MP Materials Corp.

Hello, and welcome to the MP Materials Q3 earnings call. We ask that you please hold all questions until the completion of the formal remarks, at which time you will be given instructions for the question and answer session. Also, as a reminder, this conference is being recorded. If you have any objections, please disconnect at this time. With that, I would like to turn the call over to Martin Sheehan, Head of Investor Relations. Mr. Sheehan, you may begin.

Thank you, operator, and good afternoon, everyone. Welcome to the MP Materials Third Quarter 2025 Earnings Conference Call. With me today from MP Materials are Jim Lutensky, 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 gap financial measures in this presentation. Reconciliations to the most directly comparable gap 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 and tons means metric tons. Finally, the earnings release and slide presentation are available on our website. With that, I'll turn the call over to Jim. Jim?

Thank you, Martin, and good afternoon, everyone. As most of you know, our third quarter was a game changer, a total acceleration of MP as a vertically integrated national champion with a transformed economic platform for long-term leadership. If you are new to our story, I would encourage you to go to our investor site and listen to our July 10th webcast announcing the DOW deal as well as our last earnings call where we went through our DOW and Apple agreements in detail. It has been an exciting and interesting time, to say the least, in the rare earths industry. I have a lot of thoughts to share. Let me first cover our execution for the quarter. Ryan and Michael will then cover the financials and operations, respectively. And I will wrap up with my big picture thoughts on recent events and the outlook. So with that, let's go to slide five. In our materials segment, we delivered another outstanding quarter. NDPR oxide production reached 721 metric tons, a 21% sequential increase and a 51% increase year over year. The 721 metric tons of production exceeded the high side of our outlook for the quarter and marks a record. Corresponding sales volumes also set records, showing strong growth in the quarter both year-over-year and sequentially. In addition, REO and concentrated production was the second highest in our history. This marks the third quarter in the last five that Michael and the team have produced more than 13,000 metric tons of REO. While biannual maintenance outages can create some variability when comparing results sequentially, it is clear that we have made significant progress toward our upstream 60K target for 60,000 metric tons of annual output. We are also ramping up the installation of the dozens of mixer settlers required for heavy separations. Our new heavy circuit will process approximately 3000 metric tons of feedstock and produce more than 200 metric tons of dysprosium and terbium annually. We expect this capability to fully enable our plan production of 10,000 metric tons of high performance NDFEB magnets each year. And we are on track to start commissioning this circuit in mid-2026, a major milestone in our vertical integration and a historic step toward restoring America's ability to produce magnet-grade heavies at scale for the first time in decades. Our Long-Term Purchase Price Agreement, or PPA, with the Department of War commenced on October 1st. The agreement provides both earnings visibility and a clear and transformed economic foundation to accelerate our build out of magnetics production. Importantly, we expect to return to profitability in Q4 of this year and beyond. Ryan will provide additional PPA accounting and economic details shortly. Moving to the magnetic segment. Pursuant to the terms of our Apple agreement, we received the first $40 million prepayment for the production of magnets from recycled materials. Engineering and equipment purchases for the recycling circuit at Mountain Pass and the expansion of magnetics production at Independence are underway. We will receive additional prepayments, $200 million in total, as we make further progress on this build-out for Apple. The Apple partnership, combined with our steady progress at Independence, reflects the acceleration of our U.S. magnetics platform. Commissioning at Independence continued to advance at a rapid pace throughout the quarter. As with Mountain Pass, starting up new equipment, integrating complex systems, and optimizing material handling is a substantial undertaking. Ensuring we bring everything online safely remains our top priority. Meanwhile, production and sales of Magnet Precursor products continued throughout the third quarter. Michael will share more detail on that. The pace of commissioning and independence, combined with steady improvements in metal production, gives us confidence that we remain on track to begin commercial scale magnet production by year end. With that, let me hand it over to Ryan to discuss the quarter's financials. Ryan?