TORONTO, Oct. 1, 2026 /PRNewswire/ — MP Materials Founder, Chairman and Chief Executive Officer James Litinsky topped Bedford Group/TRANSEARCH’s 2026 mining compensation rankings with a reported fiscal 2025 total compensation of US$28.0 million (C$39.2 million).
Litinsky’s compensation was overwhelmingly weighted toward long-term equity, including US$24.8 million (C$34.6 million) in stock awards, together with US$2.2 million (C$3.1 million) in annual non-equity incentive compensation. His base salary was US$1.0 million (C$1.4 million).
The result comes during a transformational period for MP Materials, which operates the Mountain Pass rare-earth mine and processing facility in California and has expanded into U.S. magnet manufacturing. In July 2025, the company entered into a major public-private partnership with the U.S. Department of Defense to accelerate development of a domestic rare-earth magnet supply chain.
Litinsky has led MP Materials since its inception in 2017, making the compensation outcome one associated with a long-serving founder and CEO rather than a new-hire package. Later in 2025, the company granted him a one-time US$15 million (C$21.0 million) performance-based equity award tied in part to milestones under its U.S. government agreements and other long-term operating objectives.
“MP Materials is operating at the centre of one of the most strategically important areas of the U.S. critical-minerals market, and Litinsky’s compensation reflects the scale of that mandate,” said Frank Galati, Managing Partner and Executive Compensation Practice Leader at Bedford Group/TRANSEARCH. “What stands out is that the vast majority of his reported compensation was delivered through long-term equity rather than fixed salary, with a significant portion tied to future performance and strategic milestones.”
Bedford’s 2026 Report on Board and Executive Compensation in the Mining Industry analyzes compensation practices at 346 publicly traded companies, covering more than 1,300 Named Executive Officers (NEOs) and 1,900 directors. The report serves two distinct functions: benchmarking current-market compensation according to company asset value and assessing year-over-year changes using the same companies from one year to the next.
The analysis found that median base salary increased 4% from fiscal 2024 across CEOs, CFOs and the remaining NEOs. Median total compensation increased 14% for CEOs and CFOs and 8% for remaining NEOs, demonstrating that changes in incentive compensation continued to have a greater impact on total pay than changes in fixed salary.
Other findings from Bedford’s 2026 report include:
- 79% of executives received equity compensation during fiscal 2025.
- Stock options were concentrated among smaller companies: of those granting equity compensation, 94% of companies with less than $100 million in assets used options, compared with 19% of companies with more than $20 billion in assets.
- Performance Share Unit (PSU) prevalence moved in the opposite direction, increasing from 26% in the Under $100 million tier to 88% in the $20 billion-plus tier.
- CFO turnover reached 21.3%, the highest level in Bedford’s five-year dataset.
- Female representation among CFOs reached 20.8%, the highest among the executive positions reviewed by Bedford.
The report also examines executive and Board compensation by company size, short- and long-term incentive design, equity compensation practices, change in control and severance provisions, share ownership guidelines, Board and executive diversity, and current compensation governance practices.
The 2026 Bedford Report on Board and Executive Compensation in the Mining Industry is available now from Bedford Group/TRANSEARCH. Boards and executives can use the study to test the competitiveness of their own programs – and, with Bedford’s advisory expertise in compensation strategy, governance, and executive search, align pay and leadership with the long-term needs of the business. Access the report here.
*All currency conversions based on the Bank of Canada’s 2025 average exchange rate.
About Bedford Group/TRANSEARCH
Bedford Group/TRANSEARCH is an executive search and talent management firm serving Canadian and international organizations. Bedford’s compensation practice provides executive and director compensation benchmarking, incentive design, governance and advisory services and publishes annual industry-specific compensation reports.
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