MP Materials: Added to Chinese export control list: little to no impact on MP. Maintain Buy rating.

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MP Materials: Added to Chinese export control list: little to no impact on MP. Maintain Buy rating.

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MP Materials

Added to Chinese export control list: little

to no impact on MP. Maintain Buy rating.

Maintain Rating: BUY | PO: 85.00 USD | Price: 60.88 USD

MP strategically valuable for US rare earths independence 22 June 2026

Last night, China’s Ministry of Commerce added 10 U.S. companies, including MP Equity

Materials (MP) and (uncovered) USA Rare Earth, to its export control list. The other 8

companies are more traditional US defense contracting companies. Given that MP’s LawsonResearch Winder,Analyst CFA >>

implicit strategy is, and has been for several years, to eliminate dependence on China, Merrill Lynch (Canada)

including in its own supply chain, it is insulated. We expect little to no impact. In our view, +1lawson.winder@bofa.com416 369 7592

it speaks to MP’s strategic value as a U.S. national asset and reinforces our positive view Sathish Kasinathan

of the stock. MP is the only vertically integrated ex-China rare earths magnet Research Analyst

BofAS

manufacturer. We see it as an unmatched rare earth (RE) investment. Maintain Buy rating. +1 646 855 2769

China’s export control list focuses on dual use applications sathish.kasinathan@bofa.comAdam Smiarowski, CFA >>

China’s export control list relates to companies that export goods, technologies, or Research Analyst

Merrill Lynch (Canada)

services that have dual uses (civilian and military). Given last year’s financial support adam.smiarowski@bofa.com

and supply agreement between MP and the US Department of War (DoW), the move is Chen Jiang >>

not surprising in our view. News reports suggest that the addition of these 10 Research Analyst

Merrill Lynch (Australia)