Hello, and welcome to the MP Materials Fourth Quarter 2024 Earnings Call. We ask that you please hold all questions until the completion of the formal remarks, at which time, you'll be given instructions for the question-and-answer session. Also, as a reminder, this conference is being recorded. If you have any objections, please disconnect at this time. With that, I would like to turn the call over to Martin Sheehan, Head of Investor Relations. Mr. Sheehan, you may begin.

Thank you, operator, and good afternoon, everyone. Welcome to the MP Materials fourth quarter 2024 earnings conference call. With me today from MP Materials are Jim Litinsky, Founder, Chairman and Chief Executive Officer; Michael Rosenthal, Founder and Chief Operating Officer; and Ryan Corbett, Chief Financial Officer. As a reminder, today's discussion will contain forward-looking statements relating to future events and expectations that are subject to various assumptions and caveats. Factors that may cause the company's actual results to differ materially from these statements are included in today's presentation, earnings release, and in our SEC filings. 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. With that, I'll turn the call over to Jim. Jim?

Thanks, Martin. Hello, everyone. Let's get started on Slide 4. MP had a terrific year of execution in 2024 across our Materials and Magnetics divisions. We set a new record by producing 45,455 metric tons of REO during the year, 9% higher than in 2023. I want to remind you that production progress is rarely linear. We are continuously implementing new equipment and processes as we advance Upstream 60K. This should lead to further improvements over the next year, but along the way, there may be occasional instability and downtime as we implement these enhancements. That said, we are extremely pleased to maintain strong concentrate product profitability as we expand production and optimize the upstream business. Moving on to midstream operations, we produced 1,294 metric tons of NdPr oxide in 2024, well above last year's total of 200 tons. In Q1, we are targeting over 20% sequential growth in production. Similar to our upstream business, we expect to make a lot of progress in the coming quarters. This means rapid but methodical growth in production while we also make process improvements and capture efficiencies. We remain confident that we will reach gross margin profitability in our midstream operations in the very near-term. As we scale, we continue to see growing ex China demand for our separated products. In 2024, we signed new agreements with the Department of Defense for both NdPr and lanthanum. We also added a top five global automaker for a substantial direct volume commitment of NdPr. This means we now supply three of the five largest non-China automakers in the world. Moving on to our Magnetics division, we achieved two critical milestones in the fourth quarter. First, we started producing NdPr metal at Independence, the first time rare earth metal has been commercially produced in the United…

Thanks, Jim, and good afternoon, everyone. Before diving into the details, I wanted to note that with the company making modest deliveries of magnet precursor products in Q1, we are providing additional segment-level financial disclosures with this earnings release and our 10-K filing expected next week. Our two reportable segments are Materials and Magnetics. The Material segment consists of our upstream and midstream businesses at Mountain Pass and includes our concentrate and separated rare earth product sales. The Magnetic segment encompasses our operations at Independence and initially consists of magnetic precursor product sales. With a commercial start of magnet production on track for year-end, we will add revenue derived from those sales in 2026. Additionally, we report corporate expenses and other costs as a reconciling item to our consolidated adjusted EBITDA. These costs primarily consist of unallocated overhead, legal and HR expenses, and the other usual corporate support functions, including executive compensation. While not a reportable segment under GAAP, this category is the bridge between our segment adjusted EBITDA totals and our consolidated adjusted EBITDA. Lastly, I would point out that in 2024, 100% of our revenues and cost of sales were generated in the Material segment. Magnetics costs are primarily located in the SG&A and advanced projects portions of our consolidated P&L ahead of deliveries of saleable product in 2025. So, let's start on Page 6 with our full year consolidated financial results. The revenue trend over the last three years has been driven mainly by NdPr pricing. The average price of NdPr was about $120 per kilogram in 2022, $75 per kilogram in 2023, and roughly $55 per kilogram last year. Currently, the market price is approximately $60 per kilogram. The decline in realized pricing falls straight to the bottom-line in a commodity business like our Material segment,…

