MP Materials Corp (MP) 2025 Q2 法說會逐字稿

Hello and welcome to the MP Materials second quarter 2025 earnings call. (Operator Instructions) Also, as a reminder, this conference is being recorded. If you have any objections, please disconnect at this time. With that, I would like to turn the call over to Martin Sheehan, Head of Investor Relations. Mr. Sheehan, you may begin.

您好，歡迎參加 MP Materials 2025 年第二季財報電話會議。（操作員指示）另外，提醒一下，本次會議正在錄音。如果您有任何異議，請立即斷開連接。接下來，我想將電話轉給投資人關係主管馬丁希恩 (Martin Sheehan)。希恩先生，你可以開始了。

Thank you, operator, and good afternoon, everyone. Welcome to the MP Materials second quarter 2025 earnings conference call. With me today from MP Materials are Jim Litinsky, Founder, Chairman and Chief Executive Officer; Michael Rosenthal, Founder and Chief Operating Officer; and Ryan Corbett, Chief Financial Officer.

謝謝接線員，大家下午好。歡迎參加 MP Materials 2025 年第二季財報電話會議。今天與我一起的還有 MP Materials 的創辦人、董事長兼執行長 Jim Litinsky、創辦人兼營運長 Michael Rosenthal 和財務長 Ryan Corbett。

As a reminder, today's discussion will contain 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 are included in today's presentation, earnings release and in our SEC filings.

提醒一下，今天的討論將包含與未來事件和預期有關的前瞻性陳述，這些陳述受各種假設和警告的影響。今天的簡報、收益報告和我們向美國證券交易委員會提交的文件中都包含了可能導致公司實際結果與這些聲明有重大差異的因素。

In addition, we have included some non-GAAP financial measures in this presentation. Reconciliations to the most directly comparable GAAP financial measures can be found in today's earnings release and the appendix of today's slide presentation.

此外，我們在本簡報中也納入了一些非 GAAP 財務指標。在今天的收益報告和今天的幻燈片簡報的附錄中可以找到與最直接可比較的 GAAP 財務指標的對帳。

Any reference in our discussion today to EBITDA means adjusted EBITDA and tons means metric tons. Finally, the earnings release and slide presentation are available on our website. With that, I'll turn the call over to Jim. Jim?

我們今天的討論中提到的 EBITDA 指的是調整後的 EBITDA，噸指的是公噸。最後，收益報告和幻燈片簡報可在我們的網站上查閱。說完這些，我就把電話轉給吉姆。吉姆？

Thank you, Martin, and good afternoon, everyone. When we gathered on the first quarter call in May, I said we had reached an inflection point. The rare earth supply chain long built on a single point of failure had cracked.

謝謝你，馬丁，大家下午好。當我們在五月召開第一季電話會議時，我說我們已經到達了一個轉捩點。長期以來建立在單點故障基礎上的稀土供應鏈已經斷裂。

I said that Humpty-Dumpty was not getting put back together again and that this moment would be transformational and remembered. Today, it is clear that it has emerged in its place is something fundamentally new and MP is squarely at the center of it.

我說，漢普蒂鄧普蒂 (Humpty-Dumpty) 不會再被重新拼湊起來，這一刻將具有變革意義並令人難忘。如今，很明顯，它已經取代了原來的位置，成為一種全新的事物，而 MP 正是其核心。

The strategic partnerships we announced with the Department of Defense and Apple building on our foundational relationship with General Motors have fundamentally transformed MP. These agreements validate the mission we have pursued since day one and mark a new chapter, not only for our company but for the country.

我們與國防部和蘋果宣佈建立戰略合作夥伴關係，以建立我們與通用汽車的基礎關係為基礎，從根本上改變了 MP。這些協議證實了我們自第一天起所追求的使命，並標誌著我們公司乃至整個國家的新篇章。

This is a moment of strength for all our stakeholders, our shareholders, our customers, our employees and the United States of America. And with the nonmarket externalities that were once outside of our control now largely addressed, our focus is firmly on execution.

對於我們所有的利害關係人、股東、客戶、員工和美國來說，這是一個力量的時刻。而曾經超出我們控制範圍的非市場外部因素現在已基本解決，我們的重點牢牢放在執行上。

Let me briefly walk through the DOD and Apple agreements, and then I will turn to some operational highlights from the second quarter, beginning on slide 4.

讓我簡要介紹一下國防部和蘋果的協議，然後從第 4 張投影片開始，介紹第二季的一些營運亮點。

I will not rehash every detail of the DOD agreement. You can find our July webcast on our website and YouTube, and the agreements are filed with the SEC. But I want to emphasize that we view this partnership as a win, win, win. A win for MP shareholders, a win for US commercial and national security interests and a win for taxpayers.

我不會重複國防部協議的每一個細節。您可以在我們的網站和 YouTube 上觀看我們 7 月的網路廣播，並且協議已提交給美國證券交易委員會 (SEC)。但我想強調的是，我們認為這種夥伴關係是三贏的。這是國會議員股東的勝利，也是美國商業和國家安全利益的勝利，也是納稅人的勝利。

The DOD partnership rests on three pillars. First, DOD made a transformational investment in MP consisting of $400 million in converted equity along with a $150 million low interest loan to fund the build-out and expansion of our heavy rare earth separation circuit.

國防部的夥伴關係建立在三大支柱之上。首先，國防部對 MP 進行了轉型投資，包括 4 億美元的轉換股權以及 1.5 億美元的低利率貸款，以資助我們重稀土分離迴路的建設和擴建。

The DOD also received a warrant which when exercised and combined with the preferred equity post conversion, we make them our largest shareholder, positioned to benefit from the upside they helped enable through an incredibly well-structured partnership.

國防部還獲得了一份認股權證，該認股權證在行使後與轉換後的優先股相結合，使其成為我們最大的股東，並將透過極其結構良好的合作關係從他們幫助實現的優勢中獲益。

Second, a $110 per kilogram price floor for all products containing NdPr. This mechanism counters nonmarket forces that have historically suppressed the development of a secure domestic supply chain.

第二，所有含镨釹的產品最低價格為每公斤110美元。此機制可以抵銷歷史上抑制安全國內供應鏈發展的非市場力量。

It ensures our shareholders earn a fair return on our past investments as well as the significant investments we will make to scale this mission and bring the supply chain home for good. Included in this commitment is some upside sharing with DOD if as we suspect to occur over time, prices go materially above one time.

它確保我們的股東從我們過去的投資以及我們為擴大這項使命和永久恢復供應鏈而進行的重大投資中獲得公平的回報。這項承諾包括與國防部分享一些好處，如果價格像我們預期的那樣隨著時間的推移大幅上漲。

Third, we are accelerating the build-out of independents and constructing a new 10x facility, which together will expand our US magnet manufacturing capacity from 1,000 to 10,000 metric tons annually.

第三，我們正在加速獨立工廠的建設，並建造一個新的 10x 工廠，這將使我們在美國磁鐵的生產能力從每年 1,000 公噸擴大到 10,000 公噸。

Given the work speed of the build-out and the mission we have been tasked with, the DOD has committed to purchase 100% of the output from the new facility on a cost-plus basis including a $140 million minimum EBITDA guaranteed.

考慮到建設的速度和我們所承擔的任務，國防部已承諾以成本加成的方式購買新設施 100% 的產出，並保證最低 1.4 億美元的 EBITDA。

We expect to syndicate a large portion of this output to commercial customers at improved economics, creating meaningful upside potential, some of which we will share with DOD. On the heels of the DOD announcement, we signed a landmark agreement with Apple.

我們期望將其中很大一部分產出以更好的經濟效益聯合起來提供給商業客戶，創造有意義的上行潛力，其中一部分我們將與國防部分享。在美國國防部宣布這項消息後，我們與蘋果簽署了一項具有里程碑意義的協議。

While the timing may make these two agreements appear related, that was really a coincidence. This partnership is the result of five years of quiet technical collaboration with Apple and reflects our methodical approach to building win-win customer relationships.

雖然從時間上看這兩項協議可能看起來相關，但實際上這只是巧合。此次合作是我們與 Apple 五年來默默技術合作的成果，體現了我們建立雙贏客戶關係的系統方法。

Apple is one of the world's most sophisticated supply chain managers, and one of the largest and most experienced users of rare earth magnets, making it an ideal customer and a powerful validation of MP's capabilities.

蘋果是世界上最複雜的供應鏈管理者之一，也是稀土磁體最大、最有經驗的使用者之一，這使其成為理想的客戶，也是對 MP 能力的強大驗證。

Apple embodies everything we hoped for in a flagship commercial partner to follow GM. They will be the foundational customer for a commercial recycling business. Anchored by the construction of a dedicated recycling circuit and mountain Pass and the expansion of independence.

蘋果滿足了我們對繼通用汽車之後的旗艦商業夥伴的所有期望。他們將成為商業回收業務的基礎客戶。以修建專用回收線路和山口以及擴大獨立性為基點。

This long-term contract will result in over $500 million in contracted magnet purchases beginning in 2027. We expect the economics to reflect attractive returns on our capital and significant commitments to this partnership.

這份長期合約將從 2027 年開始產生超過 5 億美元的磁鐵採購合約。我們預期經濟效益將反映出我們資本的豐厚回報和對此合作關係的重大承諾。

Apple will also provide $200 million in milestone-based pre-payments over the coming years, supporting the buildout of both the recycling circuit and independence. Importantly, Apple will leverage its global supply chain to provide post-consumer and post-industrial magnet feedstock.

