Max Yerrill

Max Yerrill asked if the ramp-up time for the heavy rare earth separation facility affects MP Materials' ability to deliver higher-grade magnets to General Motors. He also inquired about the types of concentrates MP Materials cannot process for heavy rare earth separation and which ones are most ideal for their envisioned circuit.

Answer

Ryan Corbett (Chief Financial Officer) stated that MP Materials had anticipated restrictions and built a stockpile of products to support the magnetics ramp-up, timing the heavy rare earth separation circuit to come online for further growth as inventory is worked down. Michael Rosenthal (Chief Operating Officer) clarified that while an SEG+ concentrate would be easier to process than a full mixed rare earth carbonate, their circuit can handle either, and they will evaluate economics and distribution against alternatives.

Max Yerrill inquired about the impact of the heavy rare earth separation facility's ramp-up time on delivering higher-grade magnets to General Motors. He also asked about the types of concentrates MP Materials cannot process for heavy rare earth separation and which ones are most ideal for their envisioned circuit.

Answer

Ryan Corbett (Founder and CFO) stated that MP Materials had anticipated restrictions and built a stockpile to support the Independence facility ramp-up, with the heavy rare earth separation circuit timed to support further growth as inventory is utilized. Michael Rosenthal (Founder and COO) explained that an SEG plus concentrate would be easier to process than a full mixed rare earth carbonate, but their comprehensive circuit can handle either, with economics and distribution evaluated against alternatives.