MP Materials (MP) 25 Feb 222021 Q4 Earnings call transcript

Hello everyone, thank you for your patience. Welcome to the MP Materials Fourth Quarter 2021 Financial Results Conference Call and Webcast. My name is Daisy, and I’ll be coordinating today’s call.

You will have the opportunity to ask question at the end of the presentation. [Operator Instructions]

to from Martin MP over of the hand Relations Investor Materials. now our Sheehan, host, Head I’ll

So Martin, please go ahead.

today earnings Thank everyone. you, of and With MP XXXX Operating Rosenthal, Executive Officer. Ryan Welcome day, Litinsky, me call. Officer; to MP Materials; and operator, Materials fourth Officer and Chief are Jim good Corbett, Chief Financial Chairman Michael quarter Chief

our future a events Michael’s may filings. reminder, to results expectations caveats. we Jim’s, and statements today’s these Ryan’s SEC from relating remarks, and forward-looking get are differ to subject to discussion today’s cause are presentation, included as and will that in actual assumptions to in contain Before release, opening earnings materially statements the various company’s that Factors and

financial presentation measures found can Any earnings most this some we Reconciliations presentation. included today’s the be reference financial means our In today addition, to directly and have GAAP appendix to measures in EBITDA comparable discussion adjusted release. EBITDA. to the non-GAAP in to

earnings the are available slide release presentation website. on our and Finally,

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today. a year, and It exciting to was have busy things we a lot very of and quarter discuss

with December the highlights agreement regarding I a facility announcement Motors. detail First, our our on will then I and year. Stage our initial provide General magnetics some more X will remarkable recap of

on an expansion Stage rare cover Michael plans Next, X heavy, give and regarding flow. our and our update earth’s I will process

discuss investment will S-K our operating not upcoming if That our short expectations. color performance, the reports. did report financial summarize remiss Ryan provide on in I new the address be Then and XXXX reserve would

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Here major results of MP produced owner has and some We of our metric, summary is in demonstrate think operator oxides XXXX that. outstanding a tons execution accomplishments and our in an I over year-to-date. concentrate. rare culture, earth of XX,XXX focused

combined driven in history an times in and with our highest in history. This for adjusted growth a adjusted This plant rates, X free Record XX-year was and EBITDA recoveries, and resulted strong flow. the EBITDA and compared XXXX, pricing doubling operations, improvement focus our market a in revenues in over costs $XXX and including and efficiencies of U.S. led normalized represents Stage Mountain efficiencies and by the mineral primary cash million XXXX, feed of annual X to to increase significant in a production up Pass times. highest of plant’s continued production production on the the

March. flow $XXX year and gross that between generation throughout cash meant around bond investments last were while is net growth significant able the holdings cash delta green our in This million we essentially make The cash. issued $XXX we convertible the net maintaining to million

an mission, our to scale and this to in MP’s issuer As green signal stakeholders about financially key environment. industry we being operationally supply important the and sends a and bond commitment chain government pursuit of

and ready as shareholder create any firepower positions long-term to us sheet continue be substantial potential to absorb also we to opportunities opportunistic the to balance invest us volatility growth with while in Fortress better in value. of Our front being both work

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mission We believe are parallel critical fronts. pursuing counting are and We stakeholders our on on government us. industry

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more some about discuss Slide on specifics X. it Let’s

XXXX we to lead is will in Fort Pass XXXX. earth to and magnets groundbreaking, sourcing oxides neodymium-iron-boron facility have convert new ready the begin into alloy equipment. Along Mountain Worth metal rare Our at produced magnets. late The and we already with facility ultimately objective alloy long or in are this delivering and NdFeB

with planning XXX,XXX mid-to-high would could alloy NdPr EV of feed We XXXX to expected some current just output. capacity, Mountain additional Pass about single consume roughly of per percentages metric are currently This motors. year produce which magnet our tons digit NdFeB

So to we have runway over more significantly time. magnetics business the expand

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we stocks that Namely as heavy may with rare feed third-party lanthanum supply, and consider additional NdPr, elements an bolster our come feed cerium. earth these is to there stocks Importantly, as well. light earth rare expectation

