#1MP MATERIALS MP Materials Overview OCTOBER 31, 2023#22 Safe 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, including NdPr oxide production and shipments in the 2023 third quarter, and the Company's Stage II and Stage III projects, including the Company's ability to achieve run rate production of separated rare earth materials and production of magnetic alloy and magnets. 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 fluctuations and uncertainties related to demand for and pricing of rare earth products; 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 in Stage II and Stage III including producing NdPr oxide and shipments; risks related to our Stage II operations and our ability to separate rare earth materials, 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; risks related to current and future governmental environmental laws, regulations, licenses or legal requirements; 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#33 Use of Non-GAAP Financial Measures This presentation references certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EBITDA Margin, which have not been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). MP Materials defines Adjusted EBITDA as GAAP net income or loss before interest expense, net; income tax expense or benefit; and depreciation, depletion and amortization; further adjusted to eliminate the impact of stock-based compensation expense; start-up costs; transaction-related and other non-recurring costs; accretion of asset retirement and environmental obligations; gain or loss on disposals of long-lived assets; and other income or loss. We define Adjusted EBITDA Margin as our Adjusted EBITDA divided by our total revenue. You can find the reconciliation of these measures to the most directly comparable GAAP measures in the Appendix. MP Materials' management uses Adjusted EBITDA and Adjusted EBITDA Margin to compare MP Materials' performance to that of prior periods for trend analyses and for budgeting and planning purposes. MP Materials believes Adjusted EBITDA and Adjusted EBITDA Margin provide useful information to management and investors regarding certain financial and business trends relating to MP Materials' financial condition and results of operations. MP Materials' management believes that the use of Adjusted EBITDA and Adjusted EBITDA Margin provide an additional tool for investors to use in evaluating projected operating results and trends. MP Materials' method of determining these non-GAAP measures may be different from other companies' methods and, therefore, may not be comparable to those used by other companies and MP Materials does not recommend the sole use of these non-GAAP measures to assess its financial performance. Management does not consider non-GAAP measures in isolation or as an alternative or to be superior to financial measures determined in accordance with GAAP. The principal limitation of non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in MP Materials' financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents reconciliations of such non-GAAP financial measures to the most directly comparable GAAP financial measures. MP MATERIALS#44 MP Materials Overview MP Materials (NYSE: MP) is America's only scaled producer of rare earth materials Balance Sheet and LTM financial data as of June 30, 2023 Owns and operates the Mountain Pass Rare Earth Mine and Processing Facility in CA ~$1.1B cash on balance sheet; ~$3.0B market capitalization $377M LTM Revenue $232M LTM Adjusted EBITDA 61% LTM Adjusted EBITDA Margin ● ● Founder-led, owner- operator culture where all employees have an ownership stake Second largest producer of global rare earth content and the largest in the Western Hemisphere Investing in three-stage strategy Stage 1 - rare earth concentrate Stage II - separated rare earth oxides Stage III - NdPr metal, alloy, and magnets ● ● ● Mission to support the development of a diverse, ex- China supply chain for rare earth materials MP MATERIALS#567 70 71 68 69 64 66 63 65 60 61 62 57 58 59 La La Ce Pr Nd Pm Sm Eu Gd Tb Dy Ho Er Tm Yb Lu Holmium Erbium Terbium Ytterbium Lutetium Thulium Gadolinium Dysprosium Lanthanum Cerium Samarium Praseodymium Promethium Neodymium Europium 5 сл Transportation 59 60 65 66 Pr Nd Tb Dy Praseodymium Neodymium Terbium Dyspresium Rare Earths Rare Earths - The Lanthanide Series Energy # Industrial Magnet V 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 MP MATERIALS#6The West is Acutely Challenged. Rare earths exemplify the substantial upstream supply chain risks that exist across the electrification economy. 6 MP Materials Scaled Rare Earth Oxide Producer Scaled NdPr Magnet Producer MP MATERIALS#7Rare Earth Magnets are Synonymous with Motion in an Electric World. 