MP Materials Corp (MP) 2025 Q3 法說會逐字稿

Hello, and welcome to the MP Materials Q3 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.

大家好，歡迎參加MP Materials第三季財報電話會議。（操作說明）另請注意，本次會議正在錄音。如有任何異議，請立即斷開連接。接下來，我將把電話交給投資人關係主管馬丁·希恩。希恩先生，你可以開始了。

Thank you, operator, and good afternoon, everyone. Welcome to the MP Materials Third 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. 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.

謝謝接線員，大家下午好。歡迎參加 MP Materials 2025 年第三季財報電話會議。今天與我一同出席 MP Materials 會議的有：創辦人、董事長兼執行長 Jim Litinsky；創辦人兼營運長 Michael Rosenthal；以及財務長 Ryan Corbett。提醒各位，今天的討論將包含有關未來事件和預期的前瞻性陳述，這些陳述受到各種假設和限制條件的影響。可能導致公司實際業績與這些聲明有重大差異的因素已包含在今天的簡報、獲利報告和我們提交給美國證券交易委員會的文件中。

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 to today's slide presentation. 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.

此外，本次簡報中也包含了一些非GAAP財務指標。與最直接可比較的 GAAP 財務指標的調整表可在今天的盈利報告和今天的幻燈片簡報的附錄中找到。今天我們討論中提到的 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已發佈在我們的網站上。這樣，我就把電話交給吉姆了。

Jim?

吉姆？

Thank you, Martin, and good afternoon, everyone. As most of you know, our third quarter was a game changer, a total acceleration of MP as a vertically integrated national champion with a transformed economic platform for long-term leadership. If you are new to our story, I would encourage you to go to our investor site and listen to our July 10 webcast and announcing the DoW deal as well as our last earnings call, where we went through our DoW and Apple agreements in detail.

謝謝你，馬丁，大家下午好。正如你們大多數人所知，我們的第三季是一個轉捩點，MP 全面加速發展成為一家垂直整合的國家冠軍企業，並擁有一個轉型後的經濟平台，以實現長期領導地位。如果您是第一次了解我們的故事，我建議您訪問我們的投資者網站，收聽我們 7 月 10 日的網絡直播，了解我們宣布與陶氏化學達成交易的情況，以及我們最近一次的財報電話會議，我們在會上詳細介紹了我們與陶氏化學和蘋果公司的協議。

It has been an exciting and interesting time to say the least in the rare earths industry. I have a lot of thoughts to share. Let me first cover our execution for the quarter. Ryan and Michael will then cover the financials and operations, respectively; and I will wrap up with my big picture thoughts on recent events and the outlook. So with that, let's go to Slide 5.

稀土產業這段時間可謂令人興奮、充滿變數。我有很多想法想跟大家分享。首先讓我介紹一下我們本季的執行情況。接下來，Ryan 和 Michael 將分別介紹財務和營運；最後，我將就近期事件和前景發表一些宏觀看法。那麼，接下來我們來看第5張投影片。

In our Materials segment, we delivered another outstanding quarter. NdPr oxide production reached 721 metric tons, a 21% sequential increase and a 51% increase year-over-year. The 721 metric tons of production exceeded the high side of our outlook for the quarter and marks a record. Corresponding sales volumes also set records, showing strong growth in the quarter, both year-over-year and sequentially. In addition, REO and concentrate production was the second highest in our history.

在材料業務方面，我們又取得了一項出色的季度業績。釹镨氧化物產量達721公噸，較上季成長21%，較去年同期成長51%。本季產量為 721 公噸，超過了我們預期的上限，創下歷史新高。相應的銷售量也創下紀錄，本季同比和環比均實現了強勁增長。此外，REO 和精礦產量也達到了歷史第二高水準。

This marks the third quarter in the last five that Michael and the team have produced more than 13,000 metric tons of REO. While biannual maintenance outages can create some variability when comparing results sequentially, it is clear that we have made significant progress toward our Upstream 60K target or 60,000 metric tons of annual output. We are also ramping up the installation of the dozens of mixer-settlers required for heavy separations. Our new heavy circuit will process approximately 3,000 metric tons feedstock and produce more than 200 metric tons of dysprosium and 200 metric tons terbium annually. We expect this capability to fully enable our planned production of 10,000 metric tons of high-performance NdFeB magnets each year.

這是邁克爾和他的團隊在過去五個季度中第三次生產超過 13,000 公噸的 REO。雖然每半年一次的維修停機可能會在連續比較結果時造成一些波動，但很明顯，我們在實現上游 60K 目標（即年產量 60,000 公噸）方面取得了重大進展。我們也在加緊安裝數十台用於重型分離的混合沉澱機。我們的新重金屬生產線每年將處理約 3,000 公噸原料，以生產超過 200 公噸鏑和 200 公噸铽。我們預計這項能力將完全實現我們每年生產 10,000 公噸高性能釹鐵硼磁鐵的計畫。

And we are on track to start commissioning this circuit in mid-2026, a major milestone in our vertical integration and a historic step toward restoring America's ability to produce magnet grade heavies at scale for the first time in decades. Our long-term purchase price agreement, or PPA, with the Department of War commenced on October 1. The agreement provides both earnings visibility and a clear and transformed economic foundation to accelerate our build-out of magnetics production. Importantly, we expect to return to profitability in Q4 of this year and beyond. Ryan will provide additional PPA accounting and economic details shortly.

我們正按計劃於 2026 年年中開始調試該電路，這是我們垂直整合的一個重要里程碑，也是幾十年來美國首次大規模生產磁性重金屬能力的歷史性一步。我們與美國陸軍部簽訂的長期採購價格協議（PPA）於 10 月 1 日生效。該協議既能提供獲利可見性，也能為我們加速磁性材料生產建設奠定清晰而轉型後的經濟基礎。重要的是，我們預計將在今年第四季及以後恢復獲利。Ryan 稍後將提供更多關於購電協議的會計和經濟細節。

Moving to the Magnetics segment. Pursuant to the terms of our Apple agreement, we received the first $40 million prepayment for the production of magnets from recycled materials. Engineering and equipment purchases for the recycling circuit at Mountain Pass and the expansion of magnetics production at independents are underway. We will receive additional prepayments, $200 million in total, as we make further progress on this build-out for Apple. The Apple partnership, combined with our steady progress at Independence, reflects the acceleration of our U.S. magnetics platform.

接下來進入磁性材料部分。根據我們與蘋果公司達成的協議條款，我們收到了用於生產回收材料磁鐵的第一筆 4000 萬美元預付款。Mountain Pass 回收迴路的工程和設備採購以及獨立企業磁性材料生產的擴張正在進行中。隨著我們在為蘋果公司建造該項目方面取得進一步進展，我們將收到總計 2 億美元的額外預付款。與蘋果的合作，加上我們在 Independence 取得的穩定進展，反映了我們美國磁性材料平台的加速發展。

Commissioning at Independence continue to advance at a rapid pace throughout the quarter. As with Mountain Pass, starting up new equipment, integrating complex systems and optimizing material handling is a substantial undertaking. Ensuring we bring everything online safely remains our top priority. Meanwhile, production and sales of magnet precursor products continued throughout the third quarter. Michael will share more detail on that.

整個季度，獨立號的調試工作繼續快速推進。與 Mountain Pass 一樣，啟動新設備、整合複雜系統和優化物料搬運是一項艱鉅的任務。確保所有內容安全上線仍然是我們的首要任務。同時，磁性前驅體產品的生產和銷售在整個第三季持續進行。麥可會分享更多細節。

The pace of commissioning in Independence, combined with steady improvements in metal production, gives us confidence that we remain on track to begin commercial scale magnet production by year-end. With that, let me hand it over to Ryan to discuss the quarter's financials. Ryan?

Independence 的調試進度，加上金屬生產的穩步提升，使我們有信心能夠按計劃在年底前開始商業規模的磁鐵生產。接下來，我將把發言權交給瑞恩，讓他來談談本季的財務狀況。瑞恩？

Thanks, Jim. Turning to Slide 6 and our consolidated results for the quarter. On the left of the slide, you can see the impact to revenue from the accelerated transition to separated product sales, with concentrate no longer sold externally. The absence of concentrate revenue in the quarter was mostly offset by the continued ramp in separated product sales, primarily NdPr as well as the ramp of magnetic precursor product sales, which began in Q1 of this year. Adjusted EBITDA was generally unchanged both year-over-year and sequentially.

謝謝你，吉姆。接下來請看第 6 張投影片，了解我們本季的綜合業績。在幻燈片的左側，您可以看到加速過渡到分離產品銷售對收入的影響，濃縮液不再對外銷售。本季精礦收入的缺失，主要被分離產品銷售的持續成長所抵消，主要是釹镨產品，以及磁性前驅體產品銷售的成長，後者從今年第一季開始成長。調整後的 EBITDA 年比和季比基本不變。

On a sequential basis, the decline in profitable concentrate sales was mostly offset by improving per unit cost of production for NdPr. On a year-over-year basis, the loss of concentrate sales was offset by the ramp in magnetic precursor sales at Independence as well as the per unit cost improvements I just mentioned. Our adjusted diluted EPS generally followed the trend of our adjusted EBITDA results, with further benefits from higher interest income in the quarter primarily from our materially higher cash balance as well as a greater income tax benefit.

從環比來看，獲利精礦銷售額的下降基本上被釹镨單位生產成本的改善所抵銷。與去年同期相比，濃縮物銷售額的下降被 Independence 磁性前驅體銷售額的成長以及我剛才提到的單位成本的改善所抵消。我們的調整後稀釋每股盈餘總體上與調整後 EBITDA 的結果趨勢一致，本季利息收入的增加帶來了進一步的收益，這主要得益於我們大幅增加的現金餘額以及更大的所得稅優惠。

Moving to Slide 7 and our operational metrics in the Materials segment. Production of REO remained very strong at 13,254 metric tons, albeit down very slightly from our record-setting quarter in Q3 of last year. In the midstream business, as Jim mentioned, production volumes continued to ramp nicely, achieving approximately 50% of our targeted output. Michael will provide more details on the ramp-up shortly, but assuming our debottlenecking continues at the same pace we have seen over the last several quarters, we would expect to hit our targeted throughput towards the end of 2026. We expect our per unit production cost profile to decline in line with this ramp with the impacts on the P&L likely visible approximately one quarter in arrears as we work through averaging costs and inventory.

