{
  "commitment": {
    "id": "fin-us-dod-mp-2025-samarium-loan",
    "eventId": "evt-us-dod-mp-2025",
    "relationships": [
      {
        "commitmentId": "fin-us-osc-obbba-2025-lending-authority",
        "relationship": "drawn_from",
        "sourceId": "src-osc-mp-loan-2025",
        "locator": "Third paragraph",
        "note": "The release states the loan's funding comes from the One Big Beautiful Bill Act's OSC credit subsidy, which creates up to $100 billion in available loan funds."
      }
    ],
    "instrument": "loan",
    "valueRole": "commitment",
    "capitalSource": "public",
    "amount": {
      "value": "150000000",
      "currency": "USD",
      "qualifier": "exact",
      "amountAsStated": "a loan to the Company in the aggregate principal amount of $150,000,000 (the \"Samarium Project Loan\")",
      "currencyBasis": "issuer_context"
    },
    "provider": "US Department of Defense, Office of Strategic Capital",
    "providerJurisdiction": "us",
    "providerOrgIds": [
      "org-us-osc"
    ],
    "legalAuthority": "One Big Beautiful Bill Act (source of OSC's credit subsidy funding)",
    "programmeId": "prg-us-osc-critical-minerals-lending",
    "recipient": "MP Materials Corp.",
    "recipientOrgIds": [
      "org-mp-materials"
    ],
    "project": "Samarium Project: expansion of heavy rare earth separation, including separation of samarium oxide",
    "projectId": "prj-us-mountain-pass-samarium",
    "facility": "Mountain Pass Rare Earth Mine and Processing Facility",
    "locations": [
      {
        "countryCode": "US",
        "subnational": "California",
        "asStated": "near Mountain Pass, San Bernardino County, California"
      }
    ],
    "stages": [
      "separation"
    ],
    "stageAllocation": "single_stage",
    "materialIds": [
      "rare-earth-elements"
    ],
    "materialAttribution": "tracked_only",
    "untrackedMaterialsAsStated": [],
    "financialStatusHistory": [
      {
        "status": "decided",
        "date": "2025-07-09",
        "sourceId": "src-dod-mp-transaction-agreement-2025",
        "note": "The Transaction Agreement provides that DoD will extend the loan within 30 days of the Effective Date, subject to agreed extensions."
      },
      {
        "status": "contracted",
        "date": null,
        "sourceId": "src-osc-mp-loan-2025",
        "note": "OSC announced on 10 August 2025 \"the recent execution of its first direct loan\"; the execution date is not stated."
      },
      {
        "status": "disbursed",
        "date": null,
        "sourceId": "src-mp-10k-2025",
        "note": "\"in August 2025, we issued a $150.0 million unsecured promissory note to the DoW with a 12-year term, maturing on August 1, 2037\"; the filing reports funds received from the DoW Transactions. The day of funding is not stated."
      }
    ],
    "implementationStatusHistory": [],
    "terms": [
      {
        "kind": "lending_rate",
        "value": "1",
        "qualifier": "exact",
        "currency": null,
        "unit": "percentage points above the 10-year U.S. Treasury constant maturity rate",
        "asStated": "Interest will accrue ... at a rate equal to the 10-year U.S. Treasury constant maturity rate ... plus 1.00%",
        "sourceId": "src-dod-mp-transaction-agreement-2025",
        "note": null
      },
      {
        "kind": "duration",
        "value": "12",
        "qualifier": "exact",
        "currency": null,
        "unit": "years",
        "asStated": "maturing 12 years after issuance of the Promissory Note",
        "sourceId": "src-dod-mp-transaction-agreement-2025",
        "note": null
      },
      {
        "kind": "lending_rate",
        "value": "5.38",
        "qualifier": "exact",
        "currency": null,
        "unit": "% per annum, fixed",
        "asStated": "bears interest at a fixed rate of 5.38% per annum, calculated as the 10-year U.S. Treasury constant maturity rate plus 1.00% at the time of funding",
        "sourceId": "src-mp-10q-2026-q2",
        "note": "The rate fixed at funding under the formula the Transaction Agreement set."