Thanks, Ryan. I will now walk through the three parts of our operation: upstream, midstream, and downstream. Before I go through the details, I would like to acknowledge the hard work of our team for executing a record year at our three locations. We did so again without experiencing any lost time injuries and with a very strong regulatory and environmental performance. Thank you all for your commitment and unwavering determination in the face of countless challenges. Turning to Slide 13, here are recent photos of two of our US-made products. On the left, NdPr oxide produced in Mountain Pass, and on the right, NdPr metal produced at Independence. We are very proud of our progress in reestablishing this US supply chain, but we still have a lot left to accomplish. Onto the operations. In our upstream business, we continued to deliver strong results in REO production per operating hour, capping a very productive year. The October scheduled outage was executed smoothly and with minimal rework. As I mentioned last quarter, we commissioned the first significant project in our Upstream 60K initiative, an enhancement to our grinding circuit, including new cyclones and screening equipment. Over time, we expect this investment to help us tighten our grind's distribution to incrementally improve rare earth recovery. Initial operations were primarily focused on achieving mechanical stability and operability, and I'm pleased that this has been largely achieved. In Q4, the new assets had a slight negative impact on uptime and results. Though when operational, they showed strong promise. We are working with the vendor to identify materials of construction for the screens that will better withstand the abrasiveness of our ore and our other operating conditions. In addition, we see the need to upgrade certain flotation and tailings plant pumps and line sizes to…

Thanks, Michael. Turning to Slide 14, here's a picture of one of our automotive-grade magnets produced on our NPI line at Independence. As our commentary and this picture highlight, 2024 was a terrific year of execution, and 2025 is already off to a strong start. As most of you know, the rare earths industry has long been subject to extreme market distortions driven by China's command over global supply and its ability to dictate pricing through subsidies, export controls and other non-market mechanisms. However, that playing field is beginning to shift. According to ATMOS Research, global demand for NdFeB magnets is expected to triple by 2040, fueled by electrification and physical AI, where intelligent automation meets real-world applications in robotics, defense, and industrial systems. This trajectory underscores the escalating financial commitment and risk tied to China's dominance over rare earths. Meanwhile, the Trump administration is poised to take decisive action to level the playing field for American workers. As President Trump recently stated, the US is now committed to true reciprocity in trade, whether through tariffs, subsidy adjustments, or other mechanisms that level the playing field for American businesses. This shift, combined with the long-term supply and demand realities of rare earths, reinforces our conviction that MP Materials will play a pivotal role in securing a competitive and resilient supply chain for industries of the future. Moreover, as the era of physical AI accelerates, national security considerations will only grow in importance, perhaps even more so in rare earth magnetics than in other electrification applications. Today's battlefields from Ukraine to the Middle East already proved that warfare is no longer about dogfights between jets, but about networks of drones, sensors, and AI-driven robotics. On Wall Street and in capital markets today, we see immense enthusiasm for defense tech, robotics, and physical AI, but I want to remind everyone, great power competition is not just about the next breakthrough in hardware or software, it is also about securing the critical supply chains that make those breakthroughs possible. Can the next hot drone robotics or eVTOL company really tell investors with a straight face that the rare earth magnets or other essential components come solely from China? At MP, we remain relentlessly focused on scaling our fully-integrated rare earth supply chain, advancing our Magnetics business, and delivering long-term value to our shareholders. The momentum is building. The fundamentals are on our side, and MP is positioned to lead for years to come. With that, let's open it up for questions. Operator?

Thank you. [Operator Instructions] Our first question comes from Matt Summerville with DA Davidson. Please unmute your line and ask your question.

Thanks. Just curious beyond [Technical Difficulty] Q1 and realizing this is non-linear in nature, how should we think about the cadence in NdPr volume ramping throughout this year and then kind of maybe the exit rate into 2026 and -- or in into, yes, calendar '26, and how the current pricing environment informs the way you're going to ramp from here? And then, I will follow-up.

Thanks. This is Michael. As I mentioned earlier, yeah, in terms of our production ramp, we've been focused on balancing cost, efficiency, and the long-term success of the business. In 2024, we were primarily focused on stability and uptime. And in 2025, that we'll focus more on uptime and throughput. This underlines our plans for significant volume growth in 2025 along with the return to profitability. As you mentioned, in the first quarter, we'll show improvement, but we're feeling even more confident about that growth path after the early Q2 outage.

And then, as a follow-up, I'm sure you guys saw this the other day, maybe it was even yesterday, that China plans to prohibit non-state companies from mining rare earths, which would effectively or theoretically further tighten their control. I guess, what's your view on how that ultimately plays out in the commodity itself should that come to fruition?

