COMPANY PROFILE / FUNCTIONAL MATERIALS
MP Materials
The U.S. company trying to link rare earth mining, separation and magnet manufacturing under one roof
The rare earth elements that go into strong permanent magnets are mined in many places, but separation, refining and magnet-making have been concentrated in China. MP Materials is a U.S.-listed company that mines and separates rare earths (NdPr oxide) at its Mountain Pass mine in California and, at its Independence plant in Fort Worth, Texas, began making sintered neodymium magnets in December 2025. In July 2025 it signed long-term agreements with the U.S. Department of War (the name its filings use for the Department of Defense) that include a price floor and a magnet offtake. This profile sets out what the 10-K (annual report) and 10-Q (quarterly report) let us confirm, and keeps it apart from company plans, which are not yet confirmed.
- MP Materials in 30 seconds, and where it sits in functional materials
- Logo and naming
- Where the company sits in functional materials
- Company size
- Resources committed to functional materials
- Track record so far
- Plans ahead
- What the company seems to be aiming for
- Partnership map in functional materials
- Technology, products and services
- Risks
- Glossary / References / Claim-to-source audit
1. MP Materials in 30 seconds, and where it sits in functional materials
Magnets (secondary)Core material: NdPr (neodymium-praseodymium)
US$110/kgOctober 2025 to end-2035; also an offtake of the second magnet plant
MP Materials’ value lies not only in owning a mine but in the fact that the U.S. government is guaranteeing price and demand to help build a domestic supply chain from mining to magnets. In FY2025 the Materials segment’s adjusted EBITDA was US$16.8M, including US$51.0M of income from the price protection agreement with the Department of War (the prior year was a loss of US$14.1M) Sourced. The business therefore depends heavily on its government contracts and on whether the magnet ramp-up succeeds. On magnets, the 10-K says manufacturing has begun, but it does not disclose shipment volumes, prices or product specifications Not yet confirmed.
2. Logo and naming
Naming note: the legal name is MP Materials Corp.. “MP” stands for Mountain Pass, the mine, and is used as a short name; this article uses the full company name. The company’s filings refer to the U.S. Department of Defense as the Department of War (DoW); this article follows the company’s usage and notes the equivalence at first mention. The logo is the one published on the company’s official website.
Official site: https://mpmaterials.com/3. Where the company sits in functional materials
MP Materials is mainly a materials and raw-material maker, with sintered neodymium-iron-boron (NdFeB) magnet production as a secondary line. For the basics of permanent magnets, see our explainer on permanent magnets and rare earths; for magnets without rare earths, see our explainer on rare-earth-free magnets. Our Niron Magnetics profile covers a company that commercializes a new magnetic material, iron nitride, without rare earths; MP Materials instead rebuilds the existing rare earth magnet supply chain at home. The two overlap in some respects and complement each other in others, and this article does not argue which is better.
4. Company size
Because MP Materials is a listed company, the 10-K has company-wide figures. For functional materials, the point is that almost the whole company is a rare earth and magnet business Sourced.
| Metric (US$) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue (millions) | 253.4 | 203.9 | 224.4 |
| of which rare earth concentrate (millions) | 252.5 | 144.4 | 42.0 |
| of which NdPr oxide and metal (millions) | 0.7 | 57.8 | 115.1 |
| of which magnetic precursor products (millions) | – | – | 66.9 |
| Price protection agreement income (millions) | – | – | 51.0 |
| Net income (loss) (millions) | 24.3 | (65.4) | (85.9) |
| Metric | Figure | Date and basis |
|---|---|---|
| Employees (full-time equivalent) | 998 | 31 December 2025. About 83% field-based. The magnetics scientist, technician and engineer team exceeds 180 |
| Cash and equivalents | US$1.8B | 31 December 2025. Cash, cash equivalents and short-term investments combined |
| Debt (principal) | US$1.1B | 31 December 2025. Convertible notes, a promissory note to the Department of War, equipment notes and others |
| Revenue, first half of 2026 | US$199.1M | Six months to 30 June 2026 (US$118.2M a year earlier). Net loss US$28.3M |
| Mineral reserves | 1.96 million short tons of REO | 31 December 2025; estimate by independent consultant SRK; average grade 5.89%; mine life about 28 years (company outlook) |
Price protection agreement income is not revenue from selling product; it is contractual income under which the Department of War pays the gap to a market benchmark, and it is reported separately. Because of this agreement, the 10-K says it will no longer present “NdPr realized price” Sourced. The 10-K also cites a market estimate by the research firm Adamas Intelligence (about 252,000 tons of rare earth oxides worldwide in 2025, 6.0% annual growth); this is a research-firm market estimate, so this article does not use it.
