MP Materials Corp. is the largest producer of rare earth materials in the Western Hemisphere, headquartered in Las Vegas, Nevada. The company operates the Mountain Pass Rare Earth Mine and Processing Facility in California, producing critical inputs for advanced technologies such as electric vehicles, wind turbines, and defense systems. MP Materials sells rare earth concentrate, separated rare earth products, and is expanding into rare earth magnet manufacturing.
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Materials - Produces rare earth concentrate and separated rare earth products, including neodymium-praseodymium (NdPr) oxide and metal, as well as other refined products such as lanthanum and cerium.
- Rare Earth Concentrate - Supplies raw materials primarily to refiners in China under Offtake Agreements.
- Separated Rare Earth Products - Sells globally to customers in Japan, South Korea, and broader Asia.
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Magnetics - Develops and manufactures rare earth metal, alloy, and neodymium-iron-boron (NdFeB) permanent magnets, with production of magnetic precursor products initiated in December 2024 and full magnet production expected by the end of 2025.
- Magnetic Precursor Products - Supplies NdPr metal to a U.S. customer starting in 2025.
- NdFeB Permanent Magnets - Targets production for electric motors and generators powering carbon-reducing technologies.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
James H. Litinsky ExecutiveBoard | Founder, Chairman, and Chief Executive Officer | Founder, CEO, and Chief Investment Officer of JHL Capital Group LLC; Board Member at Shirley Ryan AbilityLab; Board Member at the Museum of Contemporary Art Chicago | James H. Litinsky is the Founder, Chairman, and Chief Executive Officer of MP Materials Corp., serving since the company’s inception following its acquisition of the Mountain Pass site in 2017. | View Report → |
Elliot Hoops Executive | General Counsel and Secretary | Elliot Hoops serves as the General Counsel and Secretary at MP Materials since May 2021, and he has previously held executive legal roles at Penn National Gaming (Vice President and Deputy General Counsel from January 2019 to May 2021) and Pinnacle Entertainment (Vice President and Legal Counsel from June 2007 to October 2018). | ||
Michael Rosenthal Executive | Chief Operating Officer | Michael Rosenthal is a Founder and the Chief Operating Officer of MP Materials, managing the Mountain Pass operation since 2017. Prior to MP Materials, he served as a Partner at QVT Financial and worked as a senior high yield credit analyst at Shenkman Capital Management. | ||
Ryan Corbett Executive | Chief Financial Officer (CFO) | Ryan Corbett is the CFO of MP Materials, a role he has held since 2019. He has extensive experience in investment banking, corporate finance, and alternative asset management from roles at Morgan Stanley, King Street Capital Management, and JHL Capital Group LLC. | ||
Andrew A. McKnight Board | Class I Director | Co-Chief Executive Officer of Fortress Investment Group LLC; Managing Partner of the Fortress Credit Funds Business | Andrew A. McKnight has served as a Class I Director on MP Materials Corp. since 2020 and as Chairman of the Compensation Committee since the Business Combination in 2020. He brings extensive financial and management experience from his roles as Co-Chief Executive Officer and Managing Partner at Fortress Investment Group LLC. | |
Arnold Donald Board | Board of Directors | Director at Bank of America Corporation; Director at Salesforce, Inc.; Director at GE Vernova Inc. | Arnold W. Donald brings extensive leadership experience from his roles at Monsanto, Merisant, Carnival Corporation, and others. He joined MP Materials as an independent Board member and Compensation Committee member on March 8, 2023, providing deep expertise in corporate governance and strategic planning. | |
Connie K. Duckworth Board | Class II Director at MP Materials | Director at Steelcase Inc. since 2010 ; Chair, International Board of Advisors at University of Texas at Austin ; Board member at Endeavor Health | Connie K. Duckworth has been serving as a Class II Director on the board of MP Materials since November 17, 2020 and is actively involved in the Audit and Nominating & Corporate Governance Committees. | |
Gen. Richard B. Myers Board | Director | Fisher House Foundation - Board Trustee; Board of Regents of the Uniformed Services University of the Health Sciences - Member; Defense Health Board - Member; President of R Myers and Associate, LLC | Gen. Richard B. Myers is a retired four-star general with extensive experience in military leadership and corporate governance. He has served as a Director and as a member of the Nominating and Corporate Governance Committee at MP Materials Corp. since November 17, 2020. | |
Maryanne R. Lavan Board | Director | Leadership Council on Legal Diversity; Equal Justice Works; Council for Court Excellence; University at Albany Foundation; Collegiate Directions Inc.; The Potomac School | Maryanne R. Lavan is a director at MP Materials, serving on the Audit Committee and Nominating and Corporate Governance Committee following the Business Combination on November 17, 2020. Previously, she held executive legal roles at Lockheed Martin Corporation starting in 1990. | |
Randall J. Weisenburger Board | Class III Director | Presiding Director at Carnival Corporation; Director at Valero Energy Corporation; Director at Corsair Gaming Inc. | Randall J. Weisenburger currently serves as a Class III Director and Audit Committee Chairman at MP Materials Corp. since November 17, 2020. He is a seasoned financial leader with extensive experience in executive roles at companies including Omnicom Group Inc. and Wasserstein Perella. |
- In light of your non-linear NdPr production ramp and the challenges discussed in achieving the 6,000-ton run rate, can you detail the timeline and specific initiatives that will drive the steady-state cost per kilogram down as planned?