接下來請看第 7 張投影片，了解我們在材料領域的營運指標。REO 的產量仍然非常強勁，達到 13,254 公噸，儘管比去年第三季創紀錄的產量略有下降。正如吉姆所提到的，在中游業務方面，產量持續穩定成長，達到了我們目標產量的約 50%。Michael 稍後將提供更多有關產能提升的細節，但假設我們消除瓶頸的速度繼續保持過去幾季的速度，我們預計將在 2026 年底達到我們目標的產量。我們預計隨著產能爬坡，單位生產成本將下降，對損益表的影響可能會在大約一個季度後顯現，因為我們需要逐步調整成本和庫存。

Separated product sales volumes followed production closely with nearly 20% sequential growth and 30% year-over-year growth. With much of our separated product sales toll processed into metal across various partners in Southeast Asia, there continues to be a lag between production volume growth and sales as we fill the tolling channel. We expect to continue to scale up metallization to match our growing output with various partners in Southeast Asia and beyond. And with that, we expect to build a bit more inventory at these various facilities. This modest working capital build is a natural function of the growth in our oxide production, which we expect to lap once we are at our targeted output levels.

分離產品的銷售量與產量密切相關，較上季成長近 20%，較去年同期成長 30%。由於我們大部分的獨立產品銷售委託加工成金屬，並透過東南亞的各個合作夥伴進行加工，因此在填補委託加工管道的空白時，產量成長與銷售之間仍然存在滯後。我們預計將繼續擴大金屬化規模，以滿足我們在東南亞及其他地區不斷增長的產量需求，並與各合作夥伴攜手共進。因此，我們預計這些不同設施的庫存量將會增加一些。這種適度的營運資金累積是我們氧化物產量成長的自然結果，我們預計一旦達到目標產量水平，這種成長就會停止。

Looking forward, we will begin to recognize intercompany sales from our Materials segment to the Magnetics segment in the fourth quarter, as we continue to produce precursor products for GM and get ready for commercial scale magnet production at year-end. Note that these intercompany sales, along with the related cost of goods sold, will be recorded at the Materials segment but will be eliminated at the corporate consolidated level. The value of that sale and intersegment profit will remain on the balance sheet at the Magnetics segment until it is sold, at which time it will be reflected within Magnetics segment revenue and cost of goods sold. As we ramp magnet production and then sales later in the year, there will be some lag between the intercompany sale and the eventual realization of value on a consolidated basis via a magnet sale. Lastly, on this slide, on the far right, you can see that improved market pricing over the last year flowed through to our realized pricing in the quarter.

展望未來，隨著我們繼續為通用汽車生產前體產品，並為年底的商業規模磁鐵生產做好準備，我們將在第四季度開始確認材料部門向磁性材料部門的內部銷售。請注意，這些公司間銷售以及相關的銷售成本將在材料分部記錄，但在公司合併層面將被抵銷。該筆銷售的價值和部門間利潤將保留在磁性材料部門的資產負債表上，直到該材料被售出為止；屆時，它將反映在磁性材料部門的收入和銷售成本中。隨著我們提高磁鐵產量，並在今年稍後提高銷量，公司內部銷售與最終透過磁鐵銷售在合併基礎上實現價值之間會存在一些滯後。最後，在這張投影片的最右邊，你可以看到，過去一年市場價格的改善已經反映到我們本季的實際價格。

As a reminder, given the dynamics of the tolling channel I just mentioned, combined with the nature of our sales contracts, some of which use moving averages of market prices, the change in our realized pricing generally lags the trend spot prices seen in the market by a quarter or more. Based on our current view of shipment timing and contract mix, we expect next quarter's realized price, excluding the impact of the PPA, to approximate $61 per kilogram.

提醒一下，鑑於我剛才提到的收費管道的動態，以及我們銷售合約的性質（其中一些合約使用市場價格的移動平均值），我們實際價格的變化通常比市場上的現貨價格趨勢滯後四分之一或更久。根據我們目前對出貨時間和合約組合的看法，我們預計下一季的實際價格（不包括購電協議的影響）約為每公斤 61 美元。

Moving to Slide 8 and our segment financials. On the left side of the page, you can see the initial impact of eliminating concentrate sales in the quarter on both revenue and adjusted EBITDA. While we had always planned to ramp down sales of concentrate as production and sales of refined products increased, the DoW partnership has accelerated that strategy.

接下來請看第 8 張投影片，了解我們各部門的財務狀況。在頁面左側，您可以看到本季取消濃縮物銷售對收入和調整後 EBITDA 的初步影響。雖然我們一直計劃隨著精煉產品產量和銷售量的成長而逐步減少濃縮物的銷售，但與陶氏化學的合作加速了這項策略的實施。

While refining operations continue to scale, we expect to collect payments under the PPA for placing concentrate into our strategic stockpile, which I will discuss more in a moment. Moving to the Magnetics segment. The primary driver is the ramp-up of production and sales of magnet precursor products, which began in Q1 of this year, positively impacting both revenue and adjusted EBITDA. Before I discuss a handful of housekeeping items for you, I wanted to wrap up with an important reminder on Slide 9. This was the slide we pulled together post our DoW announcement, giving an illustrative example of the minimum annual EBITDA we expect to generate as we execute on our growth plan.

隨著煉油業務規模的不斷擴大，我們預計將根據購電協議 (PPA) 收取將精礦放入戰略儲備的款項，稍後我將對此進行更詳細的討論。接下來進入磁性材料部分。主要驅動因素是磁性前驅產品的生產和銷售逐步增加，這從今年第一季開始，對收入和調整後的 EBITDA 都產生了積極影響。在向您介紹一些家務事項之前，我想在第 9 張投影片上做一個重要的提醒。這是我們在宣布 DoW 之後整理的幻燈片，舉例說明了我們在執行成長計畫時預計產生的最低年度 EBITDA。

Importantly, and I can't stress this enough, this earnings profile is underpinned by firm in-place contracts with much of the cash flow driven by our agreements with the Department of War. As long as we execute across our Materials and Magnetics businesses, we expect to generate very attractive long-term returns. And while the contracted nature of our future cash flows gives us tremendous confidence to continue investing in growing our business, we also expect material upside potential derived through upcoming initiatives, including recycling, appreciating NdPr prices, magnet syndication or other growth opportunities.

重要的是，這一點我怎麼強調都不為過，這種獲利狀況是由穩固的現有合約支撐的，其中大部分現金流來自我們與戰爭部的協議。只要我們在材料和磁性材料業務方面執行到位，我們預期將獲得非常可觀的長期回報。雖然我們未來現金流的穩定特性讓我們有極大的信心繼續投資發展業務，但我們也期待透過即將推出的舉措（包括回收利用、釹鎢價格上漲、磁體聯合開發或其他成長機會）獲得實質的成長潛力。

As Jim mentioned, the price protection agreement with the Department of War went into effect as of October 1. I'd like to spend some time walking through the GAAP accounting for this contract given the material earnings we expect from this feature of our DoW partnership starting in Q4 with the cash impact following soon thereafter in Q1.

正如吉姆所提到的，與戰爭部簽訂的價格保護協議已於 10 月 1 日生效。鑑於我們預計從與陶氏化學的合作中，這項舉措將在第四季度開始帶來可觀的收益，並且現金流的影響也將很快在第一季度顯現，我想花些時間詳細了解一下這份合約的 GAAP 會計處理。

First, from an accounting perspective, we have concluded that the top-up PPA payments will not technically be revenue per U.S. GAAP, as the payments are not directly related to the underlying sales contracts we have with our customers. The cash flow comes from a third party, in this case, the Pentagon, that is not, at least as it relates to the PPA, technically our customer. Given that, in the revenue guidelines under ASC 606, we will be recording the PPA as an operating income line item or expense in the case that market pricing exceeds $110 per kilogram. Starting in Q4, you will see PPA income or expense as the first line item below revenue in the P&L., with PPA income, therefore, forming a core part of our earnings metrics on a go-forward basis.

首先，從會計角度來看，我們認為，根據美國通用會計準則，追加的 PPA 付款在技術上不屬於收入，因為這些付款與我們和客戶簽訂的基礎銷售合約沒有直接關係。現金流來自第三方，在本例中是五角大廈，至少就購電協議而言，它並非嚴格意義上的我們的客戶。有鑑於此，根據 ASC 606 的收入準則，如果市場價格超過每公斤 110 美元，我們將把 PPA 記錄為營業收入項目或費用。從第四季度開始，您將在損益表中看到 PPA 收入或支出作為收入下方的第一行項目，因此，PPA 收入將成為我們未來獲利指標的核心部分。

As it relates to 2026, we expect the PPA payments to be made up of two primary levers: first, we expect top-up payments for NdPr oxide produced from the Materials segment and sold either to third parties or internally to our Magnetics segment; and second, we expect payments from the contained NdPr value within the concentrate we are stockpiling as we continue to ramp up our refining operations.

就 2026 年而言，我們預計 PPA 付款將由兩個主要因素構成：首先，我們預計從材料部門生產並出售給第三方或內部磁性材料部門的 NdPr 氧化物中獲得補充付款；其次，我們預計從我們不斷擴大精煉業務規模而儲備的精礦中所含的 NdPr 價值中獲得付款。

The top-up payments related to NdPr oxide can be approximated as the difference between our average realized sales price and $110 per kilogram with a few gives and takes multiplied by the quantity of NdPr oxides sold in the period. So for example, in a quarter where realized prices are $70 per kilogram, our sold volumes multiplied by 70 would be recognized as revenue, in line with how we report today. And the $40 per kilo top-up payment up to the $110 floor price would be recognized in the PPA income line, with the full impact of both flowing through EBITDA and earnings. Regarding how to model the PPA payments for stockpiles, particularly concentrate, the per unit payment will approximate the difference between market prices for NdPr in the quarter and the $110 per kilo floor.

