GoldHaven Resources Corp. press release

MP Materials Reports Second Quarter 2026 Results

2026-08-06

CSE - Canadian National Stock Exchange · Gold · Copper · Arsenic · Lead · Zinc · Silver · Tin · Indium · Tungsten · Molybdenum · Gemstone · Lithium · Niobium · Beryllium · Tantalum · Canada · Production & Operations

NdPr production of 840 metric tons, a 41% increase year over year

NdPr sales of 1,006 metric tons 1 , a 127% increase year over year

Generated $126.1 million of consolidated revenue and PPA Income, consisting of $108.5 million of revenue and $17.6 million of PPA Income

Materials Segment 1 generated $95.6 million in revenue, $17.6 million of PPA Income, and $32.5 million in Adjusted EBITDA

Magnetics Segment generated $16.5 million in revenue and $7.5 million in Adjusted EBITDA

Signed significant long-term offtake agreement with new American aerospace and defense customer for separated gadolinium, expanding HREE business at attractive economics

Launched Project Swarm to aggregate demand and standardize specs for the drone industry; executed subscription agreements with multiple leading U.S. and allied customers

MP Materials Corp. (NYSE: MP) (“MP Materials” or the “Company”), today announced financial and operational results for the three months ended June 30, 2026.

“MP Materials built on its strong start to the year, ramping NdPr production and sales volumes while generating solid Adjusted EBITDA,” said James Litinsky, Founder, Chairman and CEO of MP Materials. “We also signed a significant long-term agreement to supply gadolinium to a new U.S. aerospace and defense customer at attractive economics, expanding both our customer base and our heavy rare earth product portfolio.”

Litinsky continued, “Across our business, we continued to execute on our long-term strategy. Magnet qualification at Independence advanced through additional deliveries for customer qualification and regulatory testing, while construction of our 10X facility accelerated. As we expand our commercial relationships, scale domestic manufacturing capacity, and deepen our vertical integration, we are strengthening MP's competitive position and building a differentiated industrial platform that we believe will drive long-term shareholder value.”

Second Quarter 2026 Consolidated Financial Highlights

| | For the three months ended June 30, | | 2026 vs. 2025 | | | | | | | | | | | | (in thousands, except per share data, unaudited) | | 2026 | | | | 2025 | | | $ Change | | % Change | | | | Financial Measures: | | | | | | | | | | | | | | | Revenue | $ | 108,490 | | | $ | 57,393 | | | $ | 51,097 | | 89 | % | | Price protection agreement income | $ | 17,580 | | | $ | — | | | $ | 17,580 | | N/M | | | Net loss | $ | (20,296 | ) | | $ | (30,872 | ) | | $ | 10,576 | | 34 | % | | Adjusted EBITDA 2 | $ | 28,493 | | | $ | (12,535 | ) | | $ | 41,028 | | N/M | | | Adjusted Net Loss 2 | $ | (2,089 | ) | | $ | (21,374 | ) | | $ | 19,285 | | 90 | % | | Diluted loss per common share | $ | (0.11 | ) | | $ | (0.19 | ) | | $ | 0.08 | | 42 | % | | Adjusted Diluted EPS 2 | $ | (0.01 | ) | | $ | (0.13 | ) | | $ | 0.12 | | 92 | % | | N/M = Not meaningful. | | | | | | | | | | | | | | | 1 Includes sales volumes, revenue, and profits recognized in the Materials Segment on intercompany transactions with the Magnetics Segment. | | | | | | | | | | | | | | | 2 See “Use of Non-GAAP Financial Measures” below for the definitions. See tables below for reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures. | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Second Quarter 2026 Consolidated Review

Consolidated revenue increased 89% year over year to $108.5 million, driven by higher sales of NdPr oxide and metal, as well as stronger market pricing. The increase was partially offset by the cessation of concentrate sales beginning in July 2025 and slightly lower revenue from magnet precursor products due to the start-up of magnetics production at Independence.

Adjusted EBITDA increased by $41.0 million year over year to $28.5 million, driven mainly by the changes in revenues discussed above, as well as the price protection agreement income (“PPA Income”) generated in the Materials Segment. These improvements were partially offset by higher Cost of Sales in the Materials Segment due to the significant growth in NdPr sales volumes as well as higher SG&A mainly driven by higher headcount to support our downstream expansion.