- With the recent deployment of the 60K project, what tangible cost reduction benefits do you expect from the incremental throughput, and how will these improvements impact your overall margin in the near term?
- You mentioned persistent reliability and throughput issues in the Midstream segment; what specific corrective actions are you taking to ensure that these issues won’t further delay the targeted gross margin positivity?
- Considering the evolving U.S. policy landscape and reliance on incentives such as Section 45X and other tax credits, how are you preparing for potential delays or adjustments in policy support that could impact your cash flow and capital plan?
- As you balance significant capital expenditures across your Materials and Magnetics segments amid operational challenges, what measures are in place to ensure these investments translate into sustainable EBITDA growth while managing rising depreciation and cost pressures?
Research analysts who have asked questions during MP Materials Corp earnings calls.
Matt Summerville
D.A. Davidson & Co.
4 questions for MP
Ben Kallo
Robert W. Baird & Co.
3 questions for MP
Laurence Alexander
Jefferies Financial Group Inc.
3 questions for MP
William Peterson
JPMorgan Chase & Co.
3 questions for MP
Carlos de Alba
Morgan Stanley
2 questions for MP
Corinne Blanchard
Deutsche Bank
2 questions for MP
David Deckelbaum
TD Cowen
2 questions for MP
Gregory Jones
BMO Capital Markets
2 questions for MP
Benjamin Kallo
Robert W. Baird & Co.
1 question for MP
Bill Peterson
JPMorgan Chase & Co.
1 question for MP
George Gianarikas
Canaccord Genuity
1 question for MP
Kevin Estok
Jefferies
1 question for MP
Lawson Winder
Bank of America
1 question for MP
Leanne Hayden
Canaccord Genuity Group Inc.
1 question for MP
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
China Rare Earth Group Co. Ltd | This entity was formed in December 2021 through the merger of three state entities in China, accounting for more than half of China's heavy rare earth supplies. It has enhanced pricing power for key rare earths like dysprosium and terbium, impacting the global rare earth supply chain. |
Lynas Rare Earths | This company conducts monthly auctions for SEG+ precipitate it produces in Malaysia and is one of the few producers operating at scale outside of China with processing capabilities. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Shenghe | Principal buyer of rare earth concentrate | Materials | Revenue: $144.4M in 2024 (80% of total), $252.5M in 2023, $517.3M in 2022 |
Sumitomo | Exclusive distributor of NdPr oxide and metal for Japan | Materials | Revenue: $57.8M in 2024 (28% of total) and $0.7M in 2023 ; calculation based on $203.9M total revenue for 2024 |
GM | Long-term buyer of magnets & precursor products | Magnetics | Prepayment: $100M in 2024, with 0% revenue recognized in 2024; $56.9M current deferred and $43.1M non-current deferred revenue as of Dec 31, 2024 |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
IP License Acquisition | 2023 | Acquired a license for patented technology, technical know-how, and other IP for magnetics product development, structured for 435,729 shares of common stock (with installment-based issuance) and recorded as a $9.0 million intangible asset amortized over 7.5 years; the deal also includes a $15 million consulting agreement over four years to integrate the technology into existing processes. |
Recent press releases and 8-K filings for MP.
- MP Materials Corp. filed a prospectus supplement on August 15, 2025, to register the potential resale of up to 24,521,672 shares of its common stock by the United States Department of Defense.
- These shares are issuable upon the conversion of 7.0% Series A Cumulative Perpetual Convertible Preferred Stock and/or the exercise of a warrant to purchase up to 11,201,659 shares of common stock, which were issued to the Department of Defense on July 10, 2025.
- MP Materials Corp. will not receive any proceeds from the potential sale of these shares by the Department of Defense.
- MP Materials is making significant progress in its upstream operations, with last twelve months (LTM) production just north of 50,000 tons and a goal to reach 60,000 tons. This increase is primarily driven by recovery improvements, which is neutral to positive for mine life.
- The company expects to achieve its refined NDPR target of 6,075 tons by the end of next year (2026), having averaged 25% sequential growth since starting refining operations in late 2023. Current bottlenecks are primarily related to materials handling and mechanical reliability.
