MP Materials is the largest rare earth producer in the Western Hemisphere, operating the Mountain Pass mine and processing facility in California — the only rare earth mining and processing site of scale in North America. MP Materials mines bastnaesite ore and processes it into separated rare earth oxides, primarily neodymium-praseodymium (NdPr) oxide, the key input for NdFeB permanent magnets used in EV motors, wind turbines, robotics, and defense systems. The company operates two segments: Materials (upstream mining and midstream separation at Mountain Pass) and Magnetics (downstream production of NdPr metal, alloy, and finished magnets at its Independence Facility in Fort Worth, Texas). MP Materials sells NdPr oxide to industrial customers in Asia, often via a distribution agreement with Sumitomo of Americas, and sells magnets and precursor products directly to OEMs including GM and Apple under long-term offtake agreements. MP Materials is executing a three-phase vertical integration strategy — upstream mining, midstream separation, and downstream magnetics — targeting roughly 10,000 MT/year of U.S. magnet capacity across its Independence and planned 10X facilities. A Price Protection Agreement with the U.S. Department of War establishes a $110/kg floor on NdPr products from Mountain Pass, reducing commodity price exposure. The DoW also committed to purchase 100% of output from the 10X Facility on a cost-plus basis with a minimum EBITDA guarantee, and invested $400M in convertible preferred equity alongside an additional $150M loan for heavy rare earth separation.