Adjusted Net Loss improved by $19.3 million year over year to $(2.1) million, driven primarily by the higher Adjusted EBITDA discussed above, along with higher interest income due to increased cash and short-term investment balances. This improvement was partially offset by the amortization related to the price protection agreement upfront asset, with no comparable cost in the prior year period, as well as higher interest expense mainly due to the July 2025 Department of War loan to support the buildout of samarium oxide production.

Net loss improved by $10.6 million year over year to $(20.3) million, primarily due to the factors driving the improvement in Adjusted Net Loss discussed above, partially offset by higher Start-up costs from the ramp-up of start-up activities for initial magnet production ahead of commercial production, as well as higher stock based compensation expense.

Diluted loss per common share and Adjusted Diluted EPS improved by $0.08 and $0.12 year over year, respectively, to $(0.11) and $(0.01), respectively, in line with the change in Net loss and Adjusted Net Loss discussed above.

| | | | | | | | | | | | | | | | | Second Quarter 2026 Segment Financial Highlights | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the three months ended June 30, | | 2026 vs. 2025 | | | | | | | | | | | | | (in thousands, unaudited) | | 2026 | | | | 2025 | | | $ Change | | % Change | | | | | Segment Financials: | | | | | | | | | | | | | | | | Revenue | | | | | | | | | | | | | | | | Materials Segment | $ | 95,629 | | | $ | 37,532 | | | $ | 58,097 | | | 155 | % | | Magnetics Segment | | 16,524 | | | | 19,861 | | | | (3,337 | ) | | (17 | )% | | Intercompany eliminations (1) | | (3,663 | ) | | | — | | | | (3,663 | ) | | N/M | | | Total revenue | $ | 108,490 | | | $ | 57,393 | | | $ | 51,097 | | | 89 | % | | | | | | | | | | | | | | | | | | Segment Adjusted EBITDA | | | | | | | | | | | | | | | | Materials Segment | $ | 32,505 | | | $ | (12,678 | ) | | $ | 45,183 | | | N/M | | | Magnetics Segment | | 7,532 | | | | 8,089 | | | | (557 | ) | | (7 | )% | | Total Segment Adjusted EBITDA | $ | 40,037 | | | $ | (4,589 | ) | | $ | 44,626 | | | N/M | | | Corporate and other (2) | | (10,983 | ) | | | (7,946 | ) | | | (3,037 | ) | | (38 | )% | | Intercompany eliminations (1) | | (561 | ) | | | — | | | | (561 | ) | | N/M | | | Adjusted EBITDA (3) | $ | 28,493 | | | $ | (12,535 | ) | | $ | 41,028 | | | N/M | |

| N/M = Not meaningful. | | | (1) | Represents the elimination of intercompany revenues and Segment Adjusted EBITDA associated with NdPr oxide sales made by the Materials Segment to the Magnetics Segment. | | (2) | Corporate and other is not considered a reportable segment, and is presented solely to reconcile the total of Segment Adjusted EBITDA to Adjusted EBITDA on a consolidated basis. | | (3) | See “Use of Non-GAAP Financial Measures” below for definition. See table below for a reconciliation of Adjusted EBITDA to its most directly comparable GAAP financial measure, net income or loss. | | | |

| Second Quarter 2026 Materials Segment Financial and Operational Results | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the three months ended June 30, | | 2026 vs. 2025 | | | | | | | | | | | | (unaudited) | 2026 | | | 2025 | | | Amount Change | | % Change | | | | | | Revenue: | (in thousands) | | | | | | | | | | | | | | NdPr oxide and metal | $ | 94,434 | | $ | 25,045 | | | $ | 69,389 | | | 277 | % | | Rare earth concentrate | | — | | | 11,877 | | | | (11,877 | ) | | N/M | | | Other revenue | | 1,195 | | | 610 | | | | 585 | | | 96 | % | | Total Materials Segment revenue | $ | 95,629 | | $ | 37,532 | | | $ | 58,097 | | | 155 | % | | | | | | | | | | | | | | | | | Price protection agreement income | $ | 17,580 | | $ | — | | | $ | 17,580 | | | N/M | | | | | | | | | | | | | | | | | | Segment Adjusted EBITDA (1) | $ | 32,505 | | $ | (12,678 | ) | | $ | 45,183 | | | N/M | | | | | | | | | | | | | | | | | | Key Performance Indicators (2) : | (in whole units) | | | | | | | | | | | | | | Separated NdPr products | | | | | | | | | | | | | | | NdPr Production Volume (MTs) | | 840 | | | 597 | | | | 243 | | | 41 | % | | NdPr Sales Volume (MTs) | | 1,006 | | | 443 | | | | 563 | | | 127 | % | | Rare earth concentrate | | | | | | | | | | | | | | | REO Production Volume (MTs) | | 11,072 | | | 13,145 | | | | (2,073 | ) | | (16 | )% |