與 NdPr 氧化物相關的補足款項可以近似地表示為我們平均實際銷售價格與每公斤 110 美元之間的差額，並進行一些調整，再乘以該期間售出的 NdPr 氧化物的數量。例如，在一個季度中，實際價格為每公斤 70 美元，我們的銷售量乘以 70 將被確認為收入，這與我們今天的報告方式一致。每公斤 40 美元的額外補貼（最高可達 110 美元的最低價格）將在購電協議收入中確認，這兩項補貼的全部影響將體現在 EBITDA 和收益中。關於如何對庫存（特別是精礦）的購電協議 (PPA) 付款進行建模，每單位付款將近似於該季度釹镨市場價格與每公斤 110 美元的最低價格之間的差額。

But in the case of concentrate, the quantities are tethered to the recoverable NdPr within any concentrate we nominate to the stockpile. For each quarter in 2026, I would expect the difference between our actual NdPr production volume and our quarterly target of 1,500 tons of NdPr to be nominated into the paid stockpile and drive further PPA income. Eventually, this concentrate will be processed and sold at market NdPr prices. Realizing this is complex, we're happy to take further clarifying questions on the PPA and its impact to our financial statements offline following the call.

但就精礦而言，其數量與我們指定進入礦堆的任何精礦中可回收的釹鎢含量密切相關。2026 年的每個季度，我預計我們實際的 NdPr 產量與我們季度目標 1,500 噸 NdPr 之間的差額將被納入付費庫存，並推動進一步的購電協議收入。最終，這種濃縮物將被加工並以市場釹镨價格出售。我們意識到情況很複雜，因此我們很樂意在電話會議結束後，私下解答有關購電協議及其對我們財務報表的影響的進一步疑問。

Moving to the balance sheet. I did want to point out that several of the pieces of the DoW agreement, consisting of the PPA, the samarium loan, the preferred stock and the warrant required us to undertake an analysis of relative fair value in cash versus non-cash consideration received in order to properly account for these financial instruments on the balance sheet under GAAP. Note that several of the items are therefore recorded at a value that does not match the cash or other consideration received specifically for that feature.

接下來查看資產負債表。我想指出的是，陶氏協議中的幾項內容，包括購電協議、釤貸款、優先股和認股權證，要求我們對收到的現金對價與非現金對價的相對公允價值進行分析，以便根據公認會計原則在資產負債表上正確地對這些金融工具進行會計處理。因此，其中一些項目的記錄價值與專門為該功能收到的現金或其他對價不符。

There is significant discussion of our methodologies contained in our Form 10-Q that we intend to file with the SEC tomorrow, but the two most notable outcomes of this are: first, the recording of a $221 million asset called the PPA upfront asset that will be amortized on an accelerated basis over the 10-year term of the PPA; and second, the recognition of non-cash interest expense in excess of our coupon rate on our samarium loan from the Department of War, given the relative fair value of that portion of the agreement resulted in a deemed debt discount. The PPA amortization will be presented in our depreciation, depletion and amortization line in the P&L.

我們將於明日向美國證券交易委員會提交 10-Q 表格，其中詳細討論了我們的方法論，但其中兩個最值得注意的結果是：首先，確認了一項價值 2.21 億美元的資產，稱為 PPA 預付​​資產，該資產將在 PPA 的 10年期限內加速攤銷；其次，確認了我們從美國陸軍部獲得的釤貸款的非現金利息支出超過票面利率，鑑於該部分協議的相對公允價值，導致了視同債務折價。PPA 攤銷將在損益表中列示於折舊、損耗及攤銷項下。

Lastly, before turning it over to Michael, I wanted to address our year-to-date CapEx and remaining 2025 expectations. Through the end of Q3, capital spending has totaled approximately $110 million on a gross basis and $86 million on a net basis, due to $24 million of progress payments received from the Department of War under our prior HREE investment agreement. As such, we expect gross CapEx for the full year to be closer to the low end of our initial $150 million to $175 million range and to perform better than the range on a net basis. We will discuss 2026 capital forecasts and projects on our Q4 call in early February.

最後，在把發言權交給麥可之前，我想談談我們今年迄今的資本支出以及 2025 年的剩餘預期。截至第三季末，資本支出總額約為 1.1 億美元（以總額計算），淨額約為 8,600 萬美元，這主要得益於根據我們先前的 HREE 投資協議從戰爭部收到的 2,400 萬美元進度款。因此，我們預計全年總資本支出將更接近我們最初預測的 1.5 億美元至 1.75 億美元範圍的下限，且淨額將優於該範圍。我們將在2月初的第四季電話會議上討論2026年的資本預測和項目。

With that, I will now turn it over to Michael. Michael?

接下來，我將把麥克風交給麥可。麥可？

Thanks, Ryan. Operationally, we had a strong third quarter with production that came in just above our expectations. In the upstream circuits, we achieved our second highest quarterly result for concentrate production just 4% shy of the all-time record we achieved in last year's third quarter. The gap is largely attributable to several reagents and pre-floatation trials the team executed that had a minor negative impact on stability and production. It was nonetheless one of our best quarters with very good uptime and highest ever concentrate grade exceeding 63%.

謝謝你，瑞恩。營運方面，我們第三季表現強勁，產量略高於預期。在上游迴路中，我們的精礦產量實現了第二高的季度業績，僅比去年第三季創下的歷史最高紀錄少了 4%。此差距主要歸因於團隊執行的幾種試劑和預浮選試驗，這些試驗對穩定性和產量產生了輕微的負面影響。儘管如此，這仍然是我們表現最好的季度之一，正常運行時間非常長，濃縮物等級也達到了有史以來的最高水平，超過了 63%。

Midstream production continues to increase, which led to another sequential quarter of record NdPr oxide production in line with our expectations. We are now processing more and more of our concentrate on-site while simultaneously building up a healthy concentrate stockpile.

中游產量持續成長，使得釹镨氧化物產量連續第二季創下歷史新高，符合我們的預期。我們現在越來越多地在現場加工濃縮物，同時也建立起充足的濃縮物庫存。

The majority of our circuits are performing well, demonstrating higher uptime and throughput capability while sustaining good product quality. As in prior quarters, a few areas experienced temporary disruptions that modestly held back NdPr production. As we address these short-term challenges, we are adding resiliency and stability to our operation that we expect to result in sustainable production increases over time.

我們的大部分電路效能良好，在維持良好產品品質的同時，展現出更高的正常運作時間和吞吐量能力。與前幾季一樣，一些地區出現了暫時的中斷，略微影響了釹镨的產量。在應對這些短期挑戰的同時，我們正在增強營運的韌性和穩定性，我們期望隨著時間的推移，這將帶來可持續的產量成長。

In the first half of October, we successfully completed our semi-annual maintenance turnaround, which included several minor debottlenecking efforts and tie-ins for future projects. The outage along with associated de-inventorying and re-inventorying, repairs and start-up affected production for approximately two weeks depending on the area.

10 月上半月，我們成功完成了半年一次的維護檢修，其中包括幾項小的瓶頸消除工作以及與未來專案的銜接工作。此次停產以及相關的清空和重新清空庫存、維修和啟動工作，對生產造成了大約兩週的影響，具體時間因地區而異。

We had one area require rework in late October, and that somewhat impacted October production. As a result, we anticipate fourth quarter concentrate production to be roughly flat relative to Q4 2024 and NdPr oxide production to be flat to slightly up sequentially with strong growth resuming in Q1 2026. At Mountain Pass, we are accelerating the pace of project execution, particularly on the heavy rare earths circuit. In the third quarter, we completed most engineering and primary equipment procurement for our terbium and dysprosium production capability, which will be the first heavy rare earth products to come online. Construction and installation of equipment began towards the end of the quarter and has accelerated in October.

10 月下旬，我們有一個區域需要返工，這在一定程度上影響了 10 月的生產。因此，我們預計第四季度精礦產量與 2024 年第四季相比將大致持平，釹鎢氧化物產量將環比持平或略有成長，並在 2026 年第一季恢復強勁成長。在 Mountain Pass，我們正在加快專案執行速度，尤其是在重稀土領域。第三季度，我們完成了铽和鏑生產能力的大部分工程和主要設備採購，這將是第一批上線的重稀土產品。設備的建設和安裝工作在本季末開始，並在10月份加快了步伐。

On Slide 10, we have a picture of some of the work underway. We are pleased with this progress. Importantly, we are targeting the start of commissioning of this circuit in the middle of 2026. Regarding supply sources, we are actively engaged with a number of different and different types of potential feedstock providers to supplement our own contained HREE content. I am optimistic about having several long-term supply options.

第 10 張投影片展示了一些正在進行的工作的圖片。我們對此進展感到滿意。重要的是，我們的目標是在 2026 年年中開始調試該電路。關於供應來源，我們正在積極與許多不同類型的潛在原料供應商接洽，以補充我們本身所含的重稀土元素含量。我對擁有多種長期供應方案持樂觀態度。

We are also advancing towards completing the restoration of the first train of the chlor-alkali plant and enhanced brine purification capability. The recommissioning of our chlor-alkali plant will add resiliency to the entire Mountain Pass operation by enabling on-site production of key chemical reagents. Pre-commissioning will begin early next year. The plant has two additional trains with the first one likely to be ready for service by mid-2026. We then have the flexibility to achieve our full capability in phases over a multiyear period at a pace we determine.

