MP Materials Corp (MP) 2024 Q3 法說會逐字稿

Vantage?

優勢？

No, yes.

不，是的。

Thanks.

謝謝。

Okay.

好的。

Okay.

好的。

That's helpful.

這很有幫助。

Are there.

有嗎。

Okay.

好的。

Hello, and welcome to the MP Materials Third Quarter 2024 earnings call.

您好，歡迎參加 MP Materials 2024 年第三季財報電話會議。

We ask that you please hold all questions until the completion of the remarks at which time you will be given instructions for the question and answer session.

我們要求您保留所有問題，直到發言完成，屆時您將收到有關問答環節的指示。

Also, as a reminder, this conference is being recorded.

另外，提醒一下，本次會議正在錄製中。

You haven't please disconnect at this time.

此時您還沒有斷開連線。

With that, I would like to turn the call over to Martin gene, Head of Investor Relations.

說到這裡，我想將電話轉給投資者關係主管 Martin Gene。

Mr. Shea and you may begin.

謝伊先生和你可以開始了。

Welcome to the MP Materials Third Quarter 2021 Earnings Conference Call.

歡迎參加 MP Materials 2021 年第三季財報電話會議。

With me today from MDC or Jim Lutenski, Founder, Chairman and Chief Executive Officer, Michael Rosenthal, Founder and Chief Officer, and Ryan Coleman, Chief Financial Officer.

今天與我一起的是 MDC 創辦人、董事長兼執行長 Jim Lutenski、創辦人兼執行長 Michael Rosenthal 以及財務長 Ryan Coleman。

As a reminder, today's call are 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 in today's presentation, earnings release and in our SEC filings.

提醒一下，今天的電話會議是與未來事件和預期相關的前瞻性陳述，這些陳述受到各種假設和警告的影響，可能導致公司的實際結果與今天的簡報、收益發布和我們的SEC 文件中的這些陳述存在重大差異的因素。

In addition, some non-GAAP financial measures in this presentation.

此外，本簡報中還包括一些非公認會計準則財務指標。

Reconciliations to the most directly comparable GAAP financial measures can be found in today's earnings release and the appendix to today's slide presentation.

與最直接可比較的公認會計準則財務指標的調節可以在今天的收益發布和今天幻燈片演示的附錄中找到。

Any reference in our discussion today to EBITDA means adjusted EBITDA and tons means metric tons.

我們今天討論中提到的 EBITDA 均指調整後的 EBITDA，噸指公噸。

Finally in the slide presentation are available on our website that I'll turn the call over to Jim and hello, everyone.

最後，在我們的網站上提供了幻燈片演示文稿，我將把電話轉給吉姆，大家好。

It's been an incredibly exciting week in America and regardless of how you voted, we are all on the same team.

這是美國令人難以置信的激動人心的一周，無論您如何投票，我們都在同一個團隊中。

Now Put simply, I am extremely proud of the MP. team's execution this quarter achieved a new upstream production record of 13,742 metric of contained ratio that is nearly 15% or over 1,700 metric tons higher than our previous best quarter.

簡而言之，我為這位議員感到非常自豪。團隊本季的執行創造了新的上游產量記錄，達到 13,742 公噸的控制率，比我們之前最好的季度高出近 15% 或超過 1,700 公噸。

Let me repeat that we produced 15% more REO this quarter than previous best quarter ever.

讓我再說一遍，本季我們生產的 REO 比之前最好的季度多了 15%。

Michael will get into more detail shortly, but we believe this signifies material progress towards this significant step function change in potential we discussed for our upstream business.

邁克爾很快就會提供更多細節，但我們相信這意味著我們在上游業務潛力方面的重大步驟功能變化方面取得了實質進展。

Upstream 60 k. optimizations drove improved recoveries and alongside those higher recoveries, we maintained solid productivity with consistency and reliability and uptime.

上游 60 k。優化推動了回收率的提高，在提高回收率的同時，我們也保持了穩定的生產力、一致性、可靠性和正常運行時間。

As we have previously stated, our path towards upstream 60 k. will be lumpy, but these results clearly underscore the world-class technical capabilities of our team, the vast potential of our upstream operations and our confidence in achieving upstream 60 k., needless to say, record production this quarter and just strong concentrate sales volumes despite pushing much more volume through the midstream circuits.

正如我們之前所說，我們通往上游 60 k 的路徑。將會是不穩定的，但這些結果清楚地強調了我們團隊的世界級技術能力、我們上游業務的巨大潛力以及我們對實現上游60 k. 的信心，不用說，本季度創紀錄的產量和強勁的精礦銷量儘管透過中游電路推動了更多的音量。

Speaking of the midstream and as significantly, we achieved record production of 478 metric tonnes of NdPr oxide in the quarter.

說到中游，同樣重要的是，我們在本季實現了 478 噸镨镨氧化物的創紀錄產量。

Sense, a 76% increase from the second quarter, well above our guidance for 50% sequential growth.

Sense，較第二季成長 76%，遠高於我們 50% 環比成長的指引。

I would remind you that we completed an extended planned maintenance outage in October.

我想提醒您，我們在 10 月完成了延長的計​​劃維護中斷。

We are also beginning to commit additional upstream 60 k. projects throughout the quarter.

我們也開始承諾額外的上游 60 k。整個季度的項目。

Given these planned disruptions, we explore NdPr oxide production to be roughly flat with Q. threes 478 tons.

鑑於這些計劃中的中斷，我們預計 NdPr 氧化物產量將大致持平，為 478 噸。

We then expect a more significant acceleration in midstream production in Q1 of next year.

我們預計明年第一季中游生產將出現更顯著的加速。

The strong Q4 adoption allowed us to nearly triple our sales volumes sequentially, highlighting strong momentum in the sell through and metal production.

第四季的強勁採用使我們的銷量環比增長了近三倍，凸顯了銷售和金屬生產的強勁勢頭。

We'd like to point out that we have seen a recent notable uptick in customer inquiries for samples and potentially assuming we meet our production targets and NdPr pricing holds at current levels, we expect to generate positive Midstream gross margin we exit Q1.

我們想指出的是，我們最近看到客戶對樣品的詢問顯著增加，並且假設我們達到了生產目標並且 NdPr 定價保持在當前水平，我們預計我們退出第一季時將產生正的中游毛利率。

Naturally, this comes with all the usual cap yachts of a complex ramp up, but we are very pleased best line of sight to profitability in our refining operations, complementing that continued strong profitability of our upstream.

當然，這伴隨著複雜的產能提升的所有常見的遊艇，但我們非常高興我們的煉油業務能夠實現盈利，並補充了我們上游持續強勁的盈利能力。

We have received positive news in late October when the Treasury Department issued the final rules for the 45 X factoring production tax credit, which grants a 10% credit on costs related to producing critical minerals, including NdPr oxide.

我們在 10 月底收到了積極消息，當時財政部發布了 45 X 保理生產稅收抵免的最終規則，該規則對與生產關鍵礦物（包括氧化镨镨）相關的成本給予 10% 的抵免。

Initially, the proposed rules excluded extraction costs and both direct and indirect material costs limitations that would have reduced the policies impact for companies like MP.

最初，擬議規則排除了開採成本以及直接和間接材料成本限制，這些限製本可以減少對 MP 等公司的政策影響。

However, the final rules now allow vertically integrated US. minor refinery SMB to include these extraction and material costs.

然而，最終規則現在允許美國垂直整合。小型煉油廠 SMB 包括這些提取和材料成本。

This changes per certificate for railroads producers as chemical reagents make up a substantial portion of our overall cost structure.

由於化學試劑占我們整體成本結構的很大一部分，因此鐵路生產商的每份證書都會發生變化。

Moving onto our downstream magnetics business, we have begun commissioning our electrolysis cells for metal production in Fort Worth.

