MP Materials Corp. (MP): Business Model Canvas [Dec-2025 Updated]

Honestly, when you look at MP Materials Corp., you're not just seeing a miner; you're seeing a strategic national asset in the making, backed by the U.S. Department of Defense with a $400 million investment and a price floor agreement. This company is rapidly transforming from just shipping concentrate to owning the entire 'mine-to-magnet' chain, which is why they landed big deals with Apple and General Motors. For instance, their Q3 2025 revenue hit $53.6 million as they ramped up oxide production and started the magnetics segment in Texas, but the real story is how they are de-risking the supply chain for critical tech. Let's break down the nine blocks of their business model to see exactly how they plan to deliver on this promise, defintely a must-see for anyone tracking domestic supply security.

MP Materials Corp. (MP) - Canvas Business Model: Key Partnerships

You're mapping out the strategic alliances that underpin MP Materials Corp.'s vertical integration and de-risking strategy, so let's look at the hard numbers defining these relationships as of late 2025.

The company's foundation is heavily supported by government and major industrial customers, which provides revenue stability and massive capital backing for expansion projects.

The partnership with the U.S. Department of Defense (DoD) is foundational, securing both equity and long-term demand for refined products.

• DoD investment via convertible preferred stock and warrants totals $400 million.
• This investment positions the DoD to potentially hold a 15% equity stake on an as-converted and as-exercised basis.
• A 10-year price floor commitment of $110 per kilogram for Neodymium-Praseodymium (NdPr) products is in place, starting in Q4 2025.
• This floor is roughly double MP Materials' realized NdPr oxide price of $51/kg in 2024.
• The DoD also provided a $150 million loan specifically for expanding heavy rare earth separation capabilities at Mountain Pass.
• The DoD has a 100% purchase commitment covering all magnets from the new facility for the next 10 years.

The market reacted strongly to this government backing, with MP Materials' stock rising by 8.2% on the news of the Saudi JV, bringing its market capitalization to nearly $11 billion on November 19, 2025. Year to date, the stock had risen by nearly 290% as of that date.

The agreement with Apple Inc. focuses on closing the loop on magnet recycling, a critical step for consumer electronics sustainability goals.

• Apple committed to a $500 million multi-year agreement for purchasing and development.
• The deal includes establishing a rare earth recycling line at Mountain Pass, California.
• MP Materials will supply magnets manufactured at its Fort Worth, Texas facility, 'Independence,' using 100% recycled rare earth materials.
• Apple reported surpassing 99% use of recycled rare earth elements in all its magnets in its 2025 Environmental Progress Report.
• MP Materials is set to deliver these recycled magnets starting in 2027.

The relationship with General Motors (GM) anchors the North American electric vehicle (EV) magnet supply chain.

This is a binding, long-term agreement for U.S.-sourced and manufactured rare earth materials, alloy, and finished magnets for GM's Ultium Platform motors.

The supply is tied to the 200,000 sq. ft. magnet manufacturing facility in Fort Worth, Texas, which has the capacity to power approximately 500,000 EV motors annually.

Finally, the international strategic alignment with Saudi Arabian Mining Company (Ma'aden) is centered on global refining capacity.

Here's the quick math on the joint venture structure:

MP Materials contributes its technical expertise in rare earth separation and refining, plus global marketing capabilities to this venture.

The core partnerships driving MP Materials Corp.'s 2025 strategy are summarized below:

• DoD: $400 million equity investment and 10-year NdPr price floor at $110/kg.
• Apple Inc.: $500 million multi-year deal for recycled magnets, with delivery starting in 2027.
• General Motors (GM): Long-term supply for Ultium EV motors, tied to the Texas facility's capacity to power 500,000 EV motors annually.
• Ma'aden: Joint venture where MP Materials and DoD hold a combined 49% stake in a new Saudi refinery.

Finance: draft 13-week cash view by Friday.

MP Materials Corp. (MP) - Canvas Business Model: Key Activities

MP Materials Corp. focuses its key activities on establishing a fully domestic, mine-to-magnet rare earth supply chain, moving away from concentrate sales to higher-value downstream products.

• - Mining and beneficiation of rare earth concentrate at Mountain Pass.
• - Rare earth oxide separation; Q3 2025 NdPr oxide production hit 721 metric tons.
• - NdFeB permanent magnet manufacturing at the Independence, Texas facility.
• - Developing heavy rare earth separation capacity (Dy/Tb) for defense applications.
• - Executing the mine-to-magnet vertical integration strategy.

