Introduction
MP is moving from buildout into scale.
The magnet line is producing customer-qualified parts, deferred revenue from GM is converting to shipments, and Stage II yields are advancing toward 85%. These milestones are supported by a long-term NdPr price deck near $125/kg and a balance sheet carrying $1.8B in net cash.
The operating base is strengthening, execution risk is receding, and customer traction is becoming visible. This combination marks the shift toward a scaled earnings profile with meaningful strategic optionality.