MP Materials Corp DE

For the period ended Dec 31, 2023. Filed Feb 28, 2024.

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FY2023 · Filed Feb 28, 2024

MP$37.75+6.6%Stored close · as of Nov 9, 2026

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Contents

“Quarterly Performance Trend

While our business is not highly seasonal in nature, we sometimes experience a timing lag between production and sales, which may result in volatility in our results of operations between periods. The timing lag may be the result of, or influenced by, factors such as the timing and duration of shipments or the time required to convert materials. In addition, quarterly production of concentrate is impacted by the timing of scheduled outages of our production facilities for maintenance, which typically occur in the second and fourth quarters. Finally, starting in the third quarter of 2023, as we ramp up production of separated rare earth materials, we expect that significant volumes of REO produced will be retained for separation and not sold as concentrate.

The following table presents our KPIs for the quarterly periods indicated:

	FY2023				FY2022				FY2021
(in whole units or dollars)	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Rare earth concentrate
REO Production Volume (MTs)	9,257	10,766	10,863	10,671	10,485	10,886	10,300	10,828	10,261	11,998	10,305	9,849
REO Sales Volume (MTs)	7,174	9,177	10,271	10,215	10,816	10,676	10,000	11,706	9,674	12,814	9,877	9,793
Realized Price per REO MT	$5,622	$5,718	$6,231	$9,365	$8,515	$11,636	$13,918	$13,818	$10,101	$7,693	$7,343	$5,891
Production Cost per REO MT(1)	$2,393	$2,020	$1,938	$1,978	$1,928	$1,653	$1,750	$1,594	$1,525	$1,449	$1,538	$1,475
Separated NdPr products
NdPr Production Volume (MTs)	150	50	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
NdPr Sales Volume (MTs)	10	—	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
NdPr Realized Price per KG	$70	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
N/A = Not applicable as there was either no NdPr production volume or no NdPr sales volume in these periods.

(1)As noted above, beginning with the first quarter of 2024, we will no longer present Production Cost per REO MT as this metric is focused solely on Stage I concentrate operations.

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