我們也正在推進氯鹼廠第一條生產線的修復工作，並提高鹽水淨化能力。我們的氯鹼廠重新投產，將使關鍵化學試劑能夠在現場生產，從而增強整個山隘運作的韌性。預調試工作將於明年初開始。該工廠還有兩列火車，第一列火車預計將在 2026 年年中投入使用。這樣，我們就可以靈活地在多年時間內分階段實現我們的全部能力，並以我們自己決定的速度前進。

At Independence, we continue to make meaningful progress in expanding our metal production capabilities. We are actively exploring multiple strategies to optimize costs and scale metal production to support future growth, including our 10 times expansion. In August, we began an accelerated trajectory of alloy flake casts at Independence. Meanwhile, installation and pre-commissioning of powder production, pressing, sintering, passivation, machining and grain boundary diffusion, GBD, are all advancing well.

在 Independence，我們在擴大金屬生產能力方面持續取得實質進展。我們正在積極探索多種策略來優化成本並擴大金屬生產規模，以支持未來的成長，包括我們計劃擴大 10 倍的生產規模。8 月，我們在 Independence 開始了合金薄片鑄造的加速發展。同時，粉末生產、壓制、燒結、鈍化、加工和晶界擴散（GBD）的安裝和預調試工作都在順利進行中。

In our new product introduction area, we continue to refine magnet chemistries and production processes to produce higher and higher quality magnets in an expanding range of magnet grades. Engagement with GM for commercial scale production qualification is underway, and we are encouraged by the continued collaboration between our respective teams. We remain on track to meet our goal of producing finished magnets by year-end 2025. This will kick off an accelerated qualification process with GM with magnet revenue expected to begin in the second half of 2026. In addition to supporting GM, our teams at Mountain Pass and Independence have initiated engineering and procurement to support the Apple recycling partnership and magnet production expansion.

在新產品引進領域，我們不斷改進磁體化學成分和生產工藝，以生產出品質越來越高、磁體等級範圍越來越廣的磁體。我們正在與通用汽車公司就商業規模生產資格認證進行洽談，我們對雙方團隊之間的持續合作感到鼓舞。我們仍有望實現 2025 年底生產成品磁鐵的目標。這將啟動與通用汽車的加速認證流程，預計磁鐵收入將於 2026 年下半年開始產生。除了為通用汽車提供支援外，我們在 Mountain Pass 和 Independence 的團隊還啟動了工程和採購工作，以支持蘋果的回收合作和磁鐵生產擴張。

This work includes magnet chemistry development at Independence and pilot testing, design development and circuit engineering to support the addition of recycling capabilities at Mountain Pass. Overall, it was a very busy quarter, and we expect the pace of activity to continue accelerating. Through it all, our team has remained focused, executing safely, efficiently and with a strong sense of mission and urgency. I cannot say enough about the quality of the team and capabilities we have built and are building and the opportunities that lie ahead. With that, I will turn it back to Jim.

這項工作包括在 Independence 進行磁化學開發和試點測試、設計開發和電路工程，以支援在 Mountain Pass 增加回收能力。總體而言，這是一個非常繁忙的季度，我們預計業務活動的速度將繼續加快。在整個過程中，我們的團隊始終保持專注，安全且有效率地執行任務，並具有強烈的使命感和緊迫感。我無法用言語來表達我們對團隊素質、我們已經建立和正在建立的能力以及未來機會的讚賞。好了，現在我把麥克風交還給吉姆。

Thank you, Michael. Moving on to Slide 11. You can see the unmatched array of capabilities we have built entirely within MP. This is what true vertical integration looks like, something no other company in the world has achieved in rare earths and magnetics. This quarter was another solid one for MP, and that same execution discipline is now driving progress across our GM, Apple and DoW partnerships, each deepening our integration, broadening our reach and advancing our trajectory for long-term growth.

謝謝你，麥可。接下來是第11張投影片。您可以看到我們完全在 MP 內部建立的無與倫比的功能係列。這就是真正的垂直整合，這是世界上其他任何公司在稀土和磁性材料領域都未曾實現的。本季對MP來說又是一個穩健的季度，而這種執行力現在正在推動我們與通用汽車、蘋果和陶氏化學的合作關係取得進展，每一項合作都加深了我們的整合，擴大了我們的覆蓋範圍，並推進了我們長期增長的軌跡。

Since we last spoke, we have witnessed a frenzy of attention and volatility around rare earths in recognition of the necessity that we, like most nations, must move at a warp speed to derisk from reliance on China for the supply chain. The President Trump-Xi Jinping summit in Korea has resulted in a one-year postponement of China's October nine rare earth export controls. But the reality is that this pause has only underscored the inextricable link between the world's most advanced semiconductors that America produces in the rare earth supply chain that China dominates, two sides of the same coin at the forefront of the strategic contest between our nations that will shape the global economy for decades to come.

自從我們上次談話以來，我們已經目睹了稀土市場引發的狂熱關注和劇烈波動，這反映出我們和大多數國家一樣，必須以驚人的速度採取行動，以降低對中國供應鏈的依賴風險。川普總統與習近平主席在韓國舉行的峰會促使中國將原定於10月9日生效的稀土出口管制措施延後一年。但現實是，這一停頓反而凸顯了美國生產的世界上最先進的半導體與中國主導的稀土供應鏈之間密不可分的聯繫，這兩者就像一枚硬幣的兩面，處於我們兩國戰略競爭的最前沿，這場競爭將在未來幾十年塑造全球經濟。

We are now locked in a new kind of cold war, a race of mutually assured economic destruction, fought not with weapons but with supply chains. Self-sufficiency, allied resilience and national industrial champions are no longer optional. They are the front lines of security. In the last cohort, America prevailed through military strength powered by economic might. In Cold War 2.0, the equation has reversed. Economic might itself expressed through control of critical materials, advanced technologies and the supply chains that sustain them has become the decisive measure of national power. Against that backdrop, it is important for investors and policymakers alike to consider with clear eyes the complexity and scale required for success in this supply chain.

我們現在陷入了一種新型冷戰，一場相互確保經濟毀滅的競賽，這場競賽的武器不是武器，而是供應鏈。自給自足、盟友的韌性以及國家工業領導者已不再是可有可無的。他們是安全的第一道防線。在上一屆戰爭中，美國憑藉著經濟實力支持的軍事力量取得了勝利。在第二次冷戰中，情況發生了逆轉。經濟實力本身，透過控制關鍵材料、先進技術以及維持這些技術的供應鏈來體現，已成為衡量國家實力的決定性標準。在此背景下，投資者和政策制定者都必須清醒地認識到，這條供應鏈要想取得成功，其複雜性和規模都是至關重要的。

It is very often said that rare earths are not rare. That is true. They are literally everywhere. One could take a sizable piece of land, multiply by some amount of rare earth content percentage within, multiply that times a price basket, and then lo and behold, claim a rare earth orebody of some major value.

人們常說稀土元素並不稀少。沒錯。它們簡直無所不在。人們可以拿一塊相當大的土地，乘以其中稀土含量的百分比，再乘以價格籃子，然後瞧，就聲稱擁有一個價值連城的稀土礦床。

Unfortunately, it is not that simple. What is underappreciated but far more important is that economic orebodies are extremely rare. The vast majority of projects being promoted today simply will not work at virtually any price. Even deposits labeled heavy rich still contain a vast majority of light rare earths and yttrium. And when grades sit in the hundreds of parts per million, the cost to concentrate, separate and refine becomes uneconomic.

可惜，事情並沒有那麼簡單。更不容忽視但更重要的是，具有經濟價值的礦體極為稀少。如今推廣的絕大多數項目，無論付出多少代價，根本無法奏效。即使是標示富含重元素的礦床，也仍含有大量的輕稀土元素和釔。當純度達到百萬分之幾百時，濃縮、分離和提煉的成本就變得不經濟了。

MP's overburden and tailings are quite literally more valuable by many multiples than many of those so-called projects. The structure of the existing industry tells the story. China accounts for roughly 90% of global NdPr production, yet even there, most of that output comes from just two hard rock mines and refineries now controlled by two entities. Think about that. A country with the world's largest reserves, a national industrial policy dedicated to dominance, generous subsidies and accommodative regulatory practices and still only two highly productive, low-cost integrated operations represent the vast majority of their industry.

MP的超覆土和尾礦的價值實際上比許多所謂的項目高出許多倍。現有產業的結構說明了一切。中國約佔全球釹镨產量的 90%，但即使在中國，大部分產量也來自目前由兩家實體控制的兩座硬岩礦和精煉廠。想想看。一個擁有世界最大儲量的國家，其國家產業政策致力於佔據主導地位，並給予慷慨的補貼和寬鬆的監管措施，但仍然只有兩家高產、低成本的綜合性企業代表了其產業的絕大部分。

It is not a coincidence that outside of China, the only scaled light rare earth production also comes from two mines, Mountain Pass and Mount Weld and their respective refiners, MP Materials and Lynas. The lesson is clear. Great orebodies and scaled refining capability are the indispensable foundation of this industry. Everything else depends on them. In addition, certain types of mineralization such as allanite, eudialyte and even coal-based deposits have never successfully yielded refined rare earths at scale. The reason is straightforward.

並非巧合的是，在中國以外，唯一規模化的輕稀土生產也來自兩個礦山，分別是 Mountain Pass 和 Mount Weld，以及它們各自的精煉廠 MP Materials 和 Lynas。教訓很明顯。豐富的礦藏和規模化的煉油能力是該行業不可或缺的基礎。其他一切都取決於他們。此外，某些類型的礦化作用，如褐簾石、透輝石，甚至煤基礦床，都從未成功大規模生產精煉稀土。原因很簡單。

Their mineralogy is complex, and the concentrations are extremely low. Now perhaps there will be breakthrough someday, and based on our own experience, we would never underestimate the power of human ingenuity. But the reality is that even China does not attempt to produce rare earths from those types of deposits today.

