MP Materials (NYSE: MP): Essential US Rare Earth Miner

MP Materials Corp (NYSE: MP) is the only vertically integrated rare earth company in the United States, operating the country’s sole active rare earth mine and its first commercial rare earth magnet manufacturing facility. In Q1 2026, MP Materials posted record neodymium-praseodymium (NdPr) production of 917 metric tons, up 63% year on year, and record NdPr sales of 1,006 metric tons, up 117% year on year. Revenue reached $90.6 million for the quarter, with Adjusted EBITDA swinging to positive $36.6 million from negative $2.7 million in Q1 2025. Company updates and investor materials are available via MP Materials investor relations.

MP Materials — Company Snapshot

What MP Materials Does: The Mine-to-Magnet Model

MP Materials operates across three tiers of the rare earth supply chain. At the upstream end, it mines and processes rare earth ore at Mountain Pass, California, producing separated rare earth oxides including NdPr oxide. In the midstream, it refines NdPr and other oxides into rare earth metals and alloys. At the downstream end, its Independence Facility in Fort Worth, Texas manufactures neodymium-iron-boron (NdFeB) permanent magnets: the critical components inside EV motors, wind turbine generators, defence systems, and consumer electronics.

For most of the past two decades, Mountain Pass ore was shipped to China for processing. MP Materials has systematically reversed that dependency, moving from raw concentrate export to finished magnet production on US soil, anchored by government and commercial partnerships of unusual scale. The company ceased all sales to China from July 2025 as a condition of its US Department of War partnership.

For context on the underlying commodity markets, see our neodymium price tracker and dysprosium price tracker.

Mountain Pass: Mining and Processing at the Core Asset

Mountain Pass, located in San Bernardino County, California, is one of the richest rare earth deposits in the world by grade and the only active rare earth mine and processing facility in the United States. The deposit is heavily weighted toward light rare earths: cerium, lanthanum, neodymium, and praseodymium, with NdPr being the commercially critical fraction for magnet production.

In FY2025, Mountain Pass set full-year records across all key metrics. Total REO production reached 50,692 metric tons, up 12% year on year, according to figures consistent with USGS Rare Earths Statistics reporting on US output. NdPr oxide production more than doubled, rising 101% year on year to 2,599 MT, reflecting the commissioning of the company’s separation and processing circuits. The Q1 2026 REO production figure of 12,983 MT (+6% YoY) confirms the mine continues to operate and process ore at scale.

Heavy rare earth separation, covering dysprosium and terbium, was described by management as “imminent” at Mountain Pass in the Q1 2026 earnings release. This would expand the midstream processing circuit beyond NdPr into higher-value elements. For current benchmarks, see the terbium price tracker.

MP Materials Magnets: Independence and the 10X Facility

MP Materials produced its first commercial NdFeB magnets at the Independence Facility in Fort Worth, Texas in December 2025, completing the initial mine-to-magnet build-out. The Magnetics segment generated $21.1 million in revenue in Q1 2026, a 306% increase year on year, with Adjusted EBITDA of $9.6 million. Supply to General Motors is ramping under an existing agreement.

MP broke ground on the 10X Facility during Q1 2026 in Northlake, Texas. The project has attracted more than $200 million in combined state and local incentives, including a grant from the Texas Semiconductor Innovation Fund, and the Department of War has committed to purchasing 100% of the magnets 10X produces, split between defence and commercial customers. A long-term supply agreement with Apple, reported at up to $500 million in total value, covers US-produced NdFeB magnets contingent on MP meeting production milestones at 10X. Apple provided a $32 million prepayment in February 2026 to fund a 3,000 MT/yr capacity expansion.

Strategic Partnerships: DoW, Apple, and GM

The most consequential development in MP Materials’ recent history is its partnership with the US Department of War (DoW), signed July 2025. The Department invested $400 million in equity and provided a $150 million loan to expand Mountain Pass, alongside a 10-year NdPr Price Protection Agreement (PPA) with a floor price of $110/kg, which commenced October 2025. In Q1 2026, PPA income contributed $42.3 million, representing 32% of combined consolidated revenue and PPA income of $132.9 million. The DoW also received Series A preferred stock and a warrant in MP Materials.

The PPA floor provides meaningful downside protection against NdPr price weakness for the remainder of its 10-year term. As a condition of the arrangement, MP Materials is restricted from selling to non-US customers, a strategic pivot that concentrates the company’s commercial exposure on domestic and allied-nation demand. For current NdPr pricing, see the neodymium price page.

In a reciprocal escalation, China’s Ministry of Commerce added MP Materials to an export control list on 22 June 2026, restricting dual-use exports from Chinese suppliers to the company. MP Materials does not sell directly to China and has not since July 2025, but the listing creates secondary supply chain exposure through Chinese-origin equipment and inputs used elsewhere in its operations. The stock declined 13.4% in June 2026 following the announcement.

MP Materials Financials: Q1 2026 and Full-Year History

Q1 2026 marks the strongest quarterly Adjusted EBITDA in the company’s history as a separated-product producer. The $39.3 million year-on-year EBITDA improvement in a single quarter reflects the simultaneous ramp of NdPr separation volumes, improved market pricing, and the PPA income contribution. Full Q1 2026 results are detailed in our MP Materials Q1 2026 earnings analysis.

MP Materials: Investment Considerations

Bull case. Mountain Pass is a world-class asset with no domestic peer. The DoW PPA floor of $110/kg NdPr, locked in for a 10-year term, provides revenue downside protection that competitors cannot replicate. The Apple agreement and GM ramp validate the downstream magnet strategy commercially. With $1.74 billion in cash and short-term investments at 31 March 2026 against $932.9 million in long-term debt, the balance sheet has runway to fund 10X without immediate equity dilution. Imminent HREE separation at Mountain Pass would add dysprosium and terbium revenue to the existing NdPr base, with both elements trading sharply higher in 2026.

Key risks. The company remains GAAP loss-making, with a net loss of $8.0 million in Q1 2026 and $85.9 million for FY2025. All upstream production is dependent on a single mine, creating concentration risk. China’s addition of MP Materials to its own export control list in June 2026 is a concrete, materialised geopolitical risk rather than a hypothetical one, and has already weighed on the share price. The Apple agreement requires successful construction and production ramp at 10X. Current DoW terms restrict sales to non-US customers, limiting commercial flexibility.

For broader sector context, see our rankings of the top 10 rare earth mining companies globally.

This page is for informational purposes only and does not constitute investment advice. Always conduct independent research and consult a qualified financial adviser before making investment decisions. Financial data sourced from MP Materials SEC filings and investor relations disclosures. Last updated: July 2026.