MP Materials Corp. / DE (MP) Company Report

The U.S. Government became MP Materials' largest shareholder in July 2025 through the purchase of $400 million in preferred stock.
The Department of War extended a $150 million loan to MP Materials to support the expansion of its rare earth separation capabilities.
These government investments have unlocked $1 billion in commercial debt from JPMorgan Chase and Goldman Sachs for MP Materials.

4 days ago

Press Release

MP Materials announces rare earth refinery joint venture in Saudi Arabia

New Projects/Investments

M&A

MP Materials Corp. has partnered with the U.S. Department of War and the Saudi Arabian Mining Company (Maaden) to establish a strategic joint venture for a rare earth refinery in Saudi Arabia.
The joint venture will have MP Materials and the U.S. Department of War holding a combined 49% equity position, while Maaden will hold no less than 51%.
The U.S. Department of War will provide full non-recourse financing for the U.S. contribution, with MP Materials contributing technical expertise.
This is described as a capital-light opportunity for MP Materials, aimed at expanding its global footprint and accelerating long-term growth potential for shareholders.

Nov 19, 2025, 1:39 PM

8-K

Gina Rinehart Becomes Largest Shareholder in MP Materials

New Projects/Investments

Financial Challenges

Demand Weakening

Gina Rinehart, through Hancock Prospecting Ltd., has become the largest shareholder in MP Materials with an 8.4% stake valued at approximately $997 million, underscoring a strategic effort to secure critical mineral supply chains.
MP Materials, the sole U.S. rare earth mining and processing operation, is expanding its capabilities by developing a rare earth metal and magnet manufacturing facility in Texas and received a $400 million equity investment from the Pentagon in July 2025, highlighting its strategic importance.
Despite its strategic value and a doubling of its stock price in the third quarter of 2024, MP Materials faces significant financial challenges, including a negative operating margin of 79.53%, a net margin of -50.55%, and an 11.8% decline in revenue growth over the past three years.

Nov 17, 2025, 10:21 PM

Bloomberg

MP Materials Upgraded by J.P. Morgan

Earnings

New Projects/Investments

J.P. Morgan upgraded MP Materials to Overweight from Neutral, citing its underappreciated national-security importance, mine-to-magnet vertical integration, and "unmatched earnings visibility".
The bank set a price target of $74, indicating a potential 28.6% upside to the stock's prior close, despite a recent $1 trim.
MP Materials' stock has pulled back 39–42% over the past month but remains up about 269% YTD.
The company's third-quarter results showed revenue fell about 15% and losses widened after halting sales to China, though results still topped expectations.
A Department of Defense agreement, including a reported $110/kg NdPr price floor, is considered a decade-long profitability baseline.

Nov 14, 2025, 6:59 AM

Barron's

Idaho Strategic Resources Reports Record Third Quarter 2025 Financial and Operational Results

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

Idaho Strategic Resources reported record third quarter 2025 revenue of $11,081,272, an 80.09% increase from Q3 2024, and a 135.12% increase in gross profit to $7,047,405.
Net income attributable to IDR grew 87.52% to $2,974,558, with Earnings Per Share (EPS) increasing 66.67% to $0.20 for Q3 2025.
Operationally, the company processed 10,570 ore tonnes and produced 3,066 ounces of gold in Q3 2025, while completing 9,082 meters of drilling and advancing construction of a new flotation mill and paste backfill system.
Significant rare earth elements (REE) discoveries were announced, including a carbonatite with up to 6.14% total rare earth oxides (TREO) at the Lemhi Pass project and over 17.6% total rare earth elements at the Mineral Hill project.

Nov 12, 2025, 9:30 PM

Press Release

MP Materials Details Vertical Integration Strategy and Project Timelines

New Projects/Investments

Guidance Update

MP Materials has pursued a vertical integration strategy since 2017, investing $1 billion of private capital to establish scaled mining, concentrate production, refining, metal making, alloy making, powder production, press, sinter, and magnet finishing capabilities in the United States.
The company has a landmark partnership with the Department of Defense to combat supply chain insecurity and has ceased selling any products into the Chinese market as part of this framework.
Key projects include the commissioning of a heavy rare earth separation circuit at Mountain Pass by mid-2026 and the completion of commissioning for the Independence magnet production facility by the end of 2025 to support foundational customer General Motors.
MP Materials is also building a dedicated magnet recycling circuit for Apple at Mountain Pass and plans a 10X greenfield facility to produce 7,000 tons of finished magnets.