The upstream operations at Mountain Pass yielded significant output in the third quarter of 2025, marking a transition in product mix.

The separation activity is scaling to support the downstream magnetics segment, which saw substantial revenue growth in Q3 2025.

The Independence, Texas facility is central to the mine-to-magnet strategy, with initial commercial output underway.

• - Independence facility commenced commercial NdPr metal production.
• - Trial production of automotive-grade, sintered NdFeB magnets underway.
• - Initial commercial magnet production ramp beginning late 2025.
• - Planned annual magnet production capacity target is 10,000 metric tons.

Development of heavy rare earth separation capacity is a key focus, backed by government support to secure defense applications.

• - New heavy circuit commissioning expected mid-2026.
• - Target annual capacity for dysprosium (Dy) and terbium (Tb) is more than 200 metric tons.
• - Heavy circuit designed to process approximately 3,000 metric tons of feedstock.
• - Stockpiled heavy rare earth feedstock (SEG+) is over 200 metric tons.

Executing the vertical integration strategy is underpinned by a transformational public-private partnership with the Department of Defense (DoD), which closed on July 11, 2025.

• - DoD investment included a $400 million purchase of preferred stock.
• - DoD provided a $150 million loan for heavy rare earth refining expansion.
• - The DoD's long-term purchase price agreement (PPA) for NdPr commenced October 1, 2025.
• - MP Materials received a $40 million prepayment from Apple for magnets from recycled materials.

MP Materials Corp. (MP) - Canvas Business Model: Key Resources

You're looking at the core assets that anchor MP Materials Corp.'s entire operation as of late 2025. These aren't just line items; they are the physical and financial foundations supporting the domestic rare earth supply chain pivot.

Mountain Pass Mine: The Only Scaled, High-Grade Rare Earth Resource in North America

The Mountain Pass facility in California remains the bedrock. It's the only operation of this scale in North America, meaning its output directly underpins all downstream efforts. The ore body itself is world-class, containing between 8% to 12% total rare-earth oxides (TREO).

Operationally, the midstream processing is scaling rapidly. For the third quarter of 2025, MP Materials Corp. achieved a record 721 metric tons of Neodymium-Praseodymium (NdPr) oxide production, marking a 51% increase year-over-year. However, total Rare Earth Oxide (REO) production volumes for Q3 2025 were 13,254 metric tons, a 4% decrease year-over-year. The company is actively planning infrastructure upgrades, expecting an ore sorter circuit to begin ramping up in Q1 2026 to process lower-grade ore.

Independence Facility (Texas): Downstream Metal and Magnet Manufacturing Assets

The Independence facility in Fort Worth, Texas, is where MP Materials Corp. moves from raw material to finished product. Commercial production of NdPr metal began in early 2025, with trial production of automotive-grade, sintered Neodymium-Iron-Boron (NdFeB) magnets also underway.

The initial phase capacity for finished magnets is set at approximately 1,000 metric tons per year. The Magnetics Segment is already contributing significantly, generating $21.9 million in revenue and a profitable $9.5 million in Adjusted EBITDA for the third quarter of 2025. This segment is set for massive scaling, with plans to reach a total U.S. magnet manufacturing capacity of 10,000 metric tons annually across Independence and the future 10X Facility.

Strategic Capital: Strong Liquidity and Strategic Investment

You want to see a strong balance sheet when a company is executing a multi-billion dollar vertical integration strategy. MP Materials Corp. reported nearly $2 billion in cash on its balance sheet as of Q2 2025. For the third quarter of 2025, consolidated revenue was $53.6 million, and the company expects to return to profitability in Q4 2025 and beyond.

This capital position is heavily reinforced by strategic non-dilutive and equity investments:

• Department of Defense (DoD) investment of $400 million in preferred stock, positioning the DoD as the largest shareholder.
• Apple committed $500 million for recycled magnet purchases, with an initial prepayment of $40 million received.
• The company secured a $1 billion loan facility from JPMorgan and Goldman Sachs to fund magnet manufacturing.

DoD Offtake Agreement: Guaranteed Demand and Price Floor

The partnership with the Department of Defense (DoD) is a game-changer for cash flow visibility. The DoW Price Protection Agreement commenced on October 1, 2025.

