A $1.25 billion-plus company investment will create over 1,500 jobs, dramatically expand domestic manufacturing capacity, and strengthen America's supply chain independence

Significant state and local incentive package and 10‑year Pentagon offtake commitment support rapid buildout and production expansion

Historic milestone fulfills a key pillar of MP's public‑private partnership with the U.S. Department of War

MP Materials Corp. (NYSE:MP) today announced it has selected a 120‑acre site in Northlake, Texas, to develop "10X," the company's planned large-scale rare earth magnet manufacturing campus. Located less than 10 miles from MP's existing Independence facility in Fort Worth, the new campus will cement North Texas as the center of gravity for the United States' rare earth magnet supply chain.

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MP Materials will invest more than $1.25 billion to develop the largest and most strategic U.S. rare earth magnet manufacturing asset in history

10X will significantly expand MP's fully integrated U.S. rare earth magnetics manufacturing platform, which already encompasses mining and refining, metallization and alloying, sintering, finished magnet production, and closed‑loop recycling. Once operational, the new campus is expected to contribute to the company's total production capacity of approximately 10,000 metric tons of NdFeB rare earth magnets per year, dramatically advancing the nation's ability to produce these strategic components domestically.

MP expects to invest more than $1.25 billion in the project and create more than 1,500 direct manufacturing and engineering jobs at the site. The company anticipates breaking ground imminently. Engineering and equipment procurement is well underway, with commissioning set to commence in 2028.

The decision to expand in North Texas reflects the world‑class workforce and deep manufacturing expertise in the region, both of which are critical to scaling a complex and globally competitive rare earth magnetics capability in the U.S.

This project is enabled by the State of Texas, Denton County, and the City of Northlake, which have approved a comprehensive incentive package totaling roughly $200 million over more than a decade, including grants, abatements and exemptions. The package includes more than $66 million in grants from the Texas Enterprise Fund (TEF) and Texas Semiconductor Innovation Fund (TSIF), underscoring Texas' leadership in next‑generation manufacturing.

The site to be acquired from Hillwood is within the AllianceTexas development and was selected following a national site evaluation process led by CBRE.

Advancing U.S. National and Economic Security Objectives Under Partnership with Department of War

10X is a cornerstone of MP's previously announced public-private partnership with the U.S. Department of War (DoW), which was established in July 2025 to accelerate U.S. rare earth magnet independence. This partnership provides long‑term demand certainty to support the rapid build‑out of domestic magnet manufacturing capacity, while keeping the 10X facility wholly owned and operated by MP Materials. These magnets underpin technologies central to economic resilience and national security, including drones, robotics, AI data centers, electrification, and advanced semiconductor fabrication.

Building on MP Materials' Strong Foundation and Proven Track Record

MP Materials' Independence facility began commercial metal production in 2024, followed in 2025 by first alloy flake and finished magnet production on commercial equipment, restoring end-to-end production capabilities in the United States for the first time in decades. The experience, technical talent, and supplier ecosystem developed through Independence form the foundation for 10X and give MP a significant advantage in scaling advanced magnet manufacturing in the U.S.

10X will incorporate next-generation NdFeB magnet manufacturing technologies, including an MP‑developed Grain Boundary Diffusion (GBD) process and other innovations that significantly reduce or eliminate heavy rare earth requirements entirely while maintaining high coercivity and thermal stability. The light and heavy rare earth raw materials necessary to support 10X will be sourced from MP's processing facility in Mountain Pass, California. Scrap from Texas magnet production will be reintegrated into MP's short‑loop and long‑loop recycling circuits in Texas and California, tightening circularity and cost performance across the platform.

MP's commercial relationships include long‑term commitments from some of America's most important and technologically sophisticated end‑users of rare earth magnets, including a long‑term magnet supply agreement with General Motors and collaboration with Apple to build an innovative rare earth recycling and magnet production system—reflecting broad confidence among leading industrial and consumer‑technology manufacturers in the strength and reliability of a fully integrated U.S. production platform.

Strong Support for U.S. End-to-End Rare Earth Independence

James Litinsky, Founder, Chairman & CEO, MP Materials:

"10X is about building industrial strength at a scale the United States has not seen in generations, and the exceptional talent and infrastructure in North Texas make it possible. We are advancing key objectives under our public-private partnership with the Department of War and accelerating America's rare earth and magnet independence with an uncompromising focus on speed, execution, and delivery."

Texas Governor Greg Abbott:

"Hardworking Texans will advance America's semiconductor manufacturing independence. This Texas-sized investment by MP Materials in Northlake will create more than 1,500 corporate, manufacturing, and engineering jobs and dramatically expand domestic manufacturing of rare earth magnets to reduce reliance on foreign supply chains. This expansion in North Texas reflects the strength of our skilled and growing workforce and our advanced manufacturing expertise. Working together with innovative industry partners, Texas will accelerate America's leadership for decades to come."

U.S. Senator John Cornyn of Texas:

"MP Materials' plan to build a new Magnet Manufacturing Campus in Northlake is great news for Texas. I look forward to seeing how this expansion will bolster Texas' economy, create opportunities for innovation, and strengthen our national security."

U.S. Senator Ted Cruz of Texas:

"The Chinese Communist Party represents the most acute national security threat to the United States, yet we remain dependent on the CCP for critical minerals. MP Materials is building the infrastructure needed to undo that dependence and bolster American national security. The expansion of MP Materials' rare earth manufacturing facility in Northlake, Texas will advance these goals while creating high-quality jobs in the Lone Star State."

Ross Perot Jr., Chairman, Hillwood:

"AllianceTexas continues to attract advanced manufacturing that creates jobs, diversifies our economy, and strengthens America's supply chain. MP Materials has been a strong partner, and this competitive project demonstrates how city, county, and state leaders work together to secure significant new investment in North Texas."

ABOUT MP MATERIALS

MP Materials (NYSE:MP) is America's only fully integrated rare earth producer with capabilities spanning the entire supply chain—from mining and processing to advanced metallization and magnet manufacturing. We extract and refine materials from one of the world's richest rare earth deposits in California and manufacture the world's strongest and most efficient permanent magnets. Our products enable innovation across critical sectors of the modern economy, including transportation, energy, robotics, defense, and aerospace.

More information is available at https://mpmaterials.com/.

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FORWARD-LOOKING STATEMENTS

This press release contains certain statements that are not historical facts and are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate, "believe," "seek," "will," "target," or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, including statements related to the 10X facility, including the expected timing for construction and commissioning, investment amount, job creation, production capacity and incentives to be received from the State of Texas, Denton County, and the City of Northlake. These forward-looking statements are subject to a number of risks and uncertainties, including risks relating to (i) the timing and achievement of business milestones related to the 10X facility, including construction and commissioning of the 10X facility; (ii) the Company's ability to meet the conditions necessary to obtain the incentives the State of Texas, Denton County, and the City of Northlake and (iii) those risk factors discussed in MP Materials' filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed by the Company with the Securities and Exchange Commission.

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MP Materials Selects Northlake, Texas, as the Site of "10X," a New U.S. Rare Earth Magnet Manufacturing Campus