蘋果還將在未來幾年提供 2 億美元的里程碑預付款，以支持回收管道的建造和獨立性。重要的是，蘋果將利用其全球供應鏈來提供消費後和工業後磁鐵原料。

This significantly accelerates MP's entry into recycling at scale with substantial potential upside. Recycled feedstock should reduce unit production costs, and over time, the ability to recover more material at mountain Pass could expand our production profile beyond current targets.

這大大加速了 MP 進入大規模回收領域的步伐，並具有巨大的潛在優勢。回收原料應該可以降低單位生產成本，並且隨著時間的推移，在山口回收更多材料的能力可以擴大我們的生產範圍，超越目前的目標。

I want to recognize the extraordinary efforts of our team, whose execution over the past several years has earned us the right to enter into these transformative partnerships. I also want to acknowledge General Motors, whose early commitment to our mission helped catalyze this moment.

我要讚揚我們團隊的非凡努力，他們在過去幾年中的努力使我們獲得了建立這些變革性夥伴關係的權利。我還要感謝通用汽車，它早期對我們使命的承諾幫助促成了這一刻。

Turning to operations, our materials and magnetic segments continued to deliver strong execution.

談到運營，我們的材料和磁性部門繼續表現強勁。

In our material segment, we achieved 6% sequential growth in NdPr oxide production, despite a planned biannual plant shutdown in April.

在我們的材料部門，儘管 4 月工廠計劃每半年關閉一次，但我們的氧化镨釹產量仍實現了 6% 的環比增長。

This result was consistent with our expectations and more than double last year's output.

這結果符合我們的預期，是去年產量的兩倍多。

Our upstream operations also delivered the second highest quarterly REO production in the history of Mountain Pas with record recoveries driven by ongoing optimization work. In our magnetic segment, we expanded both NdPr metal production and sales volumes, which led to significant revenue growth and EBITDA generation.

我們的上游業務也實現了 Mountain Pas 歷史上第二高的季度 REO 產量，並在持續的優化工作推動下實現了創紀錄的回收率。在磁性材料領域，我們擴大了镨釹金屬的產量和銷售量，從而帶來了顯著的收入成長和 EBITDA 的產生。

At independence, we are now consistently producing magnets that meet our customers' demanding specifications for EV traction motors, a critical milestone.

獨立後，我們持續生產滿足客戶對電動車牽引馬達嚴格規格的磁鐵，這是一個重要的里程碑。

The next step is transferring this capability from trial production to scale production. Commissioning at the factory is accelerating. Momentum is building as we progress toward commercial magnet production later this year.

下一步是將這種能力從試生產轉移到規模生產。工廠調試工作正在加速進行中。隨著我們在今年稍後向商業化磁鐵生產邁進，勢頭正在增強。

Michael will provide a detailed operational update in a few minutes after Ryan covers our second quarter results. Ryan?

在 Ryan 介紹我們的第二季業績後，Michael 將在幾分鐘內提供詳細的營運更新。瑞安？

Thanks, Jim.

謝謝，吉姆。

Turning to slide 5 and our consolidated results, second quarter revenue increased 84% compared to last year, driven by the ramp up and sales of magnet precursor products, as well as the record production of NdPr oxide at Mountain Pass.

轉到幻燈片 5 和我們的綜合業績，第二季度收入與去年相比增長了 84％，這得益於磁鐵前驅體產品的產量增加和銷售，以及 Mountain Pass 的 NdPr 氧化物創紀錄的產量。

The sequential comparison was impacted by our strategic decision to end sales of concentrate to external customers in the quarter.

連續比較受到我們本季終止向外部客戶銷售精礦的策略決策的影響。

With the new DOD agreement, I would point out that for the foreseeable future, we will no longer self-concentrate to third parties, but stockpile any excess production until we further ramp NdPr oxide output from our midstream assets.

根據國防部的新協議，我想指出，在可預見的未來，我們將不再將自身集中在第三方，而是儲存任何過剩的產量，直到我們進一步提高中游資產的镨釹氧化物產量。

Importantly, beginning in Q4, we will begin benefiting from the DOD price floor agreement, with first cash payments likely to be received in Q1.

重要的是，從第四季度開始，我們將開始受益於國防部價格下限協議，第一筆現金支付可能會在第一季收到。

I would also add that we continue to work through all of the accounting mechanics of the various features of the DOD contract, for example, how the top-up payments for stockpiled products will be recognized. We will call out the major conclusions in our Q3 or Q4 call.

我還要補充一點，我們將繼續研究國防部合約各個方面的所有會計機制，例如，如何確認庫存產品的補足付款。我們將在第三季或第四季電話會議上公佈主要結論。

Moving to the middle of the slide, you'll see adjusted EBITDA also improved year over year, driven by the higher sales of magnet precursor products, as well as continued improvements in per unit NdPr oxide production costs, including $8.3 million and lower reserves on work and process and finished good inventories at Mountain Pass, which at this point is mainly related to early production of lanthanum products.

移到幻燈片中間，您會看到調整後的 EBITDA 也同比有所改善，這得益於磁鐵前驅體產品銷量的提高，以及單位 NdPr 氧化物生產成本的持續改善，其中包括 830 萬美元以及 Mountain Pass 的工作和工藝儲備以及成品庫存的降低，這主要與早期的鑭產品生產有關。

Sequentially, adjusted EBITDA declined primarily due to the lower sales of REO and concentrate.

調整後的 EBITDA 環比下降，主要由於 REO 和精礦銷售量下降。

And moving to the far right, adjusted diluted EPS improved compared to the second quarter of last year, mainly due to the improved adjusted EBITDA, partially offset by lower interest income and income tax benefit, as well as higher depreciation, depletion, and amortization compared to last year.

移至最右邊，調整後的稀釋每股收益與去年第二季度相比有所改善，主要由於調整後的 EBITDA 有所改善，但部分被較低的利息收入和所得稅收益以及與去年相比較高的折舊、耗竭和攤銷所抵消。

Moving to slide 6 and the material segment KPIs and starting on the left with the upstream, you can see the world-class performance by the Mountain Pass team as we produced 13,145 metric tons of REO in the quarter, 45% above last year.

移至幻燈片 6 和材料部分 KPI，從左側的上游開始，您可以看到 Mountain Pass 團隊的世界級表現，我們在本季度生產了 13,145 公噸 REO，比去年同期增長了 45%。

Recall last year we had unplanned downtime that interrupted production for roughly three weeks. This quarter's 13,000+ metric tons was our second best quarterly volume ever, which is even more impressive given the two-week planned maintenance shutdown we took at the beginning of the quarter.

回想去年我們曾發生過計劃外的停機事件，導致生產中斷了大約三週。本季度的產量超過 13,000 公噸，是我們有史以來第二好的季度產量，考慮到我們在本季度初進行了為期兩週的計劃維護停工，這一成績更加令人印象深刻。

You can see the impact of our decision to halt sales of concentrate in the middle left of the slide with realized pricing on the product we did sell remaining in the mid-4000s, which included the impact of a 10% tariff applied during the quarter on our final Chinese sales.

您可以在幻燈片左側中間看到我們決定停止濃縮物銷售的影響，我們銷售的產品的實際價格仍保持在 4000 年代中期，其中包括本季度徵收的 10% 關稅對我們最終在中國的銷售的影響。

Moving to the midstream on the right side of the slide, we had a modest increase in sequential production of NdPr oxide, approximately 6% to 597 metric tons, in line with our discussion last quarter, with material improvements in throughput offset and the reported metrics by the planned downtime from our maintenance turnaround at the beginning of April.

移至幻燈片右側的中游，我們的氧化镨釹連續產量略有增加，約增加 6%，達到 597 公噸，與我們上個季度的討論一致，吞吐量的實質性改善抵消了報告指標因 4 月初維護週轉計劃停機而產生的損失。

Importantly, we set a monthly record for production in May, followed by another record in June. As we stated, we were generally at about the 50% mark of our targeted total throughput in May and June. Michael will provide more insights on our refining progress shortly, including his thoughts on targeted production for Q3.

重要的是，我們在五月創下了月度產量紀錄，然後在六月又創下了另一個紀錄。正如我們所說，5 月和 6 月我們的總吞吐量大致達到了目標的 50% 左右。邁克爾很快就會提供有關我們煉油進度的更多見解，包括他對第三季目標產量的看法。

In the middle right, you can see NdPr sales volumes continue to be strong year over year, up 226%, generally following the rampant production. Timing of shipments is always a factor in our results, particularly as a significant amount of our production continues to go through Southeast Asia to be told into metal before being sold to our end customers.

在中間右側，您可以看到 NdPr 的銷售量繼續保持強勁增長，同比增長 226%，這總體上與產量的激增有關。裝運時間始終是我們業績的一個因素，特別是因為我們大量的產品仍要經過東南亞加工成金屬，然後再出售給我們的最終客戶。

These volumes remain on our balance sheet and are not recognized as revenue until passed along to the final customer.

這些數量仍保留在我們的資產負債表上，並且在傳遞給最終客戶之前不確認為收入。

We continue to expect sales volumes to follow production on roughly a one quarter lag, with some amount of lumpiness as seen this quarter, as we continue to rapidly fill the tolling channel with growing oxide production.

我們繼續預期銷售量將跟隨產量約一個季度的滯後，本季將出現一定程度的波動，因為我們繼續透過不斷增長的氧化物產量快速填補收費管道。

Moving to the far right of the slide, you can see that the market price for NdPr did experience solid lift, both sequentially, up about 10%, in year over year, up roughly 19%, slightly better than our expectations in early May.

