MP Materials (MP) Announces Increase to its Share Repurchase Program

MP Materials Corp. (NYSE: MP) (“MP Materials” or the “Company”) today announced that its Board of Directors has approved a $300 million increase to the Company’s existing share repurchase program, bringing the total authorized amount to $600 million. The share repurchase program has also been extended and is now effective until August 30, 2026.

Subsequent to the most recent earnings announcement on August 1, 2024, MP Materials repurchased 1.4% of the Company, or approximately 2.2 million shares, at an average price of $10.84. Together with repurchases made in March, MP Materials has now repurchased approximately 8.6% of the Company’s shares of common stock for a total of $225.1 million in 2024.

“We remain very confident in the long-term value of our assets and the MP platform,” said James Litinsky, Founder, Chairman, and CEO of MP Materials. “As we have consistently stated, subject to continuing to maintain a fortress balance sheet, we expect to be opportunistic in our approach to capital allocation to create value for shareholders.”

MP Materials may purchase shares from time to time at the discretion of management through open market purchases, privately negotiated transactions, block trades, accelerated or other structured share repurchase programs, or other means. The manner, timing, pricing and amount of any transactions will be subject to the discretion of MP Materials and may be based upon market conditions, regulatory requirements and alternative opportunities that MP Materials may have for the use or investment of its capital.

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