      }
    ],
    "outcomes": [],
    "evidence": [
      {
        "sourceId": "src-dod-mp-transaction-agreement-2025",
        "supports": [
          "instrument",
          "value_role",
          "capital_source",
          "amount",
          "provider",
          "recipient",
          "project",
          "facility",
          "location",
          "stages",
          "materials",
          "status",
          "terms"
        ],
        "evidence": "explicit",
        "locator": "Item 1.01, Transaction Agreement; Item 2.03",
        "note": null
      },
      {
        "sourceId": "src-osc-mp-loan-2025",
        "supports": [
          "instrument",
          "amount",
          "provider",
          "legal_authority",
          "relationships",
          "status",
          "programme"
        ],
        "evidence": "explicit",
        "locator": "First and third paragraphs",
        "note": "Read in full in a browser on 2026-09-23."
      },
      {
        "sourceId": "src-mp-10k-2025",
        "supports": [
          "status"
        ],
        "evidence": "explicit",
        "locator": "MD&A, DoW Transactions; Liquidity and Capital Resources",
        "note": null
      },
      {
        "sourceId": "src-mp-10q-2026-q2",
        "supports": [
          "terms"
        ],
        "evidence": "explicit",
        "locator": "Note 11, Debt Obligations: Samarium Project Loan",
        "note": null
      }
    ],
    "notes": "OSC describes this as its first direct loan. Unsecured promissory note; the company may repay at any time."
  },
  "event": {
    "id": "evt-us-dod-mp-2025",
    "date": "2025-07-10",
    "jurisdiction": "us",
    "titleEn": "DoD–MP Materials public-private partnership for rare earth magnet supply"
  },
  "parents": [
    {
      "commitmentId": "fin-us-osc-obbba-2025-lending-authority",
      "relationship": "drawn_from",
      "sourceId": "src-osc-mp-loan-2025",
      "locator": "Third paragraph",
      "note": "The release states the loan's funding comes from the One Big Beautiful Bill Act's OSC credit subsidy, which creates up to $100 billion in available loan funds.",
      "commitment": {
        "id": "fin-us-osc-obbba-2025-lending-authority",
        "eventId": "evt-us-dod-mp-2025",
        "relationships": [],
        "instrument": "loan",
        "valueRole": "lending_authority",
        "capitalSource": "public",
        "amount": {
          "value": "100000000000",
          "currency": "USD",
          "qualifier": "up_to",
          "amountAsStated": "creating up to $100 billion in available loan funds specifically for critical minerals production and related industries and projects",
          "currencyBasis": "issuer_context"
        },
        "provider": "US Department of Defense, Office of Strategic Capital",
        "providerJurisdiction": "us",
        "providerOrgIds": [
          "org-us-osc"
        ],
        "legalAuthority": "One Big Beautiful Bill Act",
        "programmeId": "prg-us-osc-critical-minerals-lending",
        "recipient": null,
        "recipientOrgIds": [],
        "project": null,
        "projectId": null,
        "facility": null,
        "locations": [],
        "stages": [],
        "stageAllocation": "not_stated",
        "materialIds": [],
        "materialAttribution": "not_stated",
        "untrackedMaterialsAsStated": [],
        "financialStatusHistory": [
          {
            "status": "authorized",
            "date": "2025-07-04",
            "sourceId": "src-osc-mp-loan-2025",
            "note": null
          }
        ],
        "implementationStatusHistory": [],
        "terms": [],
        "outcomes": [],
        "evidence": [
          {
            "sourceId": "src-osc-mp-loan-2025",
            "supports": [
              "instrument",
              "value_role",
              "capital_source",
              "amount",
              "provider",
              "legal_authority",
              "status",
              "programme"
            ],
            "evidence": "explicit",
            "locator": "Third paragraph",
            "note": null
          }
        ],
        "notes": "A lending ceiling created by the $500 million credit subsidy, as the OSC release describes it. A ceiling on what may be lent, not money lent; awards drawn from it are recorded separately and never added to it."
