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Press release from Business Wire

Molycorp Reports First Quarter 2012 Results

<p> <b>HIGHLIGHTS:</b> </p> <ul> <li class='bwlistitemmargb'> Molycorp initiated the start-up of its new Mill, Flotation Separator, and Paste Tailings Facility at Mountain Pass. </li> <li class='bwlistitemmargb'> The Company announced a 36% expansion of its proven and probable rare earth reserves at Mountain Pass under the SEC “Industry Guide 7” methodology, confirming 18.4 million short tons of rare earth ore at an average ore grade of 7.98%. </li> <li class='bwlistitemmargb'> Molycorp recorded Q1 GAAP net sales of $84.5 million, up 221% over Q1 2011 net sales of $26.3 million, and recorded Q1 2012 gross sales of $89.5 million. </li> <li class='bwlistitemmargb'> First quarter revenues at Mountain Pass increased 69% over first quarter 2011 levels to $44.5 million, based on 586 metric tons (mt) of REO equivalent. Consolidated sales volume across all segments was 719 mt of REO equivalent and 75 mt of rare metals. </li> <li class='bwlistitemmargb'> The Company reported a Q1 GAAP loss of $0.07 per diluted share and adjusted earnings of $0.18 per diluted share, taking into account certain non-cash, out-of-ordinary business expenses, and other operational expansion items. </li> <li class='bwlistitemmargb'> The Company also reported that its planned acquisition of Neo Material Technologies is proceeding on schedule and is expected to close as planned in Q2/Q3 of this year. </li> </ul>

Thursday, May 10, 2012

Molycorp Reports First Quarter 2012 Results16:01 EDT Thursday, May 10, 2012 GREENWOOD VILLAGE, Colo. (Business Wire) -- Molycorp, Inc. (NYSE: MCP) (“Molycorp” or the “Company”) today announced financial and operating results for the first quarter 2012. “The start of 2012 has been tremendously productive as we continue to hit each of our major milestones on the path to completion of Project Phoenix,” said Mark Smith, President and Chief Executive Officer. “The start up of our concentrate production circuit is a major accomplishment for the Company. I could not be more proud of the effort the Molycorp family has devoted to get to this point, especially in light of the more than 2.3 million hours we have worked in the construction of Project Phoenix without a lost time incident. As we continue to build out Project Phoenix to its full Phase 1 and Phase 2 capacities, we remain on track to establish one of the world's premiere and fully integrated rare earths and rare metals companies.” Smith continued, “We expanded our sales of XSORBX™ during the quarter, and we look forward to the opportunities and potential synergies that will arise from our pending acquisition of Neo Material Technologies." QUARTERLY RESULTS Quarterly net sales were $84.5 million, significantly higher than $26.3 million in the first quarter of 2011. Molycorp Silmet (Sillamäe, Estonia) and Molycorp Metals & Alloys (Tolleson, Arizona) were acquired during the second quarter of 2011, which contributed revenue during Q1 2012. Even though the first quarter is traditionally soft due to the impact of the extended Chinese New Year holiday, we were able to achieve significantly higher revenue this quarter versus the first quarter of 2011. Gross profit was $31.0 million during the quarter, compared to gross profit of $9.6 million during the prior year period. Gross margin of 36.7% increased 23 basis points from the prior year period. Molycorp's first quarter GAAP earnings attributable to common stockholders was negative $6.3 million, or a loss of $0.07 per diluted share. Adjusted earnings of $0.18 per diluted share reflects certain non-cash, out-of-ordinary, and business expansion items as compared to U.S. GAAP earnings per share (e.g. a one-time non-cash expense of $6.6 million related to a foreign currency forward contract, $6.6 million in consolidated inventory write-downs, and $2.5 million related to bad debt expense). FIRST QUARTER 2012 MILESTONE ACHIEVEMENTS Molycorp continued its steady progress in achieving a number of strategic business and operational milestones during the year. To date in 2012, Molycorp succeeded in the following: Start-up of its new Mill, Flotation Separator, and Paste Tailings Facility at Mountain Pass, which completes the rare earth concentrate production circuit of Project Phoenix and initiates the production of rare earth concentrate via the following: Mining of fresh rare earth ore at a daily rate of 2,800 short tons, four days per