移到幻燈片的最右邊，您可以看到 NdPr 的市場價格確實經歷了穩步上漲，環比上漲約 10%，同比上漲約 19%，略好於我們 5 月初的預期。

Flipping to slide 7 in our segment financials. On the left you can see our material segment revenues increased nearly 20% year over year due to the strong NdPr sales volume growth combined with the improved pricing environment. The sequential decline was solely due to the reduced sales volumes of concentrate compared to Q1.

翻到我們分部財務報表的第 7 張投影片。從左側您可以看到，由於 NdPr 銷售強勁成長以及定價環境改善，我們的材料部門營收年增近 20%。環比下降完全是由於精礦銷售量與第一季相比減少。

Segment adjusted EBITDA also improved, as mentioned earlier, due to the improving per unit costs of NdPr production, as well as the lower inventory reserves, as well as last year's higher maintenance costs from the thickener repairs.

如前所述，由於镨釹生產單位成本的提高、庫存儲備的減少以及去年濃密機維修導致的維護成本增加，分部調整後的 EBITDA 也有所改善。

Sequential results similar to revenues were driven by the decline in concentrate sales.

與收入類似的連續業績是由於精礦銷售額的下降所致。

Moving to the right in our magnetic segment, the team at Independence ramped production nicely thanks to completing the commissioning of our second electrolysis cell, though not without the usual growing pains.

在我們的磁性部分向右移動，由於完成了第二個電解槽的調試，Independence 團隊順利提高了產量，儘管這並非沒有常見的成長煩惱。

And while we continue to work at improving all aspects of the medallization process, our team has done a terrific job bringing these assets online and working through the inevitable startup challenges. The growth in production led to strong sequential increases in revenue, as well as adjusted EBITDA.

在我們繼續努力改進獎章授予流程的各個方面的同時，我們的團隊已經出色地完成了將這些資產上線的工作，並克服了不可避免的啟動挑戰。產量的成長導致收入和調整後 EBITDA 連續強勁成長。

In closing, the last month has been truly transformational for the company, reinforcing our role as a national champion with scale, durability, and economic firepower to lead this re-industrialization effort in the United States.

最後，過去的一個月對公司來說確實是一次變革，我們憑藉著規模、持久力和經濟實力鞏固了全國冠軍的地位，引領了美國的再工業化進程。

Following the Department of Defense and Apple agreements, we have a clear pathway to continued shareholder value creation as we transform the business into the vertically integrated magnetic solution provider that we have been building towards since day one.

根據國防部和蘋果公司的協議，我們將業務轉變為垂直整合的磁性解決方案提供商，從而為股東創造持續價值，這是一條清晰的道路，從第一天起我們就一直在努力實現這一目標。

With the investment in convertible preferred stock and the recent funding of the heavy rare earth loan by the DOD, as well as our recent equity offering, today we have nearly $2 billion of cash on the balance sheet to execute on our plan.

透過對可轉換優先股的投資和國防部最近提供的重稀土貸款，以及我們最近的股票發行，今天我們的資產負債表上有近 20 億美元現金可以執行我們的計劃。

This is before $200 million of pre-payments we expect from Apple as we hit certain milestones on our path to expanding independence and building out our leading recycling platform at Mountain Pass.

這是在我們預計 Apple 會支付 2 億美元預付款之前，我們在擴大獨立性和在 Mountain Pass 建立領先的回收平台的道路上取得了某些里程碑。

Regarding CapEx, our year-to-date investment has been $47.3 million which includes the impact of $12.2 million of reimbursement from the Department of Defense from our earlier heavy rare earth related grant.

關於資本支出，我們今年迄今的投資為 4,730 萬美元，其中包括國防部從我們之前獲得的重稀土相關撥款中償還的 1,220 萬美元的影響。

We continue to expect to spend between $150 and $175 million in 2025, unchanged from the beginning of the year, assuming we are executing on the same project pipeline announced at that time, which included the completion of independence to its initial 1,000 ton capacity, continued progress on heavy [rar] separation, and other investments, including chlorohyli at Mountain Pass.

我們預計 2025 年的支出仍將在 1.5 億至 1.75 億美元之間，與年初持平，前提是我們正在執行當時宣布的同一項目管線，其中包括完成獨立項目並使其達到最初的 1,000 噸產能，繼續推進重質 [rar] 分離，以及其他投資，包括 Mountain Pass 的氯羥乙酸項目。

Following the agreements with DOD and Apple, we are in detailed planning on the timelines for our further capital investments, including the expansion of our heavy separation circuits to accommodate Summerium separation, the expansion of independence, the construction of dedicated recycling capabilities at Mountain Pass, and the development and construction of the [10X] facility.

根據與國防部和蘋果達成的協議，我們正在詳細規劃進一步資本投資的時間表，包括擴大我們的重分離電路以適應 Summerium 分離、擴大獨立性、在 Mountain Pass 建設專用回收能力，以及開發和建設 [10X] 設施。

As you can appreciate, we have spent significant time and resources planning for these projects, but as we have only just recently agreed to the specifics with our two new stakeholders, we will provide relevant updates on timing and budgets as we progress in our engagement with them.

如您所知，我們花費了大量的時間和資源來規劃這些項目，但由於我們最近才與我們的兩個新的利益相關者就具體細節達成一致，我們將在與他們合作的過程中提供有關時間和預算的相關更新。

But to provide some high-level guidance, I would note that we expect the prepayments from Apple to cover the vast majority of the capital investments required to expand independence and build out our scaled recycling capabilities.

但為了提供一些高層指導，我想指出，我們預計蘋果的預付款將涵蓋擴大獨立性和建立規模化回收能力所需的絕大部分資本投資。

Further, we expect the heavy worth of loan, DOD's preferred investment, and our recent capital raise combined with our remaining financing commitment to fund the projects we will undertake as part of our partnership with DOD.

此外，我們預計巨額貸款、國防部的優先投資、我們最近的資本籌集以及我們剩餘的融資承諾將為我們與國防部合作的專案提供資金。

We believe we are extremely well positioned with a fortress balance sheet and will remain opportunistic as ever in balancing risk and reward to deliver durable shareholder value over the long term.

我們相信，憑藉穩健的資產負債表，我們處於極其有利的地位，並將一如既往地把握機會，平衡風險和回報，從而長期實現持久的股東價值。

With that, let me turn it over to Michael to go through our operations. Michael?

說完這些，讓我把麥克風交給麥可來介紹我們的營運狀況。麥可？

Thanks, Ryan. Moving to operations. We are seeing excellent progress across our upstream, midstream and downstream operations. This quarter our improving execution capability and the momentum building across the business. We had an outstanding quarter in our upstream operation, which benefited from extremely hot time, record high recovery and optimization work that is now bearing fruit.

謝謝，瑞安。轉向營運。我們的上游、中游和下游業務都取得了顯著進展。本季度，我們的執行能力不斷提高，整個業務的發展勢頭強勁。我們的上游業務在本季表現出色，這得益於極端炎熱的時期、創紀錄的高回收率和優化工作，目前這些工作正在取得成果。

As previously mentioned, we have been increasingly focused on improving concentrate quality other than simply maximizing volume. And our teams responded by delivering our highest ever concentrate grade this quarter.

如前所述，我們越來越注重提高精礦質量，而不是簡單地最大化產量。我們的團隊對此做出了回應，本季交付了有史以來最高品位的精礦。

We believe this is contributing to improved performance in the midstream circuits. While I would caution against annualizing this quarter's concentrate numbers, the results clearly demonstrate our ability to optimize our process and the tremendous long-term potential of the Mountain Pass resource. Progress in the midstream circuits continue to pace.

我們相信這有助於提高中游電路的效能。雖然我警告不要將本季的精礦數量進行年度化，但結果清楚地表明了我們優化流程的能力以及 Mountain Pass 資源的巨大長期潛力。中游賽道的進步持續加快。

We reported a 6% sequential increase in NdPr oxide production in line with expectations. But that figure alone does not fully capture the underlying progress. There are meaningful operational improvements occurring across many midstream circuits, particularly in purification, separation and our brine treatment areas.

我們報告稱，氧化镨釹產量較上季成長 6%，符合預期。但僅憑這一數字並不能完全體現出潛在的進步。許多中游迴路的運作正在發生有意義的改進，特別是在淨化、分離和鹽水處理區域。

These improvements help to unlock greater throughput and reliability even as we work through some lingering first quarter challenges in leach and purification. The positive trajectory is clear and we are encouraged by the foundational progress being made.

即使我們正在努力解決第一季在浸出和淨化方面仍然存在的一些挑戰，這些改進也有助於提高產量和可靠性。積極的軌跡是清晰的，我們對正在取得的基礎性進展感到鼓舞。

Product finishing also improved during the quarter. Although short stents of unplanned downtime impacted operating costs, and, to a lesser extent, production volumes. In late July, we implemented several upgrades that have immediately improved operability.

本季產品加工也得到改善。儘管短暫的計劃外停機會影響營運成本，但在較小程度上也會影響生產量。7 月下旬，我們實施了幾項升級，立即提高了可操作性。

These upgrades should also meaningfully enhance throughput capability and reduce operating and maintenance burden starting later this quarter. Looking ahead, executing our midstream production ramp remains our top priority.

從本季稍後開始，這些升級還將顯著提高吞吐能力並減輕營運和維護負擔。展望未來，實現中游產量提升仍是我們的首要任務。

We are steadily increasing throughput while maintaining consistently strong quality. Most areas are now demonstrating higher and higher throughputs. Our separation circuits are performing quite well and are outpacing the rest of the process.