Proprietary Separation Technology: Expertise Enabling Non-Chinese Processing

The ability to separate and refine rare earths outside of China is a core technological asset. MP Materials Corp. is expanding this capability at Mountain Pass. They plan to commission a new heavy rare earth separation facility in mid-2026.

This new circuit is specifically designed to process materials like dysprosium (Dy) and terbium (Tb), with an initial nameplate capacity of 200 metric tons per year. This supports the overall goal of producing 10,000 MT of high-performance NdFeB magnets annually. Finance: draft 13-week cash view by Friday.

MP Materials Corp. (MP) - Canvas Business Model: Value Propositions

You're looking at the core promises MP Materials Corp. is making to its customers and stakeholders as of late 2025, which are deeply tied to national strategy and operational milestones.

Secure, domestic, and fully integrated rare earth supply chain for the U.S.

MP Materials Corp. operates the Mountain Pass Rare Earth Mine and Processing Facility in California, which stands as the only rare-earth mining and processing site of its scale in North America. The company has invested nearly $1 billion to restore the full rare earth supply chain within the United States. This integration spans from mining and processing to advanced metallization and magnet manufacturing. The company is on track to begin commercial scale magnet production by the end of 2025.

The strategic build-out includes plans for the 10X Facility, which is projected to increase U.S. magnet manufacturing capacity to 10,000 metric tons annually. As of Q3 2025, the California refinery was processing nearly half of MP Materials' production, with virtually all of that material sold into markets outside China, including the U.S., Japan, and South Korea.

Supply chain resilience for critical defense and clean energy technologies

The value proposition here is direct support for national security and the energy transition, as rare-earth magnets are crucial for electric vehicle motors, offshore wind turbines, and defense systems. MP Materials has taken decisive action to secure this, ceasing shipments of rare earth concentrate to China following retaliatory tariffs and export controls. This pivot underscores the company's role as a cornerstone of national supply chain resilience.

Government backing solidifies this resilience:

• The Department of Defense (DoD) made a $400 million investment, securing a 15% stake in MP Materials.
• The DoD will purchase magnets produced at the 10X Facility for a decade.
• MP Materials is also part of a joint venture with the DoD and Saudi Arabian Mining Company (Maaden) to build a rare-earth refinery in Saudi Arabia.

High-quality NdPr oxide and metal for high-performance magnets

Operational execution in Q3 2025 demonstrated a significant increase in the output of high-quality Neodymium-Praseodymium (NdPr) products. MP Materials achieved record quarterly NdPr oxide production of 721 metric tons in Q3 2025, which was a 51% year-over-year increase. The company's total Rare Earth Oxide (REO) production for that quarter was 13,254 metric tons, the second-highest quarterly result in its history.

The market is recognizing the value of these separated products:

Furthermore, MP Materials is advancing into heavy rare earths, targeting mid-2026 commissioning for a separation circuit focused on dysprosium (Dy) and terbium (Tb), with a nameplate capacity of 200 metric tons per year.

Price stability for customers via long-term, fixed-price contracts

Price stability is being engineered through significant, long-term agreements that de-risk MP Materials' expansion and provide customers with supply assurance. The most significant component is the agreement with the DoD, which established a price floor commitment.

• The DoD agreement establishes a 10-year price floor of $110 per kilogram for NdPr products.
• This Purchase Price Agreement (PPA) commenced on October 1, 2025.
• MP Materials also has a $500 million supply agreement with Apple for U.S.-manufactured rare-earth magnets.
• The first $40 million prepayment was received under the Apple agreement, with a total of $200 million expected.

These contracts provide enhanced cash flow visibility starting in Q4 2025. Analysts noted that 2025 sales contracts are already 2x higher than all of 2024, with recurring seven-figure contracts in place.

Ethically and environmentally responsible sourcing and production

The commitment to responsible sourcing is directly tied to the partnership with Apple, which is a foundational customer for this value stream. The agreement with Apple specifically calls for supplying the technology giant with rare-earth magnets manufactured in the U.S. from 100% recycled materials. This focus on circular economy R&D supports the company's environmental positioning as it scales magnet production in Texas.

MP Materials Corp. (MP) - Canvas Business Model: Customer Relationships

MP Materials Corp. (MP) has solidified its customer relationships through deep, strategic alignment with both government and major commercial entities, moving away from commodity concentrate sales to high-value, long-term product offtake agreements.

• - Strategic, high-touch relationships with co-development and qualification.