week. Crushing and blending of fresh ore. Start up of milling and flotation of fresh ore to produce rare earth concentrate, to be followed by processing of mine tailings in its Paste Tailings Plant and permanent disposal of mine paste tailings in a fully permitted, on-site facility. Expanded by 36% its proven and probable reserves of rare earth minerals at Mountain Pass. The independent analysis used the SEC “Industry Guide 7” methodology and confirmed 18.4 million short tons of rare earth ore at an average ore grade of 7.98%. Signed a three-year take-or-pay agreement for the annual sale of 100 mt of proprietary XSORBX™ water purification products into the recreational water markets. This single agreement will increase Molycorp's 2012 XSORBX™ sales by 81% as compared to all XSORBX™ sales completed during 2011. Announced an agreement to acquire Neo Material Technologies. The transaction, which is proceeding on schedule and is expected to close as planned in Q2/Q3 of this year, subject to the satisfaction of certain closing conditions, will create the world's most integrated rare earth producer, combining a world-class rare earth resource with the world's leading producer of value-added rare earth products. Completed the $390 million capital investment from Molymet. 2012 OUTLOOK As of May 10, 2012, the Company is re-affirming its annual production of REO equivalent products to be in a range of 8,000 mt to 10,000 mt for the full year across all of its facilities. The Company continues to believe it is well positioned for year-over-year sales growth, given existing customer orders and a growing pipeline of global business opportunities. As indicated in the previous quarter's financial results call, the Company conducted and completed an extensive formal review of the Project Phoenix capital expenditure budget. The result of that analysis showed that the Company anticipates no material changes to its Project Phoenix EPC (engineering, procurement and construction) capital budget of $895 million, assuming that the measures it has implemented to mitigate certain adverse cost trends are successful and there are no unanticipated project close out events. Certain additional capital expenditures for other capital projects related to operations at Mountain Pass are expected to total approximately $105 million. These Mountain Pass operations capital projects are covered in the Company's annual operating plans. To date, $673.5 million has been spent toward Project Phoenix and these other operations-related capital projects. The Company continues to generate positive cash flow from operations, maintain sufficient working capital to execute on its stated strategy, and its balance sheet remains strong. The Company also is reiterating its prior guidance related to cost of goods sold (COGS) related to Project Phoenix ramping, as well as its stated higher production costs on a consolidated basis. These incremental costs are expected to normalize moving into 2013 as the Company reaches its Phase 1 and Phase 2 production levels. Commenting on recent market conditions, Smith said: “It appears the highly volatile pricing environment we experienced in 2011 has moderated, and that is a very positive development for our business. Customer orders are steadily picking up across the industry and pricing has not only stabilized but has increased in some products. We continue to strengthen the reliability of our overall supply chain through Project Phoenix, and we are positioned to broaden and expand that supply chain through our proposed acquisition of Neo Materials. While this year remains a year of transition, we are confident that we are on target to build one of the world's leading, fully integrated rare earths and rare metals companies.” Smith added: "Successful execution of our stated strategy should lead to meaningful growth and profitability in the years ahead, and we remain fully committed to enhancing long-term sustainable value for our customers, partners, employees and our shareholders." CONFERENCE CALL TODAY AT 4:30 P.M. EASTERN Molycorp will conduct a conference call today to discuss these results at 4:30 p.m. EDT, hosted by Mark Smith, Chief Executive Officer, and Jim Allen, Chief Financial Officer. Investors interested in participating in the live call from the U.S. should dial +1 (866) 362-4829 and reference passcode number 71439698. Those calling from outside the U.S. should dial +1 (617) 597-5346 and use the same confirmation number. A telephone replay will be available