轉向我們的下游磁性業務，我們已開始在沃斯堡調試用於金屬生產的電解槽。

By the way, we refer to the Fort Worth magnet facility internally as independence named for the road that sits on our team.

順便說一句，我們在內部將沃斯堡磁鐵設施稱為獨立設施，以我們團隊所在的道路命名。

There is now about 100 people and we are on track to deliver metal by year end.

目前約有 100 名員工，我們預計在年底前交付金屬。

Finally using the official name independence going forward.

最後使用官方名稱獨立前進。

In addition, we also expect first production of on-spec magnets in our integrated prototyping facility at independents by year end.

此外，我們也預計到年底，我們的整合原型製造工廠將首次生產符合規格的磁鐵。

This will allow us to begin the customer qualification process, another critical milestone on the path towards commercial magnet production by the end of next year.

這將使我們能夠開始客戶資格審查流程，這是明年底實現商業磁鐵生產道路上的另一個重要里程碑。

So in summary, this was just a tremendous quarter of execution across our business.

總而言之，這只是我們整個業務執行情況出色的一個季度。

We have a lot of work to do, but I am particularly proud of our team's resilience this year.

我們還有很多工作要做，但我對我們團隊今年的韌性感到特別自豪。

I am further encouraged by the significant momentum we are building as we head into 2025.

當邁向 2025 年時，我們正在形成的巨大勢頭讓我進一步受到鼓舞。

With that, I'll turn it over to Ryan to review our KPI.s and financial performance.

這樣，我會將其交給 Ryan 來審查我們的 KPI 和財務績效。

Brian, I think I'm moving to Slide 6.

布萊恩，我想我要轉到幻燈片 6。

On the far left of this slide, you can see that REO production of 13,000 feet two metric tons increased 28% compared to last year and over 50% versus our more challenging Q2.

在這張投影片的最左側，您可以看到 13,000 英尺兩噸的 REO 產量與去年相比增加了 28%，與更具挑戰性的第二季度相比增加了 50% 以上。

As Jim mentioned, this led to very strong sales volumes as we sold 9,700, 29 metric tons of Corio, a 6% increase over last year.

正如 Jim 所提到的，這帶來了非常強勁的銷量，我們售出了 9,700 份（29 公噸 Corio），比去年增加了 6%。

On the middle left, you can see rising remains pressured as average realized price for REO and concentrate was 4,400 per metric ton in the quarter at 23% decline from last year, but a 6% increase sequentially.

在中左，您可以看到上漲仍然面臨壓力，因為本季 REO 和精礦的平均實現價格為每公噸 4,400 美元，比去年下降 23%，但環比上漲 6%。

We saw some positive movement in September, which had a slight positive impact on our upstream realized pricing versus our guidance from last quarter.

我們在 9 月看到了一些積極的變化，與上季的指導相比，這對我們的上游實現定價產生了輕微的積極影響。

Bloodstream KPI.s on the right side of the page.

血液 KPI.s 位於頁面右側。

As Jim also mentioned, we produced 478 metric tonnes of NdPr oxide, a 76% increase over Q2 and nearly 10 times last year's initial production levels.

正如 Jim 也提到的，我們生產了 478 公噸镨镨氧化物，比第二季度增加了 76%，幾乎是去年初始產量水準的 10 倍。

Ndpr sales volumes totaled 400 tons, nearly triple Q2's volumes.

Ndpr 銷售量總計 400 噸，幾乎是第二季銷售量的三倍。

I would point out that most of the higher sales than originally expected is simply due to timing, given the still relatively low production timing of shipping schedules and deliveries will potentially have a large impact on our relative sales volumes, particularly as we continue to ramp up our metal tolling channels.

我想指出的是，銷售額高於最初預期的大部分僅僅是由於時間安排，因為運輸計劃和交貨的生產時間仍然相對較低，這可能會對我們的相對銷量產生重大影響，特別是當我們繼續增加銷量時我們的金屬收費管道。

Looking year over year, production of refined products had just begun and last year's Q3 with our first sales not until Q4 for the quarter came roughly in line with our expectations down about $1 per kilogram compared to last quarter.

與去年同期相比，精煉產品的生產才剛開始，去年第三季度我們直到第四季度才首次銷售，該季度大致符合我們的預期，與上季度相比每公斤下降約 1 美元。

Moving to slide 7, impact of NdPr oxide at metal sales as well as strong concentrate sales volumes and a 20% year over year increase in revenues despite negative year over year comparison in realized pricing.

轉向幻燈片 7，儘管已實現的定價與去年同期相比呈負值，但氧化镨镨氧化物對金屬銷售的影響以及強勁的精礦銷量以及收入同比增長 20%。

In addition, strong gross profit contribution from our great sales, as well as continued cost reductions and NdPr oxide production led to a 15.9 million sequential improvement in EBITDA results in Q3.

此外，我們龐大的銷售業績帶來的強勁毛利貢獻，以及持續的成本削減和镨镨氧化物生產，導致第三季 EBITDA 環比改善 1,590 萬美元。

Our improving cost profile as we benefit from fixed cost leverage, resulting in us reducing our inventory reserve by 2.7 million in the quarter.

由於我們受益於固定成本槓桿，我們的成本狀況不斷改善，導致我們在本季減少了 270 萬庫存儲備。

The cumulative lower of cost or market inventory at the end of Q. three now stands at $15.1 million.

第三季末的成本或市場庫存累計下降額目前為 1,510 萬美元。

On the far right of the slide, the improving sequential EBITDA flowed through to adjusted diluted EPS.

在幻燈片的最右側，連續改善的 EBITDA 流向了調整後的稀釋每股盈餘。

As we have discussed over the last few quarters, our midstream operation continues to be subscale as we ramp production of NdPr and others are separated products that said.

正如我們在過去幾季所討論的那樣，隨著我們提高镨镨和其他分離產品的產量，我們的中游業務繼續縮小規模。

And as Jim highlighted, we have a line of sight to generating positive growth on our NdPr oxide sales as we exit Q1 of next year, driven in large part by the continued ramp and production volumes.

正如吉姆所強調的那樣，我們的目標是在明年第一季結束時，我們的镨镨氧化物銷售額實現正成長，這在很大程度上是由持續的成長和產量所推動的。

And as we make further headway in fine tuning and lowering the cost of our processes.

隨著我們在微調和降低流程成本方面取得進一步進展。

I would note, however, that as we look forward to Q4, sequential concentrate production volumes will be down and NdPr production will be roughly flat.

然而，我要指出的是，當我們展望第四季時，連續精礦產量將下降，镨镨產量將大致持平。

This is due to an extended planned outage week Toba and the introduction of some upstream 60 k. initiatives and equipment, which in the very short term, will likely result in additional downtime in well performance.

這是由於 Toba 計劃停電週延長以及引入了一些上游 60 k。舉措和設備，在很短的時間內，可能會導致油井作業的額外停機時間。

This would also result in lower concentrate and NdPr sales volumes next quarter.

這也將導致下一季精礦和镨镨銷售下降。

And as for realizing assuming current market prices hold for the remainder of Q4, we would expect concentrate prices to grow just under 10% sequentially, while NdPr pricing should increase approximately 5% given the longer lag versus marketing and pricing on NdPr.

至於實現，假設目前的市場價格在第四季度剩餘時間內保持不變，我們預計精礦價格將連續增長略低於10%，而镨镨的定價應增加約5%，因為與镨镨的營銷和定價相比存在較長的延遲。

Moving to CapEx and the balance sheet, we have reduced our expectations for 2020 for CapEx to be approximately $200 million, primarily due to the cash costs.

