MP Materials shares are rising after its financial results gave investors hope that the rare earth miner is moving toward profitability. MP Materials announced two transformative deals last month with the Defense Department and Apple.

MP Materials said quarterly rare earths concentrate production at the mine increased nearly 45% to 13,145 metric tons, while production for neodymium and praseodymium (NdPr) — the two most in-demand rare earths — jumped nearly 120% to 597 metric tons.

MP Materials reported a smaller than expected Q2 adjusted loss on record production of a key rare earth oxide and forecasting further production gains.

Shares of MP Materials soared 50% Thursday morning after the rare earths miner announced a multibillion-dollar agreement with the Department of Defense.

MP Materials Company Overview Rare earth elements (REEs) are a group of seventeen rare elements that are essential ingredients for a wide range of modern technologies due to their unique magnetic,

MP Materials shares jumped more than 10% in premarket trading on Friday, after the U.S. rare earths miner posted higher output, a smaller-than-expected quarterly loss and forecast further production gains.