它們的礦物組成很複雜，而且濃度極低。也許有一天會取得突破，根據我們自身的經驗，我們永遠不會低估人類的創造力。但現實情況是，即使是中國，目前也沒有嘗試從這類礦藏中開採稀土。

Michael has my favorite analogy on this. Controlling a eudialyte rare earth orebody today is like having billions in Bitcoin but without the private key. In theory, you can see it on the screen, but you can't unlock it. And that raises the question what is it really worth. Even with one of the very few economic rare earth feedstocks, building and operating a refinery is capital-intensive and painstaking work. Despite what some promoters might suggest, even the best producers take years to ramp and stabilize output, and economics. Lynas took roughly a decade.

麥可對此有一個我最喜歡的比喻。如今控制一塊稀土礦體就像擁有數十億美元的比特幣，卻沒有私鑰一樣。理論上，你可以在螢幕上看到它，但你無法解鎖它。這就引出了一個問題：它到底值多少錢？即使使用極少數具有經濟價值的稀土原料之一，建造和營運煉油廠也是一項資本密集且艱辛的工作。儘管一些推銷者可能會提出這樣的建議，但即使是最好的生產商也需要數年時間才能提高產量並穩定經濟效益。萊納斯花了大約十年。

MP is on track to reach normalized production in about three years from the start of commissioning. That speed, scale and discipline speak to the strength of our people, our orebody, our access to decades of operational history and our platform. The heavy rare earth market has a somewhat different profile. Heavy elements are largely sourced from numerous small clay mines, but once again, separation is aggregated at a smaller number of scale refineries in China. We do see opportunities for deposits with a much higher proportion of heavy rare earths to support profitable upstream concentrate business.

MP項目預計在投產後約三年內達到正常生產水準。這種速度、規模和紀律體現了我們員工的實力、我們的礦體實力、我們數十年的營運歷史以及我們的平台實力。重稀土市場的情況則略有不同。重元素主要來自眾多小型粘土礦，但分離工作又一次集中在中國數量較少的精煉廠進行。我們看到，重稀土含量較高的礦床有機會支撐利潤豐厚的上游精礦業務。

However, the shortened mine lives and complex mineralogy or environmental considerations of many of those deposits make it uneconomic to build full refining capability around them. That's what makes our scaled heavy rare earth separation circuit truly distinctive. It allows us to leverage our broader infrastructure to produce heavies on a low-cost basis feeding directly into our integrated Magnetics business. Moving downstream. Even with mined and refined feedstock in hand, the path to a finished magnet is anything but simple.

然而，由於許多礦藏的礦場壽命較短，且礦物組成或環境因素較為複雜，圍繞這些礦藏建立完整的精煉能力並不經濟。這正是我們規模化重稀土分離電路真正獨特之處。這使我們能夠利用更廣泛的基礎設施，以低成本生產重型產品，直接供應給我們一體化的磁性材料業務。向下游移動。即使有了開採和提煉好的原料，生產成品磁鐵也絕非易事。

To make a magnet, you must first convert NdPr oxide into metal, then alloy it with iron and boron through strip casting. Each step is technically demanding and essential to performance. Perfecting the precise recipe for automotive-grade EV magnets can take a year or more. And even with an all-out effort, like our partnership with the Department of War, building a scaled facility demands years of work and significant capital. Tonnage, while often cited as a proxy for scale, says little about capability.

要製造磁鐵，必須先將氧化釹镨轉化為金屬，然後透過帶材鑄造將其與鐵和硼合金化。每一步都對技術要求很高，而且對錶演至關重要。完善汽車級電動車磁鐵的精確配方可能需要一年或更長時間。即使像我們與戰爭部合作那樣全力以赴，建造一個規模化的設施也需要多年的努力和大量的資金。噸位雖然常被用來衡量規模，但並不能說明產能問題。

The true test lies in mastering the complexity of magnet grades, sizes and chemistries. In today's rush to localize supply chains, we have seen projects promoted that cannot yet perform grain boundary diffusion, the critical process that enables efficient use of heavy rare earths. Others proclaim full vertical integration while depending on phantom feedstocks or technologies that remain unproven at scale. A business plan that starts with magnets and works backward to mining may sound compelling on paper, but it defies both economic and supply chain reality for the foreseeable future.

真正的考驗在於掌握磁鐵等級、尺寸和化學成分的複雜性。在如今供應鏈本地化的浪潮中，我們看到一些項目被推廣，但這些項目目前還無法進行晶界擴散，而晶界擴散是實現重稀土有效利用的關鍵過程。另一些企業則宣稱實現了完全的垂直整合，但實際上卻依賴尚未大規模驗證的虛構原料或技術。從磁鐵入手，反向推導出採礦的商業計劃，聽起來或許很有吸引力，但在可預見的未來，它既不符合經濟現實，也不符合供應鏈現實。

Scaled recycling is another underappreciated pillar. In magnet manufacturing, typically 20% to 50% of material ends up as swarf or kerf, magnet scrap. Capturing and reusing those elements, both light and heavy, is essential to a resilient and economic supply chain. All of this reinforces one conclusion. MP Materials with its vertically integrated assets, partnerships and execution track record is uniquely positioned to lead as the western rare earth supply chain takes shape. Finally, as the global economic realignment continues, I would encourage investors and policymakers to approach the sector's capital allocation with clear eyes.

規模化回收是另一個被低估的支柱。在磁鐵製造過程中，通常有 20% 到 50% 的材料最終會變成切屑或切口，即磁鐵廢料。捕獲和再利用這些輕型和重型元素，對於建立具有韌性和經濟效益的供應鏈至關重要。所有這些都印證了一個結論。MP Materials憑藉其垂直整合的資產、合作夥伴關係和執行業績，在西方稀土供應鏈形成過程中擁有獨特的領導地位。最後，隨著全球經濟格局的不斷調整，我鼓勵投資者和政策制定者以清醒的頭腦看待該行業的資本配置。

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

那麼，接下來就進入提問環節。操作員？

(Operator Instructions) Our first question will come from Bill Peterson with JPMorgan.

（操作員說明）我們的第一個問題將來自摩根大通的比爾彼得森。

Yes. I'm wondering, I guess, with your current stockpile, SEG+ stockpile, how long could that support your heavy production once fully ramped? And I guess you talked about engaging with other heavy feedstock suppliers. Are these foreign suppliers, domestic suppliers? I guess in the context of -- you're mentioning that there's not a lot of viable options out there in terms of orebodies. I wanted to get some more context on what type of feedstocks you may have or maybe if M&A may come into consideration.

是的。我想知道，以你們目前的庫存，包括SEG+庫存，在全面投產後，能夠支撐你們的大規模生產多久？我想你也提到了與其他重型原料供應商的合作。這些是國外供應商還是國內供應商？我想，就你提到的情況而言——你提到目前礦體方面沒有太多可行的選擇。我想了解你們可能擁有哪些類型的原料，或者是否會考慮併購。

Yes, Bill, it's Ryan. I'll start and let Michael take some of that. In terms of the SEG+ stockpile, we have several hundred tons on an REO basis of SEG stockpiled. Obviously, we are producing SEG every single day, and so from that perspective, we feel good about our inventory at this time to be available for us to commission that circuit and charge that circuit. And certainly, as we've discussed, we believe, with our own internal feedstock, we will be able to satisfy the demands of the Independence facility with that.

是的，比爾，我是瑞恩。我先開始，然後讓麥可接手一部分。就 SEG+ 庫存而言，我們以 REO 為基礎儲備了數百噸 SEG。顯然，我們每天都在生產 SEG，因此從這個角度來看，我們對目前的庫存感到滿意，足以讓我們調試該電路並為其充電。當然，正如我們討論過的，我們相信，憑藉我們自己的內部原料，我們能夠滿足獨立工廠的需求。

I'll turn it over to Michael for the rest of the question.

剩下的問題就交給麥可來回答吧。

In terms of feedstocks, I think one thing we're very excited about is how our fully integrated site with both ore-based processing as well as light and heavy separation gives us -- and recycling gives us like very unique capability in terms of processing different types of feedstocks. So we are in touch with both domestic suppliers, suppliers of recycled material, along with some foreign suppliers. Obviously, you see, as much as we do, all of the announcements from various players around the world where we have our opinion on some and are in discussions with many. But I guess we're confident that we will find several different options.

就原料而言，我們感到非常興奮的一點是，我們完全一體化的工廠，既有礦石加工，也有輕質和重質分離，這使得我們能夠——而且回收利用，使我們在處理不同類型的原料方面擁有非常獨特的能力。因此，我們與國內供應商、再生材料供應商以及一些國外供應商都保持聯繫。顯然，你們也看到了，和我們一樣，世界各地各種玩家發布的所有公告，我們對其中一些有自己的看法，並且正在與許多玩家進行討論。但我相信我們能找到幾種不同的解決方案。

Great. And then on the magnet business, I guess, how is the customer engagement going beyond Apple and GM? I guess what -- I guess there are people trying to test some of your samples. What's going on with the business for the further offtakes in Independence and then ultimately 10 times?

偉大的。那麼，關於磁鐵業務，我想問的是，除了蘋果和通用汽車之外，客戶參與度是如何提升的？我猜——我猜有人在試圖檢測你們的一些樣本。Independence公司後續的10倍產量業務進展如何？

Sure. It's Ryan again. I think, certainly, since Liberation Day the supply chain mindset across the space has changed very meaningfully. There's a tremendous amount of engagement across really every vertical that consumes magnets, automotive, aerospace and defense, consumer electronics, robotics, you name it. I think, fundamentally, we are focused on executing first for our foundational customers.

當然。又是瑞恩。我認為，自解放日以來，整個供應鏈領域的思維方式肯定發生了非常有意義的變化。在所有使用磁鐵的垂直產業，例如汽車、航空航太和國防、消費性電子、機器人等等，都存在著巨大的參與度。我認為，從根本上講，我們首先關注的是為我們的核心客戶提供服務。

And from a 10 times perspective, we have the luxury of continuing to operate in the same fashion that we have for the last several years given the fact that we have 100% offtake secured for 10 times. As we've talked about, our Apple agreement anchors the vast majority of the expansion that we've planned for Independence, and so it puts us in a position where we can continue to be very selective with our customers. But the engagement is quite significant and broadly very exciting.

