MP Materials Corp. (NYSE:MP) Q1 2022 Earnings Conference Call May 5, 2022 5:00 PM ET

Company Participants

Martin Sheehan - Head, Investor Relations

Jim Litinsky - Chairman & Chief Executive Officer

Ryan Corbett - Chief Financial Officer

Michael Rosenthal - Chief Operating Officer

Conference Call Participants

Matt Summerville - D.A. Davidson

Carlos De Alba - Morgan Stanley

David Deckelbaum - Cowen

Sathish Kasinathan - Deutsche Bank

George Gianarikas - Baird

Subash Chandra - Benchmark

Carlos De Alba - Morgan Stanley

Operator

Good day and thank you for standing by. Welcome to the MP Materials First Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Martin Sheehan, Head of Investor Relations. Please go ahead.

Martin Sheehan

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

Before we get to our opening 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’ll turn the call over to Jim. Jim?

Jim Litinsky

Thanks Martin and thank you all for joining us this afternoon. We had a great first quarter. I'll get to the highlights in just a moment, followed by Ryan's review of the financial and KPI details. I'll come back to update you all on our progress on Stages 2 and 3, and then we'll open it up to Q&A.

So, let's get started on slide four. In the quarter, we produced more than 10,800 metric tons and sold more than 11,700 metric tons of REO. That represents a year-over-year growth in production and sales volumes of 10% and 20%, respectively.