Lawson Winder
BofA Securities, Research Division

Everybody, welcome to the afternoon session of our 43rd Annual Metals and Mining Conference. This next panel has become a bit of a mainstay at the conference, and I hope it continues to be that way. The interest has been fantastic. And to complement that interest, we have 2 fantastic guests. With us today, we have Ryan Castilloux. He's Managing Director of Adamas Intelligence and a true expert in the space of rare earths. And from MP Materials, a U.S. champion in rare earths, we have Ryan Corbett, he's Chief Financial Officer of the company. And then my colleague, Kate McCutcheon, is here to share the stage with me.

How we're going to start things off is I'm going to invite everybody on stage. Ryan Castilloux from Adamas Intelligence is going to start with an overview of the sector, supply and demand, pricing costs, all that sort of stuff. Then Ryan Corbett from MP Materials will give a bit of an overview of MP, but more specifically, a view of the industry and from a U.S. and MP perspective. And then the 4 of us will put our heads together and have a chat about the industry. So if you guys want to come on stage, Ryan Castilloux, the podium is all yours.

Ryan Castilloux

Thank you, Lawson. Good afternoon, everybody. It's a pleasure to be here speaking with you today. Thank you to Lawson and the team for inviting me to participate in the rare earth panel once again this