我們在穩定提高產量的同時，始終保持優良的品質。目前大多數地區的吞吐量都越來越高。我們的分離電路運作良好，並且超過了其餘流程。

This gives us confidence in our ability to steadily increase production while focusing on the most impactful opportunity areas to achieve our near-term target of a 6,000 ton per annum and NdPr oxide run rate, at independence, our teams continue to gain valuable experience in metal reduction furnace operations.

這使我們有信心穩步提高產量，同時專注於最具影響力的機會領域，以實現我們近期目標，即每年 6,000 噸 NdPr 氧化物的運行率，在獨立的情況下，我們的團隊將繼續在金屬還原爐操作方面獲得寶貴的經驗。

We can now say with growing conviction that we understand the conditions required to consistently produce world-class quality NdPr metal. Commissioning activities beyond metallization expanded rapidly in the second quarter to include strip casting, powder production, pressing and centering with site acceptance testing for parts of machining also underway.

現在，我們可以更自信地說，我們了解持續生產世界一流品質的镨釹金屬所需的條件。第二季度，金屬化以外的調試活動迅速擴展，包括坯連鑄、粉末生產、壓制和定心，同時也正在進行機械加工零件的現場驗收測試。

The team has done an outstanding job staying on schedule to commence commercial production by year-end. While we know that there will be a tremendous challenge in starting commercial production our production plans and customer commitments are grounded in realistic assumptions, enduring team are coming together impressively.

團隊出色地完成了工作，並按計劃在年底前開始商業生產。雖然我們知道開始商業化生產將面臨巨大的挑戰，但我們的生產計劃和客戶承諾都基於現實的假設，持久的團隊正在令人印象深刻地團結在一起。

As part of our Department of Defense and Apple agreements, we have committed to completing several projects across the Mountain Pass operations.

作為國防部和蘋果協議的一部分，我們承諾完成 Mountain Pass 營運中的多個專案。

Jim has addressed most of the key details. but I will add a brief update on heavy rare earth separation. Preconstruction work within legacy buildings has accelerated. All key separation equipment is on site and procurement of other major equipment is nearly complete. We expect to begin major equipment installation by the fourth quarter.

吉姆已經解決了大部分關鍵細節。但我將補充有關重稀土分離的簡要更新。古建築的施工前期工作已經加快。所有關鍵分離設備均已到位，其他主要設備的採購也已接近完成。我們預計將於第四季開始主要設備的安裝。

We remain confident that our terbium and dysprosium production schedule aligns with the needs of independents as it ramps up commercial magnet production, and our vertically integrated platform provides unique flexibility regarding the type of and purity of feedstocks that we can accept. And this will give us the opportunity to secure additional feedstocks.

我們仍然相信，隨著商業磁鐵產量的提高，我們的铽和鏑生產計劃能夠滿足獨立企業的需求，而我們的垂直整合平台在我們可以接受的原料類型和純度方面提供了獨特的靈活性。這將使我們有機會獲得額外的原料。

I will continue to provide updates on this and other projects in the coming quarters. In terms of production outlook, we expect to achieve a 10% to 20% sequential increase in NdPr oxide production and stronger product sell-through in the third quarter despite taking some extra time to implement the upgrades to product finishing I mentioned earlier.

我將在接下來的幾個季度繼續提供有關該專案和其他專案的最新進展。在生產前景方面，儘管需要一些額外的時間來實現我之前提到的產品精加工升級，但我們預計第三季度氧化镨釹產量將連續增長 10% 至 20%，產品銷售量也將更高。

Relative to last year's very strong third quarter results, concentrate production will likely be down slightly year over year as we execute a full planned trial of a potential pre-flotation process.

相對於去年第三季非常強勁的業績，由於我們對潛在的浮選前製程進行全面規劃的試驗，精礦產量可能較去年同期略有下降。

This trial may modestly impact near-term recovery but is designed to drive long-term improvement in midstream performance. With that, I will turn the call back to Jim?

此次試驗可能會對短期復甦產生輕微影響，但旨在推動中游表現的長期改善。這樣，我就可以把電話轉回吉姆了？

Thanks, Michael. As I close today's prepared remarks, I want to take a moment to reflect on the MP journey. Many of you know the history, but we introduced MP to the public markets in July 2020, almost exactly five years ago.

謝謝，麥可。在結束今天的準備好的發言之前，我想花點時間回顧我的議員生涯。你們很多人都知道這段歷史，但我們是在 2020 年 7 月將 MP 引入公開市場，差不多正好是五年前。

At the time, MP was a rare earth concentrate business with a bold and important vision to restore the full rare earth supply chain to the United States of America. We laid out a road map, first to build refining capacity and eventually, one day to enter the magnetics business.

當時，MP 是一家稀土精礦企業，其大膽而重要的願景是恢復美國的完整稀土供應鏈。我們制定了路線圖，首先要建立煉油能力，最終有一天進入磁性材料業務。

We were clear eyed about the scale of the challenge. In fact, we told investors back then that magnets were a 2025 plus opportunity, a long-term ambition that would take time, capital and conviction. Well, it is now 2025, and here we are -- Through years of relentless execution, this team has transformed a bankrupted and abandoned mine site into a vertically integrated American National Champion with a strategic and economic platform that matters. Not only for national security, but for the most promising business of our time, the rise of physical AI.

我們清楚知道挑戰的規模。事實上，我們當時告訴投資者，磁鐵是一個 2025 年以後的機遇，是一個需要時間、資金和信念的長期目標。現在是 2025 年，我們在這裡——透過多年的不懈執行，這個團隊將一個破產和廢棄的礦場轉變為一個垂直整合的美國國家冠軍，擁有重要的戰略和經濟平台。這不僅對國家安全有利，對我們這個時代最有前景的產業——物理人工智慧的崛起也有利。

There have been ups and downs along the way. And yes, plenty of skeptics critics and nay sayers. But if you ignore the noise and stayed with us from the beginning, you have compounded at over 43% annually.

一路走來，有起有落。是的，有很多懷疑論者、批評者和反對者。但如果您忽略這些噪音並從一開始就與我們合作，那麼您每年的複合收益率將超過 43%。

It was not a straight line and the path has been quite unconventional to say the least, but here we are. Now as we look ahead to the next five years, I see a film set up, a bold vision, a clear strategy and obsessive focus on execution and a platform with the potential to evolve far beyond what most can imagine today.

這不是一條直線，而且這條路徑至少可以說是相當不尋常的，但我們到了這裡。現在，當我們展望未來五年時，我看到了一部電影的設定、一個大膽的願景、一個清晰的策略和對執行的執著關注，以及一個具有遠遠超出大多數人今天所能想像的發展潛力的平台。

Back in 2020, if you could have foreseen just how far MP would come. Today, I believe we are once again at the beginning of something extraordinary. We have the platform the partners and the perspective to seize another enormous runway of opportunity.

回顧 2020 年，如果你能預見 MP 會走多遠。今天，我相信我們又一次站在了非凡事業的開端。我們擁有平台、合作夥伴和視角來抓住另一個巨大的機會。

And it does not hurt that we have a front row seat and an important role in what may well become the most significant business transformation of our generation, the era of physical AI. None of this would be possible without the extraordinary people of MP.

在實體人工智慧時代，也就是我們這一代最重要的商業轉型中，我們佔據前排位置並扮演重要角色，這並沒有什麼壞處。如果沒有 MP 的傑出人才，這一切都不可能實現。

Our team on the ground, in the plants and across the company. Their dedication, talent and belief in our mission are what turned vision into reality. To all of you, thank you. We are just getting started.

我們的團隊分佈在當地、工廠和整個公司。他們的奉獻、才華和對我們使命的信念將願景變成了現實。謝謝你們所有人。我們才剛開始。

With that, let's open it up for questions.

好了，讓我們開始提問吧。

(Operator Instructions) George Gianarikas, Canaccord Genuity.

（操作員指示）George Gianarikas，Canaccord Genuity。

Everyone, good afternoon and thank you for taking my questions.

大家下午好，感謝你們回答我的問題。

Hey, good afternoon, George.

嘿，下午好，喬治。

So I just had a question about magnetics margins, which were pretty impressive this quarter. Can you just help us understand if the broad strokes of what you just reported in that segment could be used to sort of think about the magnetics margins when you build 10,000 tons in the future?

所以我只是想問磁性材料利潤率，本季磁性材料利潤率相當可觀。您能否幫助我們理解，您剛才在那部分中報告的大致內容是否可以用來思考未來建造 10,000 噸時的磁性利潤率？

George, it's Ryan. Obviously, with the state of maturity of the magnetics business at this point, we're obviously very pleased and impressed with the result. I think at this time, given we're in the stage of producing magnetic precursor products and delivering those to our foundational customer, it's not necessarily a perfect proxy for how the revenue and cost structure will look once we are in full production of finished magnets.

喬治，我是瑞安。顯然，鑑於目前磁性業務的成熟度，我們對結果感到非常滿意和印象深刻。我認為，目前，考慮到我們正處於生產磁性前驅產品並將其交付給我們的基礎客戶的階段，它不一定能完美地代表我們全面生產成品磁鐵後的收入和成本結構。

However, I think that this level of earnings is something that likely can be expected for the next several quarters until we're in production with magnets. And then once that is ramped, certainly, we expect a nice step change up as we begin delivering magnets from a total EBITDA perspective.

不過，我認為，在我們開始生產磁鐵之前，未來幾季內，這種獲利水準是可以預期的。然後，一旦這個數字上升到一定程度，我們當然期望從總體 EBITDA 角度開始提供磁鐵時出現一個很好的階躍變化。

We won't get into specific details on margin and cost structure, particularly given the chunky nature of our existing customer relationships. And certainly, when you think about 10X, there's a wide variety of product types and customer contract types that we expect within that facility.

