MP Materials Corp. (NYSE:MP) Materials Corp. Jefferies Mining and Industrials Conference 2025 September 4, 2025 10:10 AM EDT
Company Participants
Ryan Corbett – Chief Financial Officer
Conference Call Participants
Laurence Alexander – Jefferies LLC, Research Division
Presentation
Laurence Alexander
MD & Equity Analyst
Thank you for joining us for day 2 of the Jefferies Industrials Conference. Laurence Alexander with the Jefferies Chemicals team. It’s my pleasure to introduce Ryan Corbett, who is the CFO of MP Materials. And without any further ado, we’re just going to get started.
Question-and-Answer Session
Laurence Alexander
Jefferies LLC, Research Division
And given that the heart of the DoD investment was to spur creation of magnet production. Can you first walk us through how we should think about the time line or what types of announcements we should expect in terms of winning new customers?
Ryan Corbett
Chief Financial Officer
Sure. Yes, I think one of the fundamental pieces of our agreements with the Department of Defense was obviously to move at warp-speed mentality to bring the needed magnet capacity back to the United States. With our Independence facility in Fort Worth, Texas. Obviously, our foundational customers, General Motors, we announced pretty quickly after our announcement of our DoD transactions. It was more of a coincidence than anything else from a timing perspective. But that Apple would be the next customer to take the majority of the expansion capacity of that facility. The “10X facility, which sometimes is accused to being a misnomer since it’s really a 7,000-ton facility. I’ll preface that 7,000 tons of finished magnets is often 10,000 tons of block. So it makes some sense. The way the contract is structured is DoD has a 100% offtake with a minimum guaranteed EBITDA for the company.
And there is the opportunity for
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