MP Materials Corp (MP) 2025 Q4 法說會逐字稿

Hello and welcome to the MP Materials Q4 earnings call. (Operator Instructions)

大家好，歡迎參加MP Materials第四季財報電話會議。（操作說明）

Also, as a reminder, this conference is being recorded. If you have any objections, please disconnect at this time.

另外提醒大家，本次會議正在錄影。如有任何異議，請立即斷開連接。

With that, I would like to turn the call over to Martin Sheehan, Head of Investor Relations. Mr. Sheehan, you may begin.

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 fourth-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 年第四季財報電話會議。今天與我一同出席 MP Materials 活動的有：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。

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. 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.

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的約束。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、獲利報告以及我們向美國證券交易委員會提交的文件中。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。

With that, I’ll turn the call over to Jim. Jim?

好了，我這就把電話交給吉姆。吉姆？

Thank you, Martin, and thanks everyone for joining this afternoon. 2025 was a landmark year for MP Materials. From our transformational partnerships with the Department of War and Apple, to accelerating growth across our businesses and producing magnets at Independence on commercial scale equipment, we are hitting our stride as America’s champion and a vertically integrated global leader in rare earth magnetics.

謝謝馬丁，也謝謝各位今天下午的到來。 2025年是MP Materials具有里程碑意義的一年。從我們與美國戰爭部和蘋果公司建立的變革性合作夥伴關係，到加速我們各項業務的成長，再到在獨立城利用商業規模的設備生產磁鐵，我們正穩步發展，成為美國稀土磁性材料領域的領導者和垂直整合的全球領導者。

Let’s turn to slide 4. I’ll start with the materials segment and production at Mountain Pass. In 2025, we doubled our NdPr oxide output to 2,599 metric tons. Importantly, we exited the year at an annualized run rate of nearly 4,000 metric tons of separated NdPr oxide. Michael will discuss the latest operational achievements and what we are seeing in Q1 in more detail shortly.

讓我們翻到第 4 張投影片。我將從 Mountain Pass 的材料部分和生產部分開始介紹。2025年，我們的釹镨氧化物產量翻了一番，達到2599公噸。重要的是，到年底，我們分離出的 NdPr 氧化物的年化產量接近 4,000 公噸。邁克爾稍後將更詳細地討論最新的營運成果以及我們在第一季看到的情況。

As production increased, total oxide sales volumes rose 75% to nearly 2,000 metric tons for the year. This ramp in production and sales comes at an especially favorable time, given that the price protection agreement is now in effect and also that NdPr pricing has climbed significantly over the past several weeks. Customer engagement is strengthening materially. I will come back to that in a moment.

隨著產量增加，氧化物總銷量成長了75%，全年接近2,000公噸。鑑於價格保護協議現已生效，且釹镨價格在過去幾週內大幅上漲，此次生產和銷售的加速成長正值一個特別有利的時機。客戶參與度顯著提高。我稍後會再談到這一點。

We also exceeded 50,000 metric tons of REO produced in 2025, another record annual performance. We believe we remain the world’s second-largest producer of total REO, underscoring the exceptional quality of the Mountain Pass asset. As upstream and midstream production expands, demand for NdPr oxide remains robust. This strength was reinforced by the recent signing of a significant long-term NdPr offtake agreement with a new strategic customer, one of America’s leading technology and industrial companies.

2025 年，我們的 REO 產量也超過了 5 萬噸，創下另一項年度紀錄。我們相信我們仍然是全球第二大 REO 總生產商，這凸顯了 Mountain Pass 資產的卓越品質。隨著上游和中游生產的擴大，對氧化釹镨的需求仍然強勁。最近與一家新的策略客戶（美國領先的科技和工業公司之一）簽署了一項重要的長期釹镨承購協議，進一步鞏固了這一優勢。

We now have direct strategic agreements with four of the world’s leading manufacturers across automotive, consumer electronics, and physical AI. These partnerships allow us to scale our NdPr business today with a clear pathway to downstream magnetics growth over time. We continue to advance our heavy rare earth separation circuit and remain on track to begin commissioning mid-year. As a result, we expect to produce separated heavy rare earths, specifically dysprosium and terbium, late this year. Finally, within the material segment, higher realized prices, PPA benefits, and continued cost reductions drove a strong return to profitability, generating $40.3 million of adjusted segment EBITDA in the quarter.

我們現在與全球四家領先的汽車、消費性電子和實體人工智慧製造商達成了直接戰略協議。這些合作關係使我們能夠擴大目前的釹镨業務規模，並為未來向下游磁性材料業務的成長鋪平道路。我們繼續推進重稀土分離電路的建設，並有望在年中開始調試。因此，我們預計今年稍後將生產分離的重稀土元素，特別是鏑和铽。最後，在材料業務領域，更高的實際價格、購電協議 (PPA) 的收益以及持續的成本降低推動了盈利能力的強勁恢復，本季度調整後分部 EBITDA 達到 4030 萬美元。

Turning to magnetics, we achieved our target of producing our first magnets on commercial scale equipment at our Independence facility late last year and are now optimizing the startup of the production systems. We are beginning qualification of the commercial processes with our foundational customer and expect initial deliveries and revenue in the second half of the year. At the same time, expansion of both recycling and magnet capacity is underway, which resulted in an additional $32 million prepayment from Apple earned in the fourth quarter and received earlier this month.

轉向磁性材料方面，我們去年底在位於 Independence 的工廠實現了使用商業規模設備生產第一批磁鐵的目標，現在正在優化生產系統的啟動。我們正在與主要客戶開始對商業流程進行驗證，預計將在今年下半年實現初步交付和收入。同時，回收和磁鐵產能的擴張也在進行中，這使得蘋果在第四季度獲得了額外的 3,200 萬美元預付款，並於本月初收到。

Another significant milestone this month was the selection of Northlake, Texas, as the site for our new 10X facility. We secured more than $200 million in incentives and grants to support the build out. We expect to break ground imminently with engineering and long lead equipment procurement already well underway. In alignment with the DoW, we are advancing this project with urgency and disciplined execution. Ryan will outline our expected 2026 investment profile as we accelerate the 10X build out.

本月另一個重要的里程碑是選定德克薩斯州諾斯萊克作為我們新的 10X 工廠的所在地。我們獲得了超過 2 億美元的獎勵和撥款，以支持建設。我們預計很快就會破土動工，工程設計和長週期設備採購工作已經進展順利。按照美國國防部的指示，我們正以緊迫感和嚴謹的執行力推進這個計畫。Ryan 將概述我們預計在 2026 年的投資計劃，因為我們將加速 10X 的建設。

Production of precursor magnetics products, specifically NdPr metal, continued to advance. We set quarterly records for both production and sales volumes while improving yields, enabling us to sustain strong margins. As a result, the magnetics segment generated $8.4 million of adjusted EBITDA in the quarter, bringing full year magnetics EBITDA to $26.4 million. Behind the scenes, our magnetics team continues to execute at a high level, not only in process optimization, but in the development of proprietary intellectual property. As one example, our technical team has materially advanced our grain boundary diffusion capabilities, resulting in a magnet formulation and production process that uses approximately 60% less heavy rare earth content than originally anticipated, while still meeting the demanding specifications required for high performance, high temperature EV grade magnets.

前驅磁性產品（特別是釹镨金屬）的生產持續取得進展。我們在產量和銷售方面均創下季度紀錄，同時提高了產量，從而能夠保持強勁的利潤率。因此，磁性元件業務部門本季產生了 840 萬美元的調整後 EBITDA，使全年磁性元件業務 EBITDA 達到 2,640 萬美元。在幕後，我們的磁性材料團隊繼續保持高水準的執行力，不僅在製程優化方面，而且在專有智慧財產權的開發方面也是如此。例如，我們的技術團隊在晶界擴散能力方面取得了實質進展，從而研製出一種磁鐵配方和生產工藝，該工藝使用的重稀土含量比最初預期的減少了約 60%，同時仍然滿足高性能、高溫電動汽車級磁鐵所需的苛刻規格。

Given that our original assumptions were already at the low end of industry norms, this represents a meaningful technical achievement. Reductions of this magnitude reflect the strength of our engineering bench and the discipline of our execution. They also enhance our competitive position. Heavy rare earth elements such as dysprosium and terbium primarily enhance coercivity, improving resistance to demagnetization at elevated temperatures. They do not increase magnetic strength or torque density, and in higher concentrations can even reduce energy product.

考慮到我們最初的假設已經處於行業標準的較低水平，這代表著一項意義重大的技術成就。如此大幅度的削減體現了我們強大的工程技術實力和嚴謹的執行力。它們也增強了我們的競爭優勢。鏑和铽等重稀土元素主要增強矯頑力，提升高溫下抗退磁能力。它們不會增加磁強度或扭矩密度，而且在高濃度下甚至會降低能量積。

In many physical AI and humanoid robotics applications, operating temperatures are significantly lower than in EV traction motors, meaning performance is driven more by magnet design, light rare earth optimization, and motor architecture than by heavy rare earth content. As magnet technology advances and adoption grows, particularly in physical AI, performance and value creation increasingly centers on NdPr. Accordingly, we expect long term demand growth and pricing strength for NdPr to far outpace that of dysprosium and terbium.

在許多實體人工智慧和人形機器人應用中，工作溫度遠低於電動車牽引電機，這意味著性能更多取決於磁鐵設計、輕稀土優化和電機架構，而不是重稀土含量。隨著磁鐵技術的進步和應用的普及，尤其是在物理人工智慧領域，性能和價值創造越來越以釹镨磁體為中心。因此，我們預期釹镨的長期需求成長和價格實力將遠超過鏑和铽。

With that, let me turn it over to Ryan. Ryan?