approximately two hours after the call concludes through May 17, 2012 by dialing +1 (888) 286-8010 from the U.S., or +1 (617) 801-6888 from international locations, and entering passcode: 78258730. There will also be a simultaneous live audio webcast available on the Investor Relations section of the Company's website at www.molycorp.com/investors.aspx. The webcast will be archived on the website for 90 days. FINANCIAL STATEMENTS AND SUPPLEMENTARY TABLESTABLE 1: BALANCE SHEETMOLYCORP, INC. (A Company in the Development Stage) Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share amounts)             March 31, 2012 December 31, 2011 ASSETS Current assets: Cash and cash equivalents $ 609,794 $ 418,855 Trade accounts receivable, net 50,715 70,679 Inventory 110,487 111,943 Deferred charges 6,862 7,318 Deferred tax assets 2,049 - Prepaid income taxes 9,467 10,514 Prepaid expenses and other assets 7,302   19,735   Total current assets 796,676   639,044     Non-current assets: Deposits $ 23,277 $ 23,286 Property, plant and equipment, net 827,716 561,628 Inventory 10,200 4,362 Intangible assets, net 3,084 3,072 Investments 23,608 20,000 Goodwill 3,432 3,432 Other assets 760   301   Total non-current assets 892,077   616,081   Total assets $ 1,688,753   $ 1,255,125     LIABILITIES AND EQUITY Current liabilities: Trade accounts payable $ 203,986 $ 161,587 Accrued expenses 15,502 12,898 Deferred tax liabilities - 1,356 Debt 1,383 1,516 Short-term borrowing - related party - 870 Current portion of asset retirement obligation 1,552   396   Total current liabilities 222,423   178,623     Non-current liabilities: Asset retirement obligation $ 16,035 $ 15,145 Deferred tax liabilities 18,580 18,899 Debt 197,917 196,545 Other non-current liabilities 863   683   Total non-current liabilities 233,393   231,272   Total liabilities $ 455,816   $ 409,895     Stockholders' equity: Common stock, $0.001 par value; 350,000,000 shares authorized at March 31, 2012 96 84 Preferred stock, $0.001 par value; 5,000,000 shares authorized at March 31, 2012 2 2 Additional paid-in capital 1,230,036 838,547 Accumulated other comprehensive loss (5,951 ) (8,481 ) Surplus accumulated during the development stage 8,754   15,078   Total stockholders' equity 1,232,937   845,230   Total liabilities and stockholders' equity $ 1,688,753   $ 1,255,125     TABLE 2: INCOME STATEMENTMOLYCORP, INC. (A Company in the Development Stage) Consolidated Statements of Operations and Comprehensive Income (In thousands, except share and per share amounts)                     Total from Three Months Ended June 12, 2008 March 31, (Inception) Through 2012 2011 March 31, 2012 Sales $ 84,470 $ 26,261 $ 525,688 Operating costs and expenses: Cost of goods sold (53,443 ) (16,677 ) (303,736 ) Selling, general and administrative (31,214 ) (11,238 ) (158,778 ) Depreciation and amortization (107 ) (83 ) (1,369 ) Accretion expense (251 ) (234 ) (3,374 ) Operating (loss) income (545 ) (1,971 ) 58,431     Other income (expense): Other (expense) income (6,578 ) (168 ) (6,341 ) Foreign currency transaction gains (losses), net 1,604   - (3,811 ) Interest income (expense), net 85   140   (238 ) (4,889 ) (28 ) (10,390 ) (Loss) income before income taxes and equity earnings (5,434 ) (1,999 ) 48,041 Income tax benefit (expense) 2,183 (199 ) (26,393 ) Equity in results of affiliates (227 ) -   (227 ) Net (loss) income $ (3,478 ) $ (2,198 ) $ 21,421     Net (loss) income $ (3,478 ) $ (2,198 ) $ 21,421 Other comprehensive income: Foreign currency translation adjustments 2,530   -   (5,951 ) Comprehensive (loss) income $ (948 ) $ (2,198 ) $ 15,470     Weighted average shares outstanding (Common shares) Basic 87,006,460   82,253,700   60,086,657   Diluted 87,006,460   82,253,700   60,087,803   (Loss) income per share of common stock : Basic $ (0.07 ) $ (0.04 ) $ 0.14   Diluted $ (0.07 ) $ (0.04 ) $ 0.14     TABLE 3: STATEMENT OF CASH FLOWSMOLYCORP, INC (A Company in the Development Stage) Consolidated Statements of Cash Flows (Unaudited) (In thousands)                   Total fromJune 12, 2008March 31,March 31,(Inception) Through20122011March 31, 2012 Cash flows from operating activities: Net (loss) income $ (3,478 ) $ (2,198 ) $ 21,421   Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation, amortization and accretion 3,836 2,334 32,751 Deferred income tax benefit (3,725 ) - (801 ) Inventory write-downs 6,563 630 32,356 Stock-based compensation expense 825 2,934 34,626 Foreign currency transaction losses, net (1,668 ) - 3,747 