@MP· Company· 5w
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.
ConfirmedSource