轉向資本支出和資產負債表，我們將 2020 年資本支出預期降低至約 2 億美元，主要是由於現金成本。

We are starting to do a deeper dive on our 2025 CapEx expectations and will provide a more precise outlook on our 2020 for Q4 call, but overall of the $50 million of lower 2024 spend to roll over into 2025 with this quarter, as a prime example, we continue to find high return projects across our portfolio of assets, but remain steadfastly committed to maximizing long-term free cash flow while maintaining a fortress balance sheet.

我們開始更深入探討2025 年資本支出預期，並將為2020 年第四季的電話會議提供更準確的展望，但總體而言，2024 年支出減少的5,000 萬美元將延續到​​2025 年，本季度就是一個很好的例子，我們繼續在我們的資產組合中尋找高回報項目，但仍然堅定地致力於最大化長期自由現金流，同時維持堡壘資產負債表。

Importantly, we ended Q3 with approximately $86 million of cash and equivalents and approximately 94 million of net debt, $24.3 million of MP shares in the quarter at an average price of $10.86.

重要的是，第三季結束時，我們擁有約 8,600 萬美元的現金和等價物、約 9,400 萬美元的淨債務、2,430 萬美元的 MP 股票，平均價格為 10.86 美元。

This brings, our year to date were purchased 225.1 million or approximately 8.6% of the.

這帶來，我們今年迄今共購買了 2.251 億個，約佔 8.6%。

Moreover, along with buying back 8.6% of the Company so far this year, we also enhanced our capital structure by extending the vast body of our debt maturities to 2030.

此外，除了今年迄今回購公司 8.6% 的股份外，我們還透過將大量債務期限延長至 2030 年來增強我們的資本結構。

I would also remind investors that last quarter we shared that we expect to earn approximately 190 million in customer prepayments and tax credits by the end of 2025 in Q three received the first tranche of 20 million of tax credits, and we expect to receive most, if not all, of the remaining 170 million over the coming five quarters.

我還要提醒投資者，上個季度我們曾表示，我們預計到2025 年第三季末，我們將獲得約1.9 億美元的客戶預付款和稅收抵免，並收到第一筆2,000 萬美元的稅收抵免，我們預計將獲得大部分，如果不是全部的話，也是在未來五個季度剩餘的 1.7 億中。

With that, let me turn it over to Michael to give you updates, operations.

接下來，讓我將其交給邁克爾，為您提供更新和操作。

Michael.

麥可.

Thanks.

謝謝。

Right.

正確的。

Turning to slide 8, you can see in overhead shot of our midstream assets and site utilities.

轉向投影片 8，您可以看到我們的中游資產和站點公用設施的俯視圖。

We made tremendous progress throughout the three delivering all-time production records in both our upstream and midstream circuits.

我們在上游和中游線路的三個方面取得了巨大進步，創造了歷史生產記錄。

We are very pleased with the upstream performance where our recent optimization initiative.

我們對我們最近的優化舉措的上游性能非常滿意。

Remarkably, our 28% year over year growth was achieved almost entirely from improved recovery, with no change in feed rate while slightly year over year and was just above normal for a non outage quarter.

值得注意的是，我們 28% 的同比增長幾乎完全歸功於恢復率的提高，進給率沒有變化，但同比略有變化，略高於非停電季度的正常水平。

I'd like to recognize our metallurgists metallurgy technicians and mill operations teams whose work and creativity led to this incredible performance.

我要表彰我們的冶金學家、冶金技術人員和工廠營運團隊，他們的工作和創造力帶來了這令人難以置信的表現。

We believe that the results are generally sustainable.

我們相信結果總體上是可持續的。

So I would advise against immediately sizing this in particular, the more rapid improvement, put some pressure on other parts of the operation that may create intermittent uptime challenges.

因此，我建議不要立即調整規模，特別是更快的改進，給營運的其他部分帶來一些壓力，這可能會造成間歇性的正常運作時間挑戰。

We will certainly knees.

我們一定會跪下。

We continued government with additional optimizations that may also result in temporary setbacks.

我們繼續對政府進行額外的優化，這也可能導致暫時的挫折。

But I believe the step change improvement in our baseline upstream performance, which reinforces our confidence in our ability to sustainably unlock incremental value from the Mountain Pass ore body and assets.

但我相信我們上游基線績效的逐步改善，這增強了我們對可持續釋放帕斯山礦體和資產增量價值的能力的信心。

In the third quarter, first, modest capital investment project of the upstream 60 k. initiative, dislocation, equipment and enhancement had a slight positive impact on production in Q three to prepare for continuous operation.

三季度，一是上游小額資本投資項目6萬。主動、錯位、裝備、強化對三季生產有小幅正面影響，為持續運作做好準備。

We will implement improvements to the unit in Q4 that will, over time enhance its availability and the benefit in Q3 pre-commissioning, a significant improvement to our grinding circuit.

我們將在第四季度對該裝置進行改進，隨著時間的推移，這將提高其可用性和第三季預調試的效益，這對我們的研磨迴路來說是一個重大改進。

As of today, equipment has been placed into service, as I mentioned last quarter, while have very high expectations for this investment may initially cause instability and negatively impacted before driving incremental recovery in 2025.

正如我上季度提到的，截至今天，設備已投入使用，但對這項投資抱有很高的期望，在 2025 年推動增量復甦之前，最初可能會造成不穩定和負面影響。

Our midstream business accelerated performance in the quarter as well.

我們的中游業務在本季也加速了業績成長。

Improved availability again to come from most of the improvement and nearly all of the outperformance versus our directional guidance, particularly in those circuits where mechanical or operational reliability had lagged.

可用性的提高再次來自於大部分改進以及幾乎所有優於我們定向指導的性能，特別是在機械或操作可靠性滯後的電路中。

We saw a meaningful improvement in uptime.

我們看到正常運作時間有了顯著的改善。

We remain pleased with our NdPr oxide quality as well as that of our NdPr metal with uptime and product quality.

我們對 NdPr 氧化物的品質以及 NdPr 金屬的正常運作時間和產品品質感到滿意。

As a foundation, we feel increasingly optimistic about our ability to further increase throughput and deficiency every day as one would expect.

作為一個基金會，我們對我們每天進一步提高吞吐量和缺陷的能力感到越來越樂觀，正如人們所期望的那樣。

We encounter our share of operational challenges and setbacks.

我們在營運中也遇到了一些挑戰和挫折。

While these can be freshers, overcoming them showcases the significant potential of our team and operation as we address these issues one by one, we have more time to optimize reagent use and labor, enabling us to drive production cost downward towards world class levels.

雖然這些問題可能比較新鮮，但克服它們展示了我們團隊和營運的巨大潛力，因為我們一一解決這些問題，我們有更多時間來優化試劑使用和勞動力，使我們能夠將生產成本降低到世界一流水平。

As Brian discussed, in the first half of October, we executed our semi annual maintenance outage.

正如 Brian 所討論的，在 10 月上半月，我們執行了半年度維護中斷。

Typically, we experience an uneven path to stability.

通常，我們通往穩定的道路並不平坦。

Coming out of an outage was no different, but this is well behind us.

從停電中恢復過來也沒有什麼不同，但這已經成為過去。

Now we do not have to match Q. three concentrate production in Q4 due to lower uptime and the investments and growth discussed earlier.

現在，由於正常運行時間較短以及前面討論的投資和成長，我們不必在第四季度匹配第三季的精礦產量。

But behind the headline figures, we do expect that the strong fundamentals will continue.

但在整體數據背後，我們確實預期強勁的基本面將持續下去。

The midstream operation.

中游操作。

We expect Q4 NdPr production to be roughly flat sequentially with much stronger performance in the first quarter of 2025.

我們預計第四季度 NdPr 產量將與上一季大致持平，但 2025 年第一季的表現將更加強勁。

Our magnetics team continues to make incredible strides to the expanded capital projects group is doing a job driving design and execution on schedule and budget.