5. Resources committed to functional materials
The table shows, for each of the four resource types, whether primary sources let us confirm it.
| Resource type | Details | Status |
|---|---|---|
| People | 998 employees (end of 2025), up 18% in 2024 and 24% in 2025. The magnetics team of scientists, technicians and engineers exceeds 180. The company plans to hire several hundred more in 2026 and expects about 1,500 staff at the second magnet plant at full capacity (company outlook) | Sourced (outlook not yet confirmed) |
| Money (capital spending and R&D) | Capital expenditure, net of government awards: US$259.1M in 2023, US$186.3M in 2024 and US$148.2M in 2025. US$500-600M is expected for 2026 (company outlook). R&D is not disclosed separately; “advanced projects and development” of US$24.2M in 2025 includes US$20.1M of transaction costs tied to the Department of War agreements | Sourced (outlook not yet confirmed) |
| Outside investments, acquisitions, joint ventures, divestitures | Joint venture: a rare earth refinery in Saudi Arabia with Maaden (announced November 2025; MP and the Department of War target 49% and Maaden holds at least 51%). Divestiture: sold its 49% interest in VREX Holdco Pte. Ltd. in 2025 (US$9.7M received). Investment received: US$400M of preferred stock and a warrant issued to the Department of War. Acquisitions: none for 2025 in the 10-K | Sourced |
| University, research-institute and public-funding links | A US$35M contract with the Department of War’s Office of Industrial Base Analysis and Sustainment (February 2022) to build a heavy rare earth separation facility (US$24.2M received in 2025). Long-term agreements with the Department of War (price floor, offtake, financing). Benefit from the Section 45X manufacturing tax credit of US$20.3M in 2025. No joint research with universities or national laboratories is mentioned in the 10-K | Sourced (joint research not found) |
Status of key products and facilities
| Product / facility | Scale and content | Stage | Date | Source |
|---|---|---|---|---|
| Rare earth concentrate (Mountain Pass) | REO production of 50,692 t in 2025; at least 40,000 t every year since 2021. “Upstream 60K” aims at 60,000 t/yr (company target) | Operating | 2025 | Reference 1 |
| NdPr oxide (Mountain Pass) | 2,599 t produced in 2025 (+101% on 2024). The company says throughput is still below design capacity | Operating (ramping up) | 2025 | Reference 1 |
| NdPr metal and alloy flake (Independence) | Electrowinning from late 2024; strip casting from 2025 | Operating | 2024-2025 | Reference 1 |
| Sintered NdFeB magnets (Independence) | Manufacturing began on industrial-scale equipment in December 2025. Expansion to 3,000 t/yr is a plan under the agreement with the Department of War | Ramping up (final commissioning) | From December 2025 | References 1, 2 |
| Heavy rare earth (Tb, Dy) separation (HREE facility) | Terbium and dysprosium, mainly for the magnet segment. The company expects initial production in the second half of 2026 | Under construction | H2 2026 (expected) | Reference 2 |
| Samarium oxide separation; recommissioning of chlor-alkali facilities | Committed under the Department of War agreement. A US$150M loan (12 years) for the samarium project | Planned | – | Reference 1 |
| Second magnet plant, “10X Facility” (Northlake, Texas) | 7,000 t/yr. Over US$1.25B of investment and about US$200M of state and local incentives. Together with Independence, 10,000 t/yr | Construction started (land purchased April 2026). Commissioning expected in 2028 | 2026 | Reference 2 |
| Magnet recycling line (Mountain Pass) | Recovery from post-industrial and end-of-life magnets under the Apple agreement | Under construction / development | From 2025 | Reference 1 |
The ore at Mountain Pass is bastnaesite (a fluoro-carbonate mineral), dominated by light rare earths (lanthanum, cerium, praseodymium, neodymium and others). According to the 10-K, roasting the concentrate in a rotary kiln converts cerium to its tetravalent form, which dissolves poorly, so it can be removed early together with insoluble gangue; this cuts the mass that later stages must handle and so reduces energy, reagents and wastewater Sourced. The same document says the ore body is predominantly light rare earths, with only a small share of heavy ones. The magnet process, as the 10-K describes it, runs from electrowinning NdPr oxide to metal, strip casting into alloy flake, hydrogen decrepitation and jet milling to powder, pressing, sintering and machining, with optional extra steps such as grain boundary diffusion to “enhance durability and magnetic performance.”
