MP Materials SPAC Presentation Deck

PRO FORMA OWNERSHIP Transaction Sources SMM | Approximate Figures SPAC Cash in Trust! Equity Rollover PIPE Sponsor Warrants Converted to Common Shares Total Transaction Sources Estimated Pro Forma Valuation $MM, except for share price and share count | Approximate Figures Share Price PF Shares Outstanding Equity Value Plus: Debt (Equipment Notes) Plus: Officke Advances from Shanghe Less: Cash Enterprise Value Hote: Stonehale the forcon 1 Proforme cash odoulded ng 538 ofeng con of Molera plus $545MM com 4 $10 Dhe market value and no redemption MPMATERIALS Act $345.0 919.4 200.0 8.9 $1,473.3 $10.00 147.332 $1.473.3 2.5 95.5 (527.51 $1,043.9 Transactions Uses SMM | Approximate Figures Pay Down Existing Debt Cash to Balance Sheet) Equity Rolloveral Estimated Fees Sponsor Warrants Converted to Common Shares Total Transaction Uses Illustrative Pro Forma Ownership Existing FVAC Shoreholders 23.4% PIPE Investors 13.6% Sponsor 0.6% $21.1 488.9 919.4 35.0 $1,473.3 Existing MP Materials Shareholders 62.4% income with the buone con may theme with FVAC 15345 of SPAC Cash in tut plue $200 of PE proceed to $21.1MM of MP Med det paid down and $35MM in mlade edor Pole Phares ander Inceive hores Idding Port Shoes Sn4,15 g dstes vongono e bores DEAL STRUCTURE 39

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