那麼，接下來就交給瑞恩吧。瑞恩？

Thanks, Jim. Turning to slide 5, we present our consolidated financial results for the year. On the left, revenue increased 10% year-over-year, driven primarily by the ramp up of oxide sales within the material segment, as well as initial precursor product sales in the magnetic segment, which were not present in 2024. We also highlight the contribution from the price protection agreement or PPA income, which totaled $51 million in the quarter. When combined with reported revenue, this effectively reflects realization of the full $110 per unit purchase price floor for sold products, along with a strong contribution from stockpiled inventory given the pricing environment in the quarter.

謝謝你，吉姆。接下來請看第 5 張投影片，我們將展示本年度的合併財務表現。左側的營收年增 10%，主要得益於材料領域氧化物銷售額的成長，以及磁性領域前驅產品的初步銷售，而這些在 2024 年並不存在。我們還重點介紹了價格保護協議 (PPA) 收入的貢獻，該季度總計 5,100 萬美元。結合已公佈的收入，這有效地反映了已售產品每單位 110 美元的最低購買價格的實現，以及鑑於本季度的定價環境，庫存商品的強勁貢獻。

In the center of the slide, the combination of earned PPA income and profitable magnetic precursor product sales drove a meaningful improvement in adjusted EBITDA relative to 2024. The resulting increase in adjusted EBITDA was the primary contributor to the year-over-year improvement in adjusted diluted earnings per share.

在幻燈片的中間部分，已實現的 PPA 收入和盈利的磁性前驅產品銷售相結合，推動了調整後的 EBITDA 相對於 2024 年的顯著改善。調整後 EBITDA 的成長是調整後稀釋每股盈餘較去年同期改善的主要因素。

Turning to slide 6, we present the annual operating metrics for the material segment, with upstream key performance indicators on the left and midstream KPIs on the right. As Jim noted earlier, upstream performance was particularly strong, with another record year of production of more than 50,000 metric tons of REO and concentrate, a 12% increase compared to 2024. Please note that following the elimination of third-party concentrate sales in mid 2025, we will no longer report upstream sales volumes or realized pricing in future periods.

翻到第 6 張投影片，我們展示了材料部門的年度營運指標，其中左側為上游關鍵績效指標，右側為中游關鍵績效指標。正如吉姆之前提到的，上游業務表現尤為強勁，REO 和精礦的產量再次創下歷史新高，超過 5 萬噸，比 2024 年增長了 12%。請注意，在 2025 年年中取消第三方精礦銷售後，我們將不再報告未來期間的上游銷售量或實際價格。

On the right side of the slide, you can see the continued ramp up of NdPr oxide production, which more than doubled year over year to approximately 2,599 metric tons. This increase in production drove a 75% year-over-year increase in NdPr oxide sales volumes to just under 2,000 metric tons. With implementation of the price protection agreement, we view the realized price metric as less meaningful for investors. Note that we provide both NdPr oxide revenue and sales volumes, which allow you to readily calculate an implied realized price by dividing revenue by volume. As a result, we will no longer present realized price as a formal KPI.

從幻燈片的右側可以看到 NdPr 氧化物產量持續成長，年增超過一倍，達到約 2,599 公噸。產量的增加推動釹镨氧化物銷量較去年同期成長 75%，達到近 2,000 公噸。隨著價格保護協議的實施，我們認為實際價格指標對投資人而言意義不大。請注意，我們同時提供 NdPr 氧化物的收入和銷售量，您可以透過將收入除以銷售量來輕鬆計算隱含的實際價格。因此，我們將不再把實際價格當作正式的關鍵績效指標。

Lastly, for the year, turning to slide 7, we present segment level financial results with the material segment shown on the left and the magnetic segment on the right. Within the material segment, revenue declined year-over-year, primarily reflecting the cessation of concentrate sales to third parties. This was partially offset by a 75% increase in NdPr oxide sales volumes.

最後，翻到第 7 張投影片，我們展示了年度各業務部門的財務業績，其中材料業務部門顯示在左側，磁性業務部門顯示在右側。在材料業務板塊，收入年減，主要原因是停止向第三方銷售濃縮物。釹镨氧化物銷售成長 75%，部分抵銷了上述損失。

Despite the decline in reported revenue, the combination of PPA income and improving unit economics on NdPr oxide sales more than offset the elimination of concentrate sales. As a result, 2025 segment adjusted EBITDA for materials improved meaningfully year-over-year. On the right side of the slide, following the commencement of magnetic precursor product sales in early 2025, the magnetic segment generated $66.9 million of revenue and $26.4 million of adjusted EBITDA for the year.

儘管報告收入有所下降，但PPA收入和NdPr氧化物銷售單位經濟效益的改善，足以彌補精礦銷售的取消。因此，2025 年材料業務調整後 EBITDA 較上年同期顯著改善。在幻燈片的右側，隨著磁性前驅產品於 2025 年初開始銷售，磁性業務部門在當年創造了 6,690 萬美元的收入和 2,640 萬美元的調整後 EBITDA。

Turning to slide 8 and our quarterly consolidated performance, year-over-year revenue declined modestly, reflecting the cessation of third-party concentrate sales. This was partially offset by continued growth in NdPr oxide sales and the ramp-up of magnetic precursor product sales. As in prior slides, when PPA income is included, the combined figure provides a representative view of revenue that would have been realized at the $110 per kilogram price floor, along with the contribution from stockpiled, contained NdPr.

翻到第 8 張投影片，我們季度合併業績顯示，年比收入略有下降，這反映出第三方濃縮物銷售的停止。NdPr氧化物銷售額的持續成長和磁性前驅體產品銷售額的提升部分抵消了這種影響。與先前的幻燈片一樣，當計入 PPA 收入時，合併後的數字可以代表在每公斤 110 美元的最低價格下所能實現的收入，以及來自庫存的、包含的 NdPr 的貢獻。

In the center of the slide, adjusted EBITDA improved significantly year-over-year, driven primarily by the improved NdPr economics. The improvement in adjusted EBITDA was also the principal contributor to the increase in adjusted diluted earnings per share for the quarter. Turning to slide 9, in the materials segment operating metrics. Concentrate production totaled 12,080 metric tons, approximately 600 metric tons higher than the prior year period. Sequentially, it is important to note that the fourth quarter of both 2024 and 2025 included planned maintenance turnarounds for the plant, and as a result, production in those quarters is typically lower sequentially.

幻燈片中心部分顯示，經調整的 EBITDA 年比顯著改善，主要得益於釹鎢經濟效益的改善。調整後 EBITDA 的改善也是本季調整後稀釋每股盈餘成長的主要貢獻因素。接下來請看第 9 張投影片，材料部門的營運指標。精礦產量總計12,080公噸，較上年同期增加約600公噸。值得注意的是，2024 年和 2025 年的第四季都包括工廠的計畫維護檢修，因此，這兩個季度的產量通常會較上季下降。

On the right side of the slide, NdPr oxide production increased 74% year-over-year, driven by continued plant optimization and debottlenecking. Volumes were roughly in line with the third quarter, again, reflecting the downtime of the October maintenance shutdown, followed by the acceleration of production volumes as expected. Michael will provide additional color on our quarterly performance, along with his expectations for first quarter production and the anticipated timing of achieving our targeted steady-state production rate of approximately 1,500 metric tons per quarter.

幻燈片右側顯示，在持續的工廠優化和瓶頸消除的推動下，NdPr氧化物產量年增74%。產量與第三季大致持平，再次反映了10月份維護停產造成的停機時間，隨後產量如預期般加速成長。Michael 將進一步闡述我們的季度業績，以及他對第一季產量的預期，並預測我們何時能夠達到每季約 1500 公噸的目標穩定產量。

We are very pleased with the team’s progress on these debottlenecking initiatives. As we discussed last quarter, we have been experiencing a modestly extended lag between production and sales, which generally equates to having approximately one quarter of production in the channel. As our production has grown, we’ve seen this inventory in the channel also grow in line. This reflects the continued ramp-up of metal production in Southeast Asia, including the deliberate buildup of on-site inventory required to support continuous 24-hour operations at various partners.

我們對團隊在這些消除瓶頸的措施方面取得的進展非常滿意。正如我們在上個季度討論的那樣，我們一直面臨著生產和銷售之間略微延長的滯後，這通常意味著大約四分之一的產量尚未進入通路。隨著我們產量的成長，我們看到通路中的庫存也隨之成長。這反映了東南亞金屬生產的持續成長，包括為支持各合作夥伴 24 小時不間斷營運而有意建立的現場庫存。

As a reminder, the metallization process operates at extremely high temperatures, exceeding 1,000 degrees Celsius, and maintaining uninterrupted electrolysis is critical to achieving high yields and low unit costs. As a result, building additional inventory is a necessary and intentional step in efficiently scaling production.

需要提醒的是，金屬化過程是在超過 1000 攝氏度的極高溫度下進行的，保持不間斷電解對於實現高產量和低單位成本至關重要。因此，增加庫存是有效擴大生產規模的必要且有意為之的步驟。

However, looking ahead, we expect this lag between production and sales to narrow and improve slightly, driven by the ongoing ramp of metallization capacity, as well as the incremental demand we have seen for oxide, including significant volumes from the new oxide contract that Jim mentioned earlier. With improving prices and our continued sales and metallization progress, we should see a slightly quicker turn of production levels into sales in Q1. We expect a modest amount of these sales to be intercompany to the magnetic segment, resulting in some revenue and EBITDA eliminations at the corporate level, similar to Q4.

不過，展望未來，我們預計生產和銷售之間的這種滯後將會縮小並略有改善，這得益於金屬化產能的持續提升，以及我們看到的氧化物需求的增加，包括吉姆之前提到的新氧化物合約帶來的大量需求。隨著價格的改善以及我們持續的銷售和金屬化進展，我們應該會在第一季看到產量轉化為銷售的速度略微加快。我們預計這些銷售額中會有一小部分是磁性材料部門的內部交易，這將導致公司層級的一些收入和 EBITDA 抵銷，與第四季度類似。

Finally, turning to slide 10, we present our quarterly segment financial results. On the left, materials segment revenue declined year-over-year, reflecting the elimination of third-party concentrate sales. This was partially offset by higher sales volumes and stronger pricing for NdPr oxide and metal products. Consistent with the consolidated results, the improved NdPr unit economics, underpinned by PPA income, was the primary driver of both the year-over-year and sequential improvement in materials segment adjusted EBITDA.