In general, the high-temperature coercivity of sintered neodymium magnets is secured by placing heavy rare earths such as terbium and dysprosium at grain boundaries (general background covered in our explainer on permanent magnets and rare earths). That the company is building its heavy rare earth separation capacity mainly for the magnet segment suggests this is the reason Not yet confirmed. However, the 10-K gives no product specifications such as coercivity, remanence or grades, and we could not confirm any.
6. Track record so far
| When | Event | Meaning |
|---|---|---|
| July 2017 | Acquired Mountain Pass and restarted operations | The only large-scale rare earth mine and refining site in the U.S. |
| 2021 onward | REO in concentrate at 40,000 t or more every year | Stable upstream |
| February 2022 | Won a US$35M Department of War contract for a heavy rare earth separation facility; started construction of the Independence plant | Starting point of the heavy rare earth and magnet investments |
| April 2022 | Long-term supply agreement for magnets and precursors with GM (General Motors) | First foundational customer |
| 2023 | Started separation (NdPr oxide). In February, Sumitomo Corporation of Americas became exclusive distributor of NdPr for Japan. In November, announced “Upstream 60K” | From selling concentrate to selling separated products |
| Late 2024-2025 | Electrowinning and strip casting at Independence. Began selling magnetic precursor (NdPr metal) in Q1 2025 | Downstream start-up |
| July 2025 | Agreements with the Department of War (9 July), a share offering (US$724.2M net), a supply agreement with Apple (US$200M of prepayments, conditional on milestones), and an end to all product sales to China | Government and customer funding to expand downstream; breaking the China dependence |
| August 2025 | US$150M promissory note to the Department of War (samarium project); US$275M credit facility led by JPMorgan | Diversified funding |
| October 2025 | NdPr price protection agreement began (floor US$110/kg) | Price risk shared with the government |
| November 2025 | Joint venture with Saudi Arabia’s Maaden and the Department of War for a rare earth refinery | Refining expansion abroad in a structure that limits capital |
| December 2025 | Began manufacturing sintered NdFeB magnets (Independence) | Mine-to-magnet chain connected on paper |
| January-February 2026 | The Shenghe sales agreement expired and was not extended. Chose Northlake, Texas for the 10X plant. NdPr purchase agreement with a U.S. technology and industrial company | End of China sales; second plant site fixed |
| April-August 2026 | Bought about 120 acres for 10X for roughly US$80M and began construction. First-half revenue US$199.1M | Revenue now centered on NdPr oxide and metal |
7. Plans ahead
7,000 t/yrCompany expectation (under construction)
All of these are company plans and expectations, not things already achieved Not yet confirmed. The 10-K itself lists risks for the magnet ramp-up, including construction delays, delays in installing equipment, and products that may not meet customer expectations.
None of the following was found in official sources Not yet confirmed.
Magnet shipment volumes, prices and grade-by-grade specifications / the timing of magnet shipments to Apple / the start-up dates for samarium oxide and the chlor-alkali facilities / the investment amount and start-up date of the Maaden joint venture / the name and volume of the February 2026 NdPr purchase agreement (the company does not name the buyer) / joint research with universities or national laboratories.