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I over that, Ryan? With will turn Ryan. to it

Michael. Thanks,

we all production saw of the rare on I XXXX, algorithm, and In compared inputs on starting our go XXXX, XX. the in all total rates, to increase annual improvements growth hit feed a XX% in resulting modest and uptime, production. quickly improved earth recoveries Jim key already As highlights, results over Slide our will on

You left over can on production is XXXX, see to compared XX%. the up bottom

through improved drive Obviously focus incremental get continually mineral will on improvements Michael challenging, making team to from primarily we improvements the here, which thoughtful expect volumes, more come to higher continue and recoveries. but

virtually we shipping top see left, the everything to logistics you’ll environment. a that very continue we ship despite and challenging On produce,

the the for side product discuss strong see pricing strong a NdPr. demand contained bit growth more primarily our concentrate can right, Moving later. due to driven in to the you by I’ll

when costs P&L. year, right, that up were you costs ton environment. modestly inflationary bottom metric per actually the costs last the production despite II about $XXX slightly hit but can Stage down year-over-year, versus of that on up pre-commissioning excluding see Finishing the were Production

Moving nearly bottom to And shipping get the XX%. on two strong can the growth graphs. XX, EBITDA see in adjusted the can mentioned to adjusted the demonstrated we which pricing doubling revenue by from production strong EBITDA Slide top margin, see Jim with XXXX year, you solid leverage and the on and two, you

right, Mountain success building net results to through curve. On you believe XXXX. the see bottom We show And income. power flows EBITDA of Pass we on sits look these that of in adjusted adjusted our cost on the to much our the can forward this

XX mineral our call. by offset recovery, Moving similar on to Sequentially, discussed basis QX in as quarter. rates feed results. Slide production and fourth our our and in Again, quarter you’ll by a XX%, lower driven see year, with maintenance volumes up declined bi-annual story was year-over-year last production improved our a volumes on XX%, we uptime slightly this by the which driven occurring shutdown about about

shutdown we with up to While part, was for variability full choppier bit very slightly shipments had ramp our And similar successful, and of causing a lumpiness annual volumes our tracked efficiency. the shipments some most the to hoped actual for, the starting was the timing comparisons. most delayed production between back our year-over-year of than which results, the

recall schedule, fully before last higher of us the then finally which became tail starting than which end quarter, reflected receivables, is average our despite shipping Shipping quarterly quarters then, record had in we quarter and also you’ll third as quarter, up shipping modest to built had even more only back very early the on And logistics have another since the earlier of very an challenging shipping to at left from but to challenges, quarter XXXX. we inventories which all our collected. exceptional up the were with production in we QX, that in able in ship ease end catch not loaded of similar

XX% realized the NdPr side, price. supply as the tighter driven right pricing, the realized driven and demand increase concentrate in growth by by you reflected continued our in On sequential see and pricing the

XXXX bottom year-over-year, costs right, easier to inflation. Stage pre-commissioning totaled compare, as efficiencies the metric with on Sequentially, that focused were year-over-year associated additional given higher X% we’d costs X resolutely a costs ton. pre-commissioning II of II with about due Stage up bit some costs $XXX we in testing were QX as for per about production related costs remain previously an costs all And the even Stage II These costs of reagent II, down cost on Stage discussed. offset our

So excluding approximately year-over-year. cost would’ve XX% these, been down

can with Slide see doubling. sequentially offset improved As for our than year-over-year more revenues shipments quarterly pricing were flat you by financials revenues XX, our as were on lower

Moving the same story adjusted annual strong the our operations in improved And be to leverage chart, right, both and to with year-over-year. the efficient and adjusted top adjusted can and nicely sequentially net for told just income. from our EBITDA resulting our growth EBITDA pricing like margins, converted

the million And on lastly, about or the cash of to plants, other large investments, After adjusting part XX, cost $XXX Pass. on growth $XX as through Stage for strong in in primarily Stage from treatment the Growth of as our normalized partly Agreemen and EBITDA recommissioning I million and Stage Offtake CapEx. I of combined Slide of to for well free addition in flows water II power CapEx financials our the optimization heat Shenghe consisted paydown spend at flow. Mountain