7 Metric Tons Source: Adamas Intelligence, "Rare Earth Magnet Market Outlook to 2040", (Q2 2023) Rare Earth Magnets Power ~90% of EV Motors 700,000 600,000 500,000 400,000 300,000 200,000 100,000 2015 2016 Global NdFeB Consumption and Demand Electrified vehicles and wind energy are driving rapid growth in NdFeB magnet demand 2017 2018 2020 2019 2021 Total NdFeB Electrified Vehicles and Wind Energy 2022 2023 2024 2025 2026 Depo 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 MP MATERIALS#88 A precarious supply-demand imbalance looms. metric tons of NdPr oxide 25,000 0 (25,000) (50,000) (75,000) (100,000) 2023 2024 Projected Global NdPr Cumulative Balance 2025 Source: Adamas Intelligence, "Rare Earth Magnet Market Outlook to 2040", (Q2 2023) 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 MP MATERIALS#9Business Overview Mine 9 Beneficiate Stage I: Concentrate Production • Turn mid-to-high single digit % ore into 60% REO concentrate ● Largest ex-China producer • ~15% global market share in 2022 Refine Stage II: RE Separations Separate RE concentrate into individual RES ● • Optimized refining capability for separated REOS •~6,075 mt NdPr targeted annual production Metallize, Alloy, Sinter, Finish *** Stage III: RE Magnets NdPr metal, alloy & magnets • Initial Texas facility • General Motors agreement Buy, build and/or JV ● MP MATERIALS#10Environmental Responsibility Water Reclamation Facility - Enabling sustainable water usage MP operates the world's most sustainable rare earth production facility under stringent California standards 10 High-risk wet tailings ponds were eliminated with dry- stack tailings process Z Developing a multi- pronged approach to material recycling WAKE Cactus Nursery - Cultivating biodiversity Issued $690 million convertible green bond in March 2021 Maintaining biodiversity with cactus nursery and other reinvestments into local ecology MP MATERIALS#11Your Faun yamyaman untu Stage 1: Upstream Mining & Crushing 11 LE Consistent quarterly production with ~95% plant uptime • 9 consecutive quarters of 10K metric tons of REO production thru Q2 2023 Finished Mixed Rare Earth Concentrate High quality bastnaesite concentrate at ~60% grade • Critical for efficient, low-cost midstream separations process Profitable, high-margin business with solid positive free cash flow. . One of the lowest cost producers of concentrate worldwide MP MATERIALS#12Stage II: Midstream Refining Roaster 12 Initial 50 tons of NdPr Oxide production in Q3 Crystallizer 20,000 mtpa target production 6,075 mt NdPr oxide • Various La and Ce ● products, SEG+ ● Expanded committed capacity of oxide-to-metal conversion to increase ex- China sales MP MATERIALS#13Stage III: Downstream Magnetics Design render 13 Broke ground in April 2022 250,000 sq. ft. greenfield facility Designed magnet capacity of ~1,000 mtpa • Room to scale ● MP MATERIALS ● Engineering and manufacturing team strengthening October 2023 TERVETT Established magnetics engineering HQ •~150 direct jobs Team currently moving into facility ● Equipment installation underway MP MATERIALS#14Operational Overview: Magnetics Strategy 14 Mountain Pass Rare Earth Mining and Processing Facility Mountain Pass, CA < 10% of NdPr oxide output HREE Recyclable material Initial Rare Earth Magnetics Facility Fort Worth, Texas Fully integrated from metal to magnet ● • 250,000 sq. ft. build-to-suit facility • 150+ skilled jobs ● NdPr Metal NdFeB Alloy • NdFeB Metal and Alloy flake NdFeB magnets • ~1,000 tons of NdFeB magnet Expansion Upon the success of this initial magnetics facility, we plan to develop magnetics capabilities at significantly larger scale NdFeB Magnet MP MATERIALS#15T BUDAY wp-se al 20 de MP MATERIALS 888 " FUE Appendix#16Reconciliation: Net Income to Adjusted EBITDA 16 (in thousands, unaudited) Net income Adjusted for: Depreciation, depletion and amortization Interest expense, net Income tax expense Stock-based compensation expense(1) Start-up costs(2) Transaction-related and other non-recurring costs (3) Accretion of asset retirement and environmental obligations Loss on sale or disposal of long-lived assets, net Other income, net(4) Adjusted EBITDA $ LA $ For the twelve months ended June 30, 2023 175,026 28,014 5,306 14,381 27,310 13,504 7,130 1,094 4,943 (44,635) 232,073 1. Principally included in "Selling, general and administrative" within our unaudited Condensed Consolidated Statements of Operations. 2. Relates to certain costs that do not qualify for capitalization incurred in connection with the initial commissioning and starting up of our separations capability at Mountain Pass and our metal alloy and magnet-making capabilities at Fort Worth prior to the achievement of commercial production. These costs include payroll of employees directly involved in such commissioning activities, training costs, costs of testing and commissioning the new circuits and processes, and other related costs. Given the nature and scale of the related costs and activities, management does not view these as normal, recurring operating expenses, but rather as non-recurring investments to develop such capabilities. Therefore, we believe it is useful and necessary for investors to understand our core operating performance in current and future periods by excluding the impact of these start-up costs. 3. The majority of the amounts are included in "Advanced projects, start-up, development and other" within our unaudited Condensed Consolidated Statements of Operations, and pertains to legal, professional services, and other costs associated with non-recurring transactions. 4. Amounts for the twelve months ended June 30, 2023, and 2022, are principally comprised of interest and investment income. MP MATERIALS#17T BUDAY wp-se al 20 de MP MATERIALS 888 " FUE Thank You