最後，翻到第 10 張投影片，我們將展示我們的季度分部財務表現。左側材料部門的收入年減，反映出第三方濃縮物銷售的取消。釹镨氧化物和金屬產品的銷售增加和價格走強部分抵消了這種影響。與合併績效一致，在 PPA 收入的支持下，釹镨單位經濟效益的改善是材料部門調整後 EBITDA 同比和環比改善的主要驅動因素。

On the right of the slide, the magnetic segment delivered record production and sales volumes during the quarter. However, revenue and segment-adjusted EBITDA declined slightly sequentially, which actually reflects improved yields and cost efficiencies, as Jim discussed earlier.

在幻燈片的右側，磁性材料業務部門在本季度實現了創紀錄的產量和銷售量。然而，收入和經分部調整後的 EBITDA 環比略有下降，這實際上反映了收益率和成本效益的提高，正如 Jim 之前討論的那樣。

Before handing the call off to Michael, I did want to go through a few items with you, starting with pricing. As a reminder, we have several different contract structures, including arrangements that are based on trailing average pricing. As a result, when market pricing increases rapidly, the benefit does not immediately flow through to reported revenue, usually manifesting with about a one quarter to a one quarter and a half lag.

在把電話轉給麥可之前，我想先跟你確認幾個問題，首先是價格問題。再次提醒，我們有幾種不同的合約結構，包括基於滾動平均價格的安排。因此，當市場價格快速上漲時，收益不會立即反映在報告的收入中，通常會落後約一個季度到第一季半。

Importantly, for NdPr products that are sold, we generally earn the PPA based on average contract pricing. We will see the delta between our contract pricing and the price floor generally recognized in the PPA income line in Q1. It is important to highlight, however, that PPA payments for stockpiled NdPr are calculated based on market pricing without a lag. So, as we enter the first quarter and market pricing quickly approached the $110 per kilogram level, we will elect not to take PPA payments on certain stockpiled NdPr materials. As a reminder, collecting PPA is at our discretion, so depending on pricing, we will always have the option to hold concentrate and/or refined product inventory and earn PPA payments on those at a later date.

重要的是，對於售出的釹鎢產品，我們通常根據平均合約價格獲得購電協議 (PPA)。我們將在第一季看到合約價格與最低價格之間的差額，該差額通常會在購電協議收入中反映出來。但需要強調的是，儲存的釹镨的購電協議付款是根據市場價格計算的，沒有滯後。因此，隨著我們進入第一季度，市場價格迅速接近每公斤 110 美元的水平，我們將選擇不收取某些庫存釹镨材料的購電協議付款。再次提醒，是否收取 PPA 由我們自行決定，因此根據定價情況，我們始終可以選擇保留濃縮物和/或精煉產品庫存，並在以後收取這些產品的 PPA 款項。

Turning to magnetics, you will see on the balance sheet that we have approximately $74 million of deferred revenue recorded within current liabilities. We expect this deferred revenue to be recognized over the next four quarters at EBITDA margins, broadly consistent with what you saw in the fourth quarter. As we approach initial magnet deliveries in the second half of the year, we will provide additional details on our expectations for incremental revenue and margin contribution from magnet production. Needless to say, we are incredibly pleased with the progress our magnets team has made in meeting our customer obligations.

再來看磁性材料業務，您會在資產負債表上看到，我們在流動負債中記錄了約 7,400 萬美元的遞延收入。我們預計這筆遞延收入將在未來四個季度以 EBITDA 利潤率確認，與您在第四季度看到的情況大致一致。隨著我們即將於今年下半年開始交付首批磁鐵，我們將提供更多關於磁鐵生產帶來的增量收入和利潤貢獻的預期細節。毋庸置疑，我們對磁鐵團隊在履行客戶義務方面的進展感到非常滿意。

Turning to the balance sheet, our significant progress in Q4 resulted in a material expansion of our other receivables balance to over $131 million, reflecting cash that we have received in Q1 or will receive later this year, including over $70 million from the US government from tax credits and PPA payments, and the $32 million progress payment related to our engagement with Apple.

再來看資產負債表，我們在第四季度收到的重大進展使我們的其他應收帳款餘額大幅增加至超過 1.31 億美元，這反映了我們在第一季收到或將在今年稍後收到的現金，其中包括來自美國政府的超過 7000 萬美元的稅收抵免和購電協議，以及與我們和蘋果公司合作相關的 3200 萬美元的 3200 萬美元進度付款。

As it relates to investment, as we begin construction of the 10X facility and advance the expansion of Independence, recycling initiatives, and heavy rare separations, we expect total capital expenditures to be in the range of $500 million to $600 million in 2026. The vast majority of which reflects accelerated 10X investment and other growth initiatives. We believe our strong liquidity position, with more than $1.8 billion of cash on hand, together with future cash flow from operations, provides ample capital to execute on these initiatives.

就投資而言，隨著我們開始建造 10X 工廠並推進 Independence 的擴建、回收計劃和重稀有物質分離，我們預計到 2026 年總資本支出將在 5 億美元至 6 億美元之間。其中絕大部分反映了加速 10 倍投資和其他成長措施。我們相信，我們強勁的流動性狀況（手頭現金超過 18 億美元）以及未來的營運現金流，為執行這些計劃提供了充足的資金。

Operating cash flow growth will be driven by recent improvements in pricing, the downside protection provided by the PPA, continued growth in NdPr oxide sales, and ongoing improvements in unit costs. Collectively, this positions us well to fully fund these significant value-enhancing projects while maintaining a strong balance sheet. Finally, given the additional complexity associated with the Department of War contract, we encourage investors to review our Form 10-K filed today, particularly the financial statement footnotes.

經營現金流成長將受到近期價格改善、購電協議提供的下行保護、釹镨氧化物銷售持續成長以及單位成本持續改善的推動。總而言之，這使我們能夠在保持穩健的資產負債表的同時，為這些具有重大價值提升意義的項目提供充足的資金。最後，鑑於戰爭部合約的複雜性，我們鼓勵投資者查看我們今天提交的 10-K 表格，特別是財務報表腳註。

With that, I’ll turn it over to Michael. Michael?

接下來，我將把麥克風交給麥可。麥可？

Thank you, Ryan. Turning to slide 11, this shows some of the major intermediate product steps at Mountain Pass and Independence on the way to producing our finished magnets. Moving to our operations, Q4 capped off a monumental year with very satisfying performance, as both Mountain Pass and Independence achieved significant production milestones. At Mountain Pass, we had a solid quarter of concentrate production and another strong quarter of NdPr oxide production.

謝謝你，瑞恩。翻到第 11 張投影片，這裡展示了 Mountain Pass 和 Independence 在生產我們最終磁鐵過程中的一些主要中間產品步驟。就我們的營運而言，第四季為意義非凡的一年畫上了圓滿的句號，Mountain Pass 和 Independence 都實現了重要的生產里程碑，業績非常令人滿意。在 Mountain Pass，我們本季精礦產量穩定，釹镨氧化物產量也取得了強勁成長。

As planned, at Independence, we began producing magnets at commercial scale, starting with raw material that was mined and processed at Mountain Pass and metalized and turned into magnets in Texas. The planned October outage impacted production in upstream and midstream operations. As I previewed on our last call, certain additional required maintenance and some rework resulted in an extended return to normal production and more product diverted to concentrate versus the refinery in the second half of October. But Mountain Pass exited the quarter with strong momentum, with December achieving record NdPr oxide production at a nearly 4,000 metric ton annualized run rate.

按照計劃，我們在獨立城開始大規模生產磁鐵，原料在山隘開採和加工，然後在德克薩斯州進行金屬化處理，最終製成磁鐵。原計劃於10月進行的停產檢修對上游和中游業務的生產造成了影響。正如我在上次通話中預告的那樣，某些額外的必要維護和一些返工導致恢復正常生產的時間延長，並且在 10 月下半月，更多的產品被轉移到濃縮液中，而不是煉油廠。但 Mountain Pass 礦區以強勁的勢頭結束了本季度，12 月份 NdPr 氧化物產量創下歷史新高，年化運行率接近 4,000 公噸。

We continued to see improved uptime in nearly all circuits and are focused on increasing throughput. In the course of this, we have identified and are addressing some expected and some unexpected bottlenecks. There are no showstoppers, and we expect to overcome these issues steadily throughout 2026.

我們看到幾乎所有電路的正常運作時間都持續提高，目前正致力於提高吞吐量。在這個過程中，我們已經發現並正在解決一些預期之內和一些意料之外的瓶頸問題。目前沒有重大障礙，我們預計在 2026 年將逐步克服這些問題。

Reiterating what I said last quarter, I expect over 20% sequential production growth in Q1, somewhat slower sequential growth for the subsequent two quarters, followed by a re-acceleration towards the end of the year, exiting 2026, approaching our target of 500 tons per month of NdPr oxide production or a 6,000 metric ton annualized run rate. As usual, the timing of scheduled maintenance outages, project tie-ins, and other upgrades could impact the exact cadence.

重申我上個季度所說的，我預計第一季產量將環比增長超過 20%，接下來的兩個季度環比增長速度會略有放緩，然後在年底前再次加速增長，到 2026 年底，將接近我們每月 500 噸 NdPr 氧化物產量的目標，或年化產量 6,000 公噸。與往常一樣，規劃維護停機、專案銜接和其他升級的時間表可能會影響確切的進度。

At the same time, Mountain Pass continues to prepare for future growth. Construction of our heavy rare earth separation circuits dramatically accelerated in the quarter. Remaining work is largely in piping, electrical, instrumentation, and process automation scopes. We remain on pace to start commissioning and charging the circuits in the middle of the year. We are also wrapping up restoration and enhancements to our idled chlor-alkali facility, with the first train expected to begin commissioning in the second quarter. We have already begun pre-commissioning and checkouts of parts of the brine treatment systems.

與此同時，芒廷帕斯繼續為未來的發展做好準備。本季度，我們重稀土分離電路的建設速度顯著加快。剩餘工作主要涉及管道、電氣、儀表和流程自動化領域。我們仍按計劃在年中開始調試和充電這些電路。我們也正在對閒置的氯鹼廠進行修復和升級改造，預計第一列生產線將於第二季開始投入生產。我們已經開始對鹽水處理系統的部分組件進行預先調試和檢查。

Since the July 2025 agreement signing, our Mountain Pass team has had highly productive and interactive engagement with Apple on the recycling effort. We have finalized process design and are excited to start the next stage of engineering. In the fourth quarter, our team at Independence grew rapidly while materially deepening its technical expertise. We successfully linked the poles of our integrated magnet offering by commissioning the complete oxide to finish magnet production process. We are now producing on-spec, high-grade magnets on commercial scale equipment from oxides produced at Mountain Pass.

自 2025 年 7 月簽署協議以來，我們的 Mountain Pass 團隊與蘋果在回收方面進行了卓有成效的互動。我們已經完成了製程設計，很高興能夠開始下一階段的工程設計。第四季度，我們在 Independence 的團隊發展迅速，同時技術專長也得到了實質的提升。我們透過委託完成從氧化物到成品磁鐵的完整生產流程，成功地將我們一體化磁鐵產品的各個極點連接起來。我們現在利用在 Mountain Pass 生產的氧化物，在商業規模的設備上生產符合規格的高品質磁鐵。

To be clear, we have a long and challenging year ahead of us as we work to troubleshoot, optimize, troubleshoot, ramp, and expand magnet production. However, we are off to a great start. I am extremely proud of our team. During the fourth quarter, we rapidly advanced procurement and design for the expansion of the Independence facility to support our partnership with Apple. And as Jim and Ryan mentioned, the capital projects, operations, and engineering teams are also pushing forward the 10X development according to the aggressive schedule we outlined.

需要明確的是，我們將面臨漫長而充滿挑戰的一年，我們將努力解決、優化、再次解決、提高和擴大磁鐵生產。然而，我們開局非常順利。我為我們的團隊感到無比自豪。第四季度，我們迅速推進了 Independence 工廠擴建的採購和設計工作，以支持我們與蘋果的合作。正如吉姆和瑞安所提到的，資本項目、營運和工程團隊也在按照我們制定的積極計劃來推進 10X 開發項目。

In Q4, alloy flake production volume and quality improved dramatically. We also commissioned additional powder production, pressing, sintering, GBD, and finishing equipment. We are completing the commissioning required to commence the formal production part approval process or PPAP qualification with GM. We expect this to enable commercial sales of magnets to begin in the second half of this year.

第四季度，合金薄片的產量和品質均有顯著提高。我們也委託生產了額外的粉末生產、壓制、燒結、GBD和精加工設備。我們正在完成必要的調試工作，以便開始與通用汽車進行正式的生產零件批准流程或 PPAP 認證。我們預計這將使磁鐵的商業銷售在今年下半年開始。

While the physical process will be locked, our progress and improvements will continue. At the same time, we are working with an expanding list of potential customers on prototype grades and magnets for both Independence and 10X. I would like to thank our teams for their hard, unwavering effort over the past year. With the foundation and momentum we have built, I am looking forward to another year of impressive execution and new milestones in 2026.

雖然實際操作流程會受到限制，但我們的進度和改進工作仍將持續。同時，我們正在與越來越多的潛在客戶合作，為 Independence 和 10X 開發原型等級和磁鐵。我要感謝我們的團隊在過去一年所付出的艱苦卓絕的努力。憑藉我們已經建立的基礎和勢頭，我期待在 2026 年再創佳績，取得新的里程碑。

With that, I will turn it back to Jim.

好了，現在我把麥克風交還給吉姆。

Thank you, Michael. We move beyond the quarter, it is worth stepping back to consider the broader environment in which we are operating. Over the past several years, investors have focused on the rapid build-out of AI infrastructure, data centers, GPUs, and large language models. That digital infrastructure layer is now scaling rapidly, and competitive intensity across the ecosystem is increasing.

謝謝你，麥可。季度結束後，值得我們退後一步，從更廣泛的角度考慮我們所處的經營環境。過去幾年，投資人一直關注人工智慧基礎設施、資料中心、GPU 和大型語言模型的快速建置。數位基礎設施層正在迅速擴展，整個生態系統的競爭強度也不斷增加。

At the same time, across Wall Street, we are beginning to see something new, real concern about disruption. AI is not only a growth driver, it is a deflationary force. Entire categories of software and services are now facing uncertainty around pricing power, competitive modes, and ultimately terminal value. In an AI-accelerated world, many business models are being repriced, and in some cases, structurally impaired.

同時，華爾街開始出現一種新的現象，那就是人們對市場動盪的真正擔憂。人工智慧不僅是經濟成長的驅動力，也是通貨緊縮的力量。目前，整個軟體和服務類別都面臨定價權、競爭模式以及最終價值的不確定性。在人工智慧加速發展的世界裡，許多商業模式正在重新定價，在某些情況下，甚至會受到結構性損害。

History suggests that foundational technologies create value in layers. The rise of electricity did not simply power existing systems. It reorganized the physical economy and enabled entirely new industries. AI is likely to follow a similar path. The next phase of AI is physical. Intelligence is moving from the data centers to the edge into robotics, advanced manufacturing, autonomous systems, defense platforms, and electrified mobility.

歷史表明，基礎技術是分層創造價值的。電力的興起不僅僅是為現有系統提供動力。它重組了實體經濟，並催生了全新的產業。人工智慧很可能也會遵循類似的路徑。人工智慧的下一個階段是物理層面的。智慧正在從資料中心向邊緣轉移，應用於機器人、先進製造、自主系統、國防平台和電動出行等領域。

When intelligence becomes embodied, it requires actuation and motion. Motion requires magnets. Rare earth magnetics are not an application layer vulnerable to algorithmic substitution. They are physical infrastructure, essential inputs that convert electrical energy into precise, efficient movement. As intelligence scales into the physical economy, magnet intensity per system increases, not decreases, because precision, torque density, and energy efficiency become more critical as systems become more autonomous.

當智慧具象化時，它就需要行動和運動。運動需要磁鐵。稀土磁性材料並非易受演算法替換的應用層。它們是實體基礎設施，是把電能轉化為精確、高效移動的必要投入。隨著智慧規模擴展到物理經濟領域，每個系統的磁鐵強度不會減少，反而會增加，因為隨著系統變得更加自主，精度、扭矩密度和能源效率變得更加重要。

In this environment, our positioning is fundamentally different from much of the market. While many companies are confronting uncertainty around their long-term economic durability in an AI world, we are building directly into its structural expansion. Our assets are not lines of code subject to rapid substitution. They are scarce, strategic, industrial capacity of growing economic and national importance, capacity that becomes more valuable as the physical AI cycle matures.

在這種環境下，我們的市場定位與市場上的大多數企業有著根本的不同。雖然許多公司在人工智慧時代面臨長期經濟可持續性的不確定性，但我們正在直接參與人工智慧的結構性擴張。我們的資產不是可以快速替換的程式碼行。它們是稀缺的、具有戰略意義的工業產能，其經濟和國家重要性日益凸顯，隨著實體人工智慧週期的成熟，這些產能的價值也越來越高。

In moments like this, leadership matters. The countries and companies that control essential industrial capacity shape the trajectory of this new era. We have built MP to be that kind of platform, vertically integrated, technically differentiated, scaled, and American. We will remain disciplined and focused on execution. Over time, structural demand paired with thoughtful capital allocation is what drives enduring value. That is the work we are doing deliberately, methodically, and with a long-term horizon.

在這樣的時刻，領導力至關重要。掌握關鍵工業產能的國家和公司塑造著這個新時代的走向。我們打造 MP 的目的就是為了成為這樣一個平台：垂直整合、技術差異化、規模化，並且是美國本土的。我們將繼續保持紀律性，專注於執行。隨著時間的推移，結構性需求加上深思熟慮的資本配置才是創造持久價值的驅動力。這是我們正在有意識、有條不紊、著眼長遠地進行的工作。

With that, I turn it back to the team for Q&A.

接下來，我將問題交還給團隊成員進行問答。

(Operator Instruction)

（操作說明）

Lawson Winder, Bank of America.

勞森·溫德，美國銀行。

Hello, Jim and Ryan and Michael. Thank you for today’s update. This has been super helpful. Congratulations on a first quarter realizing much higher pricing from your PPA agreement. If I could -- I’d just ask one and a follow-up. On the OEM, can you tell us whether or not it’s a US-based auto OEM, or is it a foreign OEM?

吉姆、瑞安和邁克爾，你們好。感謝您今天的更新。這真的很有幫助。恭喜貴公司在第一季透過購電協議實現了更高的價格。如果可以的話——我只想問一個問題，然後再問一個後續問題。關於OEM廠商，您能告訴我們它是美國本土的汽車OEM廠商，還是外國OEM廠商嗎？

Hey, Lawson, it’s Ryan. I think Jim mentioned in his prepared remarks while we’re not gonna get into specific details, this is one of America’s leading technology companies. I think what this agreement speaks to broadly is what we’ve been talking about for a long while, which is accelerating demand for NdPr and the value of the platform that we provide, being able to be a solutions provider for these types of companies that are looking to transition their supply chain away from China. Being able to address the various points in the supply chain from raw materials all the way through to magnets, I think is super important.

嘿，勞森，我是瑞恩。我認為吉姆在事先準備好的發言稿中提到過，雖然我們不打算深入討論具體細節，但這是全美領先的科技公司之一。我認為這項協議從根本上來說正是我們長期以來一直在討論的問題，那就是加速對釹镨的需求以及我們所提供平台的價值，能夠為那些希望將其供應鏈從中國轉移出去的公司提供解決方案。能夠掌控從原料到磁鐵的整個供應鏈中的各個環節，我認為這非常重要。

Okay. No, that’s fair. Understand the desire not to give too much detail. Then just on the timeline with 10X, I mean, things seem to be moving quite quickly here, and we had originally thought of 2029 as being kind of a target year. I mean, is there a possibility to move that forward? Could 10X potentially be developed slightly more quickly than what you guys had originally envisioned?

好的。不，這很公平。理解不想透露太多細節的心情。然後就 10X 的時間軸而言，我的意思是，事情似乎進展得相當快，而我們最初認為 2029 年是一個目標年份。我的意思是，有沒有可能推進這件事？10X 的開發速度是否有可能比你們最初設想的更快？

Well, 10X procurement and long lead equipment focus and a lot of design and engineering, that all really started, Lawson, last July. Once we signed the agreement, we got to work building the new team there, coordinating that new team with our existing team, then thinking about all of the equipment and pieces of the process that we could do while we then ran our process for site selection.

嗯，10倍採購和長週期設備重點，以及大量的設計和工程，這一切都始於去年7月，勞森。簽署協議後，我們立即著手組建新團隊，協調新團隊與我們現有團隊的工作，然後考慮所有我們可以在進行選址流程的同時完成的設備和流程環節。

What I would say is I’ve directed the team to think of this project like you’ve probably heard the term zero-based budgeting. This is a zero-based days project. We are focused on getting this online as quickly as possible. We’ve said we’ll be commissioning that in 2028. We’ve made a lot of progress. We think it’s on track. We’ll keep trying to make up as much time as we can as aggressively as we possibly can. It’s going really well.

我想說的是，我已經指示團隊按照零基預算的思路來考慮這個項目，你可能聽過這個術語。這是一個從零開始的專案。我們正全力以赴，爭取盡快將這個功能上線。我們說過我們將在 2028 年委託進行這項工作。我們取得了很大進展。我們認為一切進展順利。我們會繼續盡一切可能，以最積極的方式努力追回盡可能多的時間。一切進展順利。

George Gianarikas, Canaccord Genuity.

George Gianarikas，Canaccord Genuity。

Wanted to ask about this OEM agreement again in terms of just how you think about the P&L and the economics behind selling oxide directly or selling magnets. How do you think about just the trade-off between the two?

我想再次詢問關於這項 OEM 協議，您是如何看待損益表以及直接銷售氧化物或銷售磁鐵背後的經濟效益的。你如何看待這兩者之間的權衡取捨？

Yeah. Hey, George. It’s Ryan. I think importantly, the way we’re approaching this is effectively Independence at this point is sold out. I think we’ve been clear about our strategy around 10X. Given the offtake that’s in place there, we have the luxury of continuing to be extremely methodical in how we deliver commercial syndication from that facility. I think importantly, as I mentioned earlier, we are really the only solutions provider to all of these various OEMs that are really accelerating the look at their supply chain and attempting to transition away from China as quickly as possible.

是的。嘿，喬治。是瑞恩。我認為重要的是，我們目前處理這件事的方式實際上是，獨立在這一點上已經出賣了自己。我認為我們已經明確了關於 10X 的策略。鑑於那裡的承購協議，我們有條件繼續以極其嚴謹的方式從該設施進行商業聯合發行。我認為重要的是，正如我之前提到的，我們是真正唯一一家為所有這些正在加速審視其供應鏈並試圖盡快擺脫中國的各種原始設備製造商提供解決方案的公司。

And so, the fact that we can play a major role there in providing raw materials into their supply chain immediately and capture that value today while opening up some pretty significant opportunities, I would expect, in the downstream, I think is hugely value accretive to us. As I mentioned in my prepared remarks, having an oxide agreement of this scale certainly does accrue to the benefit of the material segment in the near term, both from a working capital perspective, the cadence of sales, and of course the value that we’ll realize there from our product given the various stage of development that we’re in between scaling Mountain Pass to its ultimate full run rate while we continue to ramp Independence thoughtfully and get 10X online.

因此，我們能夠立即在他們的供應鏈中發揮重要作用，提供原材料，並立即獲取價值，同時還能在下游開闢一些非常重要的機會，我認為這對我們來說是巨大的價值增值。正如我在準備好的發言稿中提到的，達成如此規模的氧化物協議，無疑會在短期內為材料部門帶來好處，無論是從營運資金的角度來看，還是從銷售節奏的角度來看，當然還有我們從產品中獲得的價值，考慮到我們正處於不同的開發階段，一方面將 Mountain Pass 的規模擴大到最終的全面運行水平，另一方面我們將繼續謹慎地擴大規模，另一方面 10 的規模，另一方面我們將實現 100 線擴大規模。

As a follow-up, I’d love to hear Jim opine on what he thinks is happening to NdPr prices in China.

作為後續問題，我很想聽聽吉姆對中國釹镨價格走勢的看法。

Well, commodities prices, George, as you know, are always tough. I do think that there’s a few things. One, the reaction post our deal, I think the Chinese no longer are gonna be as mercantilist because there’s no point. And then lastly, I would also then say that NdPr is seeing demand from what we’re seeing around physical AI, and kind of what I said in the prepared remarks around a lot of excitement around everything that’s happening with respect to motion in the economy.

喬治，你也知道，大宗商品價格總是很難熬。我確實認為有幾點需要注意。第一，我認為在我們達成協議後，中國人不會再像以前那樣奉行重商主義了，因為那樣做沒有意義。最後，我還想說，NdPr 的需求來自我們在實體人工智慧領域所看到的，也和我之前在準備好的發言稿中提到的一樣，人們對經濟中與運動相關的一切都感到非常興奮。

And so, I think there’s -- when you think about critical minerals there’s kind of the scarcity. There’s two kinds. There’s sort of the heavies and some of the other niche metals where they’re just scarce, and we need to get more here because the only option is China. In general, the demand function for those is somewhat consistent or static. Whereas with NdPr, especially because of the restrictions around heavies, what we’re seeing, and we’re seeing this live, I think we can probably give you a couple live anecdotes where we’ve actually seen a major consumer of rare earth magnets completely change their spec overnight to essentially eliminate heavies and focus on shifting towards more NdPr.

所以，我認為──當你想到關鍵礦物時，就會想到它們的稀缺性。有兩種。有一些重金屬和其他一些小眾金屬，它們非常稀缺，我們需要從中國進口更多，因為唯一的選擇是中國。總的來說，這些產品的需求函數在某種程度上是穩定或靜態的。而對於釹镨磁鐵，尤其是由於重金屬磁鐵的限制，我們看到的情況是，而且我們正在親眼目睹這種情況，我想我們可以給你舉幾個現場軼事，我們實際上看到一家稀土磁鐵的主要消費者在一夜之間徹底改變了他們的規格，基本上取消了重金屬磁鐵，並專注於轉向更多的鐵鐵。

What we’re seeing is we’re seeing the traction motor the EV and hybrid makers focus on trying to maximize NdPr, shift away from heavies. Actually we’re seeing, again, real-time action on that front that is material to that as well as then all of the other use cases around. I think that NdPr will be obviously the key material of physical AI, that’s the big growth function there. When you add it all up, I think, one, it’s the the market reaction to getting a little bit more of a normalized price in NdPr because we’re getting closer to market economics. We’re still not there.

我們看到的是，電動車和混合動力汽車製造商正致力於最大限度地利用釹镨電池來製造牽引電機，而不再使用笨重的電池。事實上，我們再次看到這方面出現了即時行動，這對它以及所有其他用例都至關重要。我認為 NdPr 顯然將是物理人工智慧的關鍵材料，這是該領域的主要成長點。綜上所述，我認為，第一，這是市場對NdPr價格逐漸趨於正常化的反應，因為我們正越來越接近市場經濟。我們還沒達到目標。

It’s a function of some of the existing use cases where we’re seeing real-time substitution towards more NdPr. It’s a lot of the sort of growth excitement that we’re seeing around the board. And I would say, I mention this, I kind of reference this in the prepared remarks. There’s sort of a bifurcation happening. I think NdPr is really the growth commodity. And I think we -- again, commodities prices can always do crazy things, but I think we’re gonna see continued acceleration in NdPr prices. I would say that the market environment probably currently maybe overweights pricing in the heavies. I think there’s gonna end up being a number of sources of heavies globally.

這是由於一些現有的用例，我們看到實時替代更多的釹镨所致。這正是我們目前在各方面看到的那種令人興奮的成長動能。我想說，我在準備好的演講稿中提到了這一點。某種程度上，正在發生分岔。我認為釹镨才是真正具有成長潛力的商品。而且我認為——再說一遍，大宗商品價格總是會做出瘋狂的事情，但我認為我們將會看到釹镨價格繼續加速上漲。我認為，目前的市場環境可能對重量級股票的定價過於敏感。我認為全球範圍內最終會出現許多重型武器來源。

We’re certainly working on that issue quite a bit. As Michael mentioned, we’re gonna have our heavy separation online this year. And so, I think I wouldn’t be surprised if that market actually gets quite saturated over the next few years.

我們確實在努力解決這個問題。正如邁克爾所提到的，今年我們將在網上進行一次徹底的分離。因此，我認為如果未來幾年這個市場真的變得相當飽和，我不會感到驚訝。

Brian Lee, Goldman Sachs.

Brian Lee，高盛集團。

Hey, everyone. Thanks for taking the questions. I guess maybe just a follow-up to George’s question. There’s in the marketplace, lots of focus, and I guess policy driven as well focused on pricing floors and the like. But Jim, your prepared remarks, it sounded like there’s NdPr upside that needs to be better appreciated and more of a focus here. We have seen some strength here recently. Is there maybe a way to think about what that NdPr pricing level or entitlement could be? You talked about kind of a normalized price. Like, what could that be, or what could that range be over time? Is there a trigger or sort of timeframe where you think that that could ultimately materialize?

大家好。謝謝您回答問題。我想這或許是對喬治問題的後續回答。市場上有很多關注點，我想政策也主要關注價格底線之類的東西。但吉姆，你事先準備好的發言，聽起來好像釹钬（NdPr）的上漲潛力需要更好的重視和更多的關注。最近我們看到這裡出現了一些強勢跡象。有沒有辦法思考 NdPr 的定價水準或權利是什麼？你剛才提到了一種標準化的價格。那會是什麼呢？或者說，隨著時間的推移，這個範圍會是什麼樣的？你認為是否存在某種觸發因素或時間框架，最終可能導致這種情況發生？

I mean, that’s such a hard thing. I guess the famous expression, predictions tell you more about the prognosticator than the future. But I do think with respect to NdPr I think I’ve consistently conveyed the view that I think that if we were actually in sort of a real fair -- free market, so to speak, in NdPr, you would see prices materially higher way higher than today for sure, into the hundreds of dollars, just because of the what is sort of the adequate return on capital required to bring online projects, right? If we -- if there wasn’t a non-market geopolitical actor in setting prices and it was just sort of what would incentivize capital, I think prices would be materially higher.

我的意思是，那真是一件很難的事。我想那句名言是：預測更反映了預測者本身的問題，而不是未來本身的問題。但我認為，就釹磷而言，我一直表達的觀點是，如果我們真的處於釹磷的真正公平自由市場中，價格肯定會比現在高得多，達到數百美元，這僅僅是因為要使項目上線，需要多少足夠的資本回報，對吧？如果我們——如果沒有非市場地緣政治行為者來決定價格，而只是激勵資本的因素，我認為價格會高得多。

But the realities of the market are the realities of the market. We’ve made a lot of progress, obviously, given what we’ve done with DoW and given some of the market developments, but we’re not fully there, obviously. I think on the next piece, it actually comes down to sort of the pace of how quickly physical AI matures. I think we -- obviously, you saw our announcement today of an enormous strategic partnership on offtake. I’ve been actually, I would say, really delightfully surprised at how exciting it has been engagement-wise with various companies, many of which are in the physical AI space or intend to be behind the scenes.

但市場的現實就是市場的現實。顯然，鑑於我們與道瓊斯公司合作的成果以及一些市場發展，我們已經取得了很大的進步，但顯然我們還沒有完全達到目標。我認為下一部分實際上取決於物理人工智慧成熟的速度。我認為我們——顯然，你們今天也看到了我們宣布的關於承購協議的巨大戰略合作夥伴關係。實際上，可以說，與各家公司的合作讓我感到非常驚喜，其中許多公司都處於實體人工智慧領域，或打算在幕後發揮作用。

And so I do think -- I do think that that is actually gonna create another leg upward, but it’s hard to know kinda how quickly that stuff will come online. I would encourage you can obviously do the math around do your own curves on what that means for the market and then obviously sort of from a supply chain standpoint, what’s gonna happen in the West versus what is sort of Chinese supply for China, particularly because I think robotics is something that is really a dual use technology, so it’s gonna be really hard for a lot of Western companies to get licenses for rare earth magnets.

所以我認為——我認為這實際上會帶來另一個上升趨勢，但很難知道這些東西上線的速度有多快。我鼓勵你們自己去計算一下，畫出曲線，看看這對市場意味著什麼。然後，從供應鏈的角度來看，西方會發生什麼，以及中國對中國的供應會發生什麼，尤其是我認為機器人技術是一種軍民兩用技術，所以很多西方公司很難獲得稀土磁鐵的許可證。

We’re seeing that in real-time, that there’s real concern that the biggest best technology companies in the world that wanna compete, are concerned that they’re not gonna get licenses for this, and obviously that positions us really well.

我們正在實時看到，世界上規模最大、技術最精湛、想要參與競爭的公司，確實擔心他們無法獲得相關許可證，這顯然使我們處於非常有利的地位。

Yeah. Makes a lot of sense. Just to follow up on some of the policy stuff that’s still circling around the space Project Vault and Section 232, among others, are there any implications for you? Is it impacting your business discussions with non-DoW offtake parties or maybe even DoW discussions? Would you expect any impact on pricing? I know it’s early and uncertain, but maybe any thoughts around how you might stand to benefit there?

是的。很有道理。關於目前仍在太空領域流傳的一些政策問題，例如「金庫計畫」和「第 232 條」等，對您有什麼影響嗎？這是否會影響您與非陶氏承購方的業務洽談，甚至影響您與陶氏內部的業務洽談？您認為這會對價格產生影響嗎？我知道現在討論這個問題還為時過早，結果也充滿不確定性，但您能否考慮一下，您認為您能從中獲得哪些好處？

Yeah. No, it’s a good thought. I think first and foremost, obviously our deal last year kicked off a big change in our industry, and it opened up the capital markets and it obviously created a bigger window here for us in the West to work on this problem, and it’s exciting. I think what you’re seeing is it’s not just the DoW, but there are all aspects of the administration the main verticals, whether it’s state or commerce or treasury or interior or energy, everybody is focused on this issue. It’s a key directive from the president. I think when you look, there are a number of these things you mentioned, Vault and there’s FORGE and there’s a few others, I would say.

是的。不，這是個好主意。首先，我認為最重要的是，我們去年達成的協議顯然開啟了我們行業的重大變革，它打開了資本市場，顯然為我們西方解決這個問題創造了更大的機會，這令人興奮。我認為你看到的不僅僅是道瓊斯指數，而是政府的各個方面，包括主要垂直領域，無論是國務院、商務部、財政部、內政部還是能源部，每個人都在關注這個問題。這是總統的一項重要指示。我認為當你仔細觀察時，你會發現你提到的這些東西有很多，例如 Vault，還有 FORGE，以及其他一些東西。

They’re in various stages of development, each of them. Some require allied nations to kind of come to a view and have a plan. Some are things that are coordination between the private and public sector. What I would say is most of those things are, I would say somewhat early or at least not done. We would expect to be a big part of how things might form in some of those categories that you mentioned. My guess is that all, any of those things will be very good for us, but there’s nothing really tangible yet, that I could guide you to specifically.

它們各自處於不同的發展階段。有些問題需要盟國達成共識並制定計劃。有些事情需要私營部門和公共部門之間的協調。我想說的是，這些事情大多還處於早期階段，或至少還沒完成。我們預計在您提到的某些類別中發揮重要作用，影響事物的形成。我的猜測是，所有這些事情，任何一件，對我們都非常有好處，但目前還沒有什麼具體的事情，我可以具體地指導你。

Corinne Blanchard, Deutsche Bank.

科琳‧布蘭查德，德意志銀行。

Could you just talk maybe about the CapEx cadence we can expect for the year? Guide you gave of $500 million to $600 million mostly related to the 10X, but just wondering how that maybe breaks for the quarter. A similar question for the EBITDA cadences.

您能否談談我們今年可以預期的資本支出節奏？您給出的 5 億至 6 億美元的指導主要與 10 倍增長有關，但我只是想知道這筆資金在本季度可能會如何分配。對於 EBITDA 週期也存在類似的問題。

Sure, Corinne, it’s Ryan. As we think about the cadence, there’ll be quite a bit of lumpiness throughout the year, within that range, given the fact that we’ll have some initial capital spend probably early in the year, particularly on the land that we’ve just acquired that was announced this morning for our site in Northlake, Texas. Throughout the course of the year, obviously, the portion of that CapEx targeted at 10X will start to scale as we begin construction.

當然，科琳，我是瑞恩。考慮到我們今年年初可能會有一些初始資本支出，特別是我們今天早上宣布剛收購的位於德克薩斯州諾斯萊克的土地，因此在考慮節奏時，全年的波動幅度可能會比較大。顯然，在這一年中，隨著我們開始施工，目標為 10X 的資本支出部分將開始擴大規模。

And then some of the other parts of the business and growth initiatives that we’re working on namely, our engagement with Apple there’s capital spend really throughout the year with probably a slight bend towards the tail end of the year as we get that equipment installed and prepared for 2027 commencement of that agreement.

此外，我們正在推進一些其他業務和成長計劃，例如與蘋果的合作，這方面的資本支出將貫穿全年，可能會在年底略有增加，以便我們安裝設備並為 2027 年協議生效做好準備。

As it relates to the EBITDA cadence, obviously back to Jim’s comment on predicting NdPr prices, I think that’s probably gonna be the biggest driver here. As you’re aware the upside in NdPr pricing, we maintain all of that ahead of the commissioning of 10X.

至於 EBITDA 的節奏，顯然要回到 Jim 對預測 NdPr 價格的評論，我認為這很可能是這裡最大的驅動因素。如您所知，釹镨價格有上漲空間，我們在 10X 投產之前會保持所有這些優勢。

And so, if we see prices continue to perform as they have and continue to go up, obviously that’ll shift earnings accordingly. As I talked about in my remarks, obviously, our contracts are all generally priced on approximately a quarter, maybe slightly longer lag. And so, this will flow through over time. You won’t see today’s spot price hit Q1. You’ll see it hit Q2. I would just keep that in mind as you look at the quarterly cadence.

因此，如果我們看到價格繼續像現在這樣上漲，顯然收益也會隨之改變。正如我在演講中提到的，顯然，我們的合約定價通常都是基於大約四分之一的滯後時間，也許會稍長一些。因此，這種情況會隨著時間的推移而逐漸改變。你不會看到今天的現貨價格在第一季達到高峰。你會看到它在第二季達到高峰。在查看季度節奏時，請記住這一點。

If I can, for a second question, can you share, how do you view the -- maybe the best way to access the heavy needs beyond what you already are? Are you thinking about more recycling? Are you thinking about mine expansion, and you’re looking at all the peer M&A? Just trying to figure out.

如果可以的話，我想問第二個問題，您能否分享一下，您認為——或許是滿足自身之外的重大需求的最佳途徑——是什麼？您是否考慮過增加回收？您是否正在考慮擴大礦山規模，並且正在關注同行的併購活動？我只是想弄清楚。

I think Sorry, Corinne, is the question, how are we gonna grow supply? You said more recycling and what was the other part?

我認為，對不起，科琳，問題在於，我們該如何增加供應？你提到要增加回收利用，那另一部分是什麼？

Yeah, especially like on the heavy side, like how do you approach it? Would it be through M&A or like recycling -- recycled content?

是啊，尤其是遇到比較棘手的問題時，該如何解決呢？是透過併購，還是像回收那樣－使用再生材料？

Thanks, Corinne. It’s Michael. Yeah, we are certainly looking at recycling as an option. I think as I’ve said in the past, we think the integrated nature of our site allows us to avail ourselves of a diverse range of feedstocks. With our agreement with the Department of War, we have their support to source feedstocks from around the world. I think there’ll be a mix of perhaps traditional recycling and non-traditional feedstocks. As Jim mentioned, our progress in reducing our heavy need makes us less overall concerned, but we think we will be the largest producer of heavy earths in the Western Hemisphere from now, for as long as you can imagine.

謝謝你，科琳。是麥可。是的，我們當然會考慮回收這個選項。我認為正如我過去所說，我們認為我們工廠的綜合性質使我們能夠利用各種各樣的原料。根據我們與美國陸軍部的協議，我們可以獲得他們的支持，從世界各地採購原料。我認為可能會採用傳統回收和非傳統原料結合的方式。正如吉姆所提到的，我們在減少對重土的需求方面取得的進展使我們總體上不再那麼擔憂，但我們認為，從現在開始，我們將一直是西半球最大的重土生產商，而且這種情況會持續到你無法想像的很久。

Carlos de Alba, Morgan Stanley.

卡洛斯·德阿爾巴，摩根士丹利。

Congrats on the progress on the different projects. Just on 10X. Just a clarification on the CapEx in the announcement had $1.25 billion-plus. I mean, can you provide maybe a little bit of color on that plus? Maybe dimension that for us, quantify that for us, just on the modeling side. And then I think there was also a comment on that release suggesting that 100% of the 10X and Independence light and heavy rare earths needs will come from the company’s Mountain Pass operation. That means that you will not really depend on third-party heavy rare earths. Just wanted to clarify that given the importance of that aspect.

祝賀你們在各個專案上的進展。僅需 10 倍速。公告中對資本支出進行了澄清，金額超過 12.5 億美元。我的意思是，您能稍微詳細介紹一下這個優點嗎？或許可以幫我們把這個概念具體化、量化一下，就建模方面而言。然後，我認為新聞稿中還有一條評論暗示，10X 和 Independence 所需的全部輕稀土和重稀土將來自該公司的 Mountain Pass 工廠。這意味著你將不再真正依賴第三方重稀土。鑑於這一點的重要性，我想澄清一下。

Yeah, sure, Carlos. I’ll start with your last question. We do intend to meet all heavy and light feedstock for both facilities from the Mountain Pass processing facility. As Michael just talked through, we have various initiatives in place in partnership with the Department of War, in partnership with Apple, from our own sourcing strategies to bring in incremental heavy rare earth feedstock.

當然可以，卡洛斯。我先回答你的最後一個問題。我們計劃從山隘加工廠為這兩個工廠提供所有重型和輕型原料。正如麥可剛才所說，我們已經與美國戰爭部、蘋果公司等各方合作，採取了各種舉措，透過我們自己的採購策略，逐步引進更多重稀土原料。

I think the thing that’s really important to understand there as well is when you think about a business model that is centering on third-party feedstocks as part of a supplement to its ability to produce products, you really have to produce both lights and heavies in order to compete in that market. There is no way you can compete economically without being able to extract the value from all of those. And so, we are extremely confident in our ability to continue to source third-party feedstock as we are, frankly, as we speak.

我認為真正需要理解的是，當你考慮一個以第三方原料作為其產品生產能力補充的商業模式時，你實際上必須同時生產輕質和重質產品才能在該市場中競爭。如果無法從所有這些資源中獲取價值，就不可能在經濟上參與競爭。因此，坦白說，我們現在非常有信心繼續從第三方購買原料。

As it relates to your question on 10X and the capital investment there given the importance of this, the size of it we are focused on doing the right thing for our core customer, for our future customers, and from a return on invested capital perspective. And so, the reality is portions of that facility may grow or shrink over time when we get to sort of our final ultimate design.

關於您提出的 10 倍成長和資本投資的問題，鑑於其重要性和規模，我們專注於為我們的核心客戶、未來的客戶以及從投資回報率的角度來看做正確的事情。因此，現實情況是，當我們最終確定最終設計方案時，該設施的某些部分可能會隨著時間的推移而擴大或縮小。

What we have always done and will continue to do is provide guidance to you all on an annual basis, to allow you to sort of track our progress there. As we talked about this year being in the $500 million to $600 million range, that obviously reflects a pretty significant initial investment in bringing that facility online as quickly as we can.

我們一直以來都會，並且將來也會繼續，每年向大家提供指導，以便大家能夠追蹤我們在該領域的進展。正如我們之前討論的，今年的投資額將在 5 億至 6 億美元之間，這顯然反映了我們為盡快使該設施投入運營而進行的一筆相當大的初始投資。

Laurence Alexander, Jefferies.

勞倫斯‧亞歷山大，傑富瑞集團。

Just two quick ones. First, can you give an update on the progress on the Saudi JV and your bandwidth for a similar front JV potentially in either Europe or South America? Secondly, can you give an update on your approach to hiring formulation engineers and your strategy towards how many SKUs are you offering the customers? Or are you encouraging them to focus on a narrower number of SKUs?

就兩個簡單的問題。首先，您能否介紹一下沙烏地阿拉伯合資企業的進展情況，以及您是否有能力在歐洲或南美洲開展類似的合資計畫？其次，您能否介紹一下您在招募配方工程師方面的做法，以及您為客戶提供的 SKU 數量策略？或者，您鼓勵他們專注於數量較少的 SKU？

Sure. well, on Maaden, there’s really two tracks. as you know, we signed a binding term sheet late last year. we have to finalize formal documents, with our partner in that transaction, the Department of War, and then with Maaden to kind of do the aggregate JV. Obviously, all of the a lot of the final details need to be associated with our final estimation on the cost of the build, the process flow of the facility. There’s a number of pieces that we have to work on to get towards completion on that front. And of course, that means that the second work stream is from an operating standpoint. Michael and his team are working on the process flow, all aspects of how that facility will work.

當然。嗯，關於Maaden項目，實際上有兩個路要走。如你所知，我們去年底簽署了一份具有約束力的條款清單。我們必須先與該交易的合作夥伴——美國陸軍部——敲定正式文件，然後再與Maaden公司敲定，以成立合資企業。顯然，所有這些最終細節都需要與我們對建造成本的最終估算以及設施的流程連結。在這方面，我們還有很多工作要做才能完成。當然，這意味著第二個工作流程是從營運角度出發的。邁克爾和他的團隊正在研究工藝流程，以及該設施運作的各個方面。

And so, there’s sort of two main streams there. What I would tell you is obviously that is a that is gonna be a big exciting project, but it’s gonna take some time. I mean, we’re gonna make sure that that is built right, and we’re gonna do that cautiously and thoughtfully. We’ll do that methodically, I guess is the best way to say it, and we’re continuing to work on that.

因此，這裡大致上有兩大主流。我可以告訴你的是，這顯然會是一個令人興奮的大項目，但這需要一些時間。我的意思是，我們會確保它建造得正確，我們會謹慎周全地去做這件事。我們會按部就班地進行，我想這是最好的說法，而且我們正在繼續努力。

I think the next question was around South America or Europe. I mean, as you know, as an organization, we are opportunistic. If you look at five years ago today when roughly when we went public, when we were just a concentrate business, we didn’t even have an employee in our magnetics business. You fast-forward today, and you look at the scale, and the depth of our organization and what we’ve built. I think we can take on a lot of challenges, particularly because I think we are very execution-focused, but we’re we move quickly and aggressively.

我想下一個問題是關於南美洲還是歐洲的。我的意思是，如你所知，作為一個組織，我們是機會主義者。如果你回顧五年前的今天，大約是我們上市的時候，當時我們還只是一家濃縮物公司，我們的磁性材料業務甚至連一個員工都沒有。快進到今天，看看我們組織的規模和深度，以及我們所取得的成就。我認為我們可以應付很多挑戰，尤其是我認為我們非常注重執行，而且我們行動迅速、積極主動。

We’ll we will be opportunistic, and I think hopefully we’ll we’d never be in a position where we’d bite off more than we can chew. So I guess that’s a long-winded way of saying, sure, we’re gonna be opportunistic about lots of things. We certainly have a lot on our plate right now.

我們都會抓住機會，我希望我們永遠不會陷入自不量力的境地。所以我想，這其實是在拐彎抹角地說，當然，我們會在很多事情上抓住機會。我們現在確實有很多事情要處理。

I think you asked also about recruiting and engineers, and we’ve certainly built, a pretty extraordinary team in our magnetics business. That team is growing, getting that project done is is no small task. I’m obviously very focused on that. We have a whole team that we’ve built, since we signed that deal last July, and that’s really going that’s underway and going really well. You know, we’re focused on executing that.