Nov 12, 2025, 5:00 PM

Transcript

MP Materials Outlines Vertical Integration Strategy and DoD Partnership Benefits

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

MP Materials is establishing a fully integrated rare earth supply chain in the United States, from mining at Mountain Pass to refining NdPr oxide and producing magnets at its Fort Worth facility for customers like GM and Apple.
The company is targeting 6,000 tons of annual NdPr oxide production by the end of 2026 and expects to begin initial magnet production for GM by the end of this year (2025).
A strategic partnership with the DoD includes a $110 per kilogram price floor for NdPr oxide, a guaranteed offtake for a new 7,000-ton magnet facility (10X facility) with $140 million in guaranteed EBITDA, and a $400 million preferred equity investment.
MP Materials is fully funded for its capital needs with approximately $2 billion in cash and $1 billion in debt, anticipating a significant positive shift in cash flow from operations starting Q1 next year (2026) due to the DoD price floor.
Apple is contributing $200 million in pre-payments to support the Independence magnet facility and develop a recycling circuit at Mountain Pass, which will process magnet scrap for NdPr, dysprosium, and terbium.

Nov 11, 2025, 4:50 PM

Transcript

Deutsche Bank Upgrades MP Materials Amid Growth Prospects

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

Deutsche Bank upgraded MP Materials from Hold to Buy, raising its price target to $71 from $68, driven by increased confidence in the company's growth prospects and its strategic position as the only fully integrated rare earth company in the Western Hemisphere.
The upgrade follows better-than-expected third-quarter earnings and highlights MP's clear growth path through refinery progress, mine plan optimization, magnet production expansion, and recycling initiatives.
Despite experiencing a three-year revenue decline of 11.8% and negative operating and net margins, MP Materials' valuation is now based on an estimated 2028 EBITDA of $607 million, an upward revision from a prior forecast of $495 million.
MP Materials operates in two reportable segments, Materials and Magnetics, and is developing a rare earth metal, alloy, and magnet manufacturing facility in Fort Worth, Texas, to enhance its vertical integration.

Nov 10, 2025, 10:19 AM

CNBC

MP Materials Reports Record Q3 2025 NdPr Oxide Production and Strategic Partnership Progress

Earnings

New Projects/Investments

Guidance Update

MP Materials reported record NdPr oxide production of 721 metric tons in Q3 2025, representing a 21% sequential increase and a 51% year-over-year increase, which exceeded their outlook.
The company expects to return to profitability in Q4 2025 and beyond, as its long-term purchase price agreement (PPA) with the Department of Defense commenced on October 1.
MP Materials received the first $40 million prepayment from Apple for the production of magnets from recycled materials, with additional prepayments totaling $200 million expected as progress is made on the build-out.
Commissioning of the new heavy rare earth circuit, designed to produce over 200 metric tons of dysprosium and terbium annually, is on track to begin in mid-2026.

Nov 6, 2025, 10:00 PM

Transcript

MP Materials Reports Record Q3 2025 NdPr Oxide Production and Anticipates Q4 Profitability

Earnings

New Projects/Investments

Guidance Update

MP Materials achieved record NdPr oxide production of 721 metric tons in Q3 2025, representing a 21% sequential increase and 51% year-over-year increase.
The long-term purchase price agreement (PPA) with the Department of War commenced on October 1st, and the company expects to return to profitability in Q4 2025 and beyond.
The company received the first $40 million prepayment from Apple for magnet production from recycled materials, part of a total of $200 million in prepayments expected. A next payment of relative scale is anticipated in Q4.
Installation of the heavy separations circuit is on track to begin commissioning in mid-2026, projected to produce over 200 metric tons of dysprosium and terbium annually.
Year-to-date gross capital expenditures through Q3 2025 totaled approximately $110 million, with full-year gross CapEx expected at the low end of the $150 million-$175 million range.

Nov 6, 2025, 10:00 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for MP Materials Corp. / DE.

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