Good question. Obviously, it's difficult for us to speculate on what will happen with Chinese regulatory environment, but this does seem consistent with the policy announcements from last year, along with a general trend over the last decade plus of consolidation of the market -- or of the Chinese market into the two super majors and the deemphasis on purely private-owned market participants. This obviously means more of the quota allocation and enforcement is in the hands of those two players as well. Certainly, the initial response from the market seems to take this as maybe more supply discipline and higher pricing. Over the last couple of years at the prevailing prices, most of the Chinese market has also been unprofitable. So, perhaps this is a move towards addressing that. Either way, we think it validates our business model and our mission, and the importance of having a diverse supply chain that's not dominated by a single party.

Thanks, Michael.

Our next question comes from Corinne Blanchard with Deutsche Bank. Please unmute your line and ask your question.

Hey, guys. Can you hear me?

Yes.

Yes.

Hey. Thank you. The first one, Michael, you mentioned that there is few areas that you would like to see improving at Mountain Pass. Most of us went there, like, few weeks ago. And so, could you just, like, talk about the few area that you would like that to get better, and then, what can be done and so? And then, the second is also related to Mountain Pass. I think at the site visit, you mentioned, trying to focus more and more on exploration for this year and next year. So, if you could just share some more detail on there, that would be helpful.

Okay. Thanks, Corinne. I also mentioned in the remarks, the midstream assets are a series of interconnected circuits. And while as part of our stage two optimization project, we added additional intra-circuit storage. There is limits on how much we can smooth uptime between the different stages. So, the different areas need to run each with sufficiently high uptime and throughput to achieve production goals. In general, we're very happy with the process itself, but there's still room to improve the mechanicals to -- the mechanical reliability of certain parts of the assets. One kind of category that we see significant room for improvement is in solids handling and conveyance, where we see intermediate products are not, in some cases, moving as reliably as we need them to. Some of these issues resolve themselves as the processes on either side of that material handling improves, but some require specific troubleshooting. As we address one issue, it may expose another area where that didn't appear to be a bottleneck. So, we're sort of addressing these as we go, hopefully, as many at once as we can. So, while progress may not be as apparent in the production figures as we may like, we're really optimistic that behind the scenes here, we are making day-to-day progress, and that will become a lot more apparent in the coming quarters.

Thank you. And, if you can just, like, talk a little bit about the exploration plan that you may have for this year and next year?

Sure. Since 2010, there's really been minimal exploratory drilling of the Mountain Pass deposit. We've done a small amount a couple of years ago, but I think, as we've improved process recovery in the concentrator, we're looking to fill in gaps in the mine where we do not necessarily have sufficient definition to include certain areas in the resource or not enough definition to really categorize what the grade is and what the mineralogy is. So that will be the focus for this year, more within pit or near pit. I think in the coming years, we may look at expanding that area within our primarily the 2,000 acres that we have of the Mountain Pass patented claims.

Great. Thank you.

Thank you.

Our next question comes from Greg Jones with BMO. Please unmute your line and ask your question.

Good afternoon. With all the discussions of tariffs over the past few weeks or months, are there any aspects of MP's business that are sourced external to the US which could potentially be exposed to price increases, maybe things like consumables, chemicals, or reagents?

Hey, Greg. It's Ryan. I'll take that. Certainly, every global business is concerned about tariffs. I think we've been very forward thinking here. And given the required logistics of the major input costs for Mountain Pass and its very favorable position, we have very little exposure to imported materials, whether Chinese or otherwise. So, we don't expect the increased tariffs for global imports into the United States to have a meaningful impact on our cost structure.

Great. Thanks. And one related question. There's been some reports that the Trump administration may pause grant payments under the IRA. Is there any potential risk that grants that MP expects to receive could be at risk?

No. Hey, Greg. This is Jim. I don't think so. I think there's -- one area that there's sort of wide appreciation is in critical minerals. And so, there's pretty broad support for that. In fact, on Valentine's Day, they just put out an executive order establishing the National Energy Dominance Council, and one of the big things is focused on more critical minerals production. So, our expectation is that anything that is done is going to be extremely beneficial towards supporting our efforts. So, we don't really see much risk on that front in totality.

Great. Thank you.

Our next question comes from Carlos De Alba with Morgan Stanley. Please unmute your line and ask your question.

Yeah. Thank you very much. Good afternoon, everyone. So, just, you clearly have surprised people over the years on how you have executed, particularly, obviously, on the Materials segment. So, what can you tell us...