      }
    }
  ],
  "children": [],
  "sources": [
    {
      "id": "src-dod-mp-transaction-agreement-2025",
      "title": "MP Materials Corp., Form 8-K (Transaction Agreement with the Department of Defense)",
      "publisher": "MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)",
      "url": "https://www.sec.gov/Archives/edgar/data/1801368/000119312525157310/d43796d8k.htm",
      "language": "en",
      "datePublished": "2025-07-10",
      "dateAccessed": "2026-10-03",
      "sourceType": "other",
      "confidence": "primary",
      "notes": "The binding disclosure of the DoD deal terms, filed with the SEC. Read in full 2026-08-12 (EDGAR returns 403 without a declared user agent). Confirms verbatim: the Transaction Agreement was entered into on 9 July 2025 (the 'Effective Date'); a commitment for a $150 million loan to support expansion of heavy rare earth separation, to be extended by DoD within 30 days following closing; a quarterly payment per kilogram of NdPr equal to the shortfall between $110 per kg and the benchmark quarterly average price; a 10-year offtake agreement for magnet production from the 10X Facility; and a warrant issued to DoD. Source type 'other' follows the convention used for src-mp-dod-2025 (company document rather than a government instrument), but this is the filed agreement disclosure rather than a press release. Note the event is dated 2025-07-10, the announcement date, while the agreement's effective date is 2025-07-09. Rebuilt 2026-08-12 after the record was lost to an accidental working-tree revert; re-verified against the filing. Full original filing reread on 3 October 2026 for the 10X lifecycle review; the reporting date is not treated as a construction commencement date."
    },
    {
      "id": "src-osc-mp-loan-2025",
      "title": "Office of Strategic Capital Announces First Loan Through DoD Agreement With MP Materials to Secure Critical Materials Supply Chain",
      "publisher": "U.S. Department of Defense, Office of Strategic Capital",
      "url": "https://www.war.gov/News/Releases/Release/Article/4270722/office-of-strategic-capital-announces-first-loan-through-dod-agreement-with-mp/",
      "language": "en",
      "datePublished": "2025-08-10",
      "dateAccessed": "2026-09-23",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "OSC release recording the execution of the $150M loan contemplated by the July 2025 DoD agreement, the office's first direct loan. war.gov returns HTTP 403 to automated clients; the body text was read in full in a browser on 2026-09-23. It states that the funding for the loan comes from the One Big Beautiful Bill Act, which provides OSC with $500 million of credit subsidy funding, creating up to $100 billion in available loan funds for critical minerals production and related industries and projects. The loan's rate and term come from the MP Materials Form 8-K (src-dod-mp-transaction-agreement-2025)."
    },
    {
      "id": "src-mp-10k-2025",
      "title": "MP Materials Corp. Form 10-K for the fiscal year ended December 31, 2025",
      "publisher": "MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)",
      "url": "https://www.sec.gov/Archives/edgar/data/1801368/000180136826000008/mp-20251231.htm",
      "language": "en",
      "datePublished": "2026-02-26",
      "dateAccessed": "2026-09-23",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "Binding annual filing of the recipient, read in a browser on 2026-09-23. Reports the July 2025 public offering (13,590,908 shares, net proceeds $724.2 million), the Samarium Project Loan note issued in August 2025, \"funds received from the DoW Transactions\", and 400,000 Series A preferred shares issued in 2025 and outstanding at December 31, 2025. It does not mention the $350 million Funding Allocation or say whether any additional preferred stock was sold to the DoW."
    },
    {
      "id": "src-mp-10q-2026-q2",
      "title": "MP Materials Corp. Form 10-Q for the quarterly period ended June 30, 2026",
      "publisher": "MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)",
      "url": "https://www.sec.gov/Archives/edgar/data/1801368/000180136826000048/mp-20260630.htm",
      "language": "en",
      "datePublished": "2026-08-07",
      "dateAccessed": "2026-10-03",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "Binding quarterly filing of the recipient, read in a browser on 2026-09-23. Note 12: \"In July 2025, the Company issued 400,000 shares ... to the DoW for cash consideration of $400.0 million.\" Note on debt: the Samarium Project Loan \"bears interest at a fixed rate of 5.38% per annum\". Note 3 and MD&A: the Price Protection Agreement commenced on October 1, 2025; PPA income of $59.9 million for the six months to June 30, 2026 and a PPA income receivable of $17.6 million ($51.0 million at December 31, 2025). The 10X Facility is in Northlake, Texas, on a 120-acre site bought in April 2026, where construction is \"currently underway\". It refers to the Department of Defense as the Department of War. Full original filing reread on 3 October 2026 for the 10X lifecycle review; the reporting date is not treated as a construction commencement date."
    }
  ]
}