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would all operating on else $XX removing can flow chart, our this recruitment You million see be higher. and cash the GAAP equal, feature

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our We XX% metric and XX reserves roughly a these a increase ore to a XXX,XXX the ton showed million mine The expect into contained rare in process allow our probable over investigate in lower planning analysis us that increase to or body technologies and grade to resulting ore time ore. reserves. little better incorporate and and metric the efficiently in ores proven XX% earths that in material grade lower should tons upstream over

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investment In expect the to by CapEx Department in total, changes be opportunities in remaining XXXX investment timeframe. imagine the $XXX plans. I any years continued and material our we XXXX to the of to net and spend and will contribution the $XXX but consider, we million additional vertical million approximately coming you XXXX of in update there Defense horizontal with in would the approximately will

million and is say our or initial shareholders fully rate caveats facility of all separations our we our you are around with when this at run heavies that benchmark? magnet operating including the what And will investment forward-looking our I would So rate capability, from currently get $XXX run million assume where for a current current our of sales annualized full be pricing to spot EBITDA business. adjusted statements, year do XXXX, we of expect the $XXX at to i.e., we of concentrate, of

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II, So and our this achievement prices. facility, of Stage the adjusted XXXX EBITDA double current MP $XXX calendar run not rate initial magnetics to After to expected investments approximately at our meant is model in rate billion our with full spot year million heavies in guidance. be $X indicates through including nearly for run total

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it And for with Operator? up will open I Q&A. that,

much. very you Thank

from please ahead. Our is Langton, Langton go first question Tyler JPMorgan. Tyler from

Your line is open.

Thanks a I processes of detail, equipment mentioned I of sort for know start But and little delays? are of Omicron my sort question. sort to afternoon. bit there you or labor guess, more key Stage guess, you I sort guess, with taking shortage. provide maybe I Good causing that obviously, the II. are sort sort of of of any, could

past something slip but you and No, I specific speaks we around the sort itself comments, anytime the we have when said else, with I what said have up, commentary there’s I other it cite in things challenges quarter what global nothing that this would than can of think mean, ramifications Tyler. in economy of just companies for you’ve much heard I that think the pretty

to CapEx Stage I of towards directed Okay, front, the what’s can in – guess, II then going million, recycling just Fort for And and there that’s you be $XXX any terms of numbers then the Worth provide efficiencies? rough helpful. on sort and is

about obviously, we number in projects, think that because script, these – not all No, I we’re we’re we breaking talked an the of so CapEx and to into I overall out – a but mean, essentially transitioning projects. individual have lot it we’re we’re just

on I you sorry, front. that can’t so So, help

Okay. much. it. Thanks All so That’s right.

problem. no Yes,

your question ahead. Matt, Thank D.A. is from Matt Davidson. go next Our Summerville from you. [Operator Instructions] line is open. Please

Good questions. Thanks. me. Excuse Couple of evening.

I XXXX. First, how get year-over-year to forward you’re and outages in I envelope moving for guess, for expectation output I’m What to reasonable you respect a output? trying incurring push much potential the Stage feel able with recovery. a I would anticipate be Stage on growth to mineral in

don’t you why one? that Michael, take Hey,

Sure. Thank you.

we is work we improve said, there’s mineral continue the recovery. of to exact to how that to the think difficult materializes timing And we predict. still As overall when and significant opportunity, although,

to things and some I We make do have We the and better. make our upgrades to from circuit material. interruption expect throughout but and think be probably construction better terribly to tie-ins adjustments that continue don’t optimize and existing year, would

improvement we by your but full you Not So think down improvements year, answers fully that there rate. second been the of the saw reflected half overall, probably and that all we run in some has not offset continued uptime will the into be if year-over-year question. slightly, sure that think the was

source obviously where II Thanks. Yes. you And helpful. before end as I Stage sell up would you question, ultimately might stock. feed consumed then II. home quarter, curious the this to for Thank looking geographically, Stage Thank comes might where in to Yes. as curious, Then the to you. be similarly, can where begin it’s I to as material my Stage follow agreement be you. I’m be That’s an here offtake

stock… feed Third-party

Ryan, you’ve covered why don’t cover you go script. since that ahead and

given product place distribute ability easily of Stage and the the to with the preponderance us sold we capacity being do today, sell Stage that extent that to have I we the to refining I but being the product mentioned that, on obviously, that is so in front, script we logistics. customers we and China continue do into I do that the Even to distribute ability in have of direct Matt, our Yes. in that, market two what through to choose, majority we the intend for for Shenghe. the is existing