Unrealized loss on derivatives 6,641 - 6,643 Allowance for doubtful accounts 2,500 - 2,500 Other operating adjustments and write-downs 154 - 5,141 Net change in operating assets and liabilities 4,379   1,503   (137,821 ) Net cash provided by operating activities 16,027   5,203   563   Cash flows from investing activities: Acquisition of the Molycorp Mountain Pass facility - - (82,150 ) Cash paid in connection with acquisitions, net of cash acquired - - (30,023 ) Investment in joint venture (3,836 ) - (3,836 ) Cash paid to acquire non-marketable securities - - (20,000 ) Deposits (459 ) (1,500 ) (23,762 ) Capital expenditures (206,463 ) (26,345 ) (549,378 ) Other investing activities 2   -   9,521   Net cash used in investing activities (210,756 ) (27,845 ) (699,628 ) Cash flows provided by financing activities: Capital contributions 390,225 - 515,229 Repayments of short-term borrowings - related party (870 ) (935 ) (5,127 ) Repayments of debt (777 ) - (5,205 ) Net proceeds from sale of common stock in conjunction with - the initial public offering - - 378,633 Net proceeds from sale of preferred stock - 199,642 199,642 Net proceeds from sale of convertible notes - - 223,100 Payment of preferred dividends (2,846 ) - (11,861 ) Proceeds from short-term borrowings - related party - - 11,645 Proceeds from debt - - 5,131 Other financing activities (132 ) -   34   Net cash provided by financing activities 385,600 198,707 1,311,221 Effect of exchange rate changes on cash 68   -   (2,362 ) Net change in cash and cash equivalents 190,939 176,065 609,794 Cash and cash equivalents at beginning of the period 418,855   316,430   -   Cash and cash equivalents at end of period $ 609,794   $ 492,495   $ 609,794     TABLE 4: SEGMENT INFORMATION         MolycorpMountain Pass         MolycorpSilmet         MMA         Other         Eliminations         TotalMolycorp,Inc. Three Months Ended March 31, 2012(In thousands)     Sales: External $ 44,478 $ 21,036 $ 18,956 $ - $ 84,470 Intersegment   1,832     3,210     -     -   $ (5,042 ) - Total sales 46,310 24,246 18,956 - Cost of goods sold (18,846 ) (34,774 ) (18,632 ) - 18,809 (53,443 ) Selling, general and administrative expenses (29,079 ) (1,714 ) (457 ) (273 ) 309 (31,214 ) Depreciation, amortization and accretionexpense   (334 )   -     -     (24 )   -     (358 ) Operating (loss) income (1,949 ) (12,242 ) (133 ) (297 ) 14,076 (545 ) Other (expense) income   (6,444 )   1,579     (4 )   (20 )   -     (4,889 ) Loss before income taxes and equity earnings $ (8,393 ) $ (10,663 ) $ (137 ) $ (317 ) $ 14,076   $ (5,434 ) Total assets at March 31, 2012 $ 1,675,653   $ 100,499   $ 24,313   $ 630   $ (112,342 ) $ 1,688,753   Capital expenditures (accrual basis excludingcapitalized interest) $ 259,438   $ 2,501   $ 100   $ -   $ -   $ 262,039     TABLE 5: EARNINGS PER SHARE                         Total fromJune 12, 2008Three MonthsThree Months(Inception)EndedEndedThroughMarch 31,March 31,March 31,(In thousands, except share and per share amounts)201220112012 Net (loss) income attributable to Molycorp stockholders $ (3,478 ) $ (2,198 ) $ 21,421 Cumulative undeclared and paid dividends on ConvertiblePreferred Stock   (2,846 )   (1,423 )   (12,808 ) (Loss) income attributable to common stockholders   (6,324 )   (3,621 )   8,613   Weighted average common shares outstanding—basic 87,006,460 82,253,700 60,086,657 Basic (loss) income per share $ (0.07 ) $ (0.04 ) $ 0.14     Weighted average common shares outstanding—diluted 87,006,460 82,253,700 60,087,803 Diluted (loss) income per share $ (0.07 ) $ (0.04 ) $ 0.14     TABLE 6: PRODUCT REVENUE, VOLUME, ASPSProduct Revenues, Volumes                   Three Months Ended March 31, Revenues (in thousands) 2012         2011 REO Equivalent Products Didymium Products $ 23,033   $ 4,693 Neodymium Products 2,209   - Praseodymium Products 2,721   69 Lanthanum Products 20,838   11,466 Cerium Products 2,694   9,053 Other REO Products 109   980 Rare Earth Alloys (NdFeB, SmCo)   16,728           - Subtotal REO Equivalent 68,332 26,261   Rare Metals (Nb, Ta) 13,716 - Other   2,422           - Total Net Revenues $ 84,470 $ 26,261     Three Months Ended March 31, Volumes (in metric tons) 2012         2011 REO Equivalent Products Didymium Products 145   48 Neodymium Products 12   - Praseodymium Products 23   1 Lanthanum Products 424   498 Cerium Products 70   137 Other REO Products 5   12 Rare Earth Alloys (NdFeB, SmCo)   39           - Subtotal REO Equivalent 719 696   Rare Metals (Nb, Ta) 75   - Other   135           - Total Product Volumes nm nm     Three Months Ended March 31, Avg Selling Price per kg 2012         2011 REO Equivalent Products Didymium Products $ 159 $ 98 Neodymium Products 184 - Praseodymium Products 117 69 Lanthanum Products 49 23 Cerium Products 38 66 Other REO Products 20 82 Rare Earth Alloys (NdFeB, SmCo)   428         na Subtotal REO Equivalent $ 95 $ 38   Rare Metals (Nb, Ta) $ 183 na Other   18         na Average selling price nm nm   nm = not material Note Rare Earth Alloy volume of 96 mt contain 39 mt of REO equivelents   TABLE 7: NON-GAAP ADJUSTED NET INCOME RECONCILIATIONMolycorp, Inc.                 