- MP is expanding its magnet production capabilities, with the Independence facility expanding to 3,000 tons, largely contracted to customers like GM and Apple, and a new 7,000-ton 10x facility with 100% offtake by the Department of Defense.
- The company has secured its supply chain with a DX rating from the Department of Defense, prioritizing its production, and plans to bring heavy rare earth refining capacity online in 2026, positioning itself as the only ex-China refiner.
- MP Materials announced transformational strategic partnerships with the Department of Defense (DoD) and Apple, significantly expanding its U.S. magnet manufacturing and recycling capabilities.
- The DoD partnership includes a $400 million convertible preferred equity investment, a $150 million low-interest loan, a $110 per kilogram price floor for NDPR, and a commitment to purchase 100% of the output from a new 10x facility, expanding capacity to 10,000 metric tons annually.
- The Apple agreement involves over $500 million in contracted magnet purchases starting in 2027 and $200 million in milestone-based prepayments for facility build-outs.
- In Q2 2025, revenue increased 84% year-over-year, with improved adjusted EBITDA and adjusted diluted EPS. The company reported nearly $2 billion in cash on its balance sheet.
- Operationally, NDPR oxide production grew 6% sequentially to 597 metric tons, and REO production was 13,145 metric tons, up 45% year-over-year. The Independence facility is on track for commercial magnet production later this year.
- Australia is considering implementing a price floor for critical minerals, including rare earths, to support domestic processing projects and reduce reliance on China.
- This initiative aims to provide pricing certainty, protect against market volatility, and encourage investment in strategic mineral sectors.
- The Australian government has allocated $87 million to Trafigura's Nyrstar for metals processing operations focusing on elements such as antimony, bismuth, and germanium.
- The proposed price floor mechanism would be implemented through voluntary national offtake agreements for minerals with defense and strategic technology applications.
- Following the announcement, Australian rare-earth miners' share prices, including Lynas Rare Earths and Iluka Resources, surged, reflecting investor optimism.
- The Trump administration is accelerating efforts to boost U.S. rare earth element production by expanding government-backed price support mechanisms to multiple companies beyond MP Materials.
- This initiative aims to guarantee minimum prices for rare earth products, reducing investment risks and countering China's market dominance.
- The Pentagon has already made a $400 million equity investment in MP Materials, securing a 10-year price floor for neodymium-praseodymium oxide at roughly $110 per kilogram.
- The strategy, which echoes Operation Warp Speed, seeks to rapidly scale U.S. mining, processing, recycling, and magnet production to establish a more resilient and independent supply chain.
- MP Materials announced the pricing of an upsized public offering of 11,818,181 shares of common stock at $55.00 per share.
- The offering, which closed on July 18, 2025, generated approximately $724.2 million in net proceeds to the company, including the full exercise of the underwriters' overallotment option.
- The company intends to use these proceeds to fund the acceleration and expansion of its operations, including the 10X Facility, for strategic growth opportunities, and for general corporate purposes.
- MP Materials announced the commencement of a $500 million underwritten public offering of its common stock on July 16, 2025.
- The company intends to use the net proceeds from the offering to fund the acceleration and expansion of its operations, including the 10X Facility, for strategic growth opportunities, and for general corporate purposes.
- J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC are serving as lead joint book-running managers for the offering.
- Underwriters have been granted a 30-day option to purchase up to an additional 15% of the shares to cover over-allotments.
- Jim Lebenthal is selling his position in MP Materials, which he describes as a "trade war play" that has now "played out".
- The stock has seen significant gains, including being up 50% in a month, 105% in six months, and 158% in 12 months.
- Lebenthal believes the stock is now "more than fully priced".
- Despite selling, he considers MP Materials a "fabulous company" that he expects to perform well in the coming years by continuing to execute on mining, refining, and magnet production.
- Consolidated revenue reached $60.8 million, a 25% YoY increase driven by higher production and a robust revenue mix .
- Record NdPr oxide production hit 563 metric tons, with a 36% sequential increase and ranking as the second highest quarterly REO production .
- The Magnetics segment commenced commercial metal deliveries, generating $5.2 million and achieving positive adjusted EBITDA .
- Consolidated adjusted EBITDA deficit narrowed to $1.2M in Q1 2025 .
- A significant $50 million customer prepayment underscored growing industry and government engagement .
- The CFO emphasized favorable U.S. trade policies and domestic advantages in the rare earths sector, positioning the company to benefit from global market shifts.
- The call showcased a groundbreaking magnet facility in Fort Worth, Texas that integrates end-to-end production—from oxide to permanent magnets—supporting both scale and efficiency.
- The company highlighted its vertically integrated supply chain and recycling initiatives as key drivers for sustainable growth, with partnerships such as General Motors underscoring its market strategy.