We do on to complete. distributing agreement an Shenghe them through continue have offtake once the is with terms

their pretty from exactly coming far who visibility really, to customers chain up really continue see from. We the have strong where want demand to are to directly supply materials

leverage And to so a into develop II and we direct relationships for once we to those us it intend separated are continue to opportunity is that selling good products. Stage

the where way China, to well. to in own sales So Shenghe, their make develop I our continue think as to is we direct will refining but majority through force continue

I don’t know, you to the stock? Jim, do cover third-party feed want

on I what question – the sorry, Yes, third-party feed was think stock? again

end to you to ultimately even willing not curious if processing spec II material just in to I also you’re much what you’re take that looks day, to where was the the that than source X,XXX and more I’m like, you I could third-party originally the would kind potentially go material concentrate in maybe through geographically, at guided the of of as plan curious only how process. Stage number now and guess, material.

Sure.

to question, look show to of can’t kind to go one your whole the and of at I when flow. give today, you tell kind future I said specifically back where heart – advantage as because we the is the process and can you So how – think But wouldn’t outlined about we we’ve what it strategic you of you company the where and make whatnot. I of the where of to slide investments thinking up obviously negotiating want and in we

ability else somewhere us world. will really take, from heavies. give ability take lights And a – to the in somewhere can process The that into the to us that third-party now our go our carbonate allows additional and feed a say, in way

And that. adjusting so been we we and that script sort of in also mentioned the have positioning for

And going will than do you more of to of sort it be but be so sort two able I’m would I contemplated ago. I we not assume correct a to we specific to can’t years number, – think give that

Understood. Thank you guys.

Sure.

you. Thank

go your line is from David, from ahead. Please question Cowen. David Deckelbaum is Our next open.

Hey, David.

Jim, Appreciate for times. color the guys. Thanks Ryan and tonight. the Michael. Hey Thanks all

Sure.

I encouraging. report was maybe hoping obviously is level, highly you high at the a reserve

at you conservatism have you same that all years. the years at And You effective the yet more out XX pointed in the time, see XX report. economic

II a plate Stage on on have now. complexity. guys lot right You is more your taking

seek of how is we the to goal around next get you’d kind like expanding think Stage III, back about target but the Stage to that mine in how years? their correct demand And there few expansions? if robust growing should now right we life over You’re is I, given

Sure.

additional So great question. chime with or if maybe I’ll covered Michael to want thoughts. Ryan and in

think I’ll with the start it, – back I’ll high level. think step I to about way just

call, for We on Mountain needed may we’re we think that our goes obviously think And to if to the see all the three that’s and from a and around going world auto for probably electrification. growth as Passes. you U.S. just but prior just electric. the rest ice about domestic the I said sort have auto – fleet this applications of fleet, other of leaving out that

western potential else a question makes vis-à-vis at much output there’s of pretty So in in – Certainly, the expand our sort frankly sense you it lot is Pass to supply I anything the what expand or Stage anywhere least the see Mountain world more there’s needed. our is. output to no world what I said

site with the say frankly grade, the a it’s new from from would that standpoint brand sense with lower makes that that a also sense, other worse of want economics, stakeholders government also impact expanded. see could I much doing frankly, potentially environmental in to start have to And environmental It an before all helpful challenges. our mine you

strong have I you issues government economic noted obviously interest. in your Yes, also and think stakeholders have we this question. also think So that a I

have full of We a plate projects.