我們不會討論利潤和成本結構的具體細節，特別是考慮到我們現有客戶關係的強大性質。當然，當您考慮 10X 時，我們預計該設施內會有各種各樣的產品類型和客戶合約類型。

I think the great thing, of course, about our contract with the Department of Defense is we do have the guaranteed minimum earnings level. And then certainly, if you extrapolate what you see at independence to the 10X facility from an overall pricing perspective, I think that paints some pretty significant upside to the potential earnings power of 10X versus that minimum level.

我認為，我們與國防部簽訂的合約最棒的地方在於，我們確實有最低收入水準的保障。當然，如果從整體定價角度推斷獨立於 10X 設施時所看到的情況，我認為這將使 10X 的潛在盈利能力相對於最低水平具有相當顯著的上升空間。

Thank you. And just as a follow-up, different question. But first, congratulations on all the incredible deals you've been able to put together over the last month. But along with that, got a lot of work to do over the next few years.

謝謝。作為後續問題，這是一個不同的問題。但首先，請恭喜您在上個月達成的所有令人難以置信的交易。但同時，未來幾年還有很多工作要做。

How comfortable do you feel with building out the ecosystem required, getting the equipment in place, hiring the right people, all the grind work that you have to do to build out the additional facilities in time to kind of hit the contract time lines that you articulated to us?

您對建造所需的生態系統、安裝設備、僱用合適的人員以及為按時建造額外設施而必須做的所有艱苦工作感覺如何？滿足您向我們闡明的合約時間表？

Thank you. Well, thanks, George. We are hiring, so send us your resumes. I mean, obviously we have a lot of execution to do and I think we've been an execution culture since day one. So, we certainly understand the scale of the challenge that's ahead of us and we're confident that we'll get it done.

謝謝。好吧，謝謝，喬治。我們正在招聘，請將您的履歷發送給我們。我的意思是，顯然我們有很多執行工作要做，而且我認為從第一天起我們就有執行文化。因此，我們當然了解我們面臨的挑戰的規模，並且我們有信心完成它。

These things are never, perfectly in a straight line, but we are already maniacally at work at the various pieces that we have to put together, and we've been planning for this for quite some time. But Michael, do you want to add a little bit from your perspective?

這些事情從來都不是完美地直線前進的，但我們已經瘋狂地將各個部分組合在一起，並且我們已經為此計劃了很長時間。但是邁克爾，你想從你的角度來看一點補充嗎？

Yeah, thanks, Jim. On top of that, we have a core team with experience having built similar assets over the last several years and of course now we're growing the team as Jim referenced, and we think we can scale that ability over the next several months and year, to help us execute better.

是的，謝謝，吉姆。最重要的是，我們擁有一支核心團隊，他們在過去幾年中積累了構建類似資產的經驗，當然，正如吉姆所說，現在我們正在擴大團隊，我們認為我們可以在未來幾個月和幾年內擴大這種能力，以幫助我們更好地執行。

In addition, we've built vendor relationships, we have engineering drawings, we have plans, we have a lot more data than we did several years ago. So our ability to execute these projects. Now versus where we were two years ago, it was significantly improved.

此外，我們還建立了供應商關係，我們有工程圖紙，我們有計劃，我們擁有的數據比幾年前多得多。所以我們有能力執行這些項目。與兩年前相比，現在的情況已經有了顯著改善。

On top of that, we have a [DASSDX] rating to help us engage with vendors and service providers to help accelerate. Progress there, so we're very confident we can meet, both the DD's aggressive schedule, as well as the complimentary and projects and mountain Pass, and for Apple.

除此之外，我們還有 [DASSDX] 評級來幫助我們與供應商和服務提供者合作，以加速發展。那裡的進展很快，因此我們非常有信心能夠滿足 DD 的緊張日程安排以及免費和專案和山口以及蘋果的要求。

Thanks.

謝謝。

Thanks.

謝謝。

Benjamin Kallo, Baird.

班傑明卡洛，貝爾德。

Hi, good evening. Thanks for taking my question. First, could you talk to us about the separation, facilities, capacity or your thoughts around increasing capacity. From what I understand, there's no, ceiling on how much, concentrate you process, so could you be a processor for third parties and just maybe, any kind of color around that.

嗨，晚上好。感謝您回答我的問題。首先，您能否與我們談談分離、設施、容量或您對增加容量的想法。據我所知，濃縮液的處理量沒有上限，因此您可以成為第三方的處理器，或許還可以處理任何類型的顏色。

Thanks, Ben. I guess I wish it were the case that there's no ceiling, but I think there there's, there is a Some ceiling. But I think importantly we have a lot of flexibility because we have a fully vertically integrated site. We have flexibility as to what kinds of feedstocks we can process, and what kinds of impurities we can handle, which I think is unique versus most sort of separation facilities that may be standalone that don't have that ability.

謝謝，本。我希望情況是沒有上限的，但我認為還是有上限的。但我認為重要的是我們擁有很大的靈活性，因為我們有一個完全垂直整合的網站。我們可以靈活地選擇加工的原料種類和處理的雜質種類，我認為這與大多數沒有這種能力的獨立分離設施相比是獨一無二的。

So yeah, that would be very helpful as we look at more heavy rich feedstocks to add as a complement to our, concentrate business. So we expect. Our existing concentrate business to ramp up to the 6,000 tons per annum of NdPr oxide that we've talked about and then hope to build. Particularly in regard to he, the additional. Separation, for those heavier ears.

是的，這將非常有幫助，因為我們正在尋找更多重質富集原料來補充我們的精礦業務。我們也期待如此。我們現有的精礦業務將增加到每年 6,000 噸 NdPr 氧化物，正如我們之前討論過的，並且希望能夠實現。特別是關於他，附加的。分離，適合那些較重的耳朵。

Okay, and then, my follow up is just on, signing new magnets for, magnet agreements for 210 X. How do you guys think about, just the cadence of both you and your customers. Wanting to enter a deal, do you want, do, your customers want it to be more de-risked and the facility to be closer to completion, or are they clamoring, to sign a deal now? And how do you guys approach that?

好的，然後，我的後續工作是簽署新的磁鐵，210 X 的磁鐵協議。你們如何看待你們和你們的客戶的節奏。想要達成交易，您是否希望，您的客戶是否希望它具有更低的風險並且設施更接近完成，或者他們是否吵著要現在就簽署交易？你們如何處理這個問題？

Thank you guys for.

謝謝你們。

Ben, am I already getting the what have you done for me lately question?

本，我是不是已經明白你最近為我做了什麼這個問題了？

I was going to go much bigger than that, like, but but I thought I'd hold off until next quarter.

我本來打算做得更大，但是我想我會推遲到下個季度。

I mean, obviously we're still having a ton of conversations, and, so that continues, but I just remind you that 10X is 100% sold out, and so we have well, really our entire magnetics business for the next decade is 100% sold out.

我的意思是，顯然我們仍在進行大量的對話，而且這種情況還在繼續，但我要提醒您，10X 已 100% 售罄，因此我們未來十年的整個磁性業務實際上已 100% 售罄。

Obviously we're going to syndicate commercially the vast majority of 10X, but I think we have the ability to be very thoughtful about how we do that, and I think hopefully we have a good track record at this point in, being patient and methodical and selecting the right sequencing of customers.

顯然，我們將對 10X 的絕大多數進行商業聯合，但我認為我們有能力非常周到地考慮如何做到這一點，並且我認為希望我們在這一點上有一個良好的記錄，保持耐心和有條不紊，並選擇正確的客戶順序。

And making sure that that we do so in a way that is frankly attractive for our business, but also, create win-win partnerships for us and the customer. And I think, our expectation is we'll continue to do that as we build out 10X.

並確保我們以一種對我們的業務具有吸引力的方式做到這一點，同時也為我們和客戶創造雙贏的合作關係。我認為，我們的期望是，在建造 10X 的過程中，我們將繼續這樣做。

Great. Thank you guys very much.

偉大的。非常感謝你們。

Sure.

當然。

Lawson Winder, Bank of America.

美國銀行的勞森·溫德（Lawson Winder）。

Great, thank you, operator and and Jim and Ryan, thank you for today's update and, yeah, congratulations on everything you've achieved over the last quarter.

太好了，謝謝你們，接線員，還有吉姆和瑞安，謝謝你們今天的更新，是的，恭喜你們在過去一個季度取得的所有成就。

Thank you.

謝謝。

Sorry, Michael, not definitely not forgotten. Your work is very much appreciated. Also, thank you. Wanted to ask about the assumptions around the $650 million dollar minimum guidance for materials plus 10x magnets plus independence magnets. What does that include in terms of assumption around oxide sales to to third parties? And is there an assumption baked in there that some oxides will be sold to China?

抱歉，邁克爾，絕對沒有忘記。非常感謝您的工作。另外，謝謝你。想詢問有關材料加上 10 倍磁鐵加上獨立磁鐵的 6.5 億美元最低指導價的假設。就向第三方銷售氧化物的假設而言，這包括什麼？是否有假設說一些氧化物將賣給中國？

Hey, Lawson, it's Ryan. Sure, I'll take that. We are, under the DOD agreements no longer selling, any of our products into the Chinese market, so it does not assume any oxide sales, into the Chinese market. I would say though, if you do the math, depending on the type of magnet that you're talking about, certainly bringing our total capacity to a finished magnet equivalent of 10,000 tons. That does leave room for external sales.