8. What the company seems to be aiming for
This section includes things the company does not say directly. They are inferences from what primary sources show, given with their grounds.
| What we read from the record | Primary-source grounds | Status |
|---|---|---|
| The goal is a supply chain complete within one company, from mine to magnet | The 10-K states the mission as restoring the rare earth magnet supply chain to the United States | Sourced |
| The materials business is not profitable without the Department of War’s price floor | The Materials segment’s adjusted EBITDA of US$16.8M includes US$51.0M of price protection income; the 10-K says that income led to positive segment EBITDA | Inference |
| It attaches importance to self-supply of heavy rare earths, which affect magnet performance | The heavy rare earth facility is described as for the magnet segment; the ore is light-rare-earth-dominated | Inference |
| Revenue will concentrate in a few large contracts (Department of War, GM, Apple) | Each has a disclosed long-term contract and prepayments (Apple US$200M conditional on milestones; GM US$150M) | Inference |
| Abroad, it will expand refining while limiting its own capital | The Maaden venture is described as capital-light, with the U.S. share financed non-recourse by the Department of War | Sourced |
The Materials segment’s FY2025 adjusted EBITDA was a US$16.8M profit, and the 10-K explains that the price protection agreement income made it positive. That income was US$51.0M, so subtracting it gives roughly negative US$34.2M Our calculation (a rough figure only, since the definition of adjusted EBITDA and the amortization linked to the agreement also matter). This supports the reading that without the price floor the segment would have been loss-making. The agreement runs to the end of 2035, but once the 10X plant is at full capacity and the market price exceeds the US$110 reference, MP pays the Department of War 30% of the excess Sourced. So the company appears to have chosen a structure that protects the downside while sharing part of the upside with the government Not yet confirmed. This is our interpretation, not a statement by the company.
9. Partnership map in functional materials
10. Technology, products and services
Products fall into two segments: Materials and Magnetics Sourced.
| Segment | Main products | Customers (company description) |
|---|---|---|
| Materials | NdPr oxide and metal; cerium and lanthanum products; “SEG+”, a mixed heavy rare earth product; and, historically, rare earth concentrate | Japan, South Korea, wider Asia and the U.S. Sales to China stopped in July 2025 |
| Magnetics | Magnetic precursor products (NdPr metal); sintered NdFeB magnets (manufacturing began December 2025) | GM (precursors; finished magnets expected from 2026), Apple (magnets), the Department of War (all output of the 10X plant) |
The uses the 10-K lists for magnets include electric-vehicle traction motors, robotics, wind generators, energy-efficient motors, consumer and medical devices, and defense systems. The 10-K gives no product-level specifications (grades, magnetic properties) for these uses Not yet confirmed.
In general, in volume magnet production, powder particle size, oxygen content, alignment (orienting crystals in a magnetic field while pressing) and sintering temperature control are said to decide performance and yield. The 10-K lists the magnet plant’s steps as pressing, sintering, machining and finishing, but process conditions such as how alignment is done and how yield and oxygen are controlled are not disclosed. The company itself lists “products may fail to satisfy customer expectations” as a risk, and it is at the stage of having “started manufacturing on industrial-scale equipment” in December 2025. The 10-K also says it first made trial automotive-grade magnets at the new-product-introduction (NPI) line inside Independence before moving to the industrial-scale equipment Sourced. For automotive and electronics customers, passing the customer’s own evaluation and qualification is the next hurdle (a general point, not a company-specific fact).