我們的磁性團隊繼續在擴大的資本項目方面取得令人難以置信的進步，團隊正在按計劃和預算推動設計和執行。

There is enormous excitement and stress in the air as we transition from a design and construction project.

當我們從設計和施工項目過渡時，空氣中瀰漫著巨大的興奮和壓力。

We are currently commissioning our first full-scale metal reduction furnaces and look forward to deliver metal by the end of the year.

我們目前正在調試第一台全尺寸金屬還原爐，並期待在今年年底前交付金屬。

While not at full commercial scale.

雖然尚未達到完全商業規模。

Our prototype facilities, operate at a representative scale and possess capability to process metal and gets into alloy flake magnet powder, sintered block and grain boundary diffusion or GBT machined and magnetite finished magnets.

我們的原型設施具有代表性規模，具有加工金屬和加工合金片狀磁體粉末、燒結塊和晶界擴散或 GBT 加工和磁鐵礦成品磁鐵的能力。

On slide 9, you can see examples of unfinished NDSEB. magnet block produced in Independence is prototype facility, while not yet perfect is already well underway to satisfying the current EV traction.

在投影片 9 上，您可以看到未完成的 NDSEB 範例。獨立生產的磁鐵塊是原型設施，雖然尚未完善，但已經在順利進行以滿足當前電動車牽引力。

Motor.

發動機。

Importantly, this facility gives us the opportunity to experiment, iterate stakes and ultimately succeed as you build scale and the rapid turnaround and feedback.

重要的是，這個設施讓我們有機會進行試驗、迭代，並在擴大規模、快速週轉和回饋的過程中最終取得成功。

With that, I will turn it back to Jim.

有了這個，我會把它轉回給吉姆。

Thanks, Michael.

謝謝，麥可。

Turning to Slide 10.

轉到投影片 10。

This is a nice shot outside our in some say that the MPP ending quarter across today's we're expanding upstream profit potential, the rapid scaling of our midstream operations with an anticipated shift to positive gross margin contribution and our downstream operations at independents, which are poised for near term transformative milestones.

這是一個很好的機會，有人說，MPP 在今天結束的季度中，我們正在擴大上游利潤潛力，我們的中游業務迅速擴大，預計將轉向正毛利率貢獻，以及我們在獨立公司的下游業務，這是為近期變革里程碑做好準備。

Additionally, we have significant near term sources of cash outside our day-to-day operations.

此外，我們在日常營運之外還有大量的短期現金來源。

So we are positioned for opportunities even amid a challenging pricing environment.

因此，即使在充滿挑戰的定價環境中，我們也能抓住機會。

Lastly, I anticipate some questions about the normative political shift we witnessed in America this week, and I look forward to sharing my perspective, but here's the quick preview.

最後，我預計會有一些關於我們本週在美國目睹的規範政治轉變的問題，我期待分享我的觀點，但這裡是快速預覽。

Tuesday's results should translate into continued strong support for MPR. mission onshore, one of America's critic supply chains aligns with the clear mandate from the American people.

週二的結果應該會轉化為對 MPR 的持續強勁支持。陸上任務是美國批評的供應鏈之一，符合美國人民的明確授權。

Companies like MP are crucial to our nation's future.

像 MP 這樣的公司對我們國家的未來至關重要。

And now at a pivotal moment, our work really matters.

現在正值關鍵時刻，我們的工作確實很重要。

With that, we're ready for Q&A.

至此，我們就可以進行問答了。

Operator this time, if you'd like to ask a question, please click on the raise hand button, which can be found on the black bar at the bottom of your screen.

這次操作員，如果您想提問，請點擊螢幕底部黑條上的舉手按鈕。

Wanted to see a turn key message on your screen from the host, allowing you to talk and then you will hear your name called.

希望在螢幕上看到主持人發出的交鑰匙訊息，允許您講話，然後您會聽到叫到您的名字。

Please accept, I mean, your audio and ask-a-question field without the Q2 fun.

我的意思是，請接受您的音訊和提問字段，但沒有 Q2 的樂趣。

Our first question will come from Laurence Alexander with Jefferies.

我們的第一個問題將由勞倫斯·亞歷山大和傑弗里斯提出。

Now I mean your audio and ask your question.

現在我指的是你的音訊並問你的問題。

Good evening.

晚安.

This is Kevin asked, Mike on for Laurence.

這是凱文問的，麥克是勞倫斯問的。

Are you able to hear me?

你聽得到我說話嗎？

Okay.

好的。

Yes, Kevin.

是的，凱文。

Okay, great.

好的，太好了。

Yes.

是的。

I just wanted to talk a little bit about what you're seeing or hearing in terms of demand for applications and maybe a level of interest from downstream customers and any magnetic and maybe whether there's any price points that would really you would need to really sparked discussions.

我只是想談談您在應用程式需求方面所看到或聽到的內容，也許是下游客戶的興趣程度以及任何吸引力，也許是否有任何您真正需要真正激發的價格點討論。

Sure.

當然。

This is Jim.

這是吉姆。

So on robotics, what I would say is we are seeing a ton of action in company formation in venture capital and what I would say, prototyping, initial design as far as mass production, it's still it's still a bit early for me.

因此，在機器人技術方面，我想說的是，我們在創投公司組建方面看到了大量行動，我想說的是，原型設計、初始設計以及大規模生產，對我來說仍然有點早。

You kind of the last couple of quarters we've been talking about this is really heating up and this is sort of a few years out kind of thing where it's really going to create a step function change.

過去幾季我們一直在談論這個問題，這確實正在升溫，這是幾年後的事情，它確實會產生階躍功能變化。

But what I would say is that what we see is really accelerating.

但我要說的是，我們看到的情況確實正在加速。

I think if you had asked two years ago about robotics, we would have said this is a huge piece of demand that is coming in our space.

我想如果你兩年前問過機器人技術，我們會說這是我們領域的巨大需求。

But it it's sort of out there.

但它就在那裡。

We don't know when post sort of a function of the some of the advancements that worse that we're seeing.

我們不知道什麼時候會發布一些比我們所看到的更糟糕的進步的功能。

And you obviously you see it all out of I'm sure, are pretty incredible and it seems to be accelerating.

很明顯，你看到了這一切，我確信，這是非常令人難以置信的，而且它似乎正在加速。

There was actually at on YouTube video with Marc Andreessen about the robot robotics and the robotic supply chain and how much this is from accelerating.

實際上，YouTube 上有 Marc Andreessen 的視頻，內容涉及機器人技術和機器人供應鏈，以及這在多大程度上來自於加速。

And so anyway, that's a long-winded way of saying we see it doing a lot of as far as when it will have a material impact on demand.

無論如何，這是一種冗長的說法，我們認為它會在何時對需求產生實質影響方面發揮很大作用。

That's still a little bit unknown.

這還是有點未知。

But what I would say is I do think that you'll start to you see real change in the supply chain probably 18 months to two years before that inflection point because people need to get get their supply chains ready on and the scale of the robotics.

但我想說的是，我確實認為您可能會在拐點之前 18 個月到兩年開始看到供應鏈的真正變化，因為人們需要準備好他們的供應鏈以及機器人的規模。

You may have heard me kind of talk about this before, but if you look at the actuators in humans, robotics, in particular on your estimation is to anywhere from two to five times the amount of Megane versus an EV.

你可能以前聽過我談論過這個問題，但如果你看看人類、機器人中的執行器，特別是你的估計，梅甘娜的執行器數量是電動車的兩到五倍。

And so if you do believe sort of the Moscone Center review of billions of robots on what you realize is market is larger than the EV market and the content per unit is substantially larger.

因此，如果您確實相信莫斯康中心對數十億機器人的審查，那麼您就會意識到市場比電動車市場更大，並且每個機器人的內容要大得多。

So we think it's a huge theme for us.

