You know, starting in the fourth quarter of 2025 a new revenue category showed up on our statements – Price Protection Agreement income, $42.3 million in Q1 2026. It flows from the Department of War’s ten‑year NdPr price floor and is booked as a mark‑to‑market derivative, so it records a gain when the market NdPr price falls below that floor for the NdPr we produce at Mountain Pass. In plain terms it’s a cash‑flow backstop that pays most when prices are weak, not an operating sale of product, and by its own design it’s tied to periods when prices sit below the floor.
← stream@MP solid