嘿，勞森，我是瑞安。當然，我會接受。根據國防部協議，我們不再向中國市場銷售任何產品，因此我們不會向中國市場銷售任何氧化物。不過我想說，如果你算一下，根據你所談論的磁鐵類型，我們的成品磁鐵總產能肯定相當於 10,000 噸。這確實為外部銷售留下了空間。

And so I think the good thing about these agreements is the way the price protection works is that's really a payment stream, directly into the material side of the business that makes us in many ways indifferent between selling to a third party or selling internally, where the magnet business will maintain, the market-based approach, to pricing based on, market levels of oxide pricing.

因此，我認為這些協議的好處在於價格保護的運作方式，這實際上是一種支付流，直接進入業務的材料方面，這使得我們在很多方面對向第三方銷售還是內部銷售沒有區別，磁鐵業務將保持以市場為基礎的方法，根據氧化物定價的市場水平進行定價。

And so the overall assumption there is that we get to our targeted throughput and cost structure for the material segment from a separated product perspective, but just at that 6,000 tons, it does not embed upside from recycling or upside from further products, including NdPr products that could come from heavy rich feedstocks. And so that's the big portion of the material side of that assumption. And then on the magnetic side.

因此，總體假設是，從分離產品的角度看，我們達到了材料部分的目標吞吐量和成本結構，但僅僅達到 6,000 噸，它並沒有嵌入回收或其他產品的優勢，包括可能來自重質富原料的 NdPr 產品。這就是該假設的物質方面的大部分內容。然後是磁性方面。

That 650 just assumes the minimum contracted EBITDA from the Department of Defense for the 10X facility, which, as I laid out, I think has some very significant upsides, some of which, of course, we share with our partner in DOD as that facility scales into producing. For commercial customers as well, and it assumes relatively conservative assumptions as to our build out and ramp of independence.

650 只是假設國防部為 10X 工廠簽訂的最低合約 EBITDA，正如我所述，我認為這具有一些非常顯著的優勢，當然，隨著該工廠擴大生產規模，我們會與國防部的合作夥伴分享其中一些優勢。對於商業客戶也是如此，它對我們的建設和獨立性的提升做出了相對保守的假設。

And so in the slide deck that we provided in the the prior conference call, you can sort of see the relative sizes of all of those pieces, but that's the underlying overall set of assumptions.

因此，在我們先前的電話會議中提供的幻燈片中，您可以看到所有這些部分的相對大小，但這是基本的總體假設。

That's great. Thank you, Ryan. As a followup, can I ask you about another investment related to the agreement with the Department of Defense, and that is the hydrochloric acid facility at Mountain Pass.

那太棒了。謝謝你，瑞安。作為後續問題，我可以問您與國防部協議相關的另一項投資嗎？那就是位於 Mountain Pass 的鹽酸設施。

Is that in addition to the chlo alkali facility and then should we expect that investment to further reduce your cost of that very critical input of hydrochloric acid to your separation process and then just drawing that to the final conclusion, I mean, could we see an improvement in the in the low $40 per kilogram marginal cost assumption that you guys have made for a fully ramped up separation facility?

這是除了氯鹼設施之外的嗎？然後我們是否應該期望這項投資進一步降低分離過程中非常關鍵的鹽酸投入的成本，然後得出最後的結論，我的意思是，我們是否可以看到你們為全面升級的分離設施所做的每公斤 40 美元的低邊際成本假設有所改善？

Sure, Law and you're stuck with me again on that one, I.

當然，勞，在這一點上你又得跟我爭論了。

I wouldn't say that it necessarily spells, a change in our overall cost structure target. I think, we actually had a slide in last quarter's earnings deck that had a very strategically shaded area, that spoke to potential upside from. Lower overall production costs from the, chlo alkali facility.

我不會說這必然意味著我們整體成本結構目標的改變。我認為，上個季度的收益報告中確實出現了下滑，其中有一個非常具有戰略意義的陰影區域，這表明存在潛在的上升空間。降低氯鹼設施的整體生產成本。

The HCL facility that you see in the transaction agreements is the same thing as the chlo alkali facility, to be clear, and from our perspective, we think that this investment is not just one in cost savings, but redundancy and resiliency. We believe that we will always have some level of external, hydrochloric acid and caustic soda. A production for our business.

需要明確的是，交易協議中提到的 HCL 設施與氯鹼設施是同一回事，從我們的角度來看，我們認為這項投資不僅是為了節省成本，還為了冗餘和彈性。我們相信，我們總是會有一定程度的外部鹽酸和苛性鈉。為我們的業務製作。

We are a very large consumer of both of those products. And so having the flexibility both to pull from the outside market as well as produce internally in a full closed loop we think is important. We strategically, launched our separations facilities by breaking that closed loop and building out the infrastructure and supply chain that's required to support.

我們是這兩種產品的巨大消費者。因此，我們認為，擁有從外部市場獲取資源以及在完全閉環的內部生產的靈活性非常重要。我們策略性地打破了這種閉環，並建立了所需的支援基礎設施和供應鏈，從而啟動了我們的分離設施。

Our levels of production and then we believe bringing, portions of that HCL facility or chlorocoli facility online methodically and continuing to support, our external supply chain will be, the best way forward both from a cost and redundancy perspective.

我們相信，無論從成本還是冗餘角度來看，我們的生產水平以及將部分 HCL 設施或氯酸設施有條不紊地投入使用並繼續支持我們的外部供應鏈都是最好的前進方式。

Okay, fantastic. Thanks very much, Ryan.

好的，太棒了。非常感謝，瑞安。

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆（David Deckelbaum），TD Cowen。

Hey, David.

嘿，大衛。

Thanks for the time. I wanted to just follow up on just the and some of the records set at Mountain Pass this quarter on a concentrate side, are those initiatives incremental to upstream [$60k] or are they part of it? I guess I'm just thinking about, as we progress to upstream [$60k], it seems like.

謝謝你的時間。我只是想跟進一下本季在 Mountain Pass 精礦方面創下的一些記錄，這些舉措對上游 [6 萬美元] 來說是增量還是其中的一部分？我想我只是在想，隨著我們向上游 [6 萬美元] 邁進，看起來是這樣。

Some of the tweaks are are perhaps happening sooner than anticipated, but, kind of curious if this is viewed as a recovery tweak on top of that just with having a higher grade.

有些調整可能比預期發生得更早，但是，有點好奇這是否被視為在此基礎上的恢復性調整，只是等級更高。

Oh, thanks for the question. I'd say these are parts of Upstream [$60k]. I think Upstream [$60k] included categories of optimization, and I'd say our metallurgy team and operations teams have done an incredible job of implementing and executing changes, and I think we continue to be impressed that our ore body is able to support higher grade concentrate, as we focus on that, in order to help the midstream business. So I wouldn't say it's incremental, but, we are hopeful that. We can achieve the same goals with less capital and more optimization.

哦，謝謝你的提問。我想說這些是上游的一部分[6萬美元]。我認為上游 [6 萬美元] 包括優化類別，我想說我們的冶金團隊和營運團隊在實施和執行變革方面做得非常出色，我認為我們繼續對我們的礦體能夠支持更高品位的精礦印象深刻，因為我們專注於此，以幫助中游業務。所以我不會說它是漸進的，但是，我們對此充滿希望。我們可以用更少的資本和更多的最佳化來實現相同的目標。

Appreciate that. And then just as a follow up just on on NdPr oxide, you're guided, obviously you'll be stockpiling concentrate at this point. The DOD agreement goes into place in the 4th quarter.

非常感謝。然後，作為對 NdPr 氧化物的後續關注，您顯然會在此時儲存精礦。國防部協議將於第四季生效。

From an NdPr oxide production perspective, should we anticipate that you'll continue ramping production throughout the year, but stockpiling the product, for sales, once the DOD agreement is in place? I guess I'm just wondering the as we assess. The ramp of the stage two facility, is that going to be more evidential into '26 or should we be able to track those KPIs throughout the year?

從镨釹氧化物生產的角度來看，我們是否可以預期，一旦國防部協議到位，您將在全年繼續提高產量，但儲存產品以供銷售？我想我只是想知道我們如何評估。第二階段設施的坡道是否會在 26 年提供更多證據，或者我們是否應該能夠全年追蹤這些 KPI？

Yeah David, I'll start and I'll flip some of the production specific portions to Michael, but as it relates to sales, we continue to have a really robust order backlog and sales pipeline for third party customers for NdPr oxide.

是的，大衛，我會開始把一些特定的生產部分轉交給邁克爾，但就銷售而言，我們繼續為第三方客戶提供非常強勁的訂單積壓和氧化釹銷售管道。

And so, we're continuing as we ramp production to expect to sell the vast majority of NdPr oxide. Out into third parties, of course, as our metal production and magnet production at independence ramps, we will become a larger internal customer of our own oxide, but, we do expect, to continue to for the most part, focus on our strategic customers, particularly in the Japanese market, the South Korean market, and broader Southeast Asia. I'll flip it to you on your thoughts on production.

因此，我們將繼續提高產量，以期銷售絕大多數的 NdPr 氧化物。當然，隨著我們獨立的金屬產量和磁鐵產量不斷增加，我們將進入第三方市場，成為我們自己的氧化物的更大的內部客戶，但我們確實希望，在很大程度上繼續關注我們的戰略客戶，特別是在日本市場、韓國市場和更廣泛的東南亞地區。我會把它轉交給您，談談您對生產的想法。

As you referenced, we planned for 10% to 20% increase over the next quarter, and that's largely consistent with the sort of progressive growth that we've seen over the last year and a half, and we would expect that sort of pace.

正如您所提到的，我們計劃在下一季實現 10% 到 20% 的成長，這與我們在過去一年半中看到的漸進式成長基本上一致，我們預計會有這樣的成長速度。

To continue, not in a linear. Basis, but, just generally speaking, step by step improvement, getting better every day.