所以我們認為這對我們來說是一個巨大的主題。

I mean, the last thing I would just say on particularly given the fact that robots are in our homes in our factories, the national security element to this is pretty huge.

我的意思是，我要說的最後一件事特別是考慮到機器人在我們的家裡、我們的工廠裡，這對國家安全的影響是相當大的。

And so in fact that that on a video that web asset that we treated a few days ago from injuries and talks a lot about this.

事實上，在幾天前我們治療受傷的網路資產影片中，我們討論了很多這一點。

But when we think about EVs and how much of them we lost some in robotics, I think that there's a big push from pubic sure that we have this supply chain here because of the national security and performance.

但是，當我們考慮電動車以及我們在機器人技術中損失了多少電動車時，我認為公眾會大力推動我們確保我們在這裡擁有這條供應鏈，因為國家安全和性能。

And so I think it will as this heats up over the next year, I think it's going to really highlight the importance of renewing.

因此，我認為隨著明年的升溫，我認為這將真正凸顯更新的重要性。

Understood.

明白了。

Thank you.

謝謝。

That I think is interesting is you think about robotics, obviously, there's commercial applications.

我認為有趣的是你想​​要到機器人技術，顯然，它有商業應用。

But as we think about national security implications as well as applications, important element development of the domestic market in the US is on the bars compliance.

但當我們考慮國家安全影響和應用時，美國國內市場發展的重要因素是金條合規性。

So a necessity for those that are in the defense supply chain just saying magnets, all the way back basically to the mine site that have been manufactured in the United States.

因此，對於國防供應鏈中的那些人來說，磁鐵是必需品，基本上可以追溯到美國製造的礦場。

And so there are very few are positioned to execute on that.

因此，很少有人能夠執行這項任務。

The way so that we are.

我們就是這樣。

And on top of that, I think the thing that's been developed across robotics and national defense applications is one of the benefits of our structures.

最重要的是，我認為在機器人技術和國防應用領域開發的東西是我們結構的優點之一。

We don't have sort of as innovators dilemma where we've got off the shelf mixes that we need to sell into.

我們不存在創新者的困境，即我們有現成的混合物需要出售。

We can work with the actuator in motor design diners to maximize manufacturability and minimize cost of the magnets.

我們可以在馬達設計中使用執行器，以最大限度地提高可製造性並最大限度地降低磁鐵的成本。

Okay, great.

好的，太好了。

Thank you.

謝謝。

And just my second question, I just wanted to get a sense of your teams any read on the political landscape.

我的第二個問題是，我只是想了解你們的團隊對政治格局的了解。

I mean, just after this week's election, any big change in mix of senators and Congress people that are more likely or less likely to engage and maybe critical materials and potentially a magnet bill after the after after this, we collected?

我的意思是，就在本週的選舉之後，參議員和國會議員的組合是否有任何重大變化，他們更有可能或不太可能參與，也許是關鍵材料，甚至可能是我們收集到的磁石法案？

Sure.

當然。

This is Jim.

這是吉姆。

What I would say is I think this week's election gum, it's a really overwhelming mandate.

我想說的是，我認為本週的選舉口香糖，這確實是一項壓倒性的任務。

I mean, I think the key takeaway from the election is that dumb.

我的意思是，我認為這次選舉的主要收穫就是愚蠢。

Obviously, the America first agenda is very focused on the American worker on bringing on helping support that people have stuff in this country.

顯然，美國優先的議程非常關注美國工人為這個國家的人們提供幫助和支持。

And so I think it was not only if you sort of a very broad spectrum of people who come together to really form what is now this America first approach.

因此，我認為，這不僅僅是由各種各樣的人聚集在一起真正形成現在的“美國優先”方針。

And I think it's really historically, both sides of the IO are focused on your jobs and onshoring.

我認為從歷史上看，IO 雙方都專注於工作和外包。

But I think now we have sort of the next piece of this, which is in overwhelming mandate from the American people.

但我認為現在我們已經有了下一個部分，這是美國人民壓倒性的授權。

And so I think in particularly given that, you know, wave and so it is sort of the House, the Senate and President Trump will be able to really drive an agenda.

所以我認為，特別是考慮到眾議院、參議院和川普總統將能夠真正推動議程。

And I think for it's hard to know on what shape it's come in because Victoria with President Trump is very effective at it at negotiating these things and getting to an outcome.

我認為很難知道它會是什麼樣子，因為維多利亞與川普總統在談判這些事情並取得結果方面非常有效。

But you know, sort of where that's going to go.

但你知道，這將走向何方。

And so we don't know if it's going to be via tariffs.

所以我們不知道是否會透過關稅來實現。

We don't know if it's going to be a tax policy on, but there's absolutely no doubt that industry champions like ours, which are in the critical materials, national security supply chain on bringing jobs back to America.

我們不知道這是否會成為一項稅收政策，但毫無疑問，像我們這樣的產業冠軍，在關鍵材料、國家安全供應鏈中，將就業機會帶回美國。

We are sort of in the center of exactly the type of companies that come that people want to support.

我們正處於人們想要支持的公司類型的中心。

And we have three main sites of operation.

我們擁有三個主要營運地點。

We operate in a blue state.

我們在藍色州運營。

We operate in a red state and innovate.

我們在紅州運營並創新。

And so our people are of, um, what we're trying to get help.

所以我們的人民就是我們想要尋求幫助的人。

And then the last point I'll make on this is we've sort of said repeatedly over the last few years, we really like to compete against China.

我要說的最後一點是，我們在過去幾年反覆說過，我們真的很喜歡與中國競爭。

We think they're incredibly tough competitor.

我們認為他們是非常強大的競爭對手。

We want to compete against them.

我們想與他們競爭。

But we want to level.

但我們想要拉平。

And I think the thing that has been missed on in certain industries like ours specific, we don't have that.

我認為，在像我們這樣的特定行業中，我們沒有做到這一點。

So this is not an academic argument about whether tariffs are good or not or if it is, we don't currently compete in a level playing field.

因此，這不是關於關稅是否好或不好的學術爭論，或者如果是的話，我們目前並沒有在公平的競爭環境中競爭。

To the extent that policy is driven to leveling that playing field for companies like us on its.

在某種程度上，政策是為了為像我們這樣的公司提供公平的競爭環境。

I think it's going to be particularly awesome for our opportunity set in the coming few years.

我認為這對我們未來幾年的機會來說將是特別棒的。

Thank you.

謝謝。

Our next question will come from Matt Summerville with D.A. Davidson.

我們的下一個問題將由馬特·薩默維爾和 D.A. 提出。戴維森。

Please go ahead.

請繼續。

At DeVry.

在德弗里.

Okay.

好的。

Cash, yes, we hear you.

現金，是的，我們聽到了。

Okay.

好的。

Coal sources.

煤炭來源。

First, I'd like to turn the call this format anyways.

首先，無論如何，我想將通話轉換為這種格式。

You mentioned some gross margin positivity, I believe, out of the refining business and refining business in Q. one a sort of prognostication on when that business can become EBITDA positive assuming today?

我相信，您在問題一中提到了煉油業務和煉油業務的一些毛利率積極性，這是對該業務何時能夠實現 EBITDA 正值的預測（假設今天）？

Yes, Matt, it's a great question.

是的，馬特，這是一個很好的問題。

I think the thing to think about is when you're comparing our results on a consolidated basis for the Mountain Pass assets, obviously the faster we go on the midstream, the more we're pulling away high gross margin concentrate from come on sales, right?

我認為要考慮的事情是，當你比較我們在帕斯山資產的綜合結果時，顯然我們在中游上走得越快，我們就越能從銷售中抽離高毛利率，正確的？

And obviously significant gross profit that we generate from those sales.

顯然，我們從這些銷售中獲得了可觀的毛利。

And so there is one of the push pull right in the faster you go off, you're sacrificing those margins.

