MP hardened its thesis that non-China NDPR oxide supply is the binding constraint on magnet production, citing Japan locking up Lynas output and demand acceleration from defense drones, robotics, and energy verticals.
Tessara post-call read · synthesized from the earnings-call transcriptreported May 7, 2026
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What moved, what it means for the thesis, and the signal others missed. Every name you cover, the night it prints.