| N/M = Not meaningful. | | | (1) | See “Segment Information” below for further information. | | (2) | See “Key Performance Indicators” below for definitions and further information. | | | |

| Second Quarter 2026 Magnetics Segment Financial Results | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the three months ended June 30, | | 2026 vs. 2025 | | | | | | | | | | | (in thousands, unaudited) | 2026 | | 2025 | | $ Change | | % Change | | | | | | | Magnetic precursor products revenue | $ | 16,524 | | $ | 19,861 | | $ | (3,337 | ) | | (17 | )% | | | | | | | | | | | | | | | | Segment Adjusted EBITDA (1) | $ | 7,532 | | $ | 8,089 | | $ | (557 | ) | | (7 | )% |

| (1) | See “Segment Information” below for further information. | | | |

| MP MATERIALS CORP. AND SUBSIDIARIES | | | | | | | | | CONDENSED CONSOLIDATED BALANCE SHEETS | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | | | | | (U.S. dollars in thousands, except share and per share data, unaudited) | | | | | | | | | Assets | | | | | | | | | Current assets | | | | | | | | | Cash and cash equivalents | $ | 429,075 | | | $ | 1,166,011 | | | Short-term investments | | 1,023,564 | | | | 664,275 | | | Total cash, cash equivalents and short-term investments | | 1,452,639 | | | | 1,830,286 | | | Trade accounts receivable | | 40,436 | | | | 14,642 | | | Other receivables | | 56,281 | | | | 132,042 | | | Inventories | | 173,428 | | | | 171,560 | | | Prepaid expenses and other current assets | | 22,624 | | | | 17,271 | | | Total current assets | | 1,745,408 | | | | 2,165,801 | | | Non-current assets | | | | | | | | | Property, plant and equipment, net | | 1,608,625 | | | | 1,369,817 | | | Inventories | | 106,082 | | | | 80,539 | | | Price protection agreement upfront asset, net | | 187,544 | | | | 209,668 | | | Other non-current assets | | 79,081 | | | | 38,335 | | | Total non-current assets | | 1,981,332 | | | | 1,698,359 | | | Total assets | $ | 3,726,740 | | | $ | 3,864,160 | | | Liabilities, redeemable preferred stock and stockholders’ equity | | | | | | | | | Current liabilities | | | | | | | | | Accounts and construction payable | $ | 46,024 | | | $ | 36,655 | | | Accrued liabilities | | 60,329 | | | | 95,086 | | | Current portion of long-term debt | | — | | | | 67,411 | | | Deferred revenue | | 45,547 | | | | 74,301 | | | Other current liabilities | | 31,638 | | | | 25,596 | | | Total current liabilities | | 183,538 | | | | 299,049 | | | Non-current liabilities | | | | | | | | | Long-term debt, net of current portion | | 934,583 | | | | 931,330 | | | Deferred revenue | | 80,861 | | | | 83,889 | | | Deferred government grant | | 26,134 | | | | 22,101 | | | Deferred investment tax credit | | 35,285 | | | | 26,860 | | | Deferred income taxes | | 27,021 | | | | 51,558 | | | Other non-current liabilities | | 68,371 | | | | 57,005 | | | Total non-current liabilities | | 1,172,255 | | | | 1,172,743 | | | Total liabilities | | 1,355,793 | | | | 1,471,792 | | | Commitments and contingencies | | | | | | | | | Redeemable preferred stock: | | | | | | | | | Series A cumulative perpetual convertible preferred stock ($0.0001 par value, 400,000 shares authorized, issued and outstanding as of June 30, 2026, and December 31, 2025, respectively; aggregate liquidation preference of $428,088 and $413,489 as of June 30, 2026 and December 31, 2025, respectively) | | 413,611 | | | | 413,611 | | | Stockholders’ equity: | | | | | | | | | Preferred stock, undesignated ($0.0001 par value, 49,600,000 shares authorized as of June 30, 2026, and December 31, 2025, respectively, zero issued and outstanding in either period) | | — | | | | — | | | Common stock ($0.0001 par value, 450,000,000 shares authorized, 193,301,058 and 192,607,429 shares issued, and 178,051,276 and 177,357,647 shares outstanding, as of June 30, 2026, and December 31, 2025, respectively) | | 19 | | | | 19 | | | Additional paid-in capital | | 1,978,458 | | | | 1,970,970 | | | Retained earnings | | 206,164 | | | | 234,428 | | | Accumulated other comprehensive income (loss) | | (258 | ) | | | 387 | | | Treasury stock, at cost, 15,249,782 shares for both periods | | (227,047 | ) | | | (227,047 | ) | | Total stockholders’ equity | | 1,957,336 | | | | 1,978,757 | | | Total liabilities, redeemable preferred stock and stockholders’ equity | $ | 3,726,740 | | | $ | 3,864,160 | | | | | | | | | | |