parallel already while pads And also can as move as right. so to we’re as getting MP, you and on of lots quickly we things at can work tell trying we

lot So to mine mind want your as that have but question, something first. that get realistically, of is say of would of, to to things far definitely top not I we think as it’s guess we a as top is I as far done mind,

body the look of add our and hope other And is above body, fund you just a ore at – you report grade look where grade would reserve ore lot actual that’s if also cutoff of the so projects. I for at

sense want of done be to more this lot economic lot there’s question? a more But of for a So it Michael, cover Mountain certainly Ryan, Pass. a you to – at on do makes anything lot

this material leverage point capable And technologies to I I that, Jim. all there obviously, said, at able that it that plate, there out these our everything to some at make stare in areas. look I’d on made the we at teams would to continue Jim have doing that the everything that with is that interesting adding very thing this add continue material of to even will only lower will same with into grade certainly point. potentially hasn’t Jim’s changes think it, are on one to you been the The is to reserve agree us be hit But allow thing.

announcement then Congrats if I I appreciate December. could that. foundation GM the as And ask on come in customer. to the that responses just more a one on

millions I $X Ryan, you be billion. outlined the with pricing magnets of we price EBITDA for fabricated some the up You of of terms Or in in hundreds a How and think where on think margin GM? there are can I variability these X earn X the will like and running dollars Stage to the on fixed you’re Stage at the pricing size and with involved back the plant? contracts spending sort of just be of think price do on about going

with our What Paul. on believe of pay agreement going sort say would of not General get is, not going is Jim’s times to I’d that we’re to But to that I many certainly say specifics into Motors. take the we that firmly are Peter we said that, adage he rob

side agreement material an on into market us So we’re business. our not upstream from magnetic prevents the a in enter earning to any in way then price going on the

the what us from think look the and frankly, we rare domestically thing pay that earth globally rare fair and is going get across ex-China, so provide customers are willing magnetics, And about of in a for the demand we terms you to earn allow they are value price that the and to to seeing that, and a at very willingness earth develop and what I understand exciting believe. the we’re to

return It margin on is to this pursue opportunity. and very a healthy capital

we returns see to very able standpoint supply upstream pricing the us it continue capital demand a downstream of allows then continue an on adds dynamics it. capture, all to as on move the it. what from nice methodically we exciting high benefit from that component morph be adds something some technological so to to think And volatility continue business to smoothing additional into business, but to what It our and

about our And has so perspective. we’re frankly, this come market reason so is, that the from excited way the really

And excited the we’re about opportunity. so

Thanks, Indeed. Ryan.

what headed of think And us I But of see year our over some repeating pay now gas out as we Russia, with the just semiconductor you the think pay situation in can country economics on it’s customer Russia, this give do would natural sort I worth world past it’s of hard to company we and they in diversity mean, don’t think us that a from you have serious diversity – I way or future, very were just with specific would today add Ukraine, expect their we and the on the some I What imagine. to, right? to about highlighted issue yeah, in when is to any for have televisions their would in semiconductors? that, sort the

thing across lot of And Board create. has to recognizing that strategic to it integrated a the evolves world have of the value. theme ability so here, economy offering to a a And this customer the – you’re there seeing fully of as difficult a are kind is people

have of in obviously that number that really we suggestive provides deal is our future. the to a of that of like foundational sort and And think and franchise opportunity so we expect the customers that

highlight believe the economics that we Stage of in able earn dollars, then is X just value. Stage obviously attractive add returns and And our grows so X enterprise additional be just business business our the total again, we to capital that will get that I would on will which

we intact if day. the so growing people And is remains indication and that, we that, you from day see day to every talk to that by thesis, as will

Thanks, Jim.

Sure.

Thank you.

Our from Please Baird. go next Ben, is Ben your Kallo from ahead. line open. question is

this George actually. Gianarikas everyone, is Hi Good evening.

Hey George.

couple a I of had questions.

you us quantify perspective? Can heavies. the help looks and revenue on like what a First there the opportunity from

heavies we Well, magnetics business. I our would are just to into consume say all expect high of level, our

it be wouldn’t be item. separate a wouldn’t separate yeah, – a it So

next to… with regard And Okay.

go – wait, And go ahead. to Michael, maybe ahead, ahead Michael Michael. go clarify

that. into want you add to think I

majority The the the that dysprosium be vast and represent I terbium into reported business. from we’ve wanted that previously point. SEG+ to Those that just value. our would fed magnetics of clarify the

then… And it. Got

Michael. Thanks,

and the understood. out to to gave and billion Stage $XXX X heard make $XXX the I million Those numbers $XXX some wanted I sure million those numbers, $X just million and X correctly. EBITDA. to …you I Stage

George. sure, Yes,

Go ahead, Ryan.