從十倍的角度來看，鑑於我們已經確保了十倍的100%承購率，我們有餘力繼續以過去幾年的方式運作。正如我們之前討論過的，我們與蘋果的協議是我們為 Independence 計劃的大部分擴張計劃的基石，因此，這使我們能夠繼續對客戶進行非常嚴格的篩選。但這次合作意義重大，整體來說非常令人興奮。

Your next question will come from Lawson Winder with Bank of America.

下一個問題將來自美國銀行的勞森·溫德。

Nice quarter and once again, a very interesting and fascinating update. May I ask about the -- a couple of things. So just on the heavy rare earths, there's the dysprosium and terbium, 200 kilotons annually. How is that roughly split? And then secondly, on the heavies, there's the samarium loan as the name implies, there are other rare earths that the DOE would like to access. What's the time line to producing some of those other rare earth metals that are particularly of interest in the DoD. And has the DoD set any deadlines?

不錯的季度，而且一如既往，更新內容非常有趣且引人入勝。我可以問幾個問題嗎？僅就重稀土元素而言，就有鏑和铽，每年產量為 20 千噸。大致如何分配？其次，在重金屬方面，如其名稱所示，有釤貸款，此外，能源部還希望獲得其他稀土元素。生產國防部特別感興趣的其他一些稀土金屬的時間表是什麼？美國國防部是否設定了任何最後期限？

This is Michael. Thanks for the question. In our orebody, the general ratio of dysprosium to terbium is about 3:1, so that would be kind of the approximate mix. Some of the other third-party feedstocks and recycled material may have slightly different mix, so ultimate production may differ from that to some extent. In terms of other heavy rare earth production, we have made a commitment to produce samarium in 2028, so samarium oxide, and we feel very comfortable with that type of time frame.

這是邁克爾。謝謝你的提問。在我們的礦體中，鏑與铽的一般比例約為 3:1，所以這大概就是混合比例。其他一些第三方原料和回收材料的配比可能略有不同，因此最終產品可能與預期產品略有差異。至於其他重稀土的生產，我們已承諾在 2028 年生產釤（即氧化釤），我們對這個時間框架感到非常滿意。

We have made no sort of public commitments to produce any other heavy rare earth, although gadolinium would be a logical next one to produce probably around the same time frame. As for the others, I think we are eager and in discussions with various other parties domestically and in allied countries about offtake of our other materials for them to process into other rare earths. But to the extent there's strong demand or need, we're capable of doing further separations.

雖然钆可能是下一個合乎邏輯的稀土元素，而且可能在同一時間段內生產，但我們尚未公開承諾生產任何其他重稀土元素。至於其他方面，我認為我們非常渴望與國內和盟國的其他各方進行討論，以便他們可以承購我們的其他材料，將其加工成其他稀土。但如果市場需求強勁，我們有能力進行進一步的分離。

Okay. That's very fascinating, thanks Michael. And then can I ask about the Apple $200 million prepayment? I had not expected $40 million to be paid in Q3 so quickly. Can you help us understand a time line under which the remaining $160 million would be prepaid?

好的。太有趣了，謝謝你，麥可。那麼，我可以問一下蘋果預付的 2 億美元款項嗎？我沒想到第三季就能這麼快收到 4,000 萬美元。您能否幫助我們了解剩餘的 1.6 億美元預付款的時間表？

Sure. It's Ryan. We are thrilled to surprise you to the upside. We can't get into contract specifics, but certainly, the way this was designed was to continue to provide capital for this build-out as we hit certain operational milestones. We actually expect a next payment of relative scale coming up in Q4. And I think that, over time, as we execute on this plan, we've laid out initial magnet volumes targeting mid-'27 and recycling close behind, you'll continue to see those prepayments on that schedule.

當然。是瑞恩。我們很高興能帶給您驚喜。我們不能透露合約的具體細節，但可以肯定的是，這項計劃的設計方式是，隨著我們達到某些營運里程碑，繼續為這項建設提供資金。我們預計第四季將有一筆規模較大的款項發放。我認為，隨著時間的推移，隨著我們執行這項計劃，我們已經制定了最初的磁鐵產量目標，目標是 2027 年中期，回收緊隨其後，你們將繼續看到這些預付款按計劃發放。

Your next question will come from Matt Summerville with D.A. Davidson. Matt, I can see I've unmuted, please go ahead. Unfortunately, we're not able to hear you, Matt. I'll just go to our next analyst, and we'll come back around to you.

下一個問題將來自 D.A. Davidson 的 Matt Summerville。馬特，我看到我已經取消靜音了，請繼續。很抱歉，我們聽不到你的聲音，馬特。我這就去找下一位分析師，我們稍後再來問你。

Our next question will come from David Deckelbaum with TD Cowen.

下一個問題將來自 TD Cowen 公司的 David Deckelbaum。

Jim, Ryan, and Michael, appreciate the time. Ryan, I think you probably astutely pointed out that the key risk here for MP with incentive prices now is execution. And if I heard right, it looks like -- it sounds like you're targeting the end of '26 for operating NdPr separation nameplate. Michael, I guess you alluded to some things around just NdPr separation, I guess, kinks that you're ironing out now. So I guess is it fair to say as the contract becomes live now with the Department of War at $110 a kilo, should we think about you guys ramping as quickly as possible in the '26 calendar year? Or can you provide any color around what we should expect in any ensuing quarters from incremental throughput tonnage?

吉姆、瑞恩和邁克爾，感謝你們抽出時間。Ryan，我認為你可能敏銳地指出，目前 MP 採用激勵價格的關鍵風險在於執行。如果我沒聽錯的話，聽起來你們的目標是在 2026 年底前完成 NdPr 分離裝置的安裝。邁克爾，我猜你剛才提到了一些關於 NdPr 分離的問題，我想，你現在正在解決這些問題。所以我想說，既然現在與戰爭部簽訂的合約以每公斤 110 美元的價格生效，我們是否應該考慮讓你們在 2026 年盡快提高產量？或者，您能否就未來幾季吞吐量增量的預期提供一些資訊？

David, I'll start. It's Ryan. I think the important thing to keep in mind from an economic perspective here is we've talked about our concentrate stockpile, and frankly, for a variety of reasons and now economic reasons, that actually has a lot of value to us. And so certainly, we are focused on ramping as quickly and as smartly as possible to serve the market and to prove out this capability, but it's important to remember that under the PPA, we still are paid for the NdPr content within the concentrate that we stockpile.

大衛，我先來。是瑞恩。我認為從經濟角度來看，需要記住的重要一點是，我們已經討論過我們的精礦庫存，坦白說，由於各種原因，現在也包括經濟原因，這實際上對我們來說非常有價值。因此，我們當然專注於盡快、盡可能巧妙地提高產能，以滿足市場需求並證明這一能力，但重要的是要記住，根據購電協議，我們仍然可以因儲存的濃縮物中的釹镨含量而獲得報酬。

Of course, we don't get paid twice. We get paid when we put it into the stockpile, and then once we refine that material, we'll sell it at market prices. But it's a very important value driver for us, and we can continue to look at our view of the market and nominate volumes into that stockpile as we produce them and as we see fit. So that gives us a lot of operational and economic flexibility in 2026 and beyond.

當然，我們不會拿到雙份工資。我們把原料存入倉庫後就能獲得報酬，然後一旦提煉出這些原料，我們就會以市場價格出售。但這對我們來說是一個非常重要的價值驅動因素，我們可以繼續觀察市場，並在生產過程中以及我們認為合適的時候，將一定數量的產品添加到庫存中。因此，這為我們在 2026 年及以後提供了很大的營運和經濟靈活性。

Appreciate that. And then just as a follow-up, I think, Jim, you talked about really the availability of swarfs, end-of-life magnetic products. You guys talked about third-party feed, and I know others have asked you about those questions. But I guess as you think about really addressing the supply chain going forward for your own needs and really internally in this country and for allied nations, where do you prioritize looking at your own capabilities around recycling with obviously the start-up of the Apple facility over the next few years? How do you think about focusing on swarfs and the ability to source that versus looking at third-party feed from orebodies?

謝謝。然後，作為後續問題，吉姆，我想你談到了金屬屑、報廢磁性產品的供應。你們談到了第三方資料來源，我知道其他人也問過你們這些問題。但我想，當您真正考慮如何滿足自身需求，以及本國和盟國的需求，來真正解決未來的供應鏈問題時，您會優先考慮哪些方面來提升自身的回收能力，尤其是在未來幾年蘋果工廠即將投產的情況下？您如何看待專注於金屬屑及其來源，而不是從礦體中尋找第三方原料？

I mean I think it's an all-of-the-above approach. Obviously, over the next couple of years, we're maniacally -- we have a number of projects, right? We are scaling Independence. We are getting 10 times underway and quickly and then doing the multiple pieces of recycling in Mountain Pass. As you know, David, this management team is pretty opportunistic, so we will try to take advantage of opportunities out there.

我的意思是，我認為這是一種綜合運用多種方法的做法。顯然，在接下來的幾年裡，我們將瘋狂地——我們有很多項目，對吧？我們正在擴大獨立性。我們正在快速推進 10 次，然後在 Mountain Pass 進行多項回收工作。大衛，你也知道，這支管理團隊非常善於把握機會，所以我們會努力把握一切機會。

I would say that, again, over the next couple of years, it's just executing all of this, and I'd remind you that we have the feedstock to serve our entire 10,000 tons of magnet capacity currently with -- certainly with the Apple piece being part of the deal that they're helping provide feedstock. So we have the, I guess, to use Ryan's words from earlier, the luxury of being methodical about how we think about incremental feedstocks.