Is that your way of saying you didn't believe in us?

No. I'm saying the market, man.

Okay. Fair enough.

If you have seen how we have talked and rated the stock. But anyway, the midstream, as was said, it's only a third of the production right now. So, how do you see the progression of production and cost? Should we expect sort of a linear relationship between the two, a constant relation between the two, or do you think that you can deliver or you will deliver production at capacity or normalized run rate before then costs start to really come down, just to make sure that we don't miss that as we try to model that for the improvement?

Thanks, Carlos. This is Michael. I'll start, and sure Ryan will add on. Very much as we saw with the upstream business, we saw period of challenging reliability with relatively low throughput followed by significant breakthroughs where we had sort of step change functions in production. I think, seeing sort of similar trends here where the progress is not as apparent and then -- but we know it's happening, and we expect that to come through. We've been clear and focused on ensuring we're not pushing volume for volume's sake at cost that don't work. And so, I'm hopeful that as we get to certain levels of volume that the cost structure will improve materially. I'll let Ryan follow-up on that.

Yeah. I mean, I think you hit it well, Michael. All I'd say is, obviously, with the data we see in each circuit, when each individual process is running as intended, which we get very good line of sight into that over the course of a production quarter, the model is working as we expected effectively. And so, we're at this point where, to Michael's point, stringing it all together to maintain the reliability with the increase in throughput is really going to be what we need to unlock the cost structure that we've always targeted. We feel very good that we will get there. And so, that's a lot of words to say, we're at the point where a lot of this is a fixed cost absorption issue where as we get throughput, the way we should be getting throughput, so being thoughtful about it, we do expect our costs to come down. On top of that, I talked a little bit about some of the projects that we are investing in that I think give us even further excitement about our ability to continue to bring costs down and be a low-cost producer globally of NdPr oxide and other separated products namely, what I mentioned on chlor-alkali over time, and some other investments that we're working on. And so, this will be a long-term plan to continue to pull costs out even as we just get to our targeted cost structure from throughput over time.

All right, that makes sense. And maybe a related question, but more on the upstream. As you start executing and delivering on the 60K project, that incremental throughput and production output of concentrate, how much of a cost benefit -- cost reduction benefit would that generate you think?

Well, this is Ryan. I'll start, and Mike, jump in if you've got other thoughts. I think as you've seen with our cadence of production cost improvements on the upstream side in periods of higher upstream production, certainly, depending on how you get to those higher throughputs, will inform how much of a cost benefit will flow through the model. What we have seen recently is a lot of the production growth coming via improved recovery and improved recovery has nearly a full drop through to the bottom-line. And so, those are the types of opportunities that we are focused on in the short- and medium-term. As we want and look to grow even further, there is a limit to the amount of improvement to recovery that we can achieve, and so that will have a slightly different cost profile. But putting that all together, certainly, there's a significant amount of fixed infrastructure and shared costs that we'll start to get leverage on as well as we drive production growth. And so, different shades of a positive, but generally all quite positive.

All right. Thank you very much.

Our next question comes from Bill Peterson with JPMorgan. Please unmute your line and ask your question.

Yeah. Sorry about that. Can you hear me okay now?

Yes. Hey, Bill.

Great. Yeah. Good afternoon, everyone. It was nice to visit both Mountain Pass as well as Independence. Thanks for all the insights you shared there. On the midstream cost downs, just want to come back to that to make sure I understand. I think the prior quarter, you had thought you could achieve gross margin positive exiting the quarter, but now you're seeing -- I guess, you saw some throughput issues, some reliability issues. I guess with some of the improvements you have made since then, and the expected improvements you have to come, assuming pricing is -- I guess, no change in pricing, which, frankly, we haven't really seen much over the past quarter, what is your latest expectations on turning gross margin positive?

Yeah. Sure, Bill. It's Ryan. I don't think we've really changed our view at all on timing of exiting Q1 for hitting gross profit in the NdPr production. We continue to think we're tracking towards that. Obviously, there are puts and takes. Michael talked about the rework in January. But we still think that we have good line of sight to achieving that. So, no change in our commentary on that.

Okay. Great. Thanks for that confirmation. And, also, I guess, in the third OEM, congrats on that. I guess, are you -- do you have the bandwidth or the capability to support additional OEM agreements at this stage? Is there interest from your side or interest from other OEMs? And I guess, beyond the automakers, can you shed light on any discussions you're having with companies that are in the robotics space or eVTOL or some of these emerging markets that, you kind of alluded to earlier, will frankly need this sort of western source of supply?

