MP Materials SPAC Presentation Deck

VALUATION BENCHMARKING MP MATERIALS RUN-RATE MULTIPLES AT A SIGNIFICANT DISCOUNT TO PEERS EV / Adj. EBITDA Multiples (Run-rate 2023E for MP Materials; 2021E for Peers Electrification Average: 21.0x 26 10 0 Implied of Deal File 4.8 10.0% Bun-Bo Impiled of Deal Price MP Roun-Ra 29.7% LFCF Yield) (%) (Run-rate 2023E for MP Materials; 2021E for Peers(¹) Electification Average: 1.4% 25.3x 11 T MPMATERALS BANHUA 3.5% APTIV SANHUIA 2 UFOF Yeddyed as joach tow to operarios-capes/equiry wo y muc considen 11.3x pite value adsorpcoming one of Au of 125MM ertepe was of $1214MM Hodon 200 & od 3000 UFC exdrg The inpost of growtcave post action may Specially Moteriais Average: 10.7x Livent &ALIEMARLE 13.6 12,4x Specialty Materials Average: 5.1% X of copes spec $143 La 4sses oppled to Tessen IN Livent AMETEK 17.1% EV Revolution Average: 9.1x 10.4x Sonata 84x cis TAY EV Revolution Average: 8.6% 7.2%20%-472--14% ya CCS were Serasta Bectification Pers Ev Revolution Peers AMETEK Lynas Lynas Specialty Materials Peers VALUATION

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