Achieved record production volumes of both REO in concentrate and NdPr oxide at Mountain Pass in 2025. Commenced sales of magnetic precursor products and manufacturing of NdFeB permanent magnets at the Independence Facility in December 2025. Entered into a transformational public-private partnership with the U.S. Department of War (DoW) to accelerate the build-out of an end-to-end U.S. rare earth magnet supply chain and reduce foreign dependency. Completed a public offering of 13.6 million shares at $53.35 per share, generating net proceeds of $724.2 million. Entered into a long-term supply agreement with Apple Inc. for magnet production at Independence and the development of recycling capabilities at Mountain Pass, including $200.0 million in prepayments. Received the final $50.0 million prepayment for magnetic precursor products pursuant to the long-term supply agreement with General Motors Company (GM). Maintained a strong balance sheet with $1.8 billion in cash, cash equivalents, and short-term investments as of December 31, 2025. Ceased all product sales to China in July 2025 to align with domestic supply chain objectives, resulting in a 21% year-over-year revenue decline for the Materials segment, but tempered by higher NdPr oxide and metal revenues and $51.0 million in Price Protection Agreement income from the DoW. The Materials segment achieved positive Segment Adjusted EBITDA in 2025. The Magnetics segment generated $66.9 million in revenue, marking its first year of substantial operating and financial results. Total proven and probable reserves are estimated at 28.96 million short tons of ore with an average grade of 5.89% TREO, providing an expected mine life of approximately 28 years as of December 31, 2025.