Yeah, sure, Bill. It's Ryan again. In terms of the automotive OEM, this was something we announced, I think, a couple of quarters ago. And the way we think about it is obviously serving those OEMs across a variety of products, both on the oxide metal and magnetic side. So, from the magnetics perspective, we have no new news to break at the moment. And, certainly, we remain focused on the magnetics side at the moment on executing for General Motors, given the significant commitment we have to them in that facility. That said, both on the Materials segment and the Magnetics segment, conversations have picked up, I would say, meaningfully over the last three months or so, in terms of interest in securing supply from a trustworthy western supplier of these critical products. And so, whether it's the tariff discussion and potential reciprocity there or just the concerns where we've seen in several other critical minerals, an inability for certain large OEMs to source, that is really the crux of our mission from the beginning. And so, everything that we're seeing geopolitically, I think, plays exactly into the reason we're doing everything that we're doing. And so, conversations continue across both sides of the business. Specifically to your question on robotics, eVTOL, et cetera, we are having a lot of conversations. I think the great thing about the way we set that business up is focusing on a customer like General Motors, and the automotive supply chain to begin with, lower SKU count, an extreme amount of focus on quality, and some of the hardest magnets to make. And so, hitting that first sets us up for great opportunities to come that we can fit into Independence where we've already got the team in place. We've got most of the assets in place. And so, I would say, we're having a lot of conversations and, obviously, you know our MO, we will announce something when we have something to announce, but we have no shortage of opportunities.

Yeah. Thanks for that, Ryan. Good luck, team.

Our next question comes from Ben Kallo from Baird. Please unmute your line and ask your question.

Hey, guys. Thanks for taking my question. Thanks for all the detail. Just -- could you just update us on your approach to heavies as it relates to both the upstream side of the business and then as far as sourcing for the magnetics side of the business? And then, my second question maybe for Jim, just on the policy front, you mentioned the council that was formed, but is there anything that you could point to that there's actual teeth to any kind of pricing support or any kind of efforts on policy front to kind of reward the domestic production? Thank you, guys.

Sure. Michael, why don't you go first, and then I'll get the second part.

Great. Thanks, Ben. Certainly, we've been primarily focused on our heavy rare earth separation project as our primary strategy for supplying terbium and dysprosium to our Magnetics business. And our main interest in the rare earth separation -- heavy rare earth separation is to support the Magnetics business. At the same time, we've been focused on the most efficient way to apply shareholder capital to that project. We feel very good about where we are in terms of securing enough material to support the start up an initial 1,000 ton capacity of the facility. And as a backup to that, our own efforts, we do have the ability to source materials in the market. Our heavy rare earth project does allow for and is designed for the ability to process third-party materials, and we have a team of people who've been focused on trying to source those materials. Of course, as the market has evolved, some projects that we had hopes for, are either delayed or worse than delayed. But we're excited about what we're doing in the heavies project. As you're able to see, we're able to coordinate efforts between our midstream team at Mountain Pass and our downstream team at Independence in order to develop a really thoughtful, integrated, heavy rare earth business that incorporates recycling and avoids unnecessary process steps and costs and hopefully -- and is, certainly, probably uniquely aligned in terms of desire to minimize heavy rare earth usage and maximize the amount of heavy rare earths that are that are produced.

And, hey, Ben, on your second part, but just finishing what Michael said, one important thing, we may have covered this before, but on the heavy side, the really exciting growth use cases that we're now seeing in the marketplace around physical AI, a lot of those use cases have very limited or even no heavies. So, just, I think that's a really important thing to think about as far as the growth prospects for the business. But moving on to policy, you've heard me say this repeatedly, but I think it's worth repeating again and again and again. We want a level-playing field, and then we'll do the rest. And that's the message that we've given to the government repeatedly over time, which is "We don't have a level-playing field. Give us that level-playing field, and we'll do the rest." And, obviously, this new administration is focused on companies like ours that are bringing jobs back. We have operators, electricians, maintenance workers, engineers, all the things that the golden age of American manufacturing is supposed to be focused on. And so, I would say, actually, one pronouncement that was really amazing, I think it was a week ago, it was within the past week. You can find a posting from President Trump on Truth and X, where he actually -- he had a very long detailed paragraph about reciprocity, and he went into detail about how he considers reciprocity to be. And it went specifically into various aspects beyond just other countries' tariffs with respect to VATS and other subsidies and whatnot. And so, I think that there's -- I think if you take him at his word, and I certainly do, and I think we've seen just tremendous movement in this first month, writ large, it's pretty astonishing and amazing that they're going to be true to the word to level the playing field. And so, I think it's still unknown as to exactly how that's going to take shape, but I think if we can get that, it's going to be really extraordinary for our business.