The relationship with Apple is centered on co-development for circular economy initiatives, including a deal to supply magnets manufactured from 100% recycled materials, requiring the build-out of a large-scale, dedicated recycling line at the Mountain Pass facility and expansion at the Fort Worth facility. Shipments of these magnets are expected to begin in 2027. MP Materials received the first $40 million prepayment from Apple in the third quarter of 2025, out of a total $200 million prepayment program tied to milestones. The overall agreement with Apple secures at least $500 million in annual magnet sales starting in 2027.

• - Long-term, sticky contracts with high switching costs for customers.

The shift in MP Materials Corp. (MP)'s sales structure is evident in the cessation of all rare earth concentrate sales to Chinese customers starting in April 2025, with zero revenue from concentrate sales reported in the third quarter of 2025. This transition is underpinned by long-term commitments from anchor customers. For instance, Q3 2025 magnetic precursor product sales reached $21.9 million, signaling the shift to higher-value products. The company's NdPr oxide sales surged 283% to $25 million in the second quarter of 2025.

Here's a quick look at the guaranteed revenue streams underpinning the $1 billion capital expansion:

• - Institutional engagement with government agencies like the DoD.

The Department of Defense (DoD) partnership has made the U.S. government MP Materials Corp. (MP)'s largest shareholder, with an effective stake of 15% on an as-converted and as-exercised basis following a $400 million preferred stock investment, closing July 11, 2025. The DoD also committed a $150 million loan to expand heavy rare earth separation capabilities. The price floor of $110/kg for NdPr is nearly double MP Materials Corp. (MP)'s second-quarter average sale price of $52/kg. The DoD has a $140 million minimum EBITDA guarantee on the new 10,000 metric ton magnet facility.

The profit-sharing mechanism with the DoD includes:

• - First $30 million in EBITDA above $140 million per year.
• - 50% of EBITDA above $170 million per year.

• - Direct executive-level engagement with cornerstone customers (Apple, GM).

General Motors Company (GM) is a cornerstone customer, having signed a long-term agreement in April 2022 to supply rare earth materials and finished magnets for more than a dozen models based on GM's Ultium Platform. The company's Q2 2025 revenue increased 84% year-over-year, supported by the ramp-up in sales of magnet precursor products. MP Materials Corp. (MP) reported nearly $2 billion in cash on the balance sheet as of Q2 2025.

MP Materials Corp. (MP) - Canvas Business Model: Channels

MP Materials Corp. channels are rapidly evolving from concentrate sales to direct, high-value product delivery, underpinned by strategic government and industrial partnerships.

Direct sales via long-term offtake agreements (e.g., DoD, GM).

The channel strategy heavily relies on long-term commitments that secure demand and provide price stability for the higher-value separated products. The partnership with the U.S. Department of War (DoW) is central to this, providing a decade-long revenue floor.

• The DoW has a 10-year agreement establishing a price floor commitment of $110 per kilogram (kg) for MP Materials Corp.'s Neodymium-Praseodymium (NdPr) products, effective October 1, 2025.
• The DoW also committed to a 10-year offtake agreement for 100 percent of the magnet production from the planned '10X Facility,' which is expected to reach a total U.S. magnet manufacturing capacity of 10,000 metric tons upon commissioning in 2028.
• MP Materials Corp. also has a long-term agreement with General Motors (GM) to supply magnets and related products from its Fort Worth Facility.

Direct sales of NdPr oxide and metal to industrial manufacturers.

MP Materials Corp. has completed its strategic pivot away from selling lower-value concentrate, focusing entirely on separated products like NdPr oxide and metal, which command significantly higher realized pricing. This transition was finalized when all REO sales to third parties ceased in July 2025.

Here is a look at the recent sales performance for these higher-value products:

The Magnetics division, which began magnetic precursor product deliveries in Q1 2025, generated $5.2 million in revenue in that quarter. By Q3 2025, the segment revenue reached $21.9 million.

Logistics and distribution network for high-purity refined elements.

The distribution network is now centered on delivering separated products from the Mountain Pass facility and the Independence Facility, where NdPr metal output was recorded in Q3 2025. The company is advancing its magnet manufacturing capabilities, with the Independence Facility expected to manufacture NdFeB permanent magnets by the end of 2025, having an initial capacity of 1,000 tons.

Planned international channel through the Ma'aden joint venture.

