MP Materials and Energy Fuels are two key U.S. companies involved in the critical minerals supply chain, including rare earth elements (REEs). MP Materials, based in Las Vegas, NV, is the largest rare earth producer in the Western Hemisphere with a market capitalization of $9.6 billion, operating the Mountain Pass Rare Earth Mine. Energy Fuels, located in Lakewood, CO, holds a market cap of $3.58 billion and owns the White Mesa Mill in Utah, the only licensed conventional uranium processing facility in the U.S.
In July 2025, MP Materials formed a long-term supply agreement with Apple to deliver recycled rare earth magnets and announced new agreements with the Department of War to bolster domestic magnet production. Although its third-quarter 2025 revenues fell 15% year-over-year to $56.6 million, production of neodymium/praseodymium (NdPr) soared 51% to 721 metric tons. Energy Fuels reported a significant revenue increase of 337.6%, totaling $17.7 million, primarily driven by uranium sales, selling 240,000 pounds at an average price of $72.38 per pound.
Both companies are facing challenges, with MP projecting a loss of 22 cents per share for fiscal 2025, while Energy Fuels expects a loss of 35 cents per share. The current earnings outlook shows MP’s potential for recovery with profitability anticipated in 2026.
