MP Materials Corp.

Good afternoon, and thank you for attending the MP Materials third quarter 2023 earnings call and webcast. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to queue for a question on today's call, please press star one on your telephone keypad. I'd now like to pass the conference over to your host, Head of Investor Relations, Martin Sheehan. Please go ahead.

Thank you, Operator, and good afternoon, everyone. Welcome to the NP Materials Third Quarter 2023 Earnings Conference Call. With me today from NP Materials are Jim Litinsky, Founder, Chairman, and Chief Executive Officer, Michael Rosenthal, Founder and Chief Operating Officer, and Ryan Corbett, Chief Financial Officer. As a reminder, today's discussion will contain forward-looking statements relating to future events and expectations that are subject to various assumptions and caveats. Factors that may cause the company's actual results to differ materially from these statements are included in today's presentation, earnings release, and in our SEC filings. In addition, we have included some non-GAAP financial measures in this presentation. Reconciliations to the most directly comparable GAAP financial measures can be found in today's earnings release and the appendix to today's slide presentation. Any reference in our discussion today to EBITDA means adjusted EBITDA. Finally, the earnings release and slide presentation are available on our website. With that, I'll turn the call over to Jim. Jim?

Thanks, Martin, and thank you all for joining us today. Let me give you a brief overview of today's call. To begin, I will discuss the third quarter and recent highlights. Ryan will then run through the financials and KPIs, followed by Michael, who will review operational progress. I will then provide some closing commentary before Q&A. So let's begin on slide four. I'm going to start in the middle of the slide with our midstream business. We produced 50 metric tons of on-spec NDPR oxide and commenced shipments. Producing at scale is a massive achievement. Let's put that amount of production in context for a moment. 50 metric tons of NDPR as feedstock could make approximately 100 metric tons of neomagnets, which would power over 100,000 or so EV traction motors. In the U.S., sales of EVs are averaging a little over 100,000 units per month. So being in just the early innings of our production ramp, we are clearly already doing amounts that are significant from an economic security perspective but also with a very long runway for domestic and global growth. We expect to produce multiples of our Q3 output of NDPR in the fourth quarter and expect further step change improvements in 2024. Michael and the team are maniacally focused on improving reliability, increasing throughput, and maintaining our low-cost position. They are making great strides. Michael will expand on this later in the call. MP's NDPR will be delivered to customers in the first quarter as either NDPR oxide from Mountain Pass or NDPR metal from Southeast Asia. So our transition from an upstream to midstream or a refined products producer is officially underway. It's an exciting time for us and our customers. As a reminder, and as we have consistently stated, Commissioning processing facilities and ramping production is an extremely challenging process with nonlinear results. I have tremendous confidence in our team though. Now let me shift back to the left side of the slide in our upstream operations. This was our 10th consecutive quarter with over 10,000 metric tons of REO production and concentrate. Stage one continues to hum along. we must remember that achieving great results in the upstream stage of the business is critical as that is a key driver for the cost structure of the operation. I wanted to note that we did not sell all the concentrate we produced this quarter as significant amounts were sent along into our stage two midstream circuits for refining. We have now completed the line fill of concentrate needed to charge all our downstream production circuits. The takeaway here, is that we are now at the stage where feeding product into the front end of stage two means that the finished product is going out the back end. Ryan will go into more detail on this later. More importantly, I have some exciting news to share. Many of you have heard me say that the nearest term highest return on capital and lowest risk source of incremental American rare earth supply would be brownfield improvements and capacity increases at Mountain Pass. Well, our stage one maximization and expansion efforts are yielding fruit. Today, we are announcing upstream 60K, which is our strategy to drive towards the goal of a 50% increase in REO produced within four years with modest incremental capital investment. This suggests that we have the potential for enormous enterprise value creation over the next few years. Michael will provide more details. Lastly, on the downstream business, we have officially moved into the office portion of the magnetics factory in Fort Worth. This is remarkable as we only broke ground 18 months ago. Our first major piece of process equipment has been installed in the factory and we expect a lot more progress in the coming months and throughout 2024. Despite the treacherous macro environment, We believe the commercial landscape provides opportunity to grow our magnetics business. We are making substantial progress towards a high return on capital expansion of this facility, but we expect only to do so if it can be done in a risk managed way. We are always thinking like owners and we'll update you on that accordingly. With that, let me turn it over to Ryan to run through our KPIs and financials. Ryan?