11. Risks
| Risk | Details | Status |
|---|---|---|
| A single mine | Revenue depends mainly on operations at one site (Mountain Pass); a stoppage would hit output and earnings (10-K) | Sourced |
| Dependence on the Department of War | Price floor, offtake, preferred stock, loans and equipment contracts all concentrate on one counterparty. If the Department of War’s preferred stock is converted and the warrant exercised, the common shares involved equal 15% of shares outstanding at 9 July 2025 | Sourced |
| Magnet ramp-up | Construction and equipment delays and failure to meet customer expectations are listed by the company itself. Magnet volumes and prices are undisclosed | Sourced |
| Securing heavy rare earths | The ore is light-rare-earth-dominated. The heavy rare earth separation facility is expected to start in the second half of 2026, so securing the inputs that support magnet performance is a challenge | Inference |
| China’s export controls and market | On 4 April 2025 China’s Ministry of Commerce and General Administration of Customs issued Announcement No. 18 of 2025, placing export controls on items related to samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium. According to the 10-K, China expanded the controls in 2025 and in November 2025 agreed with the U.S. to suspend the expanded measures. These swing supply and prices | Sourced (the announcement is on the ministry’s official page; the agreement is as described in the 10-K) |
| Funding and financial covenants | Capital spending of US$500-600M expected in 2026. The credit facility requires at least US$500M of unrestricted cash until certain conditions are met. Convertible notes due 2030 (US$747.5M issued, plus US$115.3M exchanged from the 2026 notes) | Sourced |
| Price swings | Rare earth prices fell sharply in 2023-2024 and hurt cash flow. Since October 2025 the price floor makes the Department of War cover shortfalls, but once the 10X plant is at full capacity MP pays 30% of any excess above the reference price | Sourced |
| Environmental rules and litigation | Mining and processing are subject to permits and environmental regulation. A construction-related lawsuit was settled in 2026 (US$8.8M) | Sourced |
12. Glossary
- Rare earth elements (REE)
- A group of 17 elements, including neodymium, that go into the strongest permanent magnets.
- NdPr
- Neodymium and praseodymium. The main feedstock for neodymium magnets and the largest rare earth segment by value.
- Heavy rare earths (HREE)
- Terbium, dysprosium and others, used to improve a magnet’s heat resistance (coercivity). Less abundant than light rare earths.
- Bastnaesite
- The main ore at Mountain Pass, a rare-earth-bearing fluoro-carbonate mineral.
- NdFeB magnet
- A neodymium-iron-boron sintered magnet; the strongest commercial permanent magnet for motors.
- PPA (price protection agreement)
- The NdPr price-floor contract between MP Materials and the Department of War. This article writes “price protection agreement.”
- Offtake
- A contract in which a buyer commits to purchase output over a long period.
- Form 10-K / 10-Q
- The annual and quarterly reports a U.S.-listed company files with the SEC; the 10-K is audited and the 10-Q reviewed.
13. References
- MP Materials Corp. Form 10-K for the year ended 31 December 2025 (filed 26 February 2026). Business overview, segment revenue, Department of War agreements, Apple and GM contracts, capital spending, mineral reserves, employees, risk factors. https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm
- MP Materials Corp. Form 10-Q for the quarter ended 30 June 2026 (filed 7 August 2026). First-half 2026 results, the 10X Facility (Northlake), heavy rare earth outlook, GM precursor balance. https://www.sec.gov/Archives/edgar/data/1801368/000180136826000048/mp-20260630.htm
- MP Materials Corp. Exhibit to Form 8-K (19 November 2025). Press release on the rare earth refinery joint venture with Maaden and the Department of War. https://www.sec.gov/Archives/edgar/data/1801368/000119312525287046/d39340dex991.htm
- MP Materials Corp. Official website (source of the logo). https://mpmaterials.com/
- Ministry of Commerce and General Administration of Customs of the People’s Republic of China Announcement No. 18 of 2025, “Announcing the decision to implement export control on some medium and heavy rare earth related items” (4 April 2025; English version). https://english.mofcom.gov.cn/Policies/AnnouncementsOrders/art/2025/art_0dd87cbee7b045bf93fabe6ab2faceee.html
- U.S. House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party Press release, “Khanna, Moolenaar Introduce Bipartisan Legislation to Reshore America’s Magnet Supply Chain” (9 June 2026), including a statement of support from an MP Materials executive. https://democrats-selectcommitteeontheccp.house.gov/media/press-releases/khanna-moolenaar-introduce-bipartisan-legislation-reshore-americas-magnet
- U.S. SEC EDGAR filing index for MP Materials Corp. (CIK 0001801368), used to confirm filing dates. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001801368&type=&dateb=&owner=include&count=40