繼續，不是線性的。基礎，但只是整體來說，一步步進步，一天比一天好。

Thanks guys.

謝謝大家。

Thanks, David.

謝謝，大衛。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

So, hello, just, I want tease out your -- how you relate the concept of being in kind of the branding as a US national champion and the bandwidth.

所以，你好，我只是想弄清楚你是如何將美國全國冠軍的品牌概念與頻寬聯繫起來的。

And the highly high degree of visibility on returns and for the next decade. So can you tease out first, are you allowed to sell into European or other countries? Can you expand the number of countries you sell product into, or does the DOD agreement in any way restrict that?

且回報和未來十年的可見度極高。那麼，您能否先透露一下，您是否被允許向歐洲或其他國家銷售？您能否擴大銷售產品的國家數量，或者國防部協議是否以某種方式限制這一點？

Secondly, can you tease out or lay out sort of the ramifications for the MOU with saw in for this potential project in Saudi Arabia? Do you have the bandwidth to continue exploring that?

其次，您能否整理或闡述與鋸木廠簽署的諒解備忘錄對沙烏地阿拉伯這項潛在項目的影響？您是否有足夠的頻寬來繼續探索這個問題？

And then third, I appreciate that there will be announcements just filling in the the the capacity that the DOD is underwriting. But if you, but given you have such a strong visibility on the returns on that.

第三，我很感激能夠發佈公告來填補國防部承保的空缺。但是如果你，但考慮到你對此的回報有如此強烈的預見性。

What would be your return on capital hurdle to look at any other uses of capital or uses of MP, bandwidth?

在考慮資本的其他用途或 MP、頻寬的用途時，您的資本回報障礙是什麼？

Sure. Thanks, Lawrence. Well, first off, there's nothing that restricts us from selling into Europe, obviously, as part of DOD we just won't be selling to hostile states. And then as far as, you mentioned Saudi modern, I think if you look at the vertically integrated Player that we've built. I mean, we are the only company in the world and that includes China that has all aspects of this business, which I believe is, and as we've said from the beginning is sort of the right structure to really scale and be low cost, accelerate, at a, astonishing pace, so to speak, in doing all of these pieces.

當然。謝謝，勞倫斯。首先，沒有什麼可以限制我們向歐洲銷售，顯然，作為國防部的一部分，我們不會向敵對國家銷售。至於您提到的沙特現代，我想如果您看看我們已經建立的垂直整合播放器。我的意思是，我們是世界上唯一一家包括中國在內，擁有這項業務各個方面的公司，我相信，正如我們從一開始就說過的，我們的結構能夠真正擴大規模，降低成本，並以驚人的速度加速完成所有這些工作。

And obviously that rela that relationship speaks to us as being the right partner around the world to add to this supply chain, particularly as, America's national champion. I would tell you that as far as Bandwidth and and capital certainly from a capital standpoint and frankly from a focus standpoint, we are maniacally focused on investing and executing in the United States of America. We need to deliver for GM, Apple, and DOD and so our focus, is on delivering on our domestic investments.

顯然，這種關係表明我們是全球範圍內加入這一供應鏈的合適合作夥伴，特別是作為美國的國家冠軍。我想告訴你，就頻寬和資本而言，當然從資本的角度，坦白說從重點的角度，我們瘋狂地專注於在美國進行投資和執行。我們需要為通用汽車、蘋果和國防部提供服務，因此我們的重點是實現我們的國內投資。

That said, I do think we're going to continue to grow the business and so the modern opportunity is very exciting. We're, focused on that as well. But I think you'll, you should expect to see that and others that could come like that as more capital li opportunities. I think you're going to see our investment focused in the US and then I think you're going to, see that and others over time. And obviously from a return you mentioned returns from a return on capital standpoint for MP I think it's actually an accelerant for our shareholders in the sense that because we have this capability and position, which brings a number of attributes that we're going to be able to continue to grow the business, again in a more capital li way, but potentially having some of the same economics which mathematically means higher returns on capital.

話雖如此，我確實認為我們將繼續發展業務，因此現代機會非常令人興奮。我們也關注這一點。但我認為，你應該會看到這一點，以及其他可能出現的類似情況，因為有更多的資本機會。我認為你會看到我們的投資集中在美國，我認為隨著時間的推移，你會看到這一點以及其他地方的投資。顯然，從您提到的回報來看，從 MP 的資本回報角度來看，我認為這實際上對我們的股東來說是一種加速器，因為我們擁有這種能力和地位，這帶來了許多屬性，我們將能夠繼續發展業務，再次以更具資本的方式，但可能具有一些相同的經濟效益，從數學上講，這意味著更高的資本回報率。

Thank you.

謝謝。

Thanks.

謝謝。

Carlos De Alba, Morgan Stanley.

卡洛斯·德阿爾巴，摩根士丹利。

Yeah, thank you very much, guys. A couple of questions. First one is, can you maybe share a little bit of color on what are the milestones, that you need to get for Apple to, this worth the $200 million in the coming years that you, as you mentioned and also any progress on the $1 billion financing, that would support the development of the 10X facility.

是的，非常感謝你們。有幾個問題。首先，您能否稍微介紹一下蘋果需要實現的里程碑，正如您所提到的，未來幾年蘋果需要投入 2 億美元，以及支持 10X 設施開發的 10 億美元融資方面有任何進展嗎？

Hey Carlos, it's Ryan. Obviously I'm not going to get into specific, contract details on our agreement with Apple. I think that what we have made clear is that those disbursements will come on a milestone basis, ahead of production. And so we've targeted production for mid 2027, so hopefully that gives you a pretty tight range of when the cash is going to come in.

嘿，卡洛斯，我是瑞安。顯然，我不會談論我們與蘋果的協議的具體合約細節。我認為我們已經明確表示，這些支出將在生產之前按里程碑方式支付。因此，我們計劃在 2027 年中期實現生產，希望這能讓您大致了解現金到帳的時間範圍。

I think we tend to try to set up, our customer relationships as Jim laid out in a win-win fashion where, we ensure that we are maximizing our cash on cash returns while ensuring that our customers see visibility into forward progress on, the items that that we've promised them and so we think the structure works quite well for both of us.

我認為我們傾向於嘗試建立雙贏的客戶關係，正如吉姆所闡述的那樣，我們確保最大限度地提高現金回報，同時確保我們的客戶能夠看到我們向他們承諾的項目的進展情況，因此我們認為這種結構對我們雙方都很有效。

As it relates to your question on the billion dollar bridge facility, I think.

我認為這與您關於價值 10 億美元的橋樑設施的問題有關。

I wouldn't overly focus on that facility, particularly because our recent equity raise, gets netted against that, a bridge is exactly what it sounds like. It's a temporary solution that's put in place as part of an announcement, often an M&A announcement and so for us, it's really served its purpose.

我不會過度關注該設施，特別是因為我們最近的股權融資與該設施相抵觸，橋樑聽起來就是這樣。這是一種臨時解決方案，作為公告（通常是併購公告）的一部分而實施，因此對我們來說，它確實達到了目的。

What we expect to do over the next several years is exactly what we've done, frankly over the last five plus years as a public company, which is be extremely thoughtful about our balance sheet, ensure that, at this point, frankly, we are well capitalized to execute.

坦白說，我們預計在未來幾年內要做的事情正是我們作為一家上市公司在過去五年多的時間裡所做的，那就是對我們的資產負債表進行非常周到的考量，確保在這一點上，坦率地說，我們有足夠的資本來執行。

On the projects that we've laid out, we'll continue to focus on efficiency both on the expenditure side and the balance sheet side, and we'll be opportunistic as we always are to ensure that, we're financing all of this growth in the right way.

對於我們已經制定的項目，我們將繼續關注支出方面和資產負債表方面的效率，並且我們將一如既往地抓住機會，確保以正確的方式為所有這些增長提供資金。

And and one thing to just add, Carlos. In the prepared remarks you may have heard, but if not, Brian mentioned, we have post the funding and the raise, etc.

還有一點要補充，卡洛斯。在準備好的發言中您可能已經聽說過，但如果沒有，布萊恩提到，我們已經發布了資金和加薪等。

We have approximately $2 billion of cash on our balance sheet right now. So that and then as you look out over the coming years where we have a dramatic step function change upwards, in cash flow generation that's contracted over the next, decade, we really, Have a fortress balance sheet to be completely opportunistic in how we manage going forward, so we feel really good about our position.

我們的資產負債表上目前有約20億美元的現金。因此，當你展望未來幾年時，我們將看到一個巨大的階躍函數變化，在未來十年內，現金流的產生將會收縮，我們真的有一個堡壘資產負債表，可以在未來的管理中完全抓住機會，所以我們對我們的地位感到非常滿意。

Yeah, I know for sure, thanks and Maybe stepping back and thinking more strategically, I would like to understand how scalable will the recycling line or recycling facility that you are building, will be. Could this potentially allow you to become much bigger in magnetics without the need of mining, feedstock.

是的，我當然知道，謝謝。也許退一步，更有策略地思考，我想了解您正在建造的回收線或回收設施的可擴展性如何。這是否有可能讓你在磁性方面變得更強大，而無需採礦和原料。

That's a great question, Carlos. Initially our build is obviously to satisfy our requirements for Apple. In addition, our own magnetics plans will produce Swarf and other byproducts that, will have the opportunity to recycle. And from that recover and optimize, maximize the The heavy rare earth content and ensure we maximize that usage.