A major planned channel involves the strategic joint venture (JV) announced November 19, 2025, with Saudi Arabia's Ma'aden and the U.S. Department of War (DoW) to develop a rare earth refinery in Saudi Arabia. This JV is structured to leverage Saudi Arabia's infrastructure and resources to produce separated light and heavy rare earth oxides for allied markets.

Key financial and structural details of this planned channel include:

• Ownership split: MP Materials Corp. and the DoW will hold a combined targeted equity position of 49%, with Ma'aden holding no less than 51%.
• Financing: The DoW will provide non-recourse financing for the U.S. contribution.
• Capital Allocation: The JV secured $150 million specifically for heavy rare earth refining capabilities and access to over $1 billion in debt financing for operational deployment.

Finance: draft 13-week cash view by Friday.

MP Materials Corp. (MP) - Canvas Business Model: Customer Segments

You're looking at the customer base for MP Materials Corp. (MP) as of late 2025, and honestly, it's a story of deliberate transformation, moving away from bulk commodity sales toward high-value, strategic partnerships. The numbers from the third quarter of 2025 really show this pivot in action.

The company's revenue mix in Q3 2025 was $53.55 million in consolidated revenue, but the composition is what matters for understanding who they serve now. Revenue from the higher-purity NdPr Oxides and Metals hit $30.91 million, while the new Magnetics Segment, delivering magnetic precursor products, brought in $21.9 million. Critically, revenue from the legacy Rare Earth Concentrate dropped to $0 in Q3 2025, down from $43.10 million in Q3 2024, because MP Materials stopped all third-party concentrate sales in July 2025.

Here are the core customer segments MP Materials Corp. is targeting:

• - U.S. National Security and Defense Systems (DoD).
• - Electric Vehicle (EV) and Automotive Manufacturers (e.g., GM).
• - Consumer Electronics and Technology Companies (e.g., Apple).
• - Renewable Energy and Industrial Integrators (wind turbines).
• - Emerging rare earth suppliers (for third-party heavy rare earth feedstock).

The relationship with the U.S. government is foundational now. The Department of War (DoW), formerly the DoD, signed a major deal. This partnership includes a Price Protection Agreement (PPA) that started on October 1, 2025, establishing a $110/kg floor mechanism for neodymium and praseodymium (NdPr). The DoD is also providing a $400 million investment in convertible stock and a $150 million loan to support domestic capacity expansion. This government backing underpins the entire domestic magnet strategy.

For commercial customers, the focus is on securing long-term, high-volume offtake for the downstream products. General Motors (GM) is already taking product, having started buying magnetic precursor products from the Independence facility.

The Consumer Electronics segment is anchored by a massive commitment from Apple. MP Materials Corp. received the first $40M prepayment from Apple in Q3 2025, which is part of a larger $200M program. The overall agreement with Apple is for over $500,000,000 in contracted magnet purchases, though these purchases are scheduled to begin in 2027. This deal specifically involves magnets made at the Fort Worth, Texas, facility using recycled feedstock, which is a key part of MP Materials Corp.'s sustainability push.

The table below summarizes the key financial metrics tied to the shift in revenue focus, reflecting the move toward these higher-value customer segments:

For the Renewable Energy and Industrial sector, the demand for rare earth magnets is a clear driver, as evidenced by management noting that slower downstream demand from the wind power sector could impact future magnet sales volumes. Also, MP Materials Corp. is looking to expand its heavy rare earth processing capabilities, with a heavy separations circuit slated to start commissioning mid-2026 to produce >200 mt of Dy+Tb annually.

Regarding emerging rare earth suppliers, MP Materials Corp. is actively expanding its international footprint with government backing. They recently announced a joint venture with the Saudi Arabian Mining Company (Maaden) to establish a rare earth refinery in Saudi Arabia. This signals a move to secure feedstock and processing capabilities beyond the U.S. borders, leveraging international resources with U.S. strategic alignment.

If onboarding takes 14+ days, churn risk rises, but here, execution risk on the 10X Facility remains the bigger concern for meeting the 2027 Apple commitment. Finance: draft 13-week cash view by Friday.

MP Materials Corp. (MP) - Canvas Business Model: Cost Structure

The Cost Structure for MP Materials Corp. is heavily influenced by its aggressive vertical integration strategy and significant capital deployment for expansion projects through late 2025.

