Desk · Producers · NdPr / LREE
NYSE:MP
MP Materials
Only integrated US rare-earth miner. DoD is the largest as-converted holder; $110/kg NdPr floor; magnets in Texas.
Accelerating
Pulse Timeline
Isoelectric line is the baseline Pulse. Spike height is catalyst strength. Wide gaps or a flat line = stalled progress / life support.
- 1) 11-30 Oxide
- 2) 06-01 Oxide
- 3) 06-01 Build
Lead II · 25 mm/s · Pulse 10 mm/mV · snapshot 2026-08-22
Steady
A live operation. The pulse is the next tonne, not the next press release.
- Last beat
- —
- Beats / 90d
- 0
- Recent gap
- —
0 beats in 180d
- — No dated beat in the trailing window.
- — Next: First Tb/Dy from Mountain Pass HREE circuit (guided 2H26) (100d).
- — US listing is done. Pulse is the asset, not the ticker.
- — Government / strategic paper is on the tape.
Trading
- Last
- $60.05
- 1d
- +9.1%
- Mkt cap
- $11.0B
- Volume
- 8.2M
- 52-week
- $15.4 – $100.25
- 1m
- +6.0%
- 3m
- -12.0%
- 1y
- -33.0%
Shares 177m basic · EV / MagREO $440M/kt · snapshot, not a live tape
Company & people
HQ
Las Vegas / Mountain Pass, California
Focus
NdPr / LREE · Hard rock
CEO James Litinsky
- James Litinsky, Chair & CEO
- Michael Rosenthal, COO
- Ryan Corbett, CFO
Mine / project
Flagship
Mountain Pass + Independence / 10X magnets
Location
San Bernardino County, California; Fort Worth & Northlake, Texas · United States
Deposit
Bastnäsite carbonatite
Resource
Mountain Pass — among the world’s highest-grade bastnäsite operations; ~13% of 2025 global mine output (USGS).
NdPr / MagREO
NdPr oxide 1,294 t in 2024; H1’25 1,160 t; Q2’26 840 t (maintenance). 10X magnets 7,000 tpa targeted ~2028.
Desk basket
5.3% TREO · 25 kt MagREO (desk) · 20,000 t NdPr (desk)
Radioactivity
Moderate — typical monazite / carbonatite
Do not compare MP’s EV to a junior’s in-ground MagREO. This is a floor-plus-magnet call.
Capital, loans, grants & support
DoD preferred + $110/kg floor is the balance sheet. Operating cash follows NdPr tonnes and the 10X ramp.
US Department of Defense equity
$400m convertible preferred + warrants; largest as-converted holder
DoD floor
Ten-year $110/kg NdPr floor with 30% upside share; 100% 10X magnet offtake backstop
DoD loan
$150m loan for HREE separation at Mountain Pass
Apple offtake
$500m recycled-magnet partnership; shipments planned 2027
- DoD 10X magnet backstop (10 years)
- Apple recycled magnets from 2027
- Sumitomo / Korea-Japan oxide sales
The Pulse
The government is inside the cap table and the floor is the equity story. HREE circuit in commissioning; 10X sited at Northlake. Valuation is rich — pulse is execution, not another partnership.
NYSE primary. The listing work is done; the magnet campus is the remaining Nasdaq-quality tell.
Next: 30 Nov 2026 — First Mountain Pass Dy/Tb production
Catalysts
- 30 Nov 2026First Tb/Dy from Mountain Pass HREE circuit (guided 2H26) production
- 1 Jun 2027Apple recycled-magnet shipments begin (plan) offtake
- 1 Jun 202810X Northlake commissioning window construction
Journal
Desk note
Stays on this device. Not the press release.
Pulse = Catalyst proximity + government/strategic support + Nasdaq-path / listing signals + valuation & execution + stage progress. Method