卡洛斯，這個問題問得非常好。最初我們的建造顯然是為了滿足蘋果的要求。此外，我們自己的磁性計劃將產生金屬屑和其他副產品，這些副產品將有機會回收。並從中回收和優化，最大限度地提高重稀土含量，並確保最大限度地利用它。

Yeah, on top of that, obviously the 10X facility will produce its. It's byproducts, from there we have the opportunity to make To build a facility that's modular like previous comments earlier, there's not unlimited capacity or capability, so we would, you have to have to balance that in the in the medium term.

是的，除此之外，10X 工廠顯然將生產它。這是副產品，從那裡我們有機會建造一個模組化的設施，就像之前的評論一樣，沒有無限的容量或能力，所以我們必須在中期內平衡這一點。

Fantastic. Well, thank you very much guys, Jim, Brian.

極好的。好吧，非常感謝你們，吉姆，布萊恩。

Thank you

謝謝

Bill Peterson, JP Morgan.

摩根大通的比爾彼得森。

Yeah, hi, good afternoon. Congrats on the progress and strong execution in the quarter. Maybe following up that last recycling question, I guess, how do you plan on approaching this internally developed recycling processes, like acquiring technology, partnerships with third parties, and maybe what does Apple bring to this, recycling this I guess the early stages of the recycling program.

是的，你好，下午好。恭喜本季取得的進展和強勁的執行力。也許接下來是最後一個回收問題，我想，您計劃如何處理這個內部開發的回收流程，例如獲取技術、與第三方合作，也許蘋果為此帶來了什麼，回收這個我想是回收計劃的早期階段。

I think so the question. I think as we mentioned in in another forum, we've been working on recycling, in cooperation with Apple for over five years. So, we have made a lot of progress. And I think over the next several years, we have other plans to cooperate with our customers and technical partners on further advancing our technical capability both in recycling and using recycled materials, and optimizing magnet, properties.

我是這樣認為的。我想，正如我們在另一個論壇中提到的那樣，我們與蘋果合作從事回收工作已經五年多了。因此，我們取得了很大的進步。我認為在接下來的幾年裡，我們還有其他計劃與我們的客戶和技術合作夥伴合作，進一步提高我們在回收和使用再生材料以及優化磁鐵性能方面的技術能力。

I think that was, yeah, I think does that get your question, Bill, or did you have a second part to that?

我認為是的，比爾，我想這是否回答了你的問題，或者你還有第二部分？

No, I didn't, sorry, I didn't know if you're continuing thought. No, I do have a second question. In terms of magnet readiness, I guess for your lead customer, are there any sort of remaining technical areas to address before commercial ramp or the, is the products performing from a technical point of view and, I just want to get a sense for how you're tracking to the commercial launch in the coming quarters.

不，我不知道，對不起，我不知道你是否還在繼續思考。不，我還有第二個問題。就磁鐵準備情況而言，我想對於您的主要客戶來說，在商業化推廣之前是否還有任何剩餘的技術領域需要解決，或者從技術角度來看產品的表現如何，我只是想了解您如何跟踪未來幾個季度的商業發布。

Yeah, sure, Bill, it's Ryan. Yeah, I think we're really pleased with the technical progress. I think we mentioned in some of the prepared remarks and in the deck, our consistent execution on producing on spec products for our customers, as EV traction motors are some of the most demanding.

是的，比爾，我是瑞安。是的，我認為我們對技術進步感到非常滿意。我想我們在一些準備好的評論和簡報中提到過，我們始終如一地為客戶生產符合規格的產品，因為電動車牽引馬達是最苛刻的產品之一。

And use cases for magnets, and you know we have been consistently producing to spec and frankly, continuing to optimize from a heavy rare earth perspective, make really significant strides they're actually probably more than I even expected, despite having pretty high expectations for that team.

對於磁鐵的用例，您知道我們一直在按照規格進行生產，坦率地說，從重稀土的角度繼續進行優化，取得了真正重大的進步，儘管對那個團隊有很高的期望，但實際上它們可能比我預期的還要多。

Really what is left at this point is taking what we've been doing in our new product introduction facility, which, as you saw, is, much more than a pilot line. It's sort of a factory within a factory that's allowed us to iterate quickly to be able to generate the types of results that we have and just transferring what we've done there into larger commercial production.

現在真正剩下的就是我們在新產品引進設施中所做的事情，如您所見，這不僅僅是一條試驗生產線。它就像工廠中的工廠，讓我們能夠快速迭代，從而能夠產生我們所擁有的結果類型，並將我們在那裡所做的工作轉移到更大的商業生產中。

With any startup, it is not a straight line, so I will not promise a straight line, but we have a lot of confidence in the team, particularly given, what they've demonstrated to date a lot of the major process areas are already either in commissioning or commissioned.

對於任何新創公司來說，這都不是一條直線，所以我不會保證一條直線，但我們對團隊很有信心，特別是考慮到他們迄今為止所展示的許多主要流程領域已經在調試或已調試完畢。

And seeing those operate give us further confidence in the underlying assumptions that we've built in both into the business case and operating case. And so, the proof will be in the pudding over the next several quarters, but that's what's left is going from trial to commercial.

看到這些運作讓我們對我們在商業案例和營運案例中建立的基本假設更有信心。因此，未來幾季的結果將有待檢驗，但剩下的就是從試驗到商業化。

Thanks Ryan Michael and Jim and really again nice job in execution.

感謝 Ryan Michael 和 Jim，再次出色地完成了任務。

Matt Summerville, D.A. Davidson.

馬特·薩默維爾、地方檢察官戴維森。

Excuse me, can you guys hear me?

打擾一下，你們聽得到我說話嗎？

Yes. Hey.

是的。嘿。

Okay, cool. Hey, thank you. So I want to get back to some comments you made regarding stage one. What's driving the improvement in concentrate grade? And I guess I want to understand how you modulate going after incremental volume versus going after incremental grade, and do you need the incremental grade to get Stage 2 output to where you ultimately, hit the name plate.

好的，很酷。嘿，謝謝你。所以我想回顧一下您關於第一階段的一些評論。是什麼推動了精礦品位的提升？我想了解您如何調整追求增量音量與追求增量等級，以及您是否需要增量等級來獲得第 2 階段輸出，最終達到銘牌。

Thanks, man. I guess In in a stable environment, there's a trade-off between grade and recovery. Historically, we have tried to hold a stable grade and increase the recovery to increase production volume.

謝謝，老兄。我猜想在穩定的環境中，等級和恢復之間存在著權衡。從歷史上看，我們一直試圖保持穩定的品味並提高採收率以增加產量。

In recent quarters, we had seen that we were kind of able to tweak upgrade without significant sacrifice of recovery through some of the optimizations through some of the previous, the initial stage, upstream 60k projects and I think we're still harvesting some of those gains. In addition, as we've simplified.

最近幾個季度，我們發現，透過對之前的一些初始階段上游 60k 項目進行一些優化，我們能夠在不顯著犧牲恢復的情況下進行調整升級，我認為我們仍在收穫其中的一些收益。此外，正如我們已經簡化的那樣。

Parts of our circuit, it's enabled us to get grade higher without sacrifice and recovery and I think those opportunities continue, some of our next initiatives do relate to creating even higher quality concentrate and that should have follow-on benefits to the primarily the cost structure of the stage to the midstream operation.

在我們的部分迴路中，它使我們能夠在不犧牲和恢復的情況下獲得更高的等級，我認為這些機會將繼續存在，我們的一些下一步舉措確實與創造更高質量的濃縮物有關，這應該會對主要階段到中游運營的成本結構產生後續效益。

But also to, the ultimate throughput capability of that so, I don't say it's absolutely necessary at this point. I think we're very comfortable with the ability to to to ramp the facility with the current concentrate, but incrementally pure concentrate will make that even better.

但對於最終的吞吐能力來說，我現在還不能說這是絕對必要的。我認為，我們對利用現有濃縮物來提升設施的能力感到非常滿意，但逐步提高純濃縮物將使情況變得更好。

So should I, is just as a follow up, should I take that to mean that you feel you can push the limit of that 6,075 tons of oxide absent, major incremental capital investment, or should I not make that conclusion?

那麼，作為後續問題，我是否應該將其理解為您認為您可以在沒有大量增量資本投資的情況下突破 6,075 噸氧化物的極限，還是我不應該得出這個結論？

I wouldn't connect those two together. So, no, I don't, we don't need any improvement in the concentrate in order to hit that name plate.

我不會將這兩者連結在一起。所以，不，我不認為我們不需要對濃縮物進行任何改進就能達到這個標準。

Okay. Got it. I'll leave it there. Thank you.

好的。知道了。我就把它留在那裡。謝謝。

What concludes the question and aren't a portion of today's call. I will now hand the call back to Mr. Litinsky for closing remarks.

這個問題的結論是什麼？這不是今天電話會議的一部分。現在我將把發言權交還給利廷斯基先生，請他作最後發言。

Hey, everyone. So obviously this was an extraordinary quarter. We are really proud of what we achieved, obviously op operationally, but in particular, the agreements with DOD and Apple. And, clearly the platform that we have that we've been building for a number of years has changed for the better dramatically, and we expect to take this new position and keep on reaching to continue to build on the gains that we've had thoughtfully and so with that we will get back to work and have a great day everyone.

嘿，大家好。顯然這是一個非凡的季度。我們為我們所取得的成就感到自豪，顯然是營運方面的成就，尤其是與國防部和蘋果達成的協議。顯然，我們多年來構建的平台已經發生了巨大的變化，我們希望承擔起這個新的角色，繼續努力，在我們已經取得的成果的基礎上再接再厲，這樣我們就可以重新開始工作，祝大家有美好的一天。