Yes.

to of expectation current So what current you spot is if $XXX take would million. that you first number run our $XXX rated is said X NdPr, if you of the was Stage million business, the or

If us you million able $X with magnetic to caveats we to and at be come expect. ramp. with of all we was pricing Stage with sorts ramped initial current Fort that, the those The structure current and all facility cost that look earn X things market and what with on $XXX to fully billion expect Worth the that

to this year? similar so $XXX production that to And XX,XXX million million assumes Understood. metric $XXX tons,

the taking specifics XXXX given, And make we into that. gotten tried guidance, haven’t it’s We not meant price. spot calendar obviously year of to today’s to clear be

Yes.

earlier gotten Its I production other haven’t for not we on on specifics our how triangulate we anticipated would discussion around sentiments the Michael certainly necessarily his share indicative, than, but into the year.

Okay.

understand metrics, a the years? that most through over is And given the bit business the of for about part. million three so help business of that And the needs little articulated two, the set $XXX financing could us funded you next the you’ve

take that. I mean can I Well, Yes.

in right under gross We at have sheet in look now, cash, little balance can we approximately right? cash. a You net billion million our $XXX have $X.X

moved you pick at prices your rate this since today. So, want, we look look reported of business, in take and number if between. the at, the obviously what you QX, which have is run quarter, if that But materially

at you we to able And be I cash all of this our we’ll with position. think do look you that flow if fund net and generating that can the cash math, that see we’re believe

those this When very to in we want because earlier. my you to of see you that our balance remarks absorb So, to But be can to Fortress things. we all you affords times that opportunistic. volatility, with a a said business program and of the we today in that think volatility. and investment maintain we you’re make feel volatility And – of and can sheet able want us our business I where sheet be with in want balance we comfortable sure and also balance the the sheet I do state

Understood. Thanks guys.

Yes.

you. Thank

Alba line Carlos, is Please Carlos Morgan question next De ahead. Our from from Stanley. open. go is

Right. Thank very much, everyone. you

the that question for recycle the need is, be stage that three, heavies you current parties? of will have least would plant first to your magnetics envision first So that that with support you do potentially there generate you you Pass and your Mountain third deposit the production plant enough buy you – or combined from to expect at

that Well, would didn’t be should you that go could assume say deliver business Carlos, fair not it I think, on. would that we think we to do we

able we’ll conclusion So we believe provide I that you can think to need. we make heavies your be that the

your necessarily deposit? not from But

scale different obviously able initial our from believe From do that, beyond facility, yes, existing that we we deposit, our it’s as but yes. the a yes. Oh, provide we’ll deposit question, to be with

right know What late I a if the in other mean, start or is capacity the throughout progress the year? really basically you commentary it only at completion until full you don’t it Michael. should QX to project XXXX, Great. right. of All I up we point and that right? for have from Jim in point, two seems expect you XXXX now, and gradual some ramp sort reach see in then stage the the is did how then And of stage

Yes.

a slower was past possibly forward. mechanically on as to we this would’ve I sometime think trying heading and XXXX, expect as we’re we liked, execute than quarter that remarks I quickly production. what’s later in world. the little as this to we Carlos, This can. runway year, said going be the bit be prepared complete It we progressing in a in was And will but

done agreement in so All you your cash step flow in question generation, is is And final like in will operations you have your that guys financials, show right? offtake you right. the will the once of terms up from cash a – basically be

ahead, Yes Ryan. Ryan. Go

That’s – that’s exactly right. yes,

current the offtake with of If arrangement, the cash over you waterfall the each course sale. look obviously pay down flow we that at in the we year provide

away take in the from we’d of arrangement. operating cash offtake an And if operating so, cash purely offtake going just $XX from prepaid million the flow you last numbers a forward with flow complete, from perspective, transitioning year’s about step have up

shipments, your quarter the how’s that squeeze of were depends sequencing we’re amount generation, end, I quarter, for about it since it guess one working All holding on may the about reduce right. I capital cash how last the your Is Excellent. of you talking but we this cash flow And receivables it going think of the if particularly about Ryan you the – can’t should talking flow generation, and far? maybe receivables balance smooth you so sheet? by quarter?