Non-GAAP financial measuresAdjusted Net Income (Loss)   (in thousands, except per share data) Three monthsended Three monthsended March 31, March 31, 2012 2011 Net income (loss) attributable to Molycorp stockholders $ (3,478 ) $ (2,198 ) Certain non-cash and other items: Stock-based compensation 825 2,934 Inventory write-downs 6,563 630 Loss on Foreign currency hedge 6,643 - Bad debt expense 2,500 -   Out of the ordinary items: Water removal 3,520 Revenue sharing agreement - 393 Project Phoenix non-capitalizable costs 5,336   Business Expansion items: Due diligence and other transaction costs 3,289 1,906 Other business expansion expenses 3,159 987 Income tax effect of above adjustments   (10,052 )   (2,671 ) Adjusted net income (loss) $ 18,304 $ 1,980 Cumulative paid and undeclared dividends on preferred stock (2,846 ) (1,423 ) Effect of dilutive 3.25% Convertible Notes   -     -   Adjusted net income (loss) attributed to common stockholders fordilutive EPS purposes   15,458     557   Weighted average diluted shares outstanding   87,006,460     82,253,700   Adjusted diluted net income (loss) per share $ 0.18   $ 0.01     NON-GAAP ADJUSTED NET INCOME Adjusted EPS is a non-GAAP measure that excludes certain non-cash items and other out-of-ordinary operational and business expansion items. The Company's management believes adjusting out these items, including but not limited to purchase accounting adjustments, stock-based compensation, out-of-ordinary expenses/income and other miscellaneous charges is useful to investors because it provides an overall understanding of the Company's historical financial performance and future prospects. Management believes adjusted EPS is an indication of the Company's base-line performance. Exclusion of these items permits evaluation and comparison of results for the Company's core business operations, and it is on this basis that management internally assesses the Company's performance. TABLE 8: NON-GAAP GROSS SALES       MolycorpMountain Pass       Molycorp Silmet       MMA       Total Molycorp,Inc. Three Months Ended March 31, 2012(In thousands)   Sales: Sales net of intercompany transfers $ 44,478 $ 21,036 $ 18,956 $ 84,470 Intersegment   1,832   3,210   -   - Total gross sales $ 46,310 $ 24,246 $ 18,956 $ 89,512     MolycorpMountain Pass   MolycorpSillamäe   MMA Total Molycorp,Inc. Three Months Ended December 31, 2011(In thousands) Sales: Sales net of intercompany transfers $ 26,261 nm nm $ 26,261 Intersegment   - nm nm   Total gross sales $ 26,261 nm nm $ 26,261   Note Molycorp Sillamet and MMA were acquired during the second quarter of 2011.   NON-GAAP GROSS SALES Gross sales is a non-GAAP measure that is included to provide additional detail on segment operations and vertical integration strategy. The Company's management believes this presentation provides a better understanding of the performance of each operating segment in terms of production volumes, inventory allocation, and costs. ABOUT MOLYCORP With offices in the U.S., Europe, and Japan, Molycorp, Inc. is one of the world's leading rare earths and rare metals companies. Fully integrated across the rare earth mine-to-magnets supply chain, it currently produces rare earth oxides at its flagship rare earth mine and processing facility at Mountain Pass, California, as well as rare earth metals, rare earth alloys, and the rare metals niobium and tantalum. Through its joint venture with Daido Steel and Mitsubishi Corporation, Molycorp expects to begin manufacturing next-generation, sintered neodymium-iron-boron (NdFeB) permanent rare earth magnets in 2013. The rare earths and rare metals that Molycorp produces are critical inputs in existing and emerging applications including: clean energy technologies, such as hybrid and electric vehicles and wind power turbines; multiple high-tech uses, including fiber optics, lasers and hard disