MP Materials Corp. (MP) 2026 Q3 法說會逐字稿

Hello, and welcome to the MP Materials third quarter 2026 earnings call. (Operator Instructions) Also, as a reminder, this conference is being recorded. If you have any objections, please disconnect at this time.

您好，歡迎參加 MP Materials 2026 年第三季財報電話會議。（接線員指示）另外提醒，本次會議將被錄音。如您有任何異議，請於此時中斷連線。

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，我想把電話會議交給投資人關係主管 Martin Sheehan。Sheehan 先生，您可以開始了。

Thank you, operator, and good afternoon, everyone. Welcome to the MP Materials third quarter 2026 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，各位下午好。歡迎參加 MP Materials 2026 年第三季財報電話會議。今天與我一同出席的 MP Materials 團隊成員包括：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.

提醒各位，今天的討論將包含前瞻性陳述，涉及未來事件與預期，並受各種假設與限制條件影響。可能導致公司實際結果與這些陳述存在重大差異的因素，已載於今日簡報、財報新聞稿以及我們向 SEC 提交的文件中。

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 to EBITDA means adjusted EBITDA, and tons means metric tons. Finally, the earnings release and slide presentation are available on our website.

此外，我們在本次簡報中納入了一些非 GAAP 財務衡量指標。與最直接可比的 GAAP 財務衡量指標之調節表，可於今日財報新聞稿及今日投影片簡報的附錄中查閱。我們討論中任何提及 EBITDA 皆指調整後 EBITDA，而「tons」皆指公噸。最後，財報新聞稿與投影片簡報已公布於我們的網站。

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

接下來，我把電話會議交給 Jim。Jim？

Thank you, Martin. Good afternoon, everyone. MP delivered another strong quarter across the business with continued growth in NdPr production and sales volumes and solid execution on several important strategic initiatives.

謝謝你，Martin。各位下午好。MP 在本季於各項業務再度交出強勁表現，NdPr 產量與銷售量持續成長，並在多項重要策略性計畫上穩健執行。

In our materials segment, third quarter NdPr production increased 41% year-over-year to 1,018 metric tons, in line with the outlook we provided in August. Demand for our product remains very strong, with NdPr sales volumes reaching 1,020 metric tons, up 94% year-over-year.

在材料事業部方面，第三季 NdPr 產量年增 41% 至 1,018 公噸，符合我們 8 月提供的展望。我們產品需求仍然非常強勁，NdPr 銷售量達到 1,020 公噸，年增 94%。

Michael and the team also made strong progress on our heavy rare earth separation circuit during the quarter. I am pleased to say that the commercial scale production of dysprosium and terbium will begin this quarter, Q4. This will support our heavy rare earth needs for EV traction motor magnets produced at Independence.

Michael 與團隊在本季也在重稀土分離迴路方面取得重大進展。我很高興地宣布，鏑與鋱的商業規模量產將於本季第四季（Q4）開始。這將支援我們在 Independence 生產之電動車牽引馬達磁鐵所需的重稀土需求。

We also benefited from the strategic value of the inventory we have built through our separation operations. Since we began commercial scale light rare earth separation a couple years ago, we have stockpiled the heavy rare earth fraction of our production while developing our heavy rare earth separation capabilities. We often refer to this fraction as SEG+.

我們也受惠於透過分離作業所建立之庫存的策略價值。自我們在數年前開始商業規模的輕稀土分離以來，我們在開發重稀土分離能力的同時，已將產出中的重稀土餾分進行囤積。我們常將此餾分稱為 SEG+。

Amid geopolitically driven supply constraints, particularly in heavy rare earths, we sold a modest portion of our SEG+ inventory to support an important strategic customer. The sale generated attractive economics, and we retained several hundred tons of feedstock to support our own future production. Altogether, we generated $141.6 million of revenue and PPA income and $47.8 million of adjusted EBITDA for the materials segment in the quarter.

在地緣政治驅動的供應受限情況下，尤其是重稀土方面，我們出售了少量 SEG+ 庫存，以支援一位重要的策略性客戶。該筆出售帶來具吸引力的經濟效益，同時我們仍保留數百公噸原料以支援自身未來生產。整體而言，本季材料事業部創造了 1.416 億美元的營收與 PPA 收入，以及 4,780 萬美元的調整後 EBITDA。

In our magnetics segment, we have completed qualification and will begin shipping saleable magnets to GM this quarter. Ryan will provide additional detail on what to expect over the next several quarters, but I want to recognize our incredible magnetics team. We built this business from scratch, and I believe we are on our way to becoming the most advanced, most profitable, and best scaled magnetics platform in the world. 10X remains on schedule for commissioning in late 2028.

在磁材事業部方面，我們已完成資格認證，並將於本季開始向 GM 出貨可銷售的磁鐵。Ryan 會就未來幾季的展望提供更多細節，但我想特別肯定我們卓越的磁材團隊。我們從零開始打造這項業務，我相信我們正走在成為全球最先進、最具獲利能力且規模化最佳的磁材平台之路上。10X 仍按計畫於 2028 年底進行試車投產（commissioning）。

As we work to ramp up magnet deliveries to GM and expand Independence to begin deliveries to Apple in 2027, we continue to improve our production processes from precursor products all the way through finished magnets. We are still in the early stages of our ramp and expansion, but we are already generating solid financial results. This quarter was another good one, with segment revenue of $18.6 million and adjusted EBITDA of $5.3 million.

在我們努力提升對 GM 的磁鐵交付量，並擴建 Independence 以於 2027 年開始對 Apple 交付之際，我們持續改善從前驅產品到成品磁鐵的整體生產流程。我們仍處於爬坡與擴產的早期階段，但已開始產生穩健的財務成果。本季再度表現良好，事業部營收為 1,860 萬美元，調整後 EBITDA 為 530 萬美元。

With that, I'll turn the call over to Ryan to walk through our financial results, and then Michael will provide additional details on our operations. Ryan?

接下來，我把電話會議交給 Ryan，請他說明我們的財務結果，之後 Michael 會補充營運細節。Ryan？

Thank you, Jim. Consolidated revenue plus PPA income totaled $155.8 million in the quarter, an increase of 23.6% sequentially, reflecting strong operating performance across the business. The year-over-year improvement was broad-based, driven by a nearly doubling of NdPr sales volumes, higher realized market prices, a one-time SEG+ sale, and the addition of PPA income, which, as you'll recall, we began earning in the fourth quarter of 2025.

謝謝你，Jim。本季合併營收加上 PPA 收入合計 1.558 億美元，較前一季增加 23.6%，反映公司各項業務皆有強勁的營運表現。年增改善涵蓋面廣，主要由 NdPr 銷售量幾乎倍增、實現的市場價格較高、一次性的 SEG+ 出售，以及新增的 PPA 收入所帶動；各位應記得，我們自 2025 年第四季開始取得 PPA 收入。

The combination of higher revenue and PPA income drove a $53.7 million year-over-year improvement in adjusted EBITDA. Finally, our substantial improvement in adjusted EBITDA, both sequentially and year over year, flowed through to meaningful improvements in adjusted diluted EPS compares.

較高的營收與 PPA 收入的組合，帶動調整後 EBITDA 年增改善 5,370 萬美元。最後，我們調整後 EBITDA 的大幅改善（無論是較前一季或較去年同期）也反映在調整後稀釋每股盈餘（EPS）比較數的顯著改善上。

Looking ahead to the fourth quarter, we expect the strong operating performance in our materials segment to continue. NdPr oxide volumes and realized prices are expected to remain broadly consistent with Q3, at approximately 1,000 metric tons and $100 per kilogram, respectively. At that level of realized pricing and with our expected product mix, we expect to earn approximately $8 per kilogram of PPA income on sold NdPr. Similar to Q3, we do not expect to recognize any PPA income associated with NdPr contained in stockpiled concentrate.

展望第四季，我們預期材料事業部的強勁營運表現將持續。NdPr 氧化物出貨量與實現價格預期將大致與第三季一致，分別約為 1,000 公噸與每公斤 100 美元。在該實現價格水準及我們預期的產品組合下，我們預期在已售 NdPr 上每公斤可取得約 8 美元的 PPA 收入。與第三季類似，我們不預期認列任何與囤積精礦中所含 NdPr 相關的 PPA 收入。

Looking forward to 2027, we expect to continue to see leverage in our cost structure as production volumes of NdPr increase and cost optimization projects bear fruit. We may see some lumpiness during the startup of Chlor-Alkali early in the year. We ultimately remain very confident in our ability to see strong progress in reducing our cost per NdPr kilogram produced, particularly in the back half of the year, as operations across heavy rare earth separation and Chlor-Alkali stabilize.

展望 2027 年，隨著 NdPr 產量增加以及成本優化專案逐步見效，我們預期成本結構將持續展現規模效益。年初氯鹼（Chlor-Alkali）裝置啟動期間可能會出現一些波動。整體而言，我們仍對降低每公斤 NdPr 產出成本的能力非常有信心，尤其是在下半年，當重稀土分離與氯鹼作業趨於穩定後，我們預期將看到顯著進展。

Switching to magnetics. At the end of the third quarter, we had approximately $28 million of deferred revenue remaining related to magnetic precursor products. We expect to recognize that revenue over the next several quarters at a declining rate as we work down the remaining balance and ramp up magnet production.

接著談磁材業務。第三季末，我們與磁性前驅產品相關的遞延收入餘額約為 2,800 萬美元。我們預期在未來幾季以逐季下降的速度認列該收入，因為我們將逐步消化剩餘餘額並提升磁鐵產量。

I will also note the lumpiness in margins we flagged last quarter. This is driven primarily by the transition from precursor production to the initial ramp of magnet production, while we also invest significantly in our team, capabilities, R&D, and startup operations to position the business for strong future growth.

我也要再次提到我們上季提示的毛利率波動。這主要是由於我們正從前驅產品生產轉換至磁鐵生產的初期爬坡，同時我們也在團隊、能力、研發以及啟動營運上進行大量投資，以使業務具備未來強勁成長的條件。

As part of that transition, a growing share of our manufacturing costs, particularly depreciation, is now allocated to magnet production rather than solely to precursor products. Because of how our precursor contracts are priced, this reduces precursor revenue in the near term. Ultimately, these costs will earn an attractive margin within our magnet products as magnet sales ramp.

作為該轉換的一部分，我們製造成本中愈來愈高的比例，特別是折舊，現在被分攤至磁鐵生產，而不再僅分攤至前驅產品。由於我們前驅產品合約的定價方式，這會在短期內降低前驅產品營收。最終，隨著磁鐵銷售爬坡，這些成本將在磁鐵產品中帶來具吸引力的利潤率。

On that ramp, we remain in the very early stages of production scale-up, so magnet sales are likely to be lumpy quarter-to-quarter. In addition to a measured scale-up of production volumes, magnet revenues will ultimately be dictated by a deliberate phase-in by our foundational customer. As is typical in automotive supply transitions, they will work through existing supply and incorporate our magnets into specific programs and plants over time.

就爬坡而言，我們仍處於產能擴張的非常早期階段，因此磁鐵銷售在各季之間可能會呈現不均勻波動。除了審慎提升產量之外，磁鐵營收最終也將取決於我們基礎客戶的有計畫導入節奏。如同汽車供應轉換的常態，他們將逐步消化既有供應，並隨時間將我們的磁鐵導入特定車款專案與工廠。

As with any complex manufacturing ramp, progress is unlikely to be perfectly linear as we increase throughput, extend production runs, and optimize the process. We therefore expect magnet volumes to build gradually, starting quite modestly over the next couple of quarters before increasing in the back half of 2027, when we also expect production for Apple to begin contributing.

如同任何複雜製造的爬坡過程，當我們提高產出、延長生產批次並優化製程時，進展不太可能完全線性。因此，我們預期磁鐵出貨量將逐步建立，未來一到兩季起步相當有限，之後在 2027 年下半年加速成長，屆時我們也預期為 Apple 的生產將開始帶來貢獻。

Putting this together, while we expect magnet sales to generate positive adjusted EBITDA from the outset, we expect the overall adjusted EBITDA contribution from magnetics to continue to be modest in 2027, particularly in the first half, as declining precursor revenue offsets the early ramp in magnet sales. We expect the full earnings power of the segment to become visible in 2028.

綜合以上，雖然我們預期磁鐵銷售自一開始就能帶來正向的調整後 EBITDA，但我們預期 2027 年磁材事業部對整體調整後 EBITDA 的貢獻仍將偏溫和，尤其在上半年，因前驅產品營收下降將抵銷磁鐵銷售初期爬坡。我們預期該事業部的完整獲利能力將在 2028 年變得清晰可見。

Moving on to the balance sheet and cash flow. Year-to-date capital expenditures totaled $413.8 million across the business. Approximately 60% of that spend was related to magnetics, primarily for construction of 10X and the associated land purchase. We continue to expect full-year capital expenditures of $500 million to $600 million.

接著談資產負債表與現金流。今年截至目前為止，全公司資本支出合計 4.138 億美元。其中約 60% 與磁材業務相關，主要用於 10X 的建設及相關土地購置。我們仍預期全年資本支出為 5 億至 6 億美元。

In addition, during the quarter, we earned another $8 million of prepayments from Apple as we continue to progress towards start of production for them next year. We expect to earn an additional $120 million in prepayments over the next one to two years as we achieve various magnet and recycling-related milestones. Finally, we ended the quarter with a strong liquidity position of $1.34 billion in cash equivalents, and short-term investments on the balance sheet.

此外，本季我們又自 Apple 取得 800 萬美元的預付款，因我們持續推進並朝向明年為其開始量產的目標邁進。我們預期在未來一到兩年內，隨著達成各項磁鐵與回收相關里程碑，將再取得額外 1.2 億美元的預付款。最後，本季結束時，我們在資產負債表上的現金等價物與短期投資合計流動性部位強勁，達 13.4 億美元。

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

那麼，讓我把時間交給 Michael。Michael？

Thanks, Ryan. Operationally, it was another solid quarter for both the materials and magnetics divisions as we increased production while advancing a number of initiatives designed to improve efficiency, expand capabilities, and support future growth.

謝謝你，Ryan。就營運而言，材料事業部與磁材事業部本季再度交出穩健成績；我們在提升產量的同時，也推進多項旨在提升效率、擴充能力並支援未來成長的計畫。

At Mountain Pass, results were generally in line with our expectations. In our upstream operations, concentrate production remained strong despite ongoing pilot testing, investments in future growth and optimization, and efforts to better utilize the reserve base. Encouragingly, these initiatives are demonstrating the potential to unlock further improvements in operational efficiency and flexibility while sustaining strong production performance.

在 Mountain Pass，整體結果大致符合我們的預期。在上游營運方面，儘管仍在進行試點測試、投入未來成長與最佳化，以及致力於更有效利用儲量基礎，精礦產量仍維持強勁。令人鼓舞的是，這些舉措正展現出在維持強勁產出表現的同時，進一步釋放營運效率與彈性改善潛力。

In our midstream operations, performance continued to improve. We delivered our highest quarterly NdPr oxide production to date, in line with our outlook. For portions of the third quarter, we operated at a production rate of over 450 tons per month, providing further confidence in our long-term production objectives.

在中游營運方面，表現持續改善。我們交付了迄今為止最高的單季 NdPr 氧化物產量，符合我們的展望。在第三季的部分期間，我們以每月超過 450 噸的產率運轉，進一步提升我們對長期產量目標的信心。

Most circuits are performing quite well, and we are seeing the benefits of the equipment upgrades and process enhancements discussed last quarter. During the period, a small number of circuits experienced unplanned maintenance activities and equipment-related interruptions associated with the introduction of new capabilities.

多數迴路運作良好，我們也看見上季所提及的設備升級與製程強化所帶來的效益。期間內，少數迴路因導入新能力而出現非計畫性維護活動，以及與設備相關的中斷。

As previously indicated, addressing the remaining reliability constraints will be an iterative process over the next several quarters as we add redundancy and implement targeted debottlenecking efforts. Despite these occasional disruptions, overall throughput, reliability, and operating consistency continue to trend in the right direction.

如先前所述，解決剩餘的可靠性限制，將是在未來數季透過增加備援並實施具針對性的去瓶頸措施所進行的反覆迭代流程。儘管偶有干擾，整體吞吐量、可靠性與運轉一致性仍持續朝正確方向改善。

Our midstream expansion initiatives also made important progress during the quarter. Most notably, we began operations in our first heavy rare earth separation circuits designed to separate terbium and dysprosium from the broader medium and heavy rare earth stream. We are pleased with the startup to date, with both process and equipment performance meeting expectations.

我們的中游擴產計畫在本季也取得重要進展。最值得一提的是，我們啟動了第一套重稀土分離迴路，旨在將鋱（terbium）與鏑（dysprosium）自更廣泛的中、重稀土物流中分離出來。我們對目前的啟動情況感到滿意，製程與設備表現皆符合預期。

Commissioning has progressed largely as planned, benefiting from the experience the team has accumulated through years of operating and optimizing our light rare earth separation facilities. Since separation circuits are susceptible to unexpected operating challenges and minor upsets can have multi-week impacts, the team has approached the startup deliberately and methodically. But we have navigated these risks very well and remain on track to begin on-spec production of finished terbium and dysprosium in short order.

試車（commissioning）進度大致依計畫推進，並受益於團隊多年來在輕稀土分離設施的操作與最佳化所累積的經驗。由於分離迴路容易遭遇非預期的操作挑戰，且小幅異常可能造成數週影響，團隊以審慎且有條不紊的方式推進啟動。但我們已非常妥善地因應這些風險，並仍按計畫在短期內開始生產符合規格的成品鋱與鏑。

As a reminder, this circuit is primarily intended to support our downstream magnetics division and its strategic customers. As we progress towards full production, our focus remains on establishing sustainable production and ensuring product quality. The commissioning of terbium and dysprosium separation capability is also producing two high-purity intermediate streams that we have the option and ability to precipitate and finish. These are SEG, samarium, europium, and gadolinium, as well as a mixture of yttrium and holmium to lutetium.

提醒一下，該迴路主要用於支援我們下游磁材事業部及其策略客戶。隨著我們朝全面量產邁進，重點仍在建立可持續的生產並確保產品品質。鋱與鏑分離能力的試車也產出兩股高純度中間物流，我們可選擇且具備能力將其沉澱並精製完成。這些包括 SEG（釤、銪、釓），以及釔與鈥至鑥的混合物。

Given the supply chain challenges currently impacting the marketplace, both products are attracting significant customer interest. We are eager to capitalize on these opportunities, particularly because doing so allows us to support the near-term requirements of our strategic long-term customers while benefiting from a uniquely favorable market environment for these materials. To support the startup and accelerate near-term production of our medium and heavy earths, we also began a process to prudently reintroduce our SEG+ inventory back into the system.

鑑於目前市場正受供應鏈挑戰影響，這兩項產品正吸引大量客戶關注。我們希望把握這些機會，特別是因為這能讓我們在受惠於這些材料罕見有利的市場環境之際，同時支援策略性長期客戶的短期需求。為支援啟動並加速中、重稀土的近期產出，我們也開始一項流程，審慎地將我們的 SEG+ 庫存重新導入系統。

Our broader heavy rare earth expansion strategy continues to advance as well. Samarium and gadolinium projects remain on track for first production in the first half of 2028, processing feed from the SEG intermediate stream referenced above. While current market conditions for a number of medium and heavy rare earth products are unusually strong, we do not believe today's elevated prices will persist indefinitely.

我們更廣泛的重稀土擴張策略也持續推進。釤與釓專案仍按計畫在 2028 年上半年首次投產，並將處理上述 SEG 中間物流的進料。儘管目前多項中、重稀土產品的市場狀況異常強勁，我們不認為當前的高價會無限期持續。

Many of these remain relatively small markets that have been significantly affected by export restrictions and artificial supply constraints. Nevertheless, we see compelling opportunities to create value through targeted investments, commercial partnerships, and long-term offtake arrangements that support the development of a broader market.

其中許多仍屬相對小型的市場，且已受到出口限制與人為供給約束的顯著影響。即便如此，我們仍看見透過具針對性的投資、商業合作夥伴關係，以及支持更廣泛市場發展的長期包銷（offtake）安排來創造價值的重大機會。

The gadolinium agreement we announced last quarter is an example of the type of opportunity we are pursuing. Attractive project economics, combined with the ability to bring additional supply to market in relatively short order.

我們上季宣布的釓協議，就是我們正在追求的機會類型之一。其具吸引力的專案經濟性，加上能在相對短時間內將額外供給導入市場的能力。

Importantly, we believe these added capabilities will improve our ability to secure and process third-party feedstocks and increase production volumes over time. The successful startup of our terbium and dysprosium circuits further strengthens our confidence in pursuing those opportunities.

重要的是，我們相信這些新增能力將提升我們取得並處理第三方原料（feedstocks）的能力，並隨時間推進提高產量。我們成功啟動鋱與鏑迴路，也進一步強化我們追求這些機會的信心。

Elsewhere at Mountain Pass, progress continued across several initiatives. Early in Q4, we successfully and safely completed our scheduled maintenance outage, largely on schedule. As always, the approximately 10 to 14 days required for de-inventorying, maintenance activities, and re-inventorying will impact sequential comparisons. However, we expect improvements in sustained production rates and relatively stable year-over-year growth in total NdPr oxide production during Q4.

在 Mountain Pass 的其他方面，多項計畫也持續推進。第四季初，我們成功且安全地完成排定的維修停機，整體大致如期。如同以往，去庫存、維修作業與回補庫存所需約 10 至 14 天，將影響前後期比較。然而，我們預期第四季的持續產率將有所改善，且 NdPr 氧化物總產量可望維持相對穩定的年對年成長。

Turning to our magnetics division, teams at Independence made substantial progress technically, operationally, and commercially, culminating in what I believe was a transformative quarter for the business. Attention during the period was focused on increasing strip-cast alloy production, expanding throughput across powder processing operations, significantly increasing machining, bonding, and finishing capabilities and capacity, and achieving higher magnetic performance from existing chemistries.

接著談我們的磁材事業部，Independence 團隊在技術、營運與商業面均取得重大進展，最終我認為這是對該業務具有轉型意義的一季。本期間的重點在於提升帶鑄合金（strip-cast alloy）產量、擴大粉末製程作業的吞吐量、大幅提升加工、黏結與精整能力與產能，並在既有化學配方下達成更高的磁性能。

As expected, our focus is increasingly shifting from demonstrating production capability and advancing through the qualification process to ramping volumes and improving efficiency. Now that we have established the ability to produce qualified saleable magnets at scale, we are accelerating efforts around material handling, process optimization, and automation. Over time, these initiatives will drive increased throughput, improved operating leverage, and the extraction of additional value from the manufacturing platform.

如預期，我們的重心正逐步從證明生產能力並推進認證流程，轉向放量爬坡與提升效率。既然我們已建立以規模化方式生產通過認證且可銷售磁鐵的能力，我們正加速在物料搬運、製程最佳化與自動化方面的工作。隨著時間推進，這些舉措將帶動更高吞吐量、更佳營運槓桿，並從製造平台中萃取更多價值。

We also continue to invest heavily in expanding our technical capabilities. In support of our Apple partnership, 10X, and broader market opportunities, our engineering teams are expanding the portfolio of magnet grades and specifications on our product roadmap. Consistent with what we have discussed in prior quarters, reducing heavy rare earth utilization remains a central focus. Through further advancements in our approach to grain boundary diffusion, improved process control, and ongoing materials innovation, we expect to further reduce heavy rare earth intensity across our product portfolio while maintaining performance requirements. We remain encouraged by the progress.

我們也持續大幅投資以擴充技術能力。為支援我們與 Apple 的合作、10X 以及更廣泛的市場機會，我們的工程團隊正在擴展產品藍圖上的磁材等級與規格組合。與我們在前幾季所討論一致，降低重稀土用量仍是核心重點。透過在晶界擴散（grain boundary diffusion）方法上的進一步進展、更佳的製程控制，以及持續的材料創新，我們預期能在維持性能要求的同時，進一步降低整體產品組合中的重稀土強度。我們對進展仍感到鼓舞。

Finally, development of 10X remains on schedule. Learnings from both Independence and Mountain Pass, together with the hard-earned experience gained executing large-scale projects across the company for much of our history, are being incorporated into detailed engineering and commissioning plans.

最後，10X 的開發仍按進度推進。來自 Independence 與 Mountain Pass 的學習成果，加上公司在多年歷史中執行大型專案所累積的寶貴經驗，正被納入更細緻的工程與試車計畫之中。

Stepping back, this was another solid quarter across the business. From continued progress in our materials division to important milestones in magnetics, we are seeing the benefit of years of investment, operational learning, and technical development increasingly compounding across the platform. That gives me confidence not only in our ability to finish 2026 strongly, but also in the opportunities ahead as we expand our capabilities, grow production, and execute against our long-term objectives.

回頭看，這又是公司整體表現穩健的一季。從材料事業部的持續進展到磁材事業部的重要里程碑，我們正看見多年投資、營運學習與技術開發的效益在整個平台上日益疊加。這讓我不僅對我們在 2026 年強勢收官的能力有信心，也對未來在擴充能力、提升產量並落實長期目標時所面臨的機會充滿信心。

With that, I'll hand it back to Jim.

那麼，我把時間交回給 Jim。

Thanks, Michael. This was another outstanding quarter of execution. I am very proud of the MP team. The progress you hear about each quarter reflects years of difficult work. On our August call, before the recent market stress, I questioned whether the enormous sums flowing into computing infrastructure would earn attractive returns. At the same time, I emphasized that the transformational economic opportunity would emerge as intelligence moved into the physical economy.

謝謝你，Michael。這又是一個執行表現出色的季度。我為 MP 團隊感到非常自豪。你們每季所聽到的進展，反映的是多年艱辛的努力。在我們 8 月的電話會議上、在近期市場壓力出現之前，我曾質疑大量資金流入運算基礎設施是否能帶來具吸引力的回報。同時，我也強調，當智慧進入實體經濟時，將出現具變革性的經濟機會。

I believe we are living through a second Gilded Age. Like the first, it combines extraordinary technological progress with enormous capital formation, considerable financial speculation, and anxiety about the distribution of wealth and the future of work. The railroads transformed America even as many of the companies behind them went bankrupt. Being right about the future then did not guarantee a return.

我相信我們正身處第二個「鍍金時代」。如同第一個鍍金時代，它結合了非凡的技術進步、巨大的資本形成、相當程度的金融投機，以及對財富分配與未來工作型態的焦慮。鐵路改造了美國，即便許多背後的公司最終破產。當時對未來的判斷正確，並不保證能獲得回報。

The financing stress emerging in computing infrastructure is a reminder of that distinction. Demand can grow spectacularly while the economics disappoint. Capital still has a cost, and investors need both a return on it and a return of it. But even as capital markets grow more volatile, the building blocks of the next industrial era are coming into view. Superintelligence is moving into the physical economy. Robots need motors, these motors need high-performance magnets, and those magnets require an industrial supply chain that takes years to build.

運算基礎設施中浮現的融資壓力，提醒了這種差異。需求可以爆發式成長，但經濟性卻可能令人失望。資本仍有成本，投資人既需要資本的回報，也需要本金的回收。但即便資本市場波動加劇，下一個工業時代的基石正逐漸清晰。超級智慧正進入實體經濟。機器人需要馬達，馬達需要高性能磁鐵，而這些磁鐵需要一條需要多年才能建立的工業供應鏈。

President Trump's recent proclamation on robotics and industrial machinery, together with the FCC's restrictions on foreign-produced advanced robotics devices, underscores the national security importance of these supply chains. In the competition with China, American leadership will require American production, from the robots themselves to the magnets that make them move.

川普總統近期就機器人與工業機械發布的公告，以及 FCC 對外國生產之先進機器人裝置的限制，凸顯了這些供應鏈在國家安全上的重要性。在與中國的競爭中，美國的領導地位將需要美國本土生產——從機器人本體到讓它們運動的磁鐵。

For context, the global NdFeB magnet market is roughly 250,000 metric tons a year, with well over 90% of production concentrated in China. Precise requirements depend on final design, but at three to five kilograms of magnets per humanoid, annual production of 50 million robots would create additional demand equivalent to most or all of today's global market.

作為背景，全球 NdFeB（釹鐵硼）磁鐵市場每年約 250,000 公噸，且超過 90% 的產量集中在中國。精確需求取決於最終設計，但若以每台人形機器人使用 3 至 5 公斤磁鐵估算，年產 5,000 萬台機器人將新增相當於當今全球市場大部分甚至全部的額外需求。

That demand would come on top of cars, electronics, factory automation, drones, data centers, and defense systems that are already depending on these magnets. A single manufacturer hoping to produce just 1 million humanoids per year without relying on China would need magnet volume equivalent to roughly 40% to 70% of 10X's planned annual capacity. And those existing markets will continue to grow. China is competing to win across all of them, and especially in robotics, where its own downstream manufacturers have global ambitions.

這些需求將疊加在汽車、電子產品、工廠自動化、無人機、資料中心以及國防系統等既有領域之上，而這些領域已經仰賴這些磁鐵。若單一製造商希望在不依賴中國的情況下，每年僅生產 100 萬台人形機器人，所需磁鐵用量將相當於 10X 規劃年產能的大約 40% 至 70%。而這些既有市場仍將持續成長。中國正競逐在所有這些領域勝出，尤其是在機器人領域，其自身下游製造商也具備全球化雄心。

Consider the capital being committed to this opportunity. Venture investors, major technology companies, and Chinese competitors are investing billions. Private robotics valuations already reach into the tens of billions of dollars. Those valuations reflect bets on which companies will capture a share of a potentially multi-trillion dollar market. The timing and the ultimate winners remain uncertain, and near-term expectations may very well disappoint. But put that capital alongside the supply-demand math and the competition with China, and one takeaway becomes clear.

請想想投入到這個機會的資本規模。創投投資人、大型科技公司以及中國競爭對手正投入數十億美元。民營機器人公司的估值已經達到數百億美元等級。這些估值反映的是：押注哪些公司能在一個潛在的數兆美元市場中取得份額。時點與最終贏家仍不確定，短期預期也很可能令人失望。但把這些資本投入與供需數學、以及與中國的競爭放在一起看，有一個結論就很清楚。

If you believe physical intelligence will transform the world, access to the MP platform could determine which companies get to compete in this multi-trillion dollar opportunity. I am not exactly sure what that is worth, but I believe our current valuation materially understates it.

如果你相信「實體智慧」將改變世界，那麼取得 MP 平台的使用權，可能將決定哪些公司有資格在這個數兆美元級的機會中參與競爭。我不完全確定那究竟值多少，但我相信我們目前的估值在實質上低估了它。

That does not mean that every rare earth or magnetics business will succeed. To the contrary, I expect a very difficult year ahead for parts of the industry. Some projects will stall, some businesses will fail because of capital constraints, inadequate feedstock, flawed M&A, or some combination of the three. A compelling demand forecast cannot rescue poor assets or substitute for sound execution and strategy.

這並不代表每一家稀土或磁性材料企業都會成功。相反地，我預期產業中的部分領域在未來一年將非常艱難。有些專案會停滯，有些企業會因資本受限、原料供應不足、併購（M&A）失誤，或三者的某種組合而失敗。再吸引人的需求預測，也救不了劣質資產，或取代健全的執行與策略。

Our growth is supported by contracted cash flows, committed customers, and long-term partnerships across industry and government. That foundation allows us to pursue the robotics opportunity patiently. We do not need the most aggressive forecast to materialize to build an exceptional business. As we deliver on the commitments we have already made, we are building the best and most vertically integrated magnetics company in the world.

我們的成長由已簽約的現金流、已承諾的客戶，以及橫跨產業與政府的長期合作夥伴關係所支撐。這個基礎讓我們能以耐心來把握機器人機會。我們不需要最激進的預測成真，也能打造一家卓越的企業。隨著我們履行既有承諾，我們正在打造全球最佳、且垂直整合程度最高的磁性材料公司。

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

接下來，我們開放提問。接線員？

(Operator Instructions)

（接線員指示）

Brian Lee, Goldman Sachs & Co.

Brian Lee，高盛（Goldman Sachs & Co.）。

Appreciate all the overview on some of the medium to longer term opportunities, Jim. Curious on the maybe near to medium-term opportunity as it stands for you guys on NdPr magnets for the automotive market, particularly GM, your anchor customer.

Jim，感謝你對一些中長期機會的整體說明。我想請教一下，就你們目前的情況而言，較近到中期在汽車市場的 NdPr 磁鐵機會如何，特別是你們的核心客戶 GM。

Can you just give us a sense of the general demand backdrop for NdPr magnets in the US? I know GM has had sort of this very publicized dispute with another supplier that you might consider a peer of yours. Is that a reflection of the demand for EV applications in the US? Or is there maybe a chance that demand comes to you and you can actually upsize your commitments to GM? Just curious, maybe broader backdrop of EV demand for magnets in North America.

你能否讓我們了解一下美國 NdPr 磁鐵的整體需求背景？我知道 GM 與另一家供應商（你可能會視為同業）之間曾有一場相當公開的爭議。那是否反映了美國電動車（EV）應用的需求狀況？或者是否有可能需求轉向你們，讓你們實際上能擴大對 GM 的承諾？也想更廣泛了解一下北美 EV 對磁鐵需求的背景。

Yeah. Hey, Brian. It's Ryan. Thanks for the question. I won't comment specifically on your specific question there, but I think broadly what we see from a foundational customer and broadly across the automotive space is continued very strong demand for our products. We remain very enthusiastic and pleased with what we see as the demand backdrop from our foundational customer.

是的。嗨，Brian，我是 Ryan。謝謝你的問題。我不會就你提到的那個具體問題做評論，但我想從更宏觀的角度來看，無論是來自我們的基礎客戶，或是整體汽車領域，我們看到對我們產品的需求仍然非常強勁。我們對於基礎客戶所呈現的需求背景，依然感到非常振奮且滿意。

Importantly, what we continue to see is, with GM being very early in their strategy of localizing, there are many, many more OEMs behind them that are really starting to catch up. From the perspective of automotive as a percentage of the market, obviously it's very, very significant. The demand that we see both directly from OEMs and in addition from tier 1s and tier 2s that supply them remains incredibly strong.

更重要的是，我們持續看到，GM 在其在地化策略上走得很早，而在他們之後還有非常、非常多的 OEM 正在加速追趕。就汽車在整體市場中的占比而言，顯然非常、非常重要。我們看到的需求，不僅直接來自 OEM，也來自供應他們的第一級與第二級供應商（tier 1 與 tier 2），仍然極為強勁。

So, I think automotive for us, to the extent we want to continue to invest in that area, is absolutely still a big upside opportunity for us.

所以我認為，對我們而言，汽車領域在我們希望持續加碼投資的前提下，絕對仍是一個很大的上行機會。

Then maybe just one more bigger picture question. I'll pass it on. I know it's early days, but any initial thoughts on kind of critical minerals and the policy response, if any, that the recent midterm elections results from this week could impact for the US rare earth sector as well as MP specifically?

那我再問一個更宏觀的問題，之後我就交棒。雖然現在還早，但就關鍵礦物以及政策回應而言，本週期中選舉的結果是否可能對美國稀土產業、以及 MP 本身帶來任何影響？你有沒有一些初步想法？

Hey, Brian. So sure, it's Jim. I'll take that. Basically, we really see no change. I mean, we're a non-partisan national security company. Our deal was really driven out of the Pentagon. We operate in red states, blue states, purple states, and we've really had strong bipartisan support since the beginning, and we've obviously been operating in quite a few different government regimes. So, we feel very good that there's no change on our front.

嗨，Brian。當然，我是 Jim，我來回答。基本上，我們看不到任何變化。我的意思是，我們是一家不涉黨派、以國家安全為導向的公司。我們的交易其實是由五角大廈推動的。我們在紅州、藍州、紫州都有營運，從一開始就獲得強而有力的兩黨支持，而且我們顯然也在多個不同的政府任期下運作過。因此，我們對於我們這邊不會有變化感到非常放心。

As far as some of the others, obviously I wouldn't begin to speculate what might be happening there, but my guess is there'll certainly be a lot of media and action on that front.

至於其他方面，顯然我不會去臆測可能會發生什麼，但我猜那一塊肯定會有很多媒體報導與行動。

Lawson Winder, Bank of America Securities.

Lawson Winder，美國銀行證券（Bank of America Securities）。

Nice quarter, and once again, thank you for the update. Ryan, thank you for the guidance that you've provided looking into '27, '28 on the magnet ramp-up. Hear you loud and clear. When you describe 2028 as a year in which the earnings potential of Independence will become clear, would that suggest that Independence will be operating at the design rate of around 3,000 tons per annum?

本季表現不錯，也再次感謝更新。Ryan，謝謝你提供到 2027、2028 年磁鐵產能爬坡的指引，我聽得很清楚。當你把 2028 年描述為「Independence 的獲利潛力將變得清晰」的一年時，是否意味著 Independence 將以約每年 3,000 噸的設計產能運轉？

Yeah, Lawson, we're not going to give specific volume guidance at this point, particularly given the nature of our customer contracts. I think there are two that are very high profile and others potentially behind it, and so we won't get into the specifics there. But, I think given what we see with our expected ramp-up in production as well as sort of the feathering in of our products into our customers' supply chains, that's when I do think you'll sort of start to see the positive flywheel become very clear from a financial perspective.

是的，Lawson，我們目前不會提供具體的產量指引，特別是考量到我們客戶合約的性質。我想其中有兩份合約非常受關注，後面可能還有其他合約，因此我們不會在這裡談細節。不過，基於我們預期的產量爬坡，以及我們產品逐步導入客戶供應鏈的節奏，我確實認為到那個時點，你會從財務角度很清楚地看到正向飛輪效應。

Okay. Looking at it from another angle, and that would be just of commercial production. So, '26 year to date has had some material startup costs. You'll start recognizing those in COGS once you hit commercial production. Considering the ramp-up in 2027 that you've described for Independence, what would you expect commercial production to look like in terms of when it will be achieved, and then how will you actually define what commercial production looks like?

好的。換個角度看，也就是商業化生產。2026 年截至目前有一些實質的啟動成本。一旦達到商業化生產，你們就會開始在銷貨成本（COGS）中認列這些成本。考量你所描述 Independence 在 2027 年的爬坡，你預期商業化生產在何時達成？以及你們會如何定義「商業化生產」？

Yeah, Lawson, it's a great question. As we mentioned, we will begin shipments of saleable products this quarter in Q4. That will involve a continued ramp-up to what we view as sort of a more normalized volume level. Some of that will depend, as I mentioned, on how our parts find their way into the specific programs and specific plants of our foundational customer. Then, of course, very quickly behind that, in 2027, we have the startup of production of Apple.

是的，Lawson，這是個很好的問題。如我們提到的，我們將在本季第四季開始出貨可銷售產品。這將伴隨持續爬坡，達到我們認為較為正常化的產量水準。其中一部分將取決於——如我所說——我們的零件如何導入我們基礎客戶的特定專案與特定工廠。當然，緊接著在 2027 年，我們還會啟動 Apple 的量產。

Taking that all into account, I would expect us to continue to see from a startup cost perspective, continued costs in that category for at least the first half of next year, and then that will start to taper off as we get into higher volume production.

綜合以上因素，我預期從啟動成本的角度來看，我們至少在明年上半年仍會持續發生這類成本，之後隨著產量提高，這些成本將開始逐步下降。

Neal Dingmann, William Blair.

Neal Dingmann，William Blair。

My question is a bit on what you just touched on, and that is really around your numerous offtake agreements and price floors. Specifically, Jim, are there any part -- I assume not, but I figured I would ask, are there any parts of your contracts or floors able to be reexamined or restructured potentially by the new representatives?

我的問題與你剛剛提到的有點相關，主要是關於你們眾多的承購（offtake）協議與價格底線。具體來說，Jim，我想應該沒有，但我還是想問：你們合約或價格底線中，有沒有任何部分可能被新的代表重新檢視或重談、重組？

No, we have a binding contract.

沒有，我們有具約束力的合約。

That's what I thought. All right. That's simple enough.

這就是我想的。好，那就很簡單。

For sure.

沒錯。

Secondly, can you remind me, maybe the 10X you keep advancing, love to hear the progress of that. Can you talk a bit about how conversations around this, maybe, such as price structure has changed in recent months? Which to me, given seems to be a very strong pricing sort of environment despite the volatility seen in the group. Just wondering, your contracts continue to advance as you expect them to?

第二個問題，你能否提醒我一下你們一直在推進的 10X？我很想聽聽進度。你能談談近幾個月來，圍繞這件事的討論（例如價格結構）有什麼變化嗎？在我看來，儘管這個族群波動很大，但定價環境似乎仍然非常強勁。想了解你們的合約是否仍如預期持續推進？

Sure. I mean, I think it's a great question. What's really interesting on this front is I think if we look back historically, over the last year or so, you may have heard me say that our expectation is multiples of demand for 10X, just given the growth and all of the growth vehicles and the onshoring.

當然。我認為這是個很好的問題。這方面真正有趣的是，如果我們回顧過去，大約在過去一年左右，你可能聽我說過，我們預期 10X 的需求會是倍數成長，主要是因為成長、各種成長載體，以及製造回流（onshoring）。

Interestingly, what I would say is, in recent months, really in this quarter, I think it started to accelerate. We have seen actually specific, what I would call RFQs or specific customer sizings that well exceed the 10X capacity that we are bringing online now. I think what was sort of theoretical has become specific.

有趣的是，我會說在最近幾個月，尤其是在本季，我認為它開始加速。我們實際上已經看到一些具體的——我稱之為 RFQ（詢價）或特定客戶的需求規模——其數量遠遠超過我們目前正在上線的 10X 產能。我認為原本偏理論性的東西，已經變得具體化了。

What I would remind you is that our 10X, as we know, is 100% contracted. We can bring that online in 2028, and we can be thoughtful about how we ramp, how we contract. We don't have any sort of financial gun to our head, so to speak.

我想提醒各位的是，我們的 10X，如各位所知，已經 100% 簽約。我們可以在 2028 年把它上線，並且可以審慎地思考我們如何爬坡、如何簽約。可以這麼說，我們並沒有任何財務上的「槍頂著頭」。

What that really enables us to do is focus on what we believe are going to be materially higher margin opportunities. As I referenced in the script, and I try to be thoughtful about the words that I put out there, Neal, but we do believe that we will be somewhat of a kingmaker in some of these new multi-trillion dollar opportunities. If you look at our platform, we're going to be able to enable a company or companies to be a number of years ahead of competitors. It's a very unique position that we're in, and obviously, we're going to make sure that our shareholders are rewarded for that strategic value.

這真正讓我們能做的是，把重心放在我們認為毛利率將顯著更高的機會上。正如我在講稿中提到的——Neal，我也盡量審慎斟酌我對外說的每一句話——但我們確實相信，在一些新的、規模達數兆美元的機會中，我們將在某種程度上扮演「造王者」的角色。若你看我們的平台，我們將能讓某一家或多家公司比競爭對手領先好幾年。我們所處的位置非常獨特，而顯然，我們也會確保股東能因這項策略價值而獲得回報。

Max Yerrill, BMO Capital Markets.

Max Yerrill，BMO 資本市場。

I'm sure to this date you've tested many different magnet formulations to finish the qualification process with GM. I was just wondering if during this process, how your views have changed on the market or supply and demand balance for NdPr or some of the other rare earth elements?

我相信截至目前你們已經測試了許多不同的磁體配方，以完成與通用汽車（GM）的認證流程。我想請教的是，在這個過程中，你對 NdPr（釹鐠）或其他稀土元素的市場、以及供需平衡的看法，有哪些改變？

Well, I mean, kind of referencing back to my prior answer, what I would say, and we have said this for a couple quarters now, but we have dramatically lowered the heavy needs to hit grade on automotive magnets. We really believe that we have created a lot of IP value on that front.

嗯，我的意思是，某種程度上回到我前一個回答，我會說——而且我們已經連續幾個季度這麼說了——我們已大幅降低汽車用磁體為達到等級所需的重稀土用量。我們確實相信，我們在這方面創造了很大的智慧財產（IP）價值。

Then when you move to some of the other categories, which we believe are going to be materially higher margin, higher growth, our expectation is that when 10X comes online, that we are going to need likely no. I mean, maybe we will have certain verticals where we will have a little bit, but we believe that we could, from what we are seeing today, we believe we could fit more than the supply of 10X with zero heavy formulations.

接著當你轉向其他一些我們認為毛利率顯著更高、成長性更高的類別時，我們的預期是，當 10X 上線後，我們很可能不需要——我的意思是，也許在某些垂直領域我們會用到一點點——但就我們今天看到的情況而言，我們相信即使採用零重稀土配方，也足以消化超過 10X 的供應量。

And so, again, I go back to what you have heard me say for a quarter or two now, which is NdPr is the binding constraint. We do not believe that for the major growth and margin opportunity that you are going to see ahead, that heavies are going to be a factor. And frankly, we are creating that reality with the extraordinary IP advancements that our team are making at Independence today.

所以，再次回到各位在過去一兩個季度聽我說的：NdPr 才是約束瓶頸。我們不認為在你們接下來將看到的主要成長與毛利機會中，重稀土會成為因素。坦白說，我們正透過團隊目前在 Independence 所做的卓越 IP 進展，把這件事變成現實。

Then maybe a follow-up on that. Do you see the GBD and the advancements in thrifting of some of the heavies, could that get to a point where you could start to see more of heavy rare earth sales to third parties like we saw in this quarter?

那再追問一下。你是否看到 GBD 以及在節省部分重稀土用量方面的進展，可能發展到某個程度，使你們開始看到更多像本季這樣對第三方銷售重稀土的情況？

Yeah, I can take that. I think at this point -- Max, it is Ryan. Our focus is ensuring that we have security of supply for our existing customers in the magnetics business. But there is absolutely a world where you take what Jim said, and we look at some of the performance applications that we have right now that do demand heavy rare earths through GBD, where we may not need them. And that is actually much closer to reality today than I even thought three months ago.

是的，我可以回答。Max，我是 Ryan。我們目前的重點是確保我們磁材業務既有客戶的供應安全。但確實存在一種情境：如 Jim 所說，我們檢視目前一些透過 GBD 而需要重稀土的高性能應用，未來可能其實不需要它們。而這件事在今天已經比我三個月前想像的更接近現實。

And so, there is a world where that becomes a reality from a dysprosium and terbium perspective. Certainly, what you have seen us do is be thoughtful on the other heavy rare earth markets where there are a wide variety of needs, particularly the gadolinium announcement that we made last quarter.

因此，從鏑（dysprosium）與鋱（terbium）的角度來看，確實有可能成為現實。當然，各位也看到我們在其他重稀土市場上採取審慎策略，因為那裡有各式各樣的需求，尤其是我們上季發布的釓（gadolinium）公告。

I think that the sale that you saw this quarter, in a lot of ways, is emblematic of the embedded value that we have on our balance sheet right now that I do not think is being properly understood. It is not just heavy rare earth concentrate, and it is not, frankly, including light rare earth concentrate that we have on the balance sheet that is worth hundreds of millions of dollars of potential value. Same with the heavy rare earth concentrate.

我認為你們本季看到的那筆銷售，在很多方面象徵著我們目前資產負債表上所蘊含的價值，而我不認為市場已正確理解。那不只是重稀土精礦；而且坦白說，還不包含我們資產負債表上那些價值可能達數億美元的輕稀土精礦。同樣地，重稀土精礦也是如此。

I think that the results that you saw this quarter, while the sale of SEG+ in particular is a bit of a one-off to support a strategic customer, if you think about the margin potential of the products that we are going to bring to market shortly, I think it speaks to the value, the incremental value we will be able to create out of Mountain Pass and why we have been investing so thoughtfully in this heavy rare earth capability.

我認為你們本季看到的結果——雖然特別是 SEG+ 的銷售在某種程度上屬於一次性事件，用以支持一位策略性客戶——但如果你思考我們即將在短期內推向市場的產品之毛利潛力，我認為這反映了我們能從 Mountain Pass 創造的價值、以及我們為何一直如此審慎地投資於這項重稀土能力。

Carlos de Alba, Morgan Stanley.

Carlos de Alba，摩根士丹利。

The question is on, given how the share has performed recently, are you considering maybe some share buybacks? You did a great program in 2024. Look, I know that you're growing, you're investing, but also, there might be value, there is value at these levels in your share price. Wanted to get your thoughts there.

我的問題是，考量到近期股價表現，你們是否在考慮進行庫藏股回購？你們在 2024 年做過一個很好的計畫。我知道你們正在成長、正在投資，但同時，在目前這個股價水準也可能有價值、確實有價值。想聽聽你的看法。

Yeah. Sure, it's a great question. Obviously, we're very surprised. There's a lot of -- as I referenced in the opening remarks, there's a lot of currents going on in this market, I think, that are in general unrelated to us. I think you're seeing, if I had to guess, a lot of pods and tax arbitrage strategies pressuring certain sectors, ours being one of them. You really have sort of these macro-level quantitative things that are hitting our sector, connected to some others.

是的，當然，這是個很好的問題。坦白說，我們也非常意外。正如我在開場致詞提到的，市場上有很多——我認為整體而言與我們無關的——暗流在湧動。我猜測你看到的是，許多投資組合（pods）與稅務套利策略正在對某些產業施壓，而我們的產業就是其中之一。確實有一些宏觀層級的量化因素在衝擊我們的產業，並且與其他一些產業連動。

What I would say is I think what differentiates us is that we have contracted cash flows, and then obviously we have this material upside strategic value, given the niche that we're in. I think we sort of seem to be correlated with some peers that need to raise enormous amounts of capital, that don't have balance sheets that are commensurate with survival, that don't necessarily have assets that even if they had the time, that represent sort of the value.

我想說的是，我們的差異化在於我們有已簽約的現金流，然後顯然，鑑於我們所處的利基位置，我們還有相當可觀的策略價值上行空間。我覺得我們似乎被拿去和一些同業一起看待，但那些同業需要籌集巨額資本、資產負債表不足以支撐生存、而且即便給他們時間，其資產也未必能代表相應的價值。

I think there's sort of this overall macro downdraft on the sector. Obviously, then there's some political considerations that may be happening with some of the others. I don't think that that reflects on us. I think if you look, all we have to do, and we don't take this lightly, but all we have to do is execute, and our cash flows, you can do the math on that and the upside. We do believe that there's, as I said, there's material upside.

我認為整個產業正遭遇一波宏觀下行的拖累。當然，另外也可能有一些政治因素正在影響其他公司。我不認為那反映在我們身上。我認為如果你看，我們要做的——我們並不輕忽——就是把執行做好；而我們的現金流，你可以自己算一算，再加上上行空間。我們確實相信，如我所說，存在顯著的上行。

But I think what's really important is that we have to make sure that we maintain our fortress balance sheet to continue, so that we have the runway to be opportunistic through. Although I feel really great about our strategic positioning, our business, our ability to execute the niche that we're in, I will say, and I think probably, again, my remarks probably reference this, but I do expect the sort of the months and year ahead are going to be significantly challenging financially.

但我認為真正重要的是，我們必須確保維持我們「堡壘式」的資產負債表，才能持續前進，確保我們有足夠跑道以便在過程中把握機會。雖然我對我們的策略定位、業務、以及在所處利基中執行的能力感到非常有信心，但我也要說——而且我想我先前的發言也有提到——我預期接下來幾個月到一年，在財務上將會顯著具有挑戰性。

There's a lot of disarray in the market right now. It would not surprise me if we see some of the credit issues to continue to play out across private credit and maybe the insurance industry that's loaded up with a lot of that. I think there's an entire rethinking around the returns on capital happening. And I think there's -- for those of us who've been in the markets a long time, these things are never sort of up and to the right. It would not surprise me to see a real sort of global macro financial setback.

目前市場上有很多混亂。若我們看到一些信用問題持續在私募信貸領域、以及大量持有這類資產的保險業中延續發酵，我也不會感到意外。我認為市場正在全面重新思考資本報酬。而且我想，對於在市場待得夠久的人來說，這些事情從來不會一路向上、一路向右。我不會意外看到一次真正的全球宏觀金融挫折。

I would say for most of this quarter or two, internally at MP, we've been very focused on that as a possibility. We've said it on the calls, we've been kind of batten down the hatches, making sure that we're being really thoughtful about every dollar that we spend. Also, as we look at opportunities out there, not being wasteful with capital, because I think there's going to be some excellent opportunities for us to, for lack of a better analogy, kind of clean up the garbage, so to speak, in the time ahead.

我會說，在過去這一兩個季度的大部分時間裡，我們 MP 內部一直非常專注於這種可能性。我們也在電話會議上說過，我們一直在某種程度上「加固艙門」、確保對每一塊錢的支出都非常審慎。同時，當我們看外部機會時，也不浪費資本，因為我認為未來一段時間，對我們而言會有一些非常好的機會——借用一個不太貼切的比喻——可以說是去「清理垃圾」。

That's a long-winded way of kind of laying out my perspective on the environment right now. Then obviously, lastly, with respect to specific capital actions, as you know, we never telegraph these things. We will obviously do things and then tell you, but hopefully you can expect us to continue to be opportunistic as we have been.

以上是我比較冗長地闡述我對目前環境的看法。然後，最後，關於具體的資本行動，如你所知，我們從不預告這些事情。我們會先做，然後再告訴各位；但希望你可以預期，我們會一如既往地保持機會主義。

Then, just exploring a little bit more on the SEG+ sale that you had. What was the cost associated with that revenue, if you can share that? Also, maybe more importantly, did you deliver those tons, or perhaps you sold them, you monetized them, or you will monetize them, but you are going to use them to produce magnet for that customer down the road?

另外，再多探討一下你們的 SEG+ 銷售。若你能分享的話，與那筆收入相關的成本是多少？另外，可能更重要的是，你們是否已交付那些噸數？或者你們是把它們賣掉、將其變現，或將會變現，但之後會用它們為該客戶生產磁體？

Yeah. Hey, Carlos, it's Ryan. We're not going to get into the contract specifics. I think you'll probably be able to deduce from our filings that this was a sale to an existing strategic customer of ours.

是的。嗨，Carlos，我是 Ryan。我們不會深入合約的具體細節。我想你大概可以從我們的申報文件中推斷出，這是一筆出售給我們既有策略性客戶的交易。

I would note that this product has been sold. We have no intention of or ability to reuse it. This is a use case that is not focused on magnets.

我想補充的是，這個產品已經售出。我們既無意也無法再重複使用它。這是一個不以磁鐵為重點的使用案例。

I think, again, it sort of speaks to the broader opportunity set of the heavy rare earth business that we're building. Obviously, at this point, as we're entering production of the initial set of separated heavy rare earths that the team is working on, then expanding into gadolinium and samarium, I think we've made clear that there are probably some further opportunities of other separated heavies for us to look at. This is sort of an early sign of the potential of that business.

我認為，這再次反映了我們正在打造的重稀土業務所擁有的更廣泛機會集合。顯然，在目前這個階段，當我們正進入團隊所推動的第一批分離重稀土的量產，接著再擴展到釓與釤時，我想我們已經清楚表示，對我們而言，可能還有一些其他已分離重稀土的進一步機會值得評估。這算是該業務潛力的一個早期訊號。

(Operator Instructions)

（接線員指示）

Corinne Blanchard, Deutsche Bank.

Corinne Blanchard，德意志銀行。

I think actually most of my questions have been asked and answered, but maybe we can touch on a little bit of recycling, any update, and you can share here.

我想其實我的大多數問題都已經被問到並回答了，但也許我們可以稍微談一下回收方面，有沒有任何更新可以分享？

Then maybe the second question would be on the Project Swarm that you announced a few months ago. Is there any update there that we could be expecting maybe for next year, like in the coming months?

然後第二個問題是關於你們幾個月前宣布的 Project Swarm。那邊有沒有任何更新？我們是否可能在明年、也就是接下來幾個月內看到一些進展？

Hi, Corinne. It's Michael. Related to recycling, good progress at both of our sites. Engineering is moving along at Mountain Pass, and construction is underway. All long-lead equipment has been procured. On the actual magnet production side from recycled materials, equipment is starting to be delivered and installed. Our teams are working closely with our customer on developing the magnet grades and prototypes and specifications to start deliveries next year. It's been a great collaboration so far, and we're very excited about it.

嗨，Corinne。我是 Michael。關於回收，我們在兩個據點都取得了良好進展。Mountain Pass 的工程設計正在推進，施工也已經展開。所有長交期設備都已完成採購。在使用回收材料進行實際磁鐵生產方面，設備正開始交付並安裝。我們的團隊正與客戶密切合作，開發磁鐵牌號、原型與規格，以便在明年開始交付。到目前為止這是一項很棒的合作，我們也非常期待。

Then, Corinne, on Project Swarm, given that that's defense supply chain, we'll try to be delicate and thoughtful here, but what I would say is the reception has been overwhelming. It's great to see. I think that just to give some background, the purpose of Project Swarm is when we looked across, obviously drones being the future of warfare, when we looked across the American defense supply chain, what we were finding is that many of the producers would have magnet specs where they didn't even really know why they had those specs. They were buying motors out of China, whether it was through another location or not.

然後，Corinne，關於 Project Swarm，鑑於這涉及國防供應鏈，我們會盡量謹慎且周全地說明；但我想說的是，市場反應非常熱烈，看到這點很棒。我想先補充一些背景：Project Swarm 的目的在於，當我們觀察到無人機顯然是未來戰爭的趨勢，並檢視美國國防供應鏈時，我們發現許多製造商的磁鐵規格其實連他們自己都不太清楚為什麼會有那些規格。他們是在從中國採購馬達，不管是透過其他地點轉手與否。

What we viewed our role here is to help standardize the domestic industry on specific grades and work with some of the downstream producers to help them do what they do best and make sure that they had the supply chain available to them so that they don't need to think about procuring or spending capital on getting capacity that they may or may not need. I think we're serving a really important role in the defense supply chain for the country on this front, and the reception has been outstanding, and we're happy to do it. I doubt we'll give you many updates beyond that, but that's the general gist of it.

我們認為我們在這裡的角色，是協助國內產業在特定牌號上進行標準化，並與部分下游製造商合作，幫助他們專注於他們最擅長的事情，同時確保他們有可用的供應鏈，讓他們不需要去煩惱採購，或投入資本去建置他們可能需要、也可能不需要的產能。我認為在這方面，我們在國家的國防供應鏈中扮演了非常重要的角色；反應非常好，我們也很樂意投入。我想我們不太會提供超出這些的更多更新，但大致就是這個方向。

Maybe if I can squeeze actually one more. I think you spent a few minutes, actually probably a little bit more time than you usually do on robotics and how much you could really tilt the demand balance there. I'm actually wondering if some of your customer conversations are already going to that direction. Do you already have some customers approaching you for your magnets for robotics purposes?

也許我可以再擠一個問題。我覺得你們花了幾分鐘——其實可能比你們平常多一些時間——在談機器人，以及你們能在多大程度上改變需求平衡。我其實想知道，你們與客戶的對話是否已經朝那個方向發展？是否已經有一些客戶因為機器人用途而來找你們採購磁鐵？

Maybe just more strategic view here, do you have a preference on, do you see a difference in terms of strategy for maybe in terms of pricing, defense versus robotics, or are you pretty much agnostic?

再從更策略的角度問一下，你們在策略上是否有偏好？例如在定價策略上，國防與機器人之間你們是否看得到差異，還是你們基本上不偏不倚？

Yeah. So it is a great question, and that was what was in my head when I earlier in the call when I referenced sort of the theoretical becoming the real, Corinne. We are having conversations with the names you would think and know, and there is obviously a lot of those names, and then there is sort of some world-class global big tech and other types of companies that are getting into this space.

是的。這是個很好的問題，Corinne，而這也正是我先前在電話會議中提到「理論正在變成現實」時腦中想到的。我們確實正在與你會想到、也會知道的那些公司進行對話；顯然這樣的公司很多，另外也有一些世界級的全球大型科技公司與其他類型的公司正在進入這個領域。

And what we are seeing across the board is an enormous amount of investment and focus and recognition that this is sort of the cutting-edge landscape of economic opportunity as super intelligence moves into the physical world. So we are having those conversations. And in fact, if you look last night, the Chinese government blocked SoftBank's acquisition of ABB, that robotics business.

而我們看到的是，各方都投入了大量資金與關注，並且認知到，當超級智慧走入物理世界時，這將是經濟機會的前沿版圖。因此我們正在進行這些對話。事實上，如果你看昨晚的消息，中國政府阻止了 SoftBank 收購 ABB 的那個機器人業務。

So, I know obviously we are all in this country distracted with a lot of politics this week, but we cannot forget that there is global competition going on out there, and this supply chain is absolutely critical. So we are seeing it is getting more specific.

所以，我知道很明顯我們這個國家本週被很多政治議題分散注意力，但我們不能忘記全球競爭正在進行，而這條供應鏈絕對至關重要。因此我們看到事情正變得更具體。

And to your question on the business, that is why I referenced, I do believe that because we have a very unique platform, that this is going to be very high-margin business for us, and we have the balance sheet, the structural contracted structural benefit for 10X to be thoughtful about how we think about bringing online that factory for this sector and others. So we do expect it to be really economically attractive, and we will be patient and thoughtful about it, but we are really encouraged by what we are seeing.

至於你問到業務面，這也是我提到的原因：我確實相信，因為我們擁有非常獨特的平台，這將會是我們一項高毛利的業務；而且我們有資產負債表，以及 10X 的結構性合約利益，讓我們能夠更周全地思考如何為這個產業及其他產業把工廠產能上線。因此我們預期它在經濟上會非常有吸引力；我們會保持耐心並審慎推進，但我們對目前看到的情況感到非常鼓舞。

Bill Peterson, JPMorgan.

Bill Peterson，摩根大通。

I want to actually ask about NdPr production, and basically how we should think about the ramp into next year, taking into consideration if there's any downtime that you typically have. Effectively, when should we reach nameplate capacity? Also thinking about what can drive it beyond nameplate, whether it be further efficiency or incremental investments. Then maybe speak to how, on the cost side, when you might reach normalized costs and how the Chlor-Alkali facility could impact that.

我想問一下 NdPr 的產量，基本上我們應該如何看待明年產能爬坡，並考量你們通常會有的任何停機時間。實際上，我們何時會達到名目產能（nameplate capacity）？另外也想了解，什麼因素可以推動產量超越名目產能，無論是進一步效率提升或額外投資。然後在成本方面，何時可能達到常態化成本，以及氯鹼（Chlor-Alkali）設施會如何影響？

Great. Thanks, Bill. This is Michael. I'll start and turn to Ryan. As I mentioned in my remarks, for a portion of the third quarter, we were able to run at over 450 ton per month run rate. I think that sort of cements in my mind our ability to hit that kind of targeted run rate with our existing assets. We still have some optimization and debottlenecking to do in order to sustain that for a full month or quarter. It's clear that we can, and I would expect over the next several quarters, we will get to that point where we're able to do so.

很好，謝謝你，Bill。我是 Michael。我先回答，然後交給 Ryan。正如我在發言中提到的，在第三季的部分期間，我們能以每月超過 450 噸的運轉速率運行。我認為這在我心中進一步確認了：以我們現有資產，我們有能力達到那種目標運轉速率。我們仍需要做一些最佳化與去瓶頸，才能把這樣的水準維持整整一個月或一個季度。很明顯我們做得到，我也預期在接下來幾個季度，我們會達到能夠做到這點的狀態。

In terms of 2027, we have a number of projects commissioning next year, in particular the Chlor-Alkali facility, where we'll start the first phase of that in the first quarter or so. This is a really important project for us that increases resilience, hopefully lowers cost structure, improves our environmental footprint, reduces reliance on third parties and some kind of tight chemical reagents that represent a very significant portion of our cost structure.

就 2027 年而言，我們明年有多個專案將進入試車投產（commissioning），特別是氯鹼（Chlor-Alkali）設施，我們會在第一季左右啟動第一階段。這對我們是一個非常重要的專案，可提升韌性、希望降低成本結構、改善環境足跡、降低對第三方的依賴，以及降低對某些供應緊張的化學試劑的依賴——而這些試劑在我們成本結構中占比非常高。

Bringing that online will be a significant endeavor and have significant implications for overall site infrastructure. We would expect from that, as well as recycling some of the additional heavy rare earth investments, to have some additional downtime next year, and that is incorporated into our expectations already. But we would expect to operate at sort of over 5,000 ton per annum production rate for the year.

讓該設施上線將是一項重大工程，並且會對整體廠區基礎設施帶來重大影響。我們預期，因為這項專案，以及回收與其他重稀土投資，明年會有一些額外停機時間，而這已經納入我們的預期之中。不過，我們預期全年仍可維持每年超過 5,000 噸的產量水準。

Yeah, just to hit your question on cost structure, I think all the things that Michael just laid out, he kind of answered my portion of the question too. The reality is that once we are through some of these de-bottlenecking initiatives, keep in mind that de-bottlenecking isn't free, and neither is the startup of Chlor-Alkali and heavies.

是的，針對你關於成本結構的問題，我想 Michael 剛才提到的那些內容，也等於回答了我這部分。現實是，一旦我們完成其中一些去瓶頸措施——請記住，去瓶頸不是沒有成本的，氯鹼與重稀土的啟動也不是。

I think 2027, particularly as we get to the back half of the year when we've got our initial train of Chlor-Alkali online, we've made progress on heavies, and we're consistently producing on a normalized basis at that 500 tons a month production level. That is when you will really start to see the leverage and the cost structure. I think that in some ways, we're starting to see it now as well.

我認為到 2027 年，特別是當我們進入下半年、氯鹼的第一條產線上線、重稀土取得進展，並且我們能在常態化基礎上穩定達到每月 500 噸的產量水準時，你就會真正開始看到營運槓桿與成本結構的改善。我想在某些方面，我們現在也開始看到這些跡象。

If you think about the scale of Mountain Pass and the fact that NdPr has been really the only revenue product absorbing the vast, vast majority of all shared infrastructure, and we'll be at the point where we have dysprosium and terbium, we have other heavy rare earth products that will share in some of that shared infrastructure cost. You really look at the full, true NdPr production cost with all of these optimizations and growth and throughput that we expect, I'm extremely confident in our ability to continue to drive down the cost structure.

如果你想想 Mountain Pass 的規模，以及 NdPr 一直是唯一的營收產品、吸收了絕大多數的共用基礎設施成本；而接下來我們將有鏑與鋱，還會有其他重稀土產品一起分攤部分共用基礎設施成本。當你把所有這些最佳化、成長與我們預期的產能吞吐提升都納入考量，去看完整、真正的 NdPr 生產成本，我對我們持續推動成本結構下降的能力非常有信心。

I wanted to ask a question on the magnet ramp a little bit differently than some of the prior questions. First of all, congrats on the qualification. I guess when we think about the path to the sort of nameplate 1,000 tons for your lead customer, then layer on top of that the next tranche for the second customer, I guess my question is this gated by your own output or ability or yield, or the demand cadence from these customers? If it's the former, I guess what areas are you looking to de-bottleneck or work to improve yields? If it's the latter and you have the capacity, are there ways to ship these magnets to other Is there demand basically from other players that can absorb the capacity?

我想用一個跟先前一些問題稍微不同的方式，來問一下磁鐵產能爬坡（ramp）的問題。首先，恭喜通過資格認證。我想，當我們思考你們對主要客戶達到名目產能（nameplate）每年 1,000 噸的路徑，然後再疊加第二位客戶的下一階段增量時，我的問題是：這個爬坡主要是受限於你們自身的產出／能力／良率，還是受限於這些客戶的需求節奏？如果是前者，你們目前打算在哪些環節去除瓶頸或提升良率？如果是後者、而你們已有產能，那是否有方式把這些磁鐵出貨給其他客戶？基本上是否有其他玩家的需求可以吸收這些產能？

Yeah, sure. I can start on that. I think the way to think about this is that magnets are highly customized engineered products, and our focus is ensuring that we are ready to meet the demand of our foundational customers as we continue to get placed into the specific programs and plants that we are targeted to be, which is not an overnight process.

好的，當然。我可以先回答。我認為應該這樣理解：磁鐵是高度客製化的工程產品，而我們的重點是確保我們已準備好滿足基礎客戶（foundational customers）的需求，同時我們也持續被導入到我們鎖定的特定專案與工廠中；這並不是一夕之間就能完成的流程。

We are focused on ensuring that each of the areas of the plant are reaching sort of the throughputs that are necessary to meet a forecast that we are planning to. We have visibility, of course, into these various programs and various additions to the plants. It's not one or the other.

我們專注於確保工廠各個區域都能達到為了符合我們規劃之預測所需的吞吐量。我們當然也能掌握這些不同專案以及工廠擴增的能見度。這不是非此即彼的問題。

It's really feathering into the automotive supply chain is a relatively complex process. At the same time, there is significant expansion ongoing at Independence to support our next major customer there. The focus really is on executing for the two of them first and foremost, getting those programs well ramped and well optimized, then taking further opportunities as they come.

實際上，逐步融入汽車供應鏈是一個相對複雜的過程。同時，Independence 也正在進行顯著擴建，以支援我們下一位主要客戶。重點確實是首先把這兩位客戶的執行做到位，讓這些專案順利爬坡並最佳化，之後再在機會出現時把握更多機會。

Yeah, I would just reiterate, as we bring online our foundational customer and then Apple next year, from a risk management standpoint, we are fully focused on those two customers. They are critical, and we want to get that right for them. I think we have been methodical about how we've built this business. If we wanted to sign a bunch of business and just sort of take a lot of stuff that comes, we could certainly do that. That has not been our philosophy. It is fully about executing properly, thoughtfully, then obviously as 10X comes online, we'll do the same thing.

我再重申一次：當我們讓基礎客戶上線，並在明年讓 Apple 上線時，從風險管理的角度，我們會完全聚焦在這兩位客戶身上。他們非常關鍵，我們希望把對他們的交付做對。我認為我們在打造這門業務的方式上一直很有章法。如果我們想要簽下一大堆業務、把所有找上門的案子都接下來，我們當然做得到。但那不是我們的理念。我們的核心是把執行做正確、做周全；然後很明顯地，當 10X 上線時，我們也會用同樣的方式來做。

Ben Kallo, Baird.

Ben Kallo，Baird。

Maybe just on heavy, and I know you guys talked about this a bit. You talked, Jim, about having heavies on site, and I also understand that you are going to use less heavies, but I am just wondering how much of Independence you are covered for with what is in inventory. Then just on your own production, if you could just talk about how we can think about that in terms of ramp and potential revenue contribution going forward.

也許問一下重稀土（heavy），我知道你們已經談到一些。Jim，你提到現場已有重稀土庫存（heavies on site），我也理解你們未來會使用較少的重稀土；但我想知道，以目前庫存來看，Independence 的需求你們覆蓋到什麼程度？另外就你們自身的產量而言，能否談談我們應該如何看待後續的爬坡，以及對未來營收可能帶來的貢獻？

Yeah. Hey, Ben. It is Ryan. On that front, what we have consistently said is for Independence, where obviously we are starting out production with EV traction motor magnets and then expanding into other products with our next customer set, we believe that we are fully covered for everything that we need at Independence from just the production from our own ore body. Obviously, we have also talked about the fact that the heavy rare earth separation facility is designed to take in third-party feedstocks where we are actively in the market sourcing those as we speak. From that perspective, we remain very, very confident.

好的。嗨，Ben，我是 Ryan。關於這點，我們一直以來的說法是：在 Independence，我們顯然會先以電動車牽引馬達磁鐵（EV traction motor magnets）開始量產，之後再隨著下一組客戶擴展到其他產品；我們相信，Independence 所需的一切，僅靠我們自有礦體的產出就能完全覆蓋。當然，我們也提過，重稀土分離設施（heavy rare earth separation facility）的設計是可以處理第三方原料（third-party feedstocks），而我們目前也正在市場上積極尋找這些來源。從這個角度來看，我們仍然非常、非常有信心。

As it relates to 10X, I think we have talked about in the past as well that we have a partnership with Department of War on that front that protects us there, and that has made excellent progress.

至於 10X，我想我們過去也談過：在那方面我們與戰爭部（Department of War）有一項合作夥伴關係，能在那裡為我們提供保障，而且目前進展非常好。

Just following up on the heavy production at Mountain Pass, how we think about that just in terms of any kind of revenue contribution?

接著追問一下 Mountain Pass 的重稀土產出：就任何形式的營收貢獻而言，我們應該如何看待？

I think, Ben, what you will see is given the fact that for the foreseeable future, we will be using those products internally is, in the early days, it will be intercompany revenue that gets eliminated in consolidation. Then ultimately, we will recognize the revenue for the heavies that make their way into magnets through the magnetics business over time.

Ben，我認為你會看到的是：鑑於在可預見的未來，我們會把這些產品用於內部，因此在初期，它會是公司間（intercompany）營收，並在合併報表中被抵銷。之後，隨著重稀土透過磁材業務逐步進入磁鐵產品，我們會在時間推移中，最終在磁鐵業務端認列相關營收。

There also is a consideration of, in early production at Mountain Pass, I think we've been very thoughtful in positioning our inventory of heavy rare earths for magnets. So there may be a period of time where we are producing for our own inventory before that finds its way into a magnet and gets sold. So we aren't really guiding to specific dysprosium, terbium revenue numbers at this point. As we have more to update you on, we will.

另外也要考量的是，在 Mountain Pass 的早期生產階段，我們在為磁鐵配置重稀土庫存方面一直非常審慎。因此可能會有一段時間，我們先為自有庫存而生產，之後才會進入磁鐵並對外銷售。所以目前我們並沒有針對鏑（dysprosium）、鋱（terbium）的營收數字提供具體指引。等我們有更多可更新的資訊時，會再向各位說明。

I think what you will start to see is, I think Michael made mention in his prepared remarks of the fact that we will make some interesting intermediate product streams that will come off of the heavy separation process ahead of us going into finished samarium oxide and gadolinium oxide production. Those are potential very significant margin opportunities for us.

我認為你們接下來會開始看到的是：我想 Michael 在事先準備的發言中提到，我們將會從即將展開的重稀土分離流程中，產出一些有意思的中間產品流（intermediate product streams），並在進一步走向成品的氧化釤（samarium oxide）與氧化釓（gadolinium oxide）生產之前就先形成。這些對我們而言可能是非常可觀的高毛利機會。

Again, we're not giving a ton of specifics there at the moment, but it is, I think, a very significant opportunity for the material segment. Then, of course, we've talked about 2028 being the timeframe where our gadolinium contract comes online, and we're looking at other opportunities as well.

同樣地，我們目前不會提供太多細節，但我認為這對材料事業部（material segment）而言是非常重大的機會。當然，我們也談過 2028 年會是我們釓（gadolinium）合約開始上線的時間點，我們也在評估其他機會。

Richard Garchitorena, Barclays.

Richard Garchitorena，Barclays。

Just curious, as you went through the qualification process, was there anything that surprised you? Were there any best practices, I think, that you may have taken away that can help improve the process, whether it's procurement, whether it's how do you basically set up the lines, where we could see incremental improvements in margin and optimization as you move ramping up in 2027?

我只是好奇，當你們走過資格認證流程時，有沒有什麼讓你們意外的地方？是否有任何最佳實務（best practices）是你們帶走、並能用來改善流程的——不論是採購（procurement），或是你們如何設置產線——讓我們在你們於 2027 年持續爬坡時，看到毛利與最佳化方面的增量改善？

Yeah, Richard, it's Ryan. It's a great question, and the answer is absolutely yes, and I think that this is one of the great facets of the partnership that we have with General Motors. We decided to enter the magnet business and start with automotive for multiple reasons. Obviously, it's a significant portion of the market, but it happens to be one of the toughest from a technical perspective, and absolutely the hardest from a quality perspective.

Richard，我是 Ryan。這是個很好的問題，答案絕對是有的。我認為這也是我們與通用汽車（General Motors）合作夥伴關係的一大優點。我們決定進入磁鐵業務並以汽車領域作為起點，有多個原因。顯然，汽車是市場中很大的一部分，但從技術角度來看，它也是最具挑戰的領域之一，而從品質角度來看更是最嚴苛的。

When we talk about qualification, it is not about, do you make a product to our spec? Does it just meet performance specifications? It is down to every piece of equipment. How do you run it? What are the standard work instructions that are present? What are the safety attributes of it? How does material flow on the floor? It is incredibly thorough.

當我們談到資格認證（qualification）時，重點不是「你能不能做出符合我們規格的產品？」或「它是否只是達到性能規格？」而是細到每一台設備：你怎麼操作？現場有哪些標準作業指導書（standard work instructions）？它的安全屬性是什麼？物料在產線現場如何流動？整個流程非常徹底。

I would probably give another plug to our magnetics team for how hard they have worked in pushing this process forward, and frankly, to the General Motors team for how thorough and helpful they've been. Having started this business from scratch in 2021 to get to this point, it is something that I think this entire team is incredibly proud of. It has absolutely made us better, and we have a lot more to do.

我可能也要再稱讚一下我們磁材團隊（magnetics team），他們為推動這個流程付出了非常多努力；坦白說，也要稱讚通用汽車團隊，他們非常嚴謹且提供了很大幫助。我們在 2021 年從零開始建立這門業務，能走到今天這一步，我認為整個團隊都非常自豪。這個過程確實讓我們變得更好，而我們還有很多工作要做。

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

以上為今日電話會議的問答部分。接下來我會把電話交回給 Litinsky 先生作結語。

All right. Well, thank you, everyone. It was an outstanding quarter, and obviously, there is a lot of interesting currents and chaos out there, and so we wish everyone well and look forward to seeing you again next quarter.

好的。謝謝各位。這是一個非常出色的季度；很明顯地，外部環境有許多有趣的變化與混亂，因此我們祝福大家一切順利，也期待在下個季度再次與各位見面。