REEx Inside Scoop: BlackRock Reports 8.0% Stake in MP Materials

Highlights

• BlackRock disclosed beneficial ownership of 14,214,742 Class A shares of MP Materials, representing 8.0% of the class as of September 30, 2026.
• The position is 19.1% higher in share count than the prior year filing, rising from 11,930,482 shares at 6.7% ownership.
• BlackRock certified the stake was held in the ordinary course and not to influence control, limiting conclusions about active conviction.
• MP Materials holds a DOD-backed $110/kg NdPr price-protection agreement, reducing price risk but not execution risk on magnet capacity.
• REEx will monitor MP's production volumes, magnet shipments, and cash flow as more direct tests of the investment thesis than institutional filings.