Okay. Thank you.

Our next question comes from Laurence Alexander from Jefferies. Please unmute your line and ask your question.

Good afternoon. So, first of all, have you now already produced and qualified all of the target SKUs that you need to -- for the GM contract, or do you still need -- or are there still some technical hurdles left to hit on that front? And then, secondly, just a question about trade-offs. You're in a different place than when you signed the first contract. So, what counts as a comparable or better-quality contract now? I mean, you don't need the upfront payments and so forth. So, can you just give your philosophy around that? And then, also, can you give your -- I realize we've all been badgering you to get Magnetics to profitability, but once you cross the line, how important is it to build and expand the engineering's talents to be able to generate more -- handle more SKUs and go after adjacent markets? Just what's your philosophy on the timeline for that?

Sure, Lawrence. It's Ryan. I'll start. In terms of your question on qualification, I think we are extremely pleased with the progress that we've made in producing the quality of magnets that we have in the NPI facility. I would say the qualification and PPAP process with an automotive customer is very long and involved and it involves quite a bit of production runs on full-scale equipment. And so, that will come later in the year. We have a great working relationship with the engineering and qualification team at our foundational customer and continue to have great dialogue there. So, we remain excited about that. I don't know, Jim, if you want to cover your thoughts on contracting.

Yeah. I mean, Laurence, you're asking specifically around what makes a good contract or not. I mean, I think, we've been very methodical about how we're building this business. I think, hopefully, you see that now. And the answer is that there's so many puts and takes that it's hard to give it to you in one summary other than we're going to be thoughtful stewards of shareholder capital. We're not going to go on spec to take a bunch of risk. And so, as we add new cut -- well, first and foremost, we need to execute well. And so, our primary focus in the Magnetics business at Independence is making sure we do an incredible job for GM at -- who's our foundational customer. And delivering beyond that, growing the business, I think it's fair to say you can probably see from our commentary and our view about how the world is moving and the types of customers that would make incremental sense that over time, you'll -- you should expect to see something on the physical AI front. It's still obviously very early in that, but it's just really extraordinary, the pace of capital formation that's happening there and, frankly, the scientific breakthroughs that are really happening in those businesses. I think maybe certainly not you, Laurence, but maybe some people thought I was a little nutty a year ago talking about how our belief, my belief is that physical AI would be sort of the first business use case out of the AI boom that we're seeing sort of hundreds of billions of dollars of capital spend, but it's not necessarily certain where's the GDP growth, where's the true revenue coming from that. And my view has been that physical AI is where we're going to…

Thank you.

Thanks.

Our last question comes from Leanne Hayden with Canaccord. Please unmute your line and ask your question.

Good afternoon, everyone. Thanks so much for taking my questions. You mentioned stronger midstream run rate production going forward. When do you expect to reach run rate production of 6,000 tons of NdPr? And, additionally, where do you expect the steady state cost of NdPr production per kilogram to land?

We will try to get there to the run rate as fast as we can within the confines of what I said earlier in terms of balancing cost efficiency, long-term stability. But, certainly, we expect significant improvement in progress this year towards that.

And, Leanne, on the cost side, I think we've given you guys quite a few building blocks over time to triangulate where we think our run rate cost structure will be. We -- there are obviously puts and takes since we provided initial guidance in 2020 or 2021 on rough order magnitude of cost, but our conviction in being a low-cost producer globally remains and remains extremely strong, given all the progress that we've seen. Obviously, Michael spoke at length now on this call about the various hurdles ahead of us, so -- that we intend to knock down. And as we do that, certainly, I think the math will prove itself out that Mountain Pass and its position on the cost curve is about as strong as it gets.

Got it. Thank you very much.

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

Thanks. As as I said earlier, I think it was a really remarkable 2024. 2025 is off to a terrific start. And so, we will get back to work like usual, and we look forward to speaking to you all next quarter. Thanks.