SCHEDULE 13G/A: Bank of Nova Scotia Reports 3.72% Stake in MP Materials

Bank of Nova Scotia has filed an amendment to its Schedule 13G, disclosing a 3.72% beneficial ownership stake in MP Materials Corp. as of December 31, 2025.

Summary

• Bank of Nova Scotia, a Canadian financial institution, filed an Amendment No. 1 to its Schedule 13G regarding its beneficial ownership in MP Materials Corp. / DE.
• As of December 31, 2025, Bank of Nova Scotia beneficially owned 6,795,441 shares of MP Materials Corp. Common Stock.
• This ownership represents 3.72% of the class of securities.
• Bank of Nova Scotia holds sole voting power and sole dispositive power over all 6,795,441 shares.
• The filing identifies Bank of Nova Scotia as a bank and a parent holding company, filing under Rule 13d-1(b).

Sentiment

Score: 5

Explanation: The filing is a routine beneficial ownership disclosure, indicating a neutral sentiment as it provides factual information without expressing positive or negative operational or financial performance.

Positives

• NA

Negatives

• NA

Risks

• NA

Future Outlook

This filing is a beneficial ownership report and does not contain any forward-looking statements or guidance regarding MP Materials Corp.'s future outlook.

Management Comments

• Bank of Nova Scotia certifies that, to the best of its knowledge and belief, the foreign regulatory scheme applicable to it is substantially comparable to the regulatory scheme applicable to functionally equivalent U.S. institutions.

Industry Context

This filing reflects an institutional investor's (Bank of Nova Scotia) passive ownership stake in MP Materials Corp., a company operating in the rare earth materials industry. Such disclosures are routine for large financial institutions and provide transparency into significant holdings, but do not inherently indicate a strategic shift or direct industry trend beyond the investor's portfolio allocation.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional holding, which can influence market perception of institutional interest in MP Materials Corp.

Key Dates

Keywords

MP Materials Corp., Bank of Nova Scotia, Schedule 13G, Beneficial Ownership, Common Stock, Institutional Investor, Financial Institution