我想你也問到了招募和工程師方面的問題，我們確實在磁性材料業務領域建立了一支非常優秀的團隊。團隊正在不斷壯大，完成這個專案絕非易事。我顯然非常專注於此。自去年七月簽署協議以來，我們已經組建了一支完整的團隊，而且這項工作正在順利進行中。你知道，我們正專注於執行這項任務。

I think the only thing I think on that, Laurence, is in your question about focusing on SKUs, I think what’s interesting is from a magnet formulation perspective, I think Jim made the point earlier, we’ve seen a really big push from customers, to really narrow their focus on heavy rare earth-free or extremely reduced magnet formulations. I think Jim also spoke about the progress that we’ve made there, even versus our initial formula for EV traction motors, as an example, being 60% lower than where we started out, which was already on the low end of sort of market norms.

勞倫斯，關於這一點，我唯一想說的是，在你提出的關於關注 SKU 的問題中，我認為有趣的是，從磁鐵配方的角度來看，我認為吉姆之前已經指出，我們看到客戶們非常積極地推動將注意力集中在不含重稀土或稀土含量極低的磁鐵配方上。我認為吉姆也談到了我們在那裡取得的進展，例如，即使與我們最初的電動車牽引馬達公式相比，現在的成本也降低了 60%，而我們最初的成本已經處於市場標準的較低水平。

I think what we’re also working through right now is I think fundamentally in the magnetics business, the only way to make the economics work in the early days is to have scale and to be able to build the quality and production quality processes that are necessary for a customer like an automaker. That’s what enables you to do all the rest and introduce the incremental industrial complexity of the various SKUs. I think the great thing is, with the base under us of sort of these very large customer agreements with a GM and an Apple, for example, 10X is designed to have a significant amount of incremental flexibility.

我認為我們現在也在努力解決的問題是，從根本上講，在磁性材料行業，早期實現經濟效益的唯一途徑是達到規模，並能夠建立像汽車製造商這樣的客戶所需的品質和生產品質流程。這使得你能夠完成所有其他工作，並引入各種 SKU 的漸進式工業複雜性。我認為最棒的是，在我們與通用汽車和蘋果等大型客戶達成協議的基礎下，10X 的設計具有相當大的增量彈性。

If you paid attention to our agreements that were filed with the Department of War they spoke to a variety of different magnet specifications and grades that we would agree to mutually. We’ve already done that with them, and we’ve basically opened up, I think, the vast majority of the market there and what’s in our development pipeline. We are absolutely building out the capability to take different formulations and different SKUs of various sizes and shapes as we approach 10X.

如果您仔細閱讀我們向美國陸軍部提交的協議，您會發現其中談到了我們雙方同意的各種不同的磁鐵規格和等級。我們已經和他們一起完成了這項工作，而且我認為，我們基本上已經打開了那裡的絕大部分市場，以及我們正在開發的項目。隨著我們邁向 10 倍增長，我們正在全力建立能力，以適應不同配方和不同 SKU 的各種尺寸和形狀。

Bill Peterson, JPMorgan.

比爾彼得森，摩根大通。

Congrats on the results and all the great information here. Question on, I guess, offtake and further offtake agreements. I guess you have the desire, or the bandwidth, or the capacity to support additional offtake agreements, or would this be limited by expansion such as Upstream 60K or having the 10X facility up and running? I think the question is also related to what Jim was discussing earlier about a clear focus of some of your customers on physical AI versus maybe auto, where the volumes could be much larger. Just any sense of how should we think about future offtake agreements?

恭喜你取得好成績，也感謝你分享這麼多有用的資訊。我想問的是，關於承購協議和後續承購協議的問題。我猜你們有意願、有頻寬、有能力支持額外的承購協議，或者這會受到諸如上游 60K 或 10X 設施投入運作等擴展的限制？我認為這個問題也與吉姆之前討論的內容有關，即你們的一些客戶明確關注的是物理人工智慧而不是汽車，而物理人工智慧的銷售可能要大得多。大家覺得我們該如何看待未來的承購協議呢？

Brian, yeah, why don’t you start on offtake and then I’ll --

布萊恩，是啊，你先開始拍，然後我…--

Sure, yeah. I think, Bill we continue to remain opportunistic. I think certainly if you think about the scale of demand from automakers, it’s almost 30% of magnet content today goes in the automotive supply chain, and nearly 100% of that today is coming out of China. Just the the slice of the pie there that is available as those customers look to diversify their supply chains, in today’s market is pretty exceptional.

當然，是的。我認為，比爾，我們仍然會保持機會主義的態度。我認為，如果你考慮到汽車製造商的需求規模，你會發現，如今近 30% 的磁鐵成分都用於汽車供應鏈，而其中近 100% 都來自中國。在當今市場上，隨著客戶尋求供應鏈多元化，可供利用的部分市場份額相當可觀。

I think to Jim’s point, what we are starting to see is a really accelerated focus from a variety of other users. I mean, various pieces of physical AI, whether it be robotics and sort of those types of applications, or frankly, a lot of items that go into data centers even are major magnet users. There’s a whole host of growth vectors within the segment right now that we are also focused on targeting. But we’ll continue to be opportunistic. I don’t know if Jim or Mike have anything else to add.

我認為正如 Jim 所說，我們開始看到的是其他各種用戶也開始真正加快關注的步伐。我的意思是，各種物理人工智慧，無論是機器人還是這類應用，坦白說，許多進入資料中心的設備都是主要的磁鐵用戶。目前該領域內有許多成長點，我們也正集中精力關注這些成長點。但我們會繼續伺機而動。我不知道吉姆或麥克是否還有什麼要補充的。

I think just add that, our upstream business hopefully approaching 6,000 tons per annum by the end of this year versus our magnet demand immediately leaves room for additional offtake demand. In addition, as we increase third-party feedstocks and recycling, that could provide additional material to continue to broad into the market.

我認為應該補充一點，到今年年底，我們上游業務預計將接近每年 6000 噸，而我們的磁鐵需求量立即超過了這一水平，這為額外的承購需求留下了空間。此外，隨著第三方原料和回收的增加，這可以為繼續擴大市場提供更多材料。

All right, thanks for that. I guess the second question is, can you provide us an update on the magnet qualification at your lead auto customer, as well as the comments, Michael, you made about the troubleshoot ramp. I’d like to double-click on that. Is there anything to call out there in terms of focus on yield or throughputs or -- I think the technical performance is fine, but just is there anything else you can kind of speak to on that on the magnet ramp?

好的，謝謝。我想第二個問題是，您能否向我們提供您主要汽車客戶的磁鐵認證的最新情況，以及邁克爾，您之前對故障排除斜坡的評論。我想雙擊它。就良率或吞吐量而言，有什麼需要特別指出的嗎？ ——我認為技術性能沒問題，但關於磁鐵升溫方面，您還有什麼可以補充的嗎？

I’ll start with the latter part. I’ll let Brian handle the PPAP. On the magnet ramp, I think stepping back, thinking about where we were several years ago, I couldn’t be more proud and I also couldn’t be more optimistic that our team will be able to tackle this challenge. We know that starting a new facility is challenging, but the challenges we’ve achieved or overcome so far relative to what we have to do now, I think it’s just a focus on execution. And that’s what we’ve done at Mountain Pass focus on quality and focus on execution for the customer, and over time, build the volume. We’ll continue to play that playbook out.

我先從後半部開始。我會讓布萊恩處理PPAP事宜。站在磁力斜坡上，回想起幾年前我們身處何地，我感到無比自豪，也無比樂觀地認為我們的團隊能夠應付這項挑戰。我們知道，開設新工廠充滿挑戰，但與我們現在要做的事情相比，我們迄今為止所取得的成就或克服的挑戰，我認為只是需要專注於執行。這就是我們在 Mountain Pass 所做的：專注於質量，專注於為客戶提供服務，並隨著時間的推移，逐步擴大規模。我們將繼續執行這套策略。

Yeah. On PPAP, Bill as I said earlier, kind of zooming out, one of the reasons we wanted to start with an automotive customer was our desire to produce magnets at the outset that could withstand some of the highest quality standards that are required for things like EV motors. PPAP is obviously a fairly extensive process. It audits not only the product quality, but also the manufacturing processes themselves. You have to demonstrate different run at rate scenarios, et cetera. And so frankly, going through that process will continue as we launch a facility, will hone our processes and capabilities, and it’s gonna put us in a position to accelerate and bring customers like Apple on even more quickly.

是的。關於 PPAP，比爾，正如我之前所說，從宏觀角度來看，我們想從汽車客戶入手的原因之一是，我們希望從一開始就生產出能夠承受電動汽車電機等產品所需最高質量標準的磁鐵。PPAP顯然是一個相當複雜的過程。它不僅審核產品質量，也審核生產過程本身。你需要展示不同的運行速率場景等等。坦白說，隨著我們工廠的落成，這個過程還將繼續，這將完善我們的流程和能力，這將使我們能夠更快地吸引像蘋果這樣的客戶。

We are just beginning that process. But given our significant engagement from day one in building this plant in partnership with GM, we believe it’ll be a relatively accelerated process compared to sort of a typical auto supplier qualification. That’s what informs our guidance and view of back half of the year for sellable magnets.

我們才剛開始這個過程。但鑑於我們從一開始就與通用汽車合作，積極參與該工廠的建設，我們相信，與典型的汽車供應商資格認證相比，這將是一個相對快速的過程。這就是我們對下半年可售磁鐵的指導和展望的依據。

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

今天的電話會議問答環節到此結束。現在我將把電話交還給利廷斯基先生，請他作總結發言。

Thank you. Well, thank you, everyone. It was a pretty outstanding quarter to a transformational incredible year of 2025, and '26 is off to a great start. We will get back to work and see you all soon.

謝謝。謝謝大家。2025 年是充滿改變和奇蹟的一年，而 2026 年也開局良好。我們會盡快恢復工作，很快就能見到大家了。