| MP MATERIALS CORP. AND SUBSIDIARIES | | | | | | | | | | | | | | | | | CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (U.S. dollars in thousands, except share and per share data, unaudited) | For the three months ended June 30, | | For the six months ended June 30, | | | | | | | | | | | | | | | 2026 | | | | 2025 | | | | 2026 | | | | 2025 | | | | Revenue | $ | 108,490 | | | $ | 57,393 | | | $ | 199,139 | | | $ | 118,203 | | | Price protection agreement income | | 17,580 | | | | — | | | | 59,853 | | | | — | | | Operating costs and expenses: | | | | | | | | | | | | | | | | | Cost of sales (excluding depreciation, depletion and amortization) | | 72,292 | | | | 50,431 | | | | 146,537 | | | | 99,262 | | | Selling, general and administrative | | 35,164 | | | | 27,429 | | | | 68,804 | | | | 51,595 | | | Depreciation, depletion and amortization | | 35,379 | | | | 20,777 | | | | 67,516 | | | | 42,161 | | | Start-up costs | | 14,428 | | | | 761 | | | | 20,317 | | | | 1,737 | | | Advanced projects and development | | 1,283 | | | | 2,496 | | | | 3,188 | | | | 2,970 | | | Other operating costs and expenses (income), net | | (447 | ) | | | (619 | ) | | | 8,781 | | | | (862 | ) | | Total operating costs and expenses, net | | 158,099 | | | | 101,275 | | | | 315,143 | | | | 196,863 | | | Operating loss | | (32,029 | ) | | | (43,882 | ) | | | (56,151 | ) | | | (78,660 | ) | | Interest expense, net | | (9,703 | ) | | | (5,414 | ) | | | (19,549 | ) | | | (13,029 | ) | | Other income, net | | 12,397 | | | | 6,572 | | | | 32,723 | | | | 21,790 | | | Loss before income taxes | | (29,335 | ) | | | (42,724 | ) | | | (42,977 | ) | | | (69,899 | ) | | Income tax benefit | | 9,039 | | | | 11,852 | | | | 14,713 | | | | 16,379 | | | Net loss | $ | (20,296 | ) | | $ | (30,872 | ) | | $ | (28,264 | ) | | $ | (53,520 | ) | | | | | | | | | | | | | | | | | | | Loss per common share: | | | | | | | | | | | | | | | | | Basic | $ | (0.11 | ) | | $ | (0.19 | ) | | $ | (0.16 | ) | | $ | (0.33 | ) | | Diluted | $ | (0.11 | ) | | $ | (0.19 | ) | | $ | (0.16 | ) | | $ | (0.33 | ) | | | | | | | | | | | | | | | | | | | Weighted-average shares outstanding: | | | | | | | | | | | | | | | | | Basic | | 178,409,085 | | | | 163,834,693 | | | | 178,215,393 | | | | 163,799,713 | | | Diluted | | 178,409,085 | | | | 163,834,693 | | | | 178,215,393 | | | | 163,799,713 | | | | | | | | | | | | | | | | | | |

