MP Reaches Milestone With Commissioning Of Stage Two Assets

LAS VEGAS, NV - MP Materials Corp. Chairman and CEO, James H. Litinsky, stated, “We reached a major milestone by beginning the commissioning of our Stage II assets starting with the concentrate drying and roasting circuits. We also completed the building shell of our Stage III magnetics facility in just seven months. In addition to advancing key projects, we grew our engineering and operations organization significantly while maintaining strong concentrate production and sales. We continue to focus on the methodical execution of our strategy to restore the full rare earth supply chain to American shores, which is of tremendous consequence to U.S. competitiveness and to our shareholders.”

MP Materials Corp. is the largest producer of rare earth materials in the Western Hemisphere. The Company owns and operates the Mountain Pass Rare Earth Mine and Processing Facility, America’s only active and scaled rare earth mining and processing site. MP Materials produced approximately 15% of the rare earth content consumed in the global market in 2021. Separated rare earth elements are critical inputs for the magnets that enable the mobility of electric vehicles, drones, defense systems, wind turbines, robotics and many other high-growth, advanced technologies. MP Materials’ integrated operations at Mountain Pass combine low production costs with high environmental standards, thereby restoring American leadership to a critical industry with a strong commitment to sustainability.