MP Materials Corp.
Samarium Project: expansion of heavy rare earth separation, including separation of samarium oxide
fin-us-dod-mp-2025-samarium-loan
Reading this record
What the evidence says — and does not say
- What kind of figure?
- CommitmentMoney, or a money-like promise, committed to a named recipient or project. The only role ever summed.
- What has happened legally?
- DisbursedThe money has been paid out.
- Has money been paid?
- Follow the payment evidenceThe source-linked current status records disbursement. Check the cited history for amount, timing and scope; it does not establish physical construction.
- What does it link to?
- Project attributionOne registered project is linked directly to this row. The link alone does not prove the amount was paid or that the project advanced.
This is a commitment role, but the financial status still determines legal standing and payment. Funding and verified industrial outcomes remain separate. A financial record alone never independently verifies construction, commissioning or production. Read SMPT's counting and evidence rules.
Amount
As stated “a loan to the Company in the aggregate principal amount of $150,000,000 (the "Samarium Project Loan")”
USD 150,000,000 · Exact · Currency read from the issuing government
Place in the money chain
A figure is never counted together with a figure it is part of or drawn from.
This row is drawn from
Stated by U.S. Department of Defense, Office of Strategic Capital · Third paragraph — 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.
Record
- Provider
- US Department of Defense, Office of Strategic CapitalOffice of Strategic Capital (OSC)Government body
- Legal authority
- One Big Beautiful Bill Act (source of OSC's credit subsidy funding)
- Recipient
- MP Materials Corp.MP Materials Corp.Company
- Project
- Samarium Project: expansion of heavy rare earth separation, including separation of samarium oxideMountain Pass heavy rare earth separation expansion (Samarium Project) capital stack →
- Facility
- Mountain Pass Rare Earth Mine and Processing Facility
- Location
- near Mountain Pass, San Bernardino County, CaliforniaUS
- Stages
- SeparationSingle stage
- Materials
- Rare earth elements (grouped)Tracked materials only
Status
Financial and physical progress are separate histories. The last entry is current.
Financial
- Decided
The Transaction Agreement provides that DoD will extend the loan within 30 days of the Effective Date, subject to agreed extensions.
MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)
- Contracted
OSC announced on 10 August 2025 "the recent execution of its first direct loan"; the execution date is not stated.
- Disbursedcurrent
"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.
MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)
Implementation
No source states the physical status of a project for this row.
Terms
Operative terms as the source words them.
| Term | Figure | As stated |
|---|---|---|
| Lending rate | 1 percentage points above the 10-year U.S. Treasury constant maturity rate | “Interest will accrue ... at a rate equal to the 10-year U.S. Treasury constant maturity rate ... plus 1.00%”MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR) |
| Duration | 12 years | “maturing 12 years after issuance of the Promissory Note”MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR) |
| Lending rate | 5.38 % per annum, fixed | “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”The rate fixed at funding under the formula the Transaction Agreement set.MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR) |
Notes
OSC describes this as its first direct loan. Unsecured promissory note; the company may repay at any time.
Evidence
Every populated field names the source that states it, how directly, and where.
MP Materials Corp., Form 8-K (Transaction Agreement with the Department of Defense)
MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)
- Fields supported
- Instrument · Value role · Capital source · Amount · Provider · Recipient · Project · Facility · Location · Supply-chain stages · Materials · Status · Terms
- Evidence level
- Explicit
- Location in document
- Item 1.01, Transaction Agreement; Item 2.03
U.S. Department of Defense, Office of Strategic Capital
- Fields supported
- Instrument · Amount · Provider · Legal authority · Related commitments · Status · Programme
- Evidence level
- Explicit
- Location in document
- First and third paragraphs
- Qualification
- Read in full in a browser on 2026-09-23.
MP Materials Corp. Form 10-K for the fiscal year ended December 31, 2025
MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)
- Fields supported
- Status
- Evidence level
- Explicit
- Location in document
- MD&A, DoW Transactions; Liquidity and Capital Resources
MP Materials Corp. Form 10-Q for the quarterly period ended June 30, 2026
MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR)
- Fields supported
- Terms
- Evidence level
- Explicit
- Location in document
- Note 11, Debt Obligations: Samarium Project Loan
| Source | Fields supported | Evidence level | Location |
|---|---|---|---|
| MP Materials Corp., Form 8-K (Transaction Agreement with the Department of Defense) MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR) · Source dossier |
| Explicit | Item 1.01, Transaction Agreement; Item 2.03 |
| Office of Strategic Capital Announces First Loan Through DoD Agreement With MP Materials to Secure Critical Materials Supply Chain U.S. Department of Defense, Office of Strategic Capital · Source dossier |
| Explicit Read in full in a browser on 2026-09-23. | First and third paragraphs |
| MP Materials Corp. Form 10-K for the fiscal year ended December 31, 2025 MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR) · Source dossier |
| Explicit | MD&A, DoW Transactions; Liquidity and Capital Resources |
| MP Materials Corp. Form 10-Q for the quarterly period ended June 30, 2026 MP Materials Corp. / U.S. Securities and Exchange Commission (EDGAR) · Source dossier |
| Explicit | Note 11, Debt Obligations: Samarium Project Loan |