| MP MATERIALS CORP. AND SUBSIDIARIES | | | | | | | | | CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | | | | | | | | | | | | | | | | | | | For the six months ended June 30, | | | | | | | | (U.S. dollars in thousands, unaudited) | | 2026 | | | | 2025 | | | Operating activities: | | | | | | | | | Net loss | $ | (28,264 | ) | | $ | (53,520 | ) | | Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | | | | | | | | | Depreciation, depletion and amortization | | 67,516 | | | | 42,161 | | | Accretion of discount on short-term investments | | (12,956 | ) | | | (11,462 | ) | | Stock-based compensation expense | | 24,217 | | | | 12,905 | | | Amortization of debt discount and debt issuance costs | | 3,621 | | | | 2,074 | | | Lower of cost or net realizable value reserve | | — | | | | 6,736 | | | Deferred income taxes | | (13,444 | ) | | | (17,936 | ) | | Other | | 154 | | | | (5,919 | ) | | Decrease (increase) in operating assets: | | | | | | | | | Trade accounts receivable | | (25,794 | ) | | | (2,686 | ) | | Other receivables | | 58,677 | | | | (10,951 | ) | | Inventories | | (20,809 | ) | | | (52,441 | ) | | Prepaid expenses, other current and non-current assets | | (13,694 | ) | | | (4,481 | ) | | Increase (decrease) in operating liabilities: | | | | | | | | | Accounts payable and accrued liabilities | | (4,108 | ) | | | 1,201 | | | Deferred revenue | | (33,872 | ) | | | 24,948 | | | Deferred government grant | | 5,857 | | | | 3,313 | | | Other current and non-current liabilities | | (2,162 | ) | | | (795 | ) | | Net cash provided by (used in) operating activities | | 4,939 | | | | (66,853 | ) | | Investing activities: | | | | | | | | | Additions to property, plant and equipment | | (307,711 | ) | | | (59,473 | ) | | Purchases of short-term investments | | (1,236,482 | ) | | | (683,815 | ) | | Proceeds from sales of short-term investments | | 15,840 | | | | 80,387 | | | Proceeds from maturities of short-term investments | | 873,593 | | | | 690,942 | | | Proceeds from return of investment in equity method investee | | — | | | | 9,673 | | | Proceeds from sale of property, plant and equipment | | — | | | | 4,063 | | | Proceeds from government awards used for construction | | — | | | | 12,200 | | | Net cash provided by (used in) investing activities | | (654,760 | ) | | | 53,977 | | | Financing activities: | | | | | | | | | Payments to retire long-term debt | | (67,499 | ) | | | — | | | Principal payments on debt obligations | | (2,177 | ) | | | (3,857 | ) | | Tax withholding on stock-based awards | | (18,246 | ) | | | (3,877 | ) | | Net cash used in financing activities | | (87,922 | ) | | | (7,734 | ) | | Net change in cash, cash equivalents and restricted cash | | (737,743 | ) | | | (20,610 | ) | | Cash, cash equivalents and restricted cash beginning balance | | 1,167,359 | | | | 283,603 | | | Cash, cash equivalents and restricted cash ending balance | $ | 429,616 | | | $ | 262,993 | | | | | | | | | | | | Reconciliation of cash, cash equivalents and restricted cash: | | | | | | | | | Cash and cash equivalents | $ | 429,075 | | | $ | 261,535 | | | Restricted cash, current | | 541 | | | | 918 | | | Restricted cash, non-current | | — | | | | 540 | | | Total cash, cash equivalents and restricted cash | $ | 429,616 | | | $ | 262,993 | | | | | | | | | | |

| Reconciliation of GAAP Net Loss to

Non-GAAP Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the three months ended June 30, | | For the six months ended June 30, | | | | | | | | | | | | | | (in thousands, unaudited) | | 2026 | | | | 2025 | | | | 2026 | | | | 2025 | | | Net loss | $ | (20,296 | ) | | $ | (30,872 | ) | | $ | (28,264 | ) | | $ | (53,520 | ) | | Adjusted for: | | | | | | | | | | | | | | | | | Depreciation, depletion and amortization | | 35,379 | | | | 20,777 | | | | 67,516 | | | | 42,161 | | | Interest expense, net | | 9,703 | | | | 5,414 | | | | 19,549 | | | | 13,029 | | | Income tax benefit | | (9,039 | ) | | | (11,852 | ) | | | (14,713 | ) | | | (16,379 | ) | | Stock-based compensation expense (1) | | 11,287 | | | | 5,427 | | | | 24,154 | | | | 12,780 | | | Initial start-up costs (2) | | 13,588 | | | | 634 | | | | 18,441 | | | | 1,406 | | | Transaction-related and other costs (3) | | (285 | ) | | | 5,128 | | | | 10,204 | | | | 7,944 | | | Accretion of asset retirement and environmental obligations (4) | | 385 | | | | 372 | | | | 771 | | | | 745 | | | Loss (gain) on disposals of long-lived assets, net (4) | | 168 | | | | (991 | ) | | | 168 | | | | (1,607 | ) | | Other income, net (5) | | (12,397 | ) | | | (6,572 | ) | | | (32,723 | ) | | | (21,790 | ) | | Adjusted EBITDA | $ | 28,493 | | | $ | (12,535 | ) | | $ | 65,103 | | | $ | (15,231 | ) |