14. Claim-to-source audit
| Claim in the text | Status | Source |
|---|---|---|
| Legal name, headquarters, the two segments, Mountain Pass and Independence overview, 998 employees | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm |
| Revenue, net loss and product revenues (2023-2025), NdPr production of 2,599 t, REO production of 50,692 t | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm |
| Department of War agreements (US$110/kg price floor, offtake, US$140M EBITDA guarantee, US$400M preferred stock, warrant, US$150M note) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm |
| Apple agreement (US$200M prepayments), GM agreement (US$150M prepayments), Sumitomo distribution agreement | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm |
| Capital expenditure history (US$148.2M and others), the 2026 outlook (US$500-600M), cash of US$1.8B | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm |
| Mineral reserves (1.96 million short tons), the end of China sales, cerium removal by roasting, the magnet process | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm |
| First-half 2026 revenue and price protection income, 10X (Northlake) location, investment and timing, the second-half 2026 heavy rare earth outlook, GM’s remaining US$45.5M | Sourced (outlook not yet confirmed) | Reference 2 https://www.sec.gov/Archives/edgar/data/1801368/000180136826000048/mp-20260630.htm |
| Maaden joint venture (target 49% and at least 51%, non-recourse financing by the Department of War) | Sourced | Reference 3 https://www.sec.gov/Archives/edgar/data/1801368/000119312525287046/d39340dex991.htm |
| MOFCOM / General Administration of Customs Announcement No. 18 of 2025 (4 April 2025; medium and heavy rare earth export controls) | Sourced | Reference 5 https://english.mofcom.gov.cn/Policies/AnnouncementsOrders/art/2025/art_0dd87cbee7b045bf93fabe6ab2faceee.html |
| Magnets Value Chain Support Act of 2026 (introduced 9 June 2026) and MP Materials’ executive’s statement of support | Sourced (introduced stage) | Reference 6 https://democrats-selectcommitteeontheccp.house.gov/media/press-releases/khanna-moolenaar-introduce-bipartisan-legislation-reshore-americas-magnet |
| List of filings and filing dates | Sourced | Reference 7 https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001801368&type=&dateb=&owner=include&count=40 |
| Logo from the official website | Sourced | Reference 4 https://mpmaterials.com/ |
| Magnet shipment volumes, prices and grade-by-grade specifications | Not yet confirmed | Not stated in the 10-K or 10-Q; this article makes no estimate Reference 1 https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm |
| Name and volume of the February 2026 NdPr purchase agreement | Not yet confirmed | Not stated in the 10-Q (the company does not name the buyer) Reference 2 https://www.sec.gov/Archives/edgar/data/1801368/000180136826000048/mp-20260630.htm |
| Joint research with universities or national laboratories | Not yet confirmed | Not stated in the 10-K; we do not assert it does not exist Reference 1 https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm |
| Global rare earth oxide market size and growth (Adamas Intelligence estimate) | Not yet confirmed | A research-firm estimate, so this article does not use it (the passage quoted in the 10-K) |
| The materials business is not profitable without the Department of War price floor | Inference | This article’s interpretation (from segment adjusted EBITDA and price protection income) |
| Segment adjusted EBITDA excluding price protection income, roughly negative US$34.2M | Our calculation | This article’s calculation (US$16.8M minus US$51.0M; a rough guide because definitions differ) |
| Self-supply of heavy rare earths is a priority | Inference | This article’s interpretation (from the heavy rare earth facility being for the magnet segment) |
| Revenue will concentrate in a few large contracts | Inference | This article’s interpretation (from the disclosed long-term contracts and prepayments) |
| High-temperature coercivity of sintered neodymium magnets is secured with heavy rare earths (general explanation) | Our commentary | This article’s commentary (general background covered in our explainer on permanent magnets and rare earths; not a statement in the 10-K) |
| Securing heavy rare earths is a risk | Inference | This article’s interpretation |
| The four company types (materials, components, coatings, new approaches) | Our calculation | This article’s own grouping; company names are examples from this series |
Last updated 10 October 2026 / Troy Technical
Figures in this article come from MP Materials Corp.’s statutory filings with the U.S. Securities and Exchange Commission (Forms 10-K, 10-Q and 8-K) and from official announcements by China’s Ministry of Commerce and a U.S. House select committee. No research-firm estimates or press-only figures have been used. Passages marked “Inference” are this article’s interpretation of primary sources, not statements made by the company.