William Peterson
JPMorgan Chase & Co, Research Division

Good morning, and welcome to JPMorgan's Natural Resources Conference. My name is Bill Peterson, U.S. metals and mining analyst. I'm really pleased to start off with MP Materials. We have Ryan Corbett, the CFO, with us here this morning. So thanks for supporting us. You've been in -- well, MP has been at our conference as long as I've been covering the space. And it's never a dull moment in the space, and we're going to walk through a number of things in this call. This is actually being webcasted. So if there are any questions, make sure to use the microphone.

Ryan, to start off, I think most people are aware of MP, but maybe you can speak briefly about the evolution of the vertically integrated Magnet business model. And maybe as an aside, we hosted Jim last year. This was before the deal announcement. So lots have changed in that 1-year time frame.

Ryan Corbett
Chief Financial Officer

No question. Yes. Thank you, Bill, for having us. Happy to be here again. So for those of you that aren't familiar with MP Materials, we're the second largest producer of rare earth products globally. We operate the Mountain Pass rare earth mining and refining facility in Mountain Pass, California, which is one of the world's preeminent rare earth ore bodies, the only fully co-located mining and refining facility in the world. We also are in the midst of transitioning the business to be a fully vertically integrated business.

When we went