我想再次強調，在接下來的幾年裡，關鍵在於執行所有這些工作。同時，我也要提醒大家，我們目前有足夠的原料來滿足我們1萬噸磁鐵產能的需求——當然，蘋果公司也參與了這項交易，他們正在幫助我們提供原料。所以，我想，借用瑞安之前的話來說，我們有條件有條不紊地思考如何逐步增加原料。

Yes. One important point also, David, to think about -- this is Ryan -- is as we look at sourcing third-party feedstocks, so we look at sourcing magnet material and end-of-life material, I think despite all the focus on price floors, at the end of the day, the economics of this business depend on your cost structure. And so as you see some of these other things announced out there, what you should keep in mind is we will be one of the lowest cost producers of these products, whether refined or from mined material, and that also gives us the opportunity to be thoughtful in the acquisition of third-party feedstock. And so with the platform that we've built, we think we are in pole position to be able to acquire most thoughtfully the best potential feedstocks for the business given the fact that our cost structure will be best in class.

是的。還有一點很重要，David，我是Ryan，需要考慮一下——當我們考慮採購第三方原料時，比如磁性材料和報廢材料，我認為儘管大家都很關注價格底線，但歸根結底，這項業務的經濟效益取決於你的成本結構。因此，當您看到一些其他宣布的事情時，您應該記住的是，我們將成為這些產品成本最低的生產商之一，無論是精煉的還是來自礦產的原料，這也使我們有機會在收購第三方原料時更加謹慎。因此，憑藉我們建立的平台，我們認為我們處於領先地位，能夠以最周全的方式為業務獲取最佳的潛在原料，因為我們的成本結構將是一流的。

For our next question, we'll return to Matt Summerville with D.A. Davidson. Matt, I can see that you've unmuted. We're not able to hear you. You may need to select a different microphone input next to your audio button.

接下來，我們將連線 Matt Summerville 和 D.A. Davidson，討論下一個問題。馬特，我看到你已經取消靜音了。我們聽不到你的聲音。您可能需要在音訊按鈕旁邊選擇不同的麥克風輸入。

Okay. We'll move to our next -- for our next question, we'll hear from Carlos De Alba with Morgan Stanley.

好的。接下來，我們將進入下一個問題——我們將聽取摩根士丹利的卡洛斯·德·阿爾巴的回答。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Great. Congrats on the strong performance this quarter. Just maybe on the prior response, Jim, can you clarify -- maybe I misunderstood. But are you going to be able to supply recycled material or have capacity in the recycle line above and beyond the 2,000 tons that you have under contract with Apple?

偉大的。恭喜本季取得優異業績。吉姆，或許你能澄清一下你之前的回覆嗎？也許是我誤會了。但是，除了與蘋果簽訂的 2000 噸合約之外，你們能否提供再生材料，或者在再生生產線上是否有額外的產能？

Are you referring to -- actually, Michael, why don't you take that and comment?

你指的是──其實，邁克爾，為什麼不拿這個來發表一下看法呢？

Carlos, if I understand the question, we are building a dedicated line for Apple to manage material and feedback that they are responsible for providing to us. We also will have the capability to process our own swarf, and we'll build that modularly to process as that market grows, which we're very optimistic about additional feedstocks as well over time.

卡洛斯，如果我理解你的問題沒錯，我們正在為蘋果公司建立一條專門的生產線，用來管理他們負責提供給我們的材料和回饋。我們還將具備加工我們自己的切屑的能力，並且我們將採用模組化方式進行建設，以便隨著市場的增長進行加工，我們對未來其他原料的供應也非常樂觀。

All right. Good. Yes. Okay. And it will be a separated line from the one that you were working watching or building on for Apple, right?

好的。好的。是的。好的。這將是一條與你之前在蘋果公司負責觀察或開發的那條線路完全不同的線路，對吧？

So the Apple line will be largely separate from our existing line, but the other feedstocks we will -- we are evaluating and will leverage our existing infrastructure and capability in light and heavy rare earth separation in the most thoughtful way possible depending on the nature of the feedstock and customer requirements.

因此，蘋果生產線將與我們現有的生產線基本分開，但對於其他原料，我們將根據原料的性質和客戶要求，以最周全的方式評估並利用我們現有的輕重稀土分離基礎設施和能力。

All right. Okay. And then, Michael, maybe you can help us understand what is the thoughts about the ramp-up of the Dy and Tb output post-commissioning?

好的。好的。那麼，Michael，或許你可以幫我們了解一下，對於調試完成後 Dy 和 Tb 產量的逐步提升，大家有什麼想法？

Our focus initially is obviously on meeting the needs of our customers and Independence for GM. And because we have this stockpile, we'll be able to produce amounts greater than our initial ore-based material we'd supply on a yearly basis. And then we'll look at what third-party feedstocks we have and what preprocessing is required. But the volumes are obviously relatively modest, so I think the ability to ramp will depend on how quickly we feel comfortable pushing those volumes. Obviously, we have very high quality requirements and need to make sure we perform.

我們最初的重點顯然是滿足客戶的需求以及通用汽車的獨立性。因為我們有了這筆儲備，我們將能夠生產出比我們最初每年供應的礦石基材料更多的數量。然後我們會看看我們有哪些第三方原料，以及需要進行哪些預處理。但顯然銷量相對較小，所以我認為能否迅速提升銷量將取決於我們能否適應這些銷量的成長速度。顯然，我們對品質要求很高，需要確保我們能夠達到要求。

Our next question will come from Ben Kallo with Baird.

下一個問題將來自 Baird 公司的 Ben Kallo。

I was wondering how you think about the price floors for heavies as you advise the administration and if you've given any weight to that. I have a follow-up too.

我想知道您在為管理層提供建議時，是如何看待重型股票價格下限的，以及您是否對此有所考慮。我還有一個後續問題。

Ben, you mean what do we think of them intellectually or -- I would just -- I guess when it comes to heavies, I would -- the one thing -- I think this kind of comes at your question another way. But if we reference back to kind of the overall point that I was trying to make in the prepared remarks, is that when you look at the supply chain in our space and the various areas of it, the heavies area is one where, typically, you have deposits where it makes sense that there are economics where that could be a concentrate or a -- make a concentrate or make a feedstock that can go to a refinery like ours, like we've built. But typically, at least we haven't seen those sites, the various ones around the world of varying degrees of value where it would make sense economically to build refining capability around that, and so we are really well positioned to accept those feedstocks. And so that's obviously the work that we are doing with DoW to make sure that we have the material for our business through 10 times. And so obviously, there are a variety of ways that you can incentivize that upstream production and get economics to those parties to encourage that production.

本，你是說我們從智力上如何看待他們，還是——我只是——我想，說到重量級人物，我會——有一件事——我認為這從另一個角度回答了你的問題。但是，如果我們回顧一下我在準備好的演講稿中試圖表達的總體觀點，那就是，當你審視我們領域的供應鍊及其各個方面時，重質礦石領域通常是這樣的：那裡的礦藏具有經濟意義，可以將其加工成精礦或原料，然後送到像我們這樣的煉油廠，就像我們已經建造的那樣。但通常情況下，至少我們還沒有看到那些地點，即世界各地價值各異的各種地點，在這些地點周圍建立煉油能力在經濟上是合理的，因此我們完全有能力接受這些原料。所以很明顯，這就是我們與陶氏化學合作的目標，以確保我們有足夠的材料來支持我們的業務發展 10 倍。因此，顯然有許多方法可以激勵上游生產，並為相關方提供經濟利益，從而鼓勵生產。

But I do think it is important to think of those as sort of part of a broader supply chain, and there are not necessarily independent, stand-alone economics for sites like that to be a full vertically integrated participant.

但我認為，應該把這些視為更廣泛的供應鏈的一部分，像這樣的站點並不一定具有獨立、獨立的經濟效益，可以成為完全垂直整合的參與者。

So just a follow-on because you guys have, I guess, everyone's ear, so what is the advice to get the heavies to the admin?

所以，我想問個後續問題，因為你們的影響力很大，那麼有什麼建議能讓高階領導聽到你們的聲音呢？

Well, I'd like to -- obviously, the detailed advice that we would give to the government, I think we would try to keep that in confidence, and -- but I think I can speak in general terms, which is what I was hinting at, Ben, in my remarks is that when you -- if you look at the structure of this industry and just look at how China has formed, now obviously, a lot of that is state-driven, but a lot of it is sort of structural, is you should think of this industry as closer to a global structural oligopoly rather than just, oh, if we throw a bunch of money at dozens of sites and businesses, we can form a supply chain. Because the reality is that to have the geology -- we talk through the geology and the differences between lights and heavies and then the complexity of the magnet business. And when you add all of that up, I mean, the best analogies are if you were going into the aircraft production industry or the smartphone industry, would -- think of our great companies like Apple and Boeing right? You wouldn't necessarily say -- if, let's say, it was reversed and you were trying to create those and the Chinese have the competitor, you wouldn't necessarily say let's spread money around to 30 different things.

嗯，我想說——顯然，我們會向政府提供的具體建議，我想我們會盡量保密，而且——但我認為我可以就一般情況談談，這也是我剛才暗示的，本，我剛才的發言是，當你——如果你看看這個行業的結構，看看中國是如何形成的，現在很明顯，其中很多是國家驅動的，但也有很多是結構性的，你應該把這個行業看作更接近於全球結構性寡頭壟斷，而不是，哦，如果我們向幾十個地點和企業投入一大筆錢，我們就能形成一條供應鏈。因為現實情況是，要了解地質情況——我們會討論地質情況，以及輕質礦石和重質礦石之間的區別，然後是磁鐵行業的複雜性。當你把所有這些加起來，我的意思是，最好的類比是，如果你要進入飛機製造業或智慧型手機產業，想想我們偉大的公司，例如蘋果和波音，對吧？如果情況反過來，你想創建這些項目，而中國人已經有了競爭對手，你未必會說，讓我們把錢分散到 30 個不同的項目上。

So I think the way to think about it, though, is we view MP as America's national champion. We have structural advantage because we're fully vertically integrated. We're years and billions ahead of others. And what I would say is if you -- there's various projects out there, both public and private. If you took anything that I'm aware of -- now there may be a bunch of stuff I'm not aware of, but anything I'm aware of, if you gave whatever that was, the deal that MP had, I don't see anywhere where there is any equity value for any of them, public or private.

