MP Materials

Owner/operator of Mountain Pass, California -- the only active rare earth mine in the United States. NYSE-listed. On July 10, 2025 announced a transformational public-private partnership with the Department of Defense: DoD invested $400M for convertible preferred equity + warrants (15% as-converted stake, the first time the federal government became a major shareholder in a critical minerals company), plus a separate $150M direct loan (DoD's first Office of Strategic Capital loan) for rare earth processing upgrades at Mountain Pass. DoD committed to purchase 7,000 metric tons/year of rare-earth magnets for 10 years. MP is building a second domestic magnet plant ("10X Facility"), targeting 10,000 MT/year total US capacity by 2028.