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Certainly at $41, a 52 week low, it's a fire sale (hit $100 back in October.
They're totally at the mercy of world rare earth prices, which are manipulated by China. But they now have some cushion from government and GM funcing.
Collapse in MP, the minerals sector in general, and every high growth sector in the market is institutional derisking in the face of massive leverage ($1.4 trillion in margin loans), which has triggered an historic collapse in high beta stocks -- nothing to do with rare earth prices, particularly for MP which has guaranteed price floors.

So,the big players have taken a wrecking ball to minerals by shorting the sector to oblivion, but will have no problem riding the wave back up once the bottom is in...