a was QX QX, of remarks Yes, and the it’s a of crazier. sort to great shipping repeat in question, sort my Carlos. a I’ll of refer on pace you even bit back which of

encouraging make get but QX door. is this would so port operating I I’d has the is seen towards that of improvement tail on out we’ve ability what we of our want a shipments, far far So the hard timing never prediction to environment how say in the saw continued. product to in in end that terms of the

All right. Excellent. Thank you very much guys.

Thanks.

you. Thank

ahead. is question Lawson, of is Lawson Winder line open. your from from Bank Please go America. next Our

on to $XXX on the for Good wanted also ask Hi, from a presentation guys. that spoke million thank evening the of the about free call. just I and you bad EBITDA thing. never the money government. you the and to incremental congratulations That’s

the and correctly? facility? heavy earth. about thinking Is that that? significant from to of would seem both light majority coming magnetics be rare of of Am me from separation that the would vast to a be portion the I it Or the facility, being that likely the is going bulk So this combination that there from

may Ryan, Lawson, if that another address way haven’t that broken asking but the you So, out. go But, you was that, we to of creative want question, same ahead.

look, of the coming from versus would downstream, lights scale be two heavies. the the obviously of the Yes. portion given majority I upstream mean, just including and

are we’ve I’d cost what perspective. expectations to given from triangulate of try think, back our – I you around a some our production to refer to prior commentary

And II. you that you if so, math, talked we that told you you attractive today’s can volumes capital do magnetics that referencing were about math and very think that We Stage about on for do what get business. the return are in the at And we’ve number potential spot. do that a

earlier. are moving you to do go there want don’t get bit just specific arrangement. helpful. think, to little math, don’t I We we given economics into a we’ve that We talked think as of the pieces detail that, but one of more a lot that but to given about I than guys that’s much want and be so, And to able get customer’s parts the hopefully any into it hopefully

Yes, helpful I sort just could understand to and that is Also so about timeline of I’m ask II. color. parts trying the the here, on Stage – moving of all

then Stage of and we tie-in the startup it be heavies, shutdown it going lights the heavies? starting a end lights towards the when should XXXX, about is both to the being think as up possible up a for future and Stage II starts the or II to for So

Michael, take to and ahead why go that. want do you don’t you –

we that is concentrate. one good the When chart products of on that’s the the up a we’ve Yes, question. lights, shown SEG+ start the

pilot, now we stock So magnetics III. with rare Stage more And sell. certainly not but the won’t to of for start later hope up up in slightly to until had that earth start with heavies, production startup we II. the – planned is that would we’ll earlier but date, product heavy Stage no originally the coinciding facility a with probably separation We

and for operation that tie-ins separation. earth for for rare normalizing II, – Stage Stage the running preparing be heavy we’ll So,

and material think – be of that? the recycle how Okay. sort of of That’s angle disruptive heavies we clear. the the tie-ins And then about how and should well the heavies handling both actually would recycling

ahead. go Michael,

a additional do material, to of into or potentially would for And primary the in is that smooth cases. impacted expect we material discrete impact, disruptive third say we yes, think, I are while have short throughput thing pre-processing third-party impact. whether periods could of then I will our to be any circuit. handling – there be facilitating but the recycled but they time wouldn’t ensure hugely material, modestly investments many periodic normalizes, any any

the most wouldn’t be so part. the lengthy disruption for And

a I be material that’s helpful. Or on into the of years going Yes, to ask the in plan wanted lower wanted two additional keeps or exciting, to really into plan perhaps that’s XX now, does grade mine rising. is an something is end price this to I near-term? And the reserve start finally, But and the the question super obviously back updated mine if especially the then just what that understand is is that with loaded? coming NdPr

