MP Materials Corp. (NYSE:MP) Q3 2022 Earnings Conference Call November 3, 2022 5:00 PM ET

Company Participants

Martin Sheehan - Head, Investor Relations

Jim Litinsky - Founder, Chairman and CEO

Michael Rosenthal - Founder and COO

Ryan Corbett - Chief Financial Officer

Conference Call Participants

Corinne Blanchard - Deutsche Bank

Matt Summerville - D.A. Davidson & Co.

Robin Fiedler - BMO Capital Markets

Carlos De Alba - Morgan Stanley

George Gianarikas - Canaccord Genuity

Lawson Winder - BofA Securities

David Deckelbaum - Cowen

Operator

Ladies and gentlemen, hello. And welcome to the MP Materials Third Quarter 2022 Earnings Call. My name is Maxine, and I will be coordinating the call today. [Operator Instructions]

I will now hand you over to Martin Sheehan, the Head of Investor Relations to begin. Martin, please go ahead when you are ready.

Martin Sheehan

Thank you, Operator, and good day, everyone. Welcome to the MP Materials’ third quarter 2022 earnings call. With me today from MP Materials are Jim Litinsky, Founder, Chairman and Chief Executive Officer; Michael Rosenthal, Founder and Chief Operating Officer; and Ryan Corbett, Chief Financial Officer.

Before we get to our remarks, 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 the appendix to today’s presentation and earnings release. Any reference to our discussion today to EBITDA means adjusted EBITDA.

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

With that, I will turn the call over to Jim. Jim?

Jim Litinsky

Thanks, Martin, and thank you all for joining us today. Let me start with the plan for today’s call. First, I will open up with highlights of the quarter, Ryan will then review our financials and KPIs, Michael will then provide an update on our Stage II optimization at Mountain Pass, I will then return and close with a brief update on our Stage III magnetics business, before opening things up for Q&A.

So let’s get started on slide four. I am going to change the usual order of my highlights commentary and start with some exciting news. In September, we reached a major milestone. We began commissioning Stage II at Mountain Pass. We are starting test operations in several circuits, beginning with concentrate drying and roasting.