MP

MP Materials owns Mountain Pass, 'the only rare earth mining and processing site of scale in North America,' and is building an end-to-end domestic magnet supply chain at its Independence facility in Texas. The strategic story is genuinely transformational: in 2025 the company entered 'a transformational public-private partnership with the U.S. Department of War,' which includes pricing support and a long-term offtake agreement; signed a long-term supply agreement with Apple (with $200M of prepayments) for magnets and recycling; and received a final $50M prepayment from GM. It also raised $724.2M in a 13.6M-share offering at $53.35, leaving roughly $1.17B of cash on the balance sheet (and ~$1.8B including short-term investments per the MD&A). Operationally it hit records — NdPr oxide production up 101% to 2,599 MTs — and began manufacturing NdFeB magnets in December 2025.