因此，其中一個推力就是你走得越快，你就會犧牲這些利潤。

I think the important thing that we saw this quarter and with the growth in production and continued progress on our cost structure certainly have were in for a sort of messaging confidence in our positive gross profit in exiting Q1.

我認為本季我們看到的重要事情，隨著產量的成長和成本結構的持續進步，肯定是在某種程度上傳達了我們對第一季正毛利的信心。

I would expect that positive EBITDA for that business is not too far behind it.

我預計該業務的正 EBITDA 不會落後太遠。

But it just depends on driving production growth and driving cost out of the system.

但這只取決於推動產量成長和降低系統成本。

If you look at our EBITDA in totality, looking out for 2025, certainly before hitting our target for gross margin positive on the separation side, we obviously will continue to have some amount of concentrate sales that continue to be very profitable.

如果你從整體上看我們的 EBITDA，展望 2025 年，當然在達到我們分離方面毛利率為正的目標之前，我們顯然將繼續擁有一定量的濃縮物銷售，這些銷售仍然非常有利可圖。

And then we will move into credibility on magnetics.

然後我們將進入磁學的可信度。

And so you put all of that together period, and we're pretty excited about the comparison that we'll have 25 versus 24.

所以你把所有這些放在一起，我們對 25 與 24 的比較感到非常興奮。

Got it.

知道了。

And then a follow-up.

然後是後續行動。

I want to make sure I understand on a sequential basis, it sounds like there's going to be a pause or a flattish sort of the quarter on quarter level of NdPr production.

我想確保我按順序理解，聽起來 NdPr 產量將出現暫停或季度水平持平。

I want to make sure I understand what's driving that.

我想確保我明白是什麼推動了這一點。

And then similarly, what's going to Dr. what Michael described as kind of a nice jump then Q1.

然後類似地，邁克爾博士將 Q1 描述為一種不錯的跳躍，接下來會發生什麼。

Thank you.

謝謝。

Sure, Matt, all all do the finance side of it, and I'll let Michael explained the operations.

當然，馬特，所有人都負責財務方面的工作，我會讓麥可解釋營運情況。

But the simple answer is it's really about uptime.

但簡單的答案是，這確實與正常運作時間有關。

We had one of our longest shutdowns in October, as Michael referenced itself, as you can as we continue to hit our stride throughout the quarter.

正如邁克爾所說，我們在 10 月經歷了最長的停工期之一，正如您所言，我們在整個季度繼續大步前進。

In Q. three, we necessitated a pause as we do our maintenance shutdown.

在第三個問題中，我們在進行維護關閉時需要暫停。

And then, of course, when you come out of that and in that shutdown process, we introduce optimizations, new pieces of equipment, et cetera, et cetera, into the operation as we ramp back up, we introduce a bit of instability.

當然，當你走出困境並在關閉過程中時，我們會在恢復運行時引入優化、新設備等，等等，我們會引入一些不穩定因素。

And so issues where, again, taking a snapshot in time of just a quarter always is Dave, all in a ramp like this.

所以問題是，再一次，戴夫總是在四分之一的時間裡拍一張快照，所有的人都在這樣的坡道上。

But I think behind those headline numbers are going to be reasonable progress.

但我認為這些標題數字背後將是合理的進展。

And that will show itself through much better at in Q1, obviously.

顯然，這一點將在第一季表現得更好。

But like any other specifics, you'd add onto that.

但就像任何其他細節一樣，你可以補充這一點。

one other thing to add is as part of selected the inventory part of the circuit.

另一件要添加的事情是作為選定電路的庫存部分的一部分。

So we have to rebuild that, that with to some extent when we restart.

因此，當我們重新啟動時，我們必須在某種程度上重建它。

So overall, we're better uptime, as I mentioned in the in the prepared remarks, we expect that to continue as we sort of stabilized that we look to increase the throughput.

因此，總的來說，我們的正常運行時間更長，正如我在準備好的評論中提到的那樣，我們預計隨著我們的穩定，我們希望增加吞吐量，這種情況會繼續下去。

I expect that to take more effect in the first quarter we address one issue is the under appreciated other challenges emerge and we address those that were very, very confident that that as we enter into the new year, we'll see a new new highs.

我預計，為了在第一季度取得更大的效果，我們解決了一個問題，即我們沒有充分認識到出現的其他挑戰，我們解決了那些非常非常有信心的問題，即當我們進入新的一年時，我們將看到一個新的新高。

Thanks, Matt.

謝謝，馬特。

Our next question will come from Greg Johnson with BMO.

我們的下一個問題將來自 BMO 的 Greg Johnson。

Please go ahead.

請繼續。

Hi, good afternoon, everyone can hear me.

大家好，下午好，大家都能聽到我的聲音。

Yes, flu.

是的，流感。

So I had two questions.

所以我有兩個問題。

The first is regarding the 45 OPEC's production tax credit.

第一個是關於 45 個 OPEC 國家的生產稅收抵免。

Obviously, understanding the finalized rules were just recently announced.

顯然，了解最終規則是最近才宣布的。

But do you have a view on what the potential annual dollar amount of the credit could be into next year and beyond?

但您對明年及以後的信貸年度潛在金額有什麼看法嗎？

Sure, Brett, I'll take that on.

當然，布雷特，我會接受的。

The short answer is significant hub, but the details obviously of the new final regs.

簡短的回答是重要的中心，但新的最終法規的細節顯然是這樣的。

And most importantly, one of the critical element is a bit unique is we need to utilize our tax cost of goods sold in the calculation, not our book cost of goods sold.

最重要的是，其中一個有點獨特的關鍵因素是我們需要在計算中使用我們的銷售商品的稅收成本，而不是我們的銷售商品的帳面成本。

There are a tremendous number of nuances that all of them are not always calculated until a certain period of time, et cetera, et cetera.

有大量的細微差別，所有這些細微差別總是在特定時間段之前才被計算出來，等等。

I think the high level is as follows.

我認為高層次如下。

You've sort of seen the impact over the last couple of quarters in our filings on on what, Tom, what the benefit has been at a high level.

湯姆，您已經在我們的文件中看到了過去幾季對高水準收益的影響。

We were asked it, meaning that the impact with the preliminary Rags would effectively cut the impact and half of production costs should look like.

我們被問到了這一點，這意味著初步的 Rags 的影響將有效地減少影響，並且生產成本應該看起來像一半。

And so what we're not providing a a COGS estimator outlook right now, I think the simple answer is we expected to be just about 10% of our cost of goods sold for the fully integrated operations of products that are qualifying IE. and DPR. oxide on.

因此，我們現在沒有提供 COGS 估算器前景，我認為簡單的答案是，我們預計將僅占我們銷售商品成本的 10% 左右，用於符合 IE 資格的產品的完全整合營運。和 DPR。氧化物上。

So a really important and beneficial change, nor our view has always been on this type of production tax credit on it is something that I think works to really incentivize a lot of the things that Jim spoke about a few moments ago.

因此，這是一個非常重要且有益的變化，我們的觀點也一直不是這種類型的生產稅收抵免，我認為這確實可以激勵吉姆剛才談到的很多事情。

And so as as we move into a new Congress, we're hopeful that as these things get looked at, frankly, we think there should be more the best way to incentivize new production is to continue to drive these sorts of things that reward scaled producers like us and incentivized continued growth in the business faster than the second question, more of a macro one.

因此，當我們進入新國會時，我們希望當這些事情得到考慮時，坦率地說，我們認為應該有更多激勵新生產的最佳方式是繼續推動這些獎勵規模化的事情像我們這樣的生產商，並比第二個問題（更多的是宏觀問題）更快地激勵業務持續成長。

There's been some media reports that are happening in Myanmar and and some of the issues that are going on in the country there that seem to be impacting supply chains and and exports from the country.

