons 20,000 15,000 10,000 5,000 34x 2020 I 1 1 I I 1 Fully Electric Illustrative North American NdPr Demand Source: Adamas Intelligence#7metric tons of NdPr oxide 0 (20,000) MP MATERIALS A precarious supply-demand imbalance looms. 2022 2023 2024 Projected Global NdPr Deficit 2025 2026 "||| 2027 2028 2029 2030 Source: Adamas Intelligence#8MP MATERIALS Our mission is to restore the full rare earth supply chain to the United States. May Stage I Concentrate Stage II Refined LREE & HREE MP Stage III Metal, NdFeB Alloy & Magnets Integrated Recycling#9Stage I Concentrate production Consistent improvements in recoveries, plant up-times 2021 achievement of highest production in 70-year site history -15% of global tREO supply 2022 LTM revenue of $508.7M and Adjusted EBITDA of $381.8M* Strong foundation to build-out midstream capabilities MP MATERIALS tREO Production Volume ~14,000 mt 2018 -27,600 mt 2019 ~38,500 mt 2020 ~42,400 mt 2021 -43,400 mt 2022 LTM* *LTM data as of June 30, 2022 Visit investors.mpmaterials.com for reconciliation of Adjusted EBITDA to the most directly comparable financial measure prepared in accordance with U.S. GAAP#10Stage II Separated LREE and HREE production ■ ■ ■ Re-introduction of roasting circuit & product finishing investments 20,000 mtpa run-rate target 6,075 mt NdPr oxide - HREE and recycling projects underway Evaluating potential sources of third-party feedstock MP MATERIALS Roaster July 2022 nje 2-30/60 Crystallizer July 2022#11Stage III Metal, NdFeB alloy & magnet production Broke ground in April ■ ■ ■ 200,000+ sq ft greenfield Designed magnet capacity of ~1,000 mtpa Oversized alloy capacity; room to scale Consume < 10% of expected NdPr run-rate production Signed long-term agreement with GM Will supply alloy & magnets for more than 12 Ultium Platform EVs - Production ramp starts in late '23 with alloy; magnets expected in '25 Non-exclusive agreement Desire to expand significantly MP MATERIALS MP MATERIALS September 2022 Design render#12an HHHH --- H Thank you! 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