MP Materials SPAC Presentation Deck

STAGE II: PROVEN TECHNOLOGY SUCCESSFULLY EXECUTED AT MOUNTAIN PASS FOR DECADES CONTINUED EXECUTION BY NEW MANAGEMENT TEAM Reintroduction of concentrate drying and roasting to the Mountain Pass processing facility • Process already performed successfully and reliably for decades- prior ownership obandoned the practice to target cerium Stage Il investments are mainly to recreate this roasting circuit and reorient the plant process flow to accommodate the roasted concentrate Strong investment in product finishing circuits enable significantly higher volumes of high-purity separated oxides versus prior ownership Product will be separated into NcPr oxide, heavy rare earth concentrate (SEG+) and La carbonate • Detailed capex study already concluded, high confidence in capital needed and potential to leverage existing infrastructure MPMATERALS Key Stage II Project Items Concentrate Thickening Concentrate Drying Concentrate Calcining Leaching Cerium Concentrate and Post-Precipitation Solids Cerium Removal Lanthanum Carbonate Finishing Description Soft Crystalizer Replacement of the existing flotation concentrate thickener undertow pumps Addition of new filer, dryer, and storage bins Addition of new colciner, pneumatic conveyors and storage bins for the colcined concentrate Neodymium + Praseodymium (NdPr) Finishing Addition of new NdProxide finishing circult Addition of new scrubber system Addition of new thickeners and filters Addition of new cerum precipitation circuit Upgrade of lanthanum precipitation and finishing circuit Addition of new brine soft crystallizer to remove saft from process water and enable evaporation and/or recycling of water STRATEGY 33

View entire presentation