The this plan life happy you I’m Yeah, out down It’s stair built of to as step time to built the throughout a that over mill. will. with is is that, grade we’ve average obviously sort of take continue you to mine come assumption in we’ve way sort obvious down, if that. any way. impacts grade, will not on recovery the the And have way out the is the an mine see you head

think to that how to what upstream some and translate grow about pass. very the lower to ability our conservative of look maintain look grade in see of continue lower report assumptions would the processes the recoveries, certainly well over I new comments material, time. And grade potential those how into is at earlier our I that into coming about things think a to will also average head we mill some with with very come at even technologies the ability to made I and

when reserve the the slide, obviously, see contained at so you between REO. difference And the look you

the almost contained is REO If REO recoverable look increases you at versus though same. the

about the to And see investments intend is multi-decade super improve. very and meaningful feel particularly so there, report nothing versus continue There good I really make XX% the we with and so. ability think not XX% to in we that you’ll to

all? with that helpful. previously TREO distribution reserve this with estimated that disclosed, updated does had And then extremely you at That’s the Okay. change guys content so of estimate,

certainly not stable. on has way body The was – rare it earth that distribution quite con rare file see put ore No, report with we together coming been of you’ll the primarily earth today focused The the change light distribution see content. reserve our product does out meaningfully. when we the light was the

ability real data the And so that point now we’ve an depleted year. we plans think actually QX the the place particularly then and towards of end this is of report to of at got had XXXX. and accelerated this developed effective that in I Whereas, an end have

the opportunity invest an over I other have for absolutely think earth distribution more if in reserves. you rare heavy is that I us portion don’t on Mike, to better time any into on forward going the incorporating thoughts time. some

No, you hit on it.

I distribution been long periods very back has very decades. the going think stable time, natural over that of

helpful. Right. is question in content, That’s X.X% just the on that super one and could TREO SEG+ If fit total what percent I the of DY more X.X% TB? of

that. disclosed haven’t We

for to Stage for commitments to facility. I III the handle initial our think to than about we – sufficient would comment not the Stage Jim’s other being back prefer referring I

Okay. That’s fair.

Thank you.

much. very Thanks

you. Thank

We and is is from Alexander from for ahead. open. line Jefferies. Laurence go time have Please one Laurence more your question, that

just II. CapEx that at tracks time, putting pursuing us Choice out over any you the recycling, Stage been, II, Can few give your I thanks mean, How you about margin in. compare as choices. structure next thinking you’ve the of now years? me you with incremental the flash Stage But multiple same for might potential say, color terms can in is the

you can some to going fit give the into how mosaic? thoughts that’s on Just

CapEx just want you not CapEx, obviously to make We you remarks, because to to to specific see ahead. kind overall an of Michael, I want refer the recycling any sure Well, the sort with out address would figure. in operation. that it we’re would of to I guide any made say the the investments. these on just of But thoughts on have statements and going Go how prepared we you break if integrating back parallel you Ryan

plant, removing be think and of life some the operation magnetics some itself them, done of other come Stage could I which be producing Yes, process Mountain of We’ve and parts which Pass of end terms iron our different. within two slightly that would would waste magnets. they’re oxides. magnetic end and in is boron which the magnets separated would a Sure. come The of lot separated. life similar off on other to back in be the to – digesting III, work And and but there’s recycled of things the one of and

is to You as, purely existing that the assets it who could be see recycled all leveraging doesn’t that’s which attractive Mountain or exact But material interact, whether same processes, too different have There leverage thing thing most and we’d would in existing be of to requires. may attractive economics. handle this probably want which think not. that for recycling evaluate have certain customers infrastructure, largely could which efficient the I Pass the existing the processes. magnet these essentially would can And

the generally But it larger impurities it very, that of that amounts complex – makes fewer elements has disposing trace and others. very maybe material separation. But they given in simpler a have rare the turbine separation between factors having

you. Thank

Okay. Yes.

you. questions is the for Thank today. have we time This all

So any over Jim closing I’ll for hand back to remarks.

report was wanted have but you. Okay. long lot I just Thank you, And everyone. a I thank it to we a obviously exciting today, to call operator. know of had things to

good look your a And for Have today. we forward updates. night, time to So thank you future everyone.

today’s for call. joining everyone you Thank

a lines now lovely may You have your and day. disconnect