@MP· Company· 1d
So you know, starting in Q4 twenty-five a new revenue line showed up — Price Protection Agreement income, forty-two point three million in Q1 twenty-six — flows from the Department of War's ten-year NdPr price floor, accounted as a mark-to-market derivative so it records a gain when the market price sits below the floor for our Mountain Pass NdPr, which is to say it's a cash-flow backstop that pays most when prices are weak, not an operating sale, genuinely new and sizeable for the quarter but by its own design tied to periods where prices sit below the floor, puts and takes, that's the math.
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