所以我覺得，我們應該把MP當成美國的國家冠軍。我們擁有結構性優勢，因為我們實現了完全垂直整合。我們領先其他國家數年，也領先數十億。我想說的是，如果你——有很多項目，包括公共項目和私人項目。就我所知——現在可能有很多我不知道的事情，但就我所知，如果你把MP的交易給任何一方，無論是公開的還是私有的，我都看不到任何股權價值。

Now that -- so I think that's a very interesting thing. Now that doesn't mean that the government shouldn't catalyze a lot because I think the government is doing an outstanding job catalyzing private capital to come in. And so to the extent that the government can make investments, whether it's loans or other forms of support and grants, if X dollars of capital can stimulate 2 times or 3 times in private capital, they should be doing that as much as possible. So I think we've seen some really great action out of the administration, and so my advice would be to keep going. Keep doing what you're doing.

所以我覺得很有意思。但這並不意味著政府不應該發揮催化作用，因為我認為政府在促進私人資本流入方面做得非常出色。因此，政府在力所能及的範圍內進行投資，無論是貸款還是其他形式的支持和撥款，如果 X 美元的資本可以刺激 2 倍或 3 倍的私人資本，那麼他們就應該盡可能多地這樣做。所以我認為我們已經看到了政府採取的一些非常出色的行動，因此我的建議是繼續保持下去。繼續做你正在做的事情。

I think they're really thinking about it a thoughtful way. I would just also say that the message of today is for private investors because, obviously, we don't want people to get burned. We want people to think that this is a good space, is to just be very clear eyed about what the actual structural economics are in -- amidst all the excitement.

我認為他們確實在認真思考這個問題。我還要補充一點，今天的資訊是給私人投資者的，因為我們顯然不希望有人遭受損失。我們希望人們認為這是一個好地方，那就是在所有的興奮之中，要非常清醒地認識到實際的結構性經濟狀況。

Your next question will come from Max Yerrill with BMO Capital Markets.

下一個問題將來自 BMO 資本市場的 Max Yerrill。

My question is around the ramp-up of the heavy rare earth separation facility. And I was just wondering if the ramp-up time there affects your ability to deliver certain higher-grade magnets to General Motors. And then I guess the second part is when we look at the universe of potential feedstocks for that heavy rare earth separation, are there types of concentrates that you cannot process? And which ones are the most ideal to the circuit that you envision?

我的問題是關於重稀土分離設施的產能提升。我只是想知道，那裡的產能提升時間是否會影響你們向通用汽車公司交付某些更高等級磁鐵的能力。那麼，我想第二部分是，當我們檢視用於分離重稀土的潛在原料時，是否有無法處理的濃縮物類型？那麼，哪些最適合您設想的電路呢？

Yes. Sure, Max. It's Ryan. I'll start. In terms of how we're positioned from a supply chain and inventory perspective to support our ramp-up of magnetics, I think we've discussed over the last several quarters that we had anticipated some of the restrictions that had been put in place and have built a stockpile of products to allow us to commission and ramp Independence facility. We've timed the construction and commissioning of the heavy rare earth separation circuit to come online to support further growth as we work that inventory position down. I'll let Michael take the second part.

是的。當然可以，麥克斯。是瑞恩。我先來。就我們從供應鏈和庫存角度如何定位以支援磁性材料的增產而言，我認為在過去的幾個季度裡，我們已經討論過，我們預料到了一些已經實施的限制措施，並且已經建立了產品庫存，以便我們能夠調試和提高獨立工廠的產能。我們已安排好重稀土分離迴路的建設和調試時間，使其上線以支援進一步增長，同時逐步降低庫存水準。第二部分就交給麥可吧。

Just to be clear, the question was on whether types of feedstocks for the heavy rare earth circuit are preferred?

需要明確的是，問題是：重稀土迴路的原料種類是否有偏好？

Exactly.

確切地。

Certainly, to the extent we got an SEG+, that would be easier than processing a full mixed rare earth carbonate with lights and heavies. But our circuit can handle because we have all of the capabilities of either one of those. So we will look at the economics and the distribution and compare those to other alternatives.

當然，如果我們能得到 SEG+，那肯定比處理含有輕元素和重元素的完全混合稀土碳酸鹽要容易得多。但是我們的電路可以處理這種情況，因為我們擁有這兩種電路的所有功能。因此，我們將研究其經濟效益和分配情況，並將其與其他替代方案進行比較。

Our final question will come from Laurence Alexander with Jefferies.

最後一個問題來自傑富瑞集團的勞倫斯·亞歷山大。

I appreciate kind of the analogies you've tossed out, and I guess what I want to tease out as you talk about your opportunistic approach to creating value, is the cold war would have gone very differently if the nuclear missiles had a 10-year expiry date? And so when you think about the incentives that a 10-year support program from the DoD -- DoW gives you and also the way the capital markets might perceive that as setting you up for some severe kind of cyclical risk if there's a recession or otherwise, a glut at the end of the 10-year period and what that does to your cost of capital and how you think about your balance sheet, is the strategy here to double down on the Fortress balance sheet, vertical integration and just ride through that transition? Or do you feel either the government needs to make a decision soon about extending the support or you need to make a decision arguably sooner rather than later about adding a second plank to sort of smooth out volatility once you make the transition back into a fully unsupported entity?

我很欣賞你提出的這些類比，我想在你談到你創造價值的機會主義方法時，探討一下，如果核導彈有 10 年的有效期，冷戰的走向是否會截然不同？因此，當你考慮到國防部（DoD）提供的 10 年支持計劃的激勵措施，以及資本市場可能如何看待該計劃，認為如果出現經濟衰退或其他情況，該計劃可能會使你面臨嚴重的周期性風險，例如在 10 年期末出現供應過剩，以及這會對你的資本成本和資產負債表產生什麼影響時，這裡的資產是否加倍或者，您認為政府需要盡快就延長支持期限做出決定，或者您是否需要盡快決定是否增加第二項支持措施，以便在過渡回完全沒有政府支持的實體後，能夠更好地平抑市場波動？

So Laurence, I think it's actually the opposite. There's probably -- I don't know how many listeners we have today because there's another exciting call happening where there's a $1 trillion pay plan being proved because we're going to have humanoid robots whether it's Musk or Jensen talking about that. I mean if we look out, and I don't know if it's five years, ten years, whatever it is, but there's no question that physical AI is going to just create explosive growth in rare earth magnetics. The issue is that, in the very short term, we can't be leveraged by the Chinese from a supply chain standpoint, we've got to have an industry that is here and thriving. And actually, if you take my remarks, I want to be clear that when I talk about the structural realities, it's not because that is a forever condition.

所以勞倫斯，我認為事實恰恰相反。可能——我不知道今天有多少聽眾，因為還有另一個激動人心的電話會議正在進行，會上將證實一項價值 1 萬億美元的薪酬計劃，因為我們將擁有人形機器人，無論是馬斯克還是詹森都會談到這一點。我的意思是，如果我們展望未來，我不知道是五年、十年還是其他時間，但毫無疑問，物理人工智慧將帶動稀土磁性材料產業的爆炸性成長。問題在於，在短期內，我們無法從供應鏈的角度被中國利用，我們必須擁有一個已經存在並蓬勃發展的產業。事實上，如果你理解我的意思，我想明確指出，當我談論結構性現實時，並不是因為那是一種永遠不變的狀況。

I do think that there's room for a lot of other players and a lot of other supply, but I think that the point is that to get to that five years or ten years, you're going to need materially higher prices. So the sort of the MP deal, if you will, I just don't think that's enough. And so I think that what you're really going to see is that, in the very short term, the administration has made sure that we have a successful national champion in MP. We've got to execute, but we are going to sort of open the -- pave the path, if you will, to then figure out how there's much broader supply coming online. So obviously, ten years is a long enough time to, not in the short term, think about kind of what that role looks like.

我認為市場還有很大的發展空間，可以容納更多其他玩家和更多供應，但關鍵在於，要達到五年或十年的目標，價格必須大幅上漲。所以，就議員協議而言，我認為這還不夠。所以我認為，在很短的時間內，政府已經確保我們在MP中擁有一個成功的全國冠軍。我們必須執行，但我們會開闢道路，或者說鋪平道路，以便弄清楚如何讓更廣泛的供應上線。所以很顯然，十年時間夠長，足以讓我們短期內好好思考這個角色究竟是什麼樣子。

We'll think about the next couple of years of getting things online. But I think if we don't have some development in physical AI by then, these -- the markets -- I would be least worried about MP relative to pretty much many other places in the market. So I don't lose any sleep over what demand is going to look like in ten years and what NdPr prices and magnetics prices are going to be. I think it's going to be amazing for us. My bigger guess is that we'll have grown our business and move downstream.

我們會考慮未來幾年如何將各項業務上線。但我認為，如果到那時我們在物理人工智慧方面沒有取得一些進展，那麼這些市場——相對於市場上的其他許多領域而言，我最不擔心的就是MP。所以，我不會為十年後的需求情況以及釹镨價格和磁性材料價格而失眠。我認為這對我們來說會是件非常棒的事。我更傾向於認為，我們會發展壯大業務，並向下游方向拓展。

Just as if you think about us five years ago versus where we are today, I think on that roll date, it will not be as material portion of our business remotely compared to what it is today.

就像想想我們五年前和現在的情況一樣，我認為到了那個時候，它在我們業務中所佔的比重將遠遠不如今天。

That concludes the question-and-answer portion of today's call. I'll now hand the back -- call back for closing remarks.

今天的電話會議問答環節到此結束。現在我將把發言權交還給對方——稍後請容許我作總結發言。

All right. Well, thank you, everyone. We think it was a great quarter of execution. We are going to get back to work, and I look forward to talking to you all next quarter.

好的。謝謝大家。我們認為這是一個執行力很強的季度。我們將恢復工作，期待下季與大家見面。