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- **Q3 Production Records**: NdPr oxide at 721M metric tons (21% QoQ, 51% YoY), REO at 13,254M metric tons.
- **DoD PPA Impact**: $110/kg floor price for NdPr oxide, enabling Q4+ profitability and $221M upfront asset.
- **Apple Prepayment**: $40M received Q3, with $200M total tied to magnet production milestones.
- **Magnet Ramp-Up**: Target 10,000M metric tons/year by end-2026, with GM qualification in progress.
- **Financial Strength**: Flat EBITDA YoY, $110M gross CapEx spent, 10-year PPA earnings visibility.

**【CEO Summary Section】**
- Highlighted Q3 as a 'game-changer' with record NdPr oxide production (721 metric tons, +21% QoQ, +51% YoY) and REO production (13,254 metric tons). 
- Announced DoD PPA commencement (Oct 1), providing $110/kg floor price for NdPr oxide, enabling Q4+ profitability.
- Received $40M Apple prepayment for recycled magnet production, with $200M total prepayments tied to build-out milestones.
- Heavy rare earth circuit commissioning targeted for mid-2026, supporting 10,000 metric tons/year magnet production.

**【CFO Financial Commentary】**
- Q3 Adjusted EBITDA: Flat YoY, driven by 20% QoQ growth in separated product sales and cost improvements.
- PPA accounting: Top-up payments recorded as 'PPA income' below revenue line, with $221M upfront asset amortized over 10 years.
- 2025 CapEx: $110M gross ($86M net) spent through Q3, tracking to low end of $150-175M guidance.
- 2026 outlook: PPA payments from concentrate stockpile and production ramp to drive EBITDA visibility.

**【COO Operational Update】**
- Mountain Pass: 721M metric tons NdPr oxide produced, with heavy rare earth circuit equipment installation underway.
- Independence: Magnet precursor production ramping, with Q4 commissioning of commercial-scale magnet production.
- Chloralkali plant: First train recommissioning in early 2026, supporting chemical reagent self-sufficiency.
- Recycling: Engineering underway for Apple partnership, with pilot testing of recycled magnet scrap.

**【Q&A Highlights】**
- Feedstock strategy: Prioritize internal concentrate stockpile (SEG Plus) and third-party SEG, with no immediate M&A plans.
- Magnet ramp-up: Target 10,000 metric tons/year by end-2026, with GM qualification underway.
- Government support: PPA provides 10-year earnings visibility, with potential for future extensions.
- Recycling: Apple prepayments ($40M Q3, $200M total) funding expansion of Mountain Pass recycling circuit.


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