有一些媒體報告緬甸正在發生，以及該國正在發生的一些問題似乎正在影響該國的供應鏈和出口。

Do you see or experience any impact on your business or the potential for higher prices are increased demand for MPS products as a result?

您是否看到或經歷過對您的業務產生任何影響，或者 MPS 產品需求增加是否會導致價格上漲？

Sure, Gregg.

當然，格雷格。

So just to level set, everyone knows on Myanmar does represent a significant amount of supply that goes from the vision of Myanmar into China.

因此，就水平而言，眾所周知，緬甸確實代表著從緬甸的願景流向中國的大量供應。

There have been reports that some of the mining there has been shut down.

有報道稱，那裡的一些採礦業已被關閉。

There's an opposition group to the military, even though that now controls that territory, there's obviously a lot of noise around that and you have any supply impact can certainly create volatility.

有一個反對軍方的組織，儘管它現在控制著那片領土，但顯然周圍有很多噪音，任何供應影響肯定會造成波動。

I think something that is sort of more medium and long term associated with that because, of course, when it comes to kind of near term prices, I'm always going to give you my answer of its commodities prices, who knows.

我認為與此相關的是更中長期的事情，因為當然，當談到短期價格時，我總是會給你我對商品價格的回答，誰知道呢。

But I do think that given that the that area of the country is more in the control of people from that area of the country on there is going to be a greater push for more environmental production because you can certainly Google this the from the production in that area in particular, we've got his cause done, particularly problem, big health problems, and there's not much oversight there.

但我確實認為，鑑於該國的該地區更多地受到來自該國該地區的人們的控制，將會更大程度地推動更多的環保生產，因為您當然可以通過谷歌搜索到該地區的生產特別是在那個領域，我們已經解決了他的問題，特別是問題，重大的健康問題，而且那裡沒有太多的監督。

And so to the extent that people have that area are getting more control, you think that that will be a natural restriction on time supply, particularly just illegal bad for the world kind of supply that's hard to people.

因此，就人們對該地區獲得更多控制權而言，您認為這將是對時間供應的自然限制，特別是對世界範圍內的供應來說是非法的，這對人們來說是困難的。

And so as a certainly not without a clue of kind of impacts markets in the short term in the medium and long term, I do think it will create some upward pressure on pricing to be more normalized for what is the cost of real production on is pricing in these markets does tend to it's not like oil where there's a sense 24, seven market.

因此，從短期和中長期來看，肯定不會沒有對市場產生影響的線索，我確實認為這會給定價帶來一些上行壓力，以使其更加正常化，因為實際生產成本是多少這些市場的定價確實不像石油有24 小時、7 天的市場。

This is somewhat of an esoteric market.

這是一個有點深奧的市場。

And so sometimes you will see things like that.

所以有時你會看到類似的事情。

And actually the price reaction on can occur in a month or two or three or whenever on.

實際上，價格反應可能會在一個月、兩個月、三個月內或任何時候發生。

But but the point is, I think, actually that my guess is that if there is sort of a material impact, it's not certainly not in the price.

但我認為，重點是，實際上我的猜測是，如果存在某種實質影響，那麼它不一定不在價格中。

Yes.

是的。

And so that could be something in the near term that creates a lot of volatility on or it may be it may not.

因此，這可能會在短期內造成很大的波動，也可能不會。

I have no clue, but I think in the medium term, it's a bullish development space.

我不知道，但我認為從中期來看，這是一個看漲的發展空間。

And lastly, obviously, it highlights on the importance of of supply chain security.

最後，顯然，它強調了供應鏈安全的重要性。

Once again.

再次。

Great.

偉大的。

Thank you.

謝謝。

Next question will come from Bill Peterson with JPMorgan.

下一個問題將由摩根大通的比爾彼得森提出。

Please go ahead.

請繼續。

Yes, hi, good afternoon and thanks for taking my questions.

是的，嗨，下午好，感謝您回答我的問題。

Maybe on the flip side of supply.

也許在供應的另一面。

Wondering if you can walk us through a similar sense in terms of demand against the backdrop that your pricing on NDPR.s kind of flat for about two months now, we've heard of some green and then restocking destocking, trying to get a sense of where you're seeing in terms of the end market demands.

想知道您是否可以在需求方面向我們介紹一下類似的感覺，背景是您對 NDPR.s 的定價已經持續了大約兩個月持平，我們聽說了一些綠色，然後重新進貨去庫存，試圖了解一下您所看到的終端市場需求。

Yes.

是的。

Just as a reminder, when we think about demand in this space, remember that roughly 30% of the sort of high growth electrification, EV.s hybrids.

提醒一下，當我們考慮這個領域的需求時，請記住大約 30% 的高成長電氣化、電動車混合動力車。

And then is our sort of standard Old Line correlated with Chinese manufacturing industries, power tools, H. back, et cetera.

然後是我們與中國製造業、電動工具、H.back等相關的標準舊線。

What I would say is since 18 months, the Chinese macro situation has been very tough on.

我想說的是，18個月以來，中國宏觀情況非常嚴峻。

We've mentioned in very recent months, we certainly did is stable.

我們在最近幾個月提到過，我們確實做到了穩定。

I mean, if you look at price enable for for a while, and I think in our in our parlance, it's been kind of bouncing around for a number of months now.

我的意思是，如果你觀察一段時間的價格啟用，我認為用我們的話來說，它已經有好幾個月了。

I think the big wildcard will be in recent weeks.

我認為最大的通配符將是最近幾週。

There's an enormous amount of stimulus that was announced in China.

中國宣布了巨額刺激措施。

Obviously, it's too soon to tell what the real impact of that will be on.

顯然，現在判斷其真正影響還為時過早。

But again, I think might get if they are not seeing it in the price, you just determinant of whether or not it's a material impact because I think that these things do tend to happen on a lag and new may have heard us say this before.

但同樣，我認為如果他們沒有在價格中看到它，你只是決定這是否會產生實質性影響，因為我認為這些事情確實往往會滯後發生，而新人可能已經聽過我們之前說過這樣的話。

But with respect to rare earth prices that Jochen industries, they're either going up or going down, of course, we've been stable for us.

但就Jochen工業的稀土價格而言，要不是上漲，就是下跌，當然，我們一直保持穩定。

But my guess is that if there is some Chinese stimulus that works its way through the system over the coming months, there will be a moment where where there's just sort of volatile upward reaction.

但我的猜測是，如果中國的一些刺激措施在未來幾個月透過整個系統發揮作用，那麼將會有一個時刻出現波動性的上行反應。

But but who knows?

但誰知道呢？

And then lastly, I would I referenced this if you caught this remark on in the prepared remarks from and it's tough for me, I can't I can't be too specific, but I would say there's been a few sort of recent reach out, et cetera, that lead us to believe that there is kind of an uptick coming.

最後，如果您在準備好的評論中註意到這句話，我會引用這一點，這對我來說很難，我不能，我不能太具體，但我想說最近有一些影響等等，這讓我們相信將會出現某種程度的上升。

But again, it's anecdotal and we win and I guess for lack of better way to say it pray for higher prices, of course, but on, that's pretty much spectrum.

但同樣，這只是軼事，我們贏了，我猜想是因為缺乏更好的方式來表達它祈禱更高的價格，當然，但是，這幾乎是一個範圍。

Yes, thanks for that.

是的，謝謝。

And kind of double-click on a common you're talking about earlier about the number of customers are question products from your midstream side.

雙擊您之前談論的有關客戶數量的常見問題是來自中游方面的問題產品。

Is there any way to kind of quantify where these customers are requesting samples?

有什麼方法可以量化這些客戶索取樣品的情況嗎？

What's your fees are coming from what markets they represent?

您的費用來自他們所代表的哪些市場？

And and I guess importantly, our most of these engagements are customers outside of China.