High Capital Expenditure (CAPEX) represents a major cash outflow as MP Materials Corp. executes on its domestic magnetics supply chain build-out. Management maintained its guidance for the full-year 2025 gross CAPEX to be between $150 million and $175 million. Through the end of Q3 2025, gross capital spending totaled approximately $110 million. The trailing twelve months (TTM) ending September 2025 showed cash flow for capital expenditures at $-151.62 Million.

Significant investment is directed toward Advanced Projects and Development, particularly related to the Department of War (DoW) agreements and securing financing. For the third quarter of 2025, Advanced projects and development expenses were $17.0 million higher year-over-year. Transaction costs associated with the DoW agreements and financing were a key driver of this increase.

Start-up and Ramp-up Costs are embedded within the operating expenses and are specifically excluded from Adjusted EBITDA calculations to show underlying operational performance. These costs are associated with bringing the new Magnetics segment facilities, including the Independence magnetics facility, to commercial scale, which was targeted for year-end 2025.

Regarding Interest Expense, the company noted the recognition of non-cash interest expense related to the fair value adjustment of the Department of War Samarium loan, which resulted in a deemed debt discount. This non-cash amortization is recorded within the depreciation, depletion and amortization line item on the income statement.

Operational costs for mining, processing, and refining are reflected in the Cost of Sales. For the Materials Segment in Q3 2025, the Cost of Sales ("Segment COS") actually decreased by $19.6 million year-over-year, primarily due to the strategic halt in lower-margin rare earth concentrate sales. However, per-unit production costs for separated products, like NdPr oxide, are necessarily higher due to the added processing steps.

Here's a quick look at some key 2025 financial figures relevant to the cost base:

The shift in product mix directly impacts the Cost of Sales structure. The Magnetics segment, while having start-up costs, generated $21.9 million in revenue in Q3 2025, with an Adjusted EBITDA of $9.5 million, offsetting some of the Materials segment's margin pressures.

MP Materials Corp. (MP) - Canvas Business Model: Revenue Streams

You're looking at MP Materials Corp.'s revenue streams as of late 2025, which clearly shows a company in a significant strategic pivot, trading short-term concentrate sales for long-term, higher-value domestic integration. The numbers from the third quarter of 2025 tell this story quite clearly.

The Total Consolidated Revenue for Q3 2025 was reported at $53.6 million. This figure reflects the deliberate shift away from the legacy business model, so you see a 15% year-over-year decline primarily because MP Materials ceased all external rare earth oxide (REO) concentrate sales to China in July 2025.

Here's how the revenue broke down across the two main operating segments for that quarter:

The Materials Segment revenue came in at $31.6 million. This amount is entirely from sales of refined Neodymium-Praseodymium (NdPr) Oxide and metal, as the no-revenue recognition from concentrate sales was the main driver for the segment's 50% year-over-year revenue drop. Still, NdPr oxide and metal sales increased by 61% year-over-year, showing the transition to higher-value products is taking hold.

The Magnetics Segment is the emerging revenue driver. For Q3 2025, this segment generated $21.9 million from sales of magnetic precursor products. Honestly, this is a strong start, especially since there was no comparable revenue in the prior year period, and it delivered a positive Adjusted EBITDA of $9.5 million.

A crucial element underpinning future stability is the Long-term Offtake Revenue component, secured through government partnership. The Purchase Price Agreement (PPA) with the Department of War (DoW), which is the Department of Defense (DoD) for our purposes, officially commenced on October 1, 2025. This agreement provides a 10-year commitment establishing a price floor of $110 per kilogram for MP Materials' NdPr products, giving you guaranteed sales volume and price protection against non-market forces.

Regarding the final stage of integration, you should note the guidance on finished magnets. While MP Materials achieved record NdPr oxide production of 721 metric tons in Q3 2025, and management confirmed first commercial output from the Independence facility is expected by the defintely end of 2025, the actual revenue from finished NdFeB permanent magnets is projected to commence in the second half of 2026. So, for the end of 2025, the revenue stream is still focused on precursors and separated oxides, not the final magnet product itself.

You can see the strategic focus in these key metrics:

• NdPr Oxide Production (Q3 2025): 721 metric tons
• NdPr Sales Volume (Q3 2025): 525 metric tons
• NdPr Realized Price (Q3 2025): $59 per kg (year-over-year increase from $47/kg)
• DoD PPA NdPr Price Floor: $110 per kg

Finance: draft 13-week cash view by Friday.