MP Materials Surges 4.92% on $930M Volume to 120th in Trading Activity as Rare Earth Expansion Plans Drive Momentum

MP Materials (MP) surged 4.92% on October 2, with a trading volume of $930 million—a 72.32% increase from the previous day—ranking it 120th in market activity. The rally followed a strategic shift in its refining operations, as the company announced plans to expand its capacity at the Mountain Pass facility by 2026, aiming to meet growing demand for rare earth materials in the EV and clean energy sectors.

The move comes amid heightened investor interest in critical minerals amid U.S. policy tailwinds. Analysts noted that MP’s updated production roadmap aligns with government initiatives to reduce reliance on Chinese supply chains, potentially boosting its market share in the domestic rare earth processing landscape. However, near-term execution risks remain tied to capital expenditure timelines and regulatory approvals for expanded operations.

To run this back-test accurately, key parameters must be defined: universe scope (e.g., S&P 1500 vs. broader U.S. equities), rebalancing timing (entry/exit prices), weighting methodology, transaction cost assumptions, and benchmark selection. Once finalized, the back-test engine can generate signals for the period from January 1, 2022, to the present, enabling performance evaluation against specified benchmarks.