MP Materials Corp. / DE

MP Materials Corp., including its subsidiaries (the Company, MP Materials, we, our, and us ), is the largest producer of rare earth materials in the Western Hemisphere. Headquartered in Las Vegas, Nevada, the Company owns and operates the Mountain Pass Rare Earth Mine and Processing Facility ( Mountain Pass ) located near Mountain Pass, San Bernardino County, California, the only rare earth mining and processing site of scale in North America. Additionally, the Company owns and operates a rare earth metal, alloy and magnet manufacturing facility in Fort Worth, Texas ( Independence or the Independence Facility ), where the Company produces and sells magnetic precursor products and commenced the manufacturing of neodymium-iron-boron ( NdFeB ) permanent magnets in December 2025. The Company’s operations are organized into two reportable segments: Materials and Magnetics. The Materials segment represents the upstream and midstream operations of the Company, which primarily consist of Mountain Pass, a fully integrated mining and refining facility producing refined rare earth oxides and related products. The Materials segment generates revenue primarily from sales of neodymium-praseodymium ( NdPr ) oxide and metal, primarily sold to customers in Japan, South Korea, and broader Asia. The Materials segment historically generated the majority of its revenue from sales of rare earth concentrate primarily to a distributor that, in turn, typically sold that product to refiners in China.