我想重要的是，我們的業務大多是中國以外的客戶。

Great question.

很好的問題。

You may have heard us mention this, but it's worth repeating for sure.

您可能已經聽我們提到過這一點，但確實值得重複。

We now sell effectively directly to three of five largest OEMs in the world, non non-Chinese, so think of household names that, you know, OEMs.

我們現在有效地直接向世界上五個最大的原始設備製造商中的三個（非中國以外的）進行銷售，所以想想那些家喻戶曉的名字，你知道，原始設備製造商。

And that was a really interesting development for us in sort of in the recent call past six months or year where, if you recall a few years ago, back back when we went public, we there was a lot of talk of G. will when we were to sort of in the height of the of the COVID supply chain issues are the OM. is going to care?

這對我們來說是一個非常有趣的發展，在最近六個月或一年的電話會議中，如果你還記得幾年前，當我們上市時，我們有很多關於 G. will 當在新冠肺炎供應鏈問題最嚴重的時候，我們應該要做的是OM。會關心嗎？

Are they going to reach of the supply chain?

他們會觸及供應鏈嗎？

And we're seeing that, that is it.

我們看到了，就是這樣。

That is a real thing.

這是真實的事情。

That is not just a real thing.

這不僅僅是一個真實的事情。

It is half, right?

是一半吧？

And so now we have direct relationships with the largest OEMs that you know.

因此，現在我們與您所知道的最大的原始設備製造商建立了直接關係。

And what I would say is those are material and so on.

我想說的是，這些都是物質性的等等。

That, particularly given that we're bouncing around from a down cycle in our space, the fact that those relationships have commences is, um, you have a good thing if we exclude location, hybrids and ultimately robotics to pick up eventually an order basic gyro, Una Power Tools are nice to come.

特別是考慮到我們正從行業的下行週期中恢復過來，事實上，這些關係已經開始，嗯，如果我們排除位置、混合動力和最終的機器人技術來最終獲得基本訂單，那麼你就有了一件好事陀螺儀、Una 電動工具很高興來。

So on, it's a good development and that's already occurred.

等等，這是一個很好的發展，而且已經發生了。

Our next question will come from Ben Kallo with Baird.

我們的下一個問題將由本·卡洛和貝爾德提出。

Please go ahead.

請繼續。

So congratulations on the progress of Jim.

祝賀吉姆的進步。

But when you talk about what you have additional production of the Magnum facilities and we'll be able to provide samples of might be confused with one thought everything was CRM is going to others or just samples several different types of Magnus GOING TO GO or are you looking for other customers as well?

但是，當您談論您擁有 Magnum 設施的額外生產時，我們將能夠提供樣品，您可能會混淆，認為一切都是 CRM 正在向其他人提供，或者只是樣品幾種不同類型的 Magnus 即將去或正在您也在尋找其他客戶嗎？

On the I think we've been clear the preponderance of our volumes are spoken for at this point.

我想我們已經很清楚我們的大部分數量都已在這一點上得到了體現。

And so our main focus, of course, is executing for our foundational customer, which is General Motors.

因此，我們的主要重點當然是為我們的基本客戶（通用汽車）執行任務。

What I think is important, though, is some of the conversations that I mentioned earlier on in various industries, not just out of it continue to go on.

不過，我認為重要的是我之前在各行業中提到的一些對話，而不僅僅是繼續進行。

I think Jim said it many times before, we are not demand constrained, we are supply constrained.

我想吉姆之前已經說過很多次了，我們不是需求受限，而是供應受限。

And so from that perspective, we continue to have, I think, very, very healthy dialogue across industries in terms of qualification and metal deliveries, et cetera, are focused certainly on General Motors for the moment, but done.

因此，從這個角度來看，我認為，我們在資格和金屬交付等方面繼續在各行業之間進行非常非常健康的對話，目前當然重點關注通用汽車，但已經完成了。

We continued with a lot of potential customers.

我們繼續與許多潛在客戶合作。

And Ben, this is James.

本，這是詹姆斯。

Just adding onto that on.

只是添加到這一點。

I mean if you if you look given that we get assay actually no credit for the business, Tom, currently, obviously, our first and foremost focus is on executing for GM as it would be regardless.

我的意思是，如果你認為我們實際上沒有為這項業務獲得任何榮譽，湯姆，目前，顯然，我們的首要重點是為通用汽車執行任務，無論如何。

But longer term, some of these trends that we talked about, Palm, specifically around robotics and national security items, which I think are going to head into a fever pitch next year, particularly given the new mine, Andy kind of come.

但從長遠來看，我們談到的一些趨勢，Palm，特別是圍繞機器人技術和國家安全項目，我認為明年將進入狂熱狀態，特別是考慮到新礦安迪的到來。

And hopefully you'll come see it onetime sometime soon.

希望您很快就能來看看。

But to the extent that we want to grow the business.

但在我們想要發展業務的範圍內。

Thank you.

謝謝。

Jim on the other policy fronts, but you must not be a level playing field view as you talk to your representatives of the administration of usual.

吉姆在其他政策方面，但當你與平常的政府代表交談時，你一定不能持公平競爭的觀點。

What does it have on your wish list?

您的願望清單上有什麼？

You want to draw billed charges on a level playing field?

您想在公平的競爭環境中收取費用嗎？

If you were a few of your your wish?

如果有幾個是你的願望呢？

Tom, that's a tough question because I regardless of the wish I think that this will be a lot of iterations to how this respect to tariff and tax credits.

湯姆，這是一個棘手的問題，因為無論我的願望如何，我認為這將是關於如何尊重關稅和稅收抵免的大量迭代。

And however, however, it shakes out obviously on.

然而，然而，它顯然在震動。

But to to more directly answer your question, for example, we have a competitor house on the other side of the world that doesn't have a cost of capital, right?

但為了更直接地回答你的問題，例如，我們在世界的另一邊有一個競爭對手的房子，沒有資本成本，對吧？

That's that's the challenge.

這就是挑戰。

If we if it's in whereas separation, we're competing as a competitor that doesn't have a cost of reagents that's there.

如果我們在分離過程中，我們將作為一個沒有試劑成本的競爭對手進行競爭。

It depends on sort of where in the stream that you are on disposition.

這取決於您在流中的位置。

I think that yet on whether it's an enhancement of tax credits or tariff-related policy or simply Ryan mentioned earlier with some with defense policy starting January first, 27 on we're going to be where we are effectively on medium, probably the only or if not the only one of the only store.

我認為，無論是加強稅收抵免或關稅相關政策，還是簡單地瑞安之前提到的，從 27 月 1 日開始，我們將達到我們有效的中等水平，可能是唯一或唯一的或如果不是唯一的一家店。

This is for a lot of the defense supply chain on under under the new requirements.

這對於許多國防供應鏈都提出了新的要求。

And so that there's going to be some green some time that will drive something that will help our business.

因此，有一天會出現一些綠色環保的事物，這將推動一些對我們的業務有幫助的事情。

I just don't know what it is.

我只是不知道那是什麼。

So I don't even know I don't even know what specifically to wish work, but the good enough.

所以我什至不知道我什至不知道具體想要什麼工作，但足夠好。

Thank you.

謝謝。

This concludes the question-and-answer portion of today's call.

今天電話會議的問答部分到此結束。

I will now go back to Mr. the 10 K for closing remarks.

現在請 10 K 先生致閉幕詞。

Thank you.

謝謝。

We'll thank you, everyone.

我們會感謝大家的。

Obviously, as the execution results show, this was just an outstanding quarter across the business.

顯然，正如執行結果所示，這是整個業務表現出色的季度。

I'm really proud of the team and the so we will get back to work and look forward to seeing you next quarter.

我為我們的團隊感到非常自豪，因此我們將重新投入工作，並期待在下個季度見到您。