MP Materials Corp. (MP) Discusses Vertical Integration and Supply Chain Strategy in Rare Earth Materials

MP Materials Unveils Vertical Integration Strategy in Rare Earth Production

April 1, 2026 12:00 PM EDT

Company Participants

• Ryan Corbett - Chief Financial Officer

Conference Call Participants

• Corinne Blanchard - Deutsche Bank AG, Research Division

Presentation

Corinne Blanchard: Good morning, everyone. We're going to start our fireside chat today. I still see people joining, but we're just going to do a quick intro before we dive into the topic today. So this is our last of our series of expert call/fireside chat that we brought to you guys over the last 3 weeks. We had the first one, thematic view on critical minerals. The second one or last week, with Adamas Intelligence really, I would say, digging into the rare earth market supply chain and the landscape of NdPr was pricing. And then today, we thought we would bring the main player here and that we are going to coverage MP Materials. So I have Ryan Corbett, CFO, and he's going to be with us for the next 35 minutes. So Ryan, thank you for taking the time.

Ryan Corbett: Thank you, Corinne, happy to be here.

Question-and-Answer Session

Corinne Blanchard: So I see -- by the way, just as usual, we're going to give some time for Q&A. So few ways you can me, you can ping me on Bloomberg. I already saw some questions coming through. But we would prefer if you could just raise your hand and ask a live question. So we're just going to start, Ryan. Obviously, there's been almost 9 months close to a year now since the transformative agreement that you have with the Department of Defense. Can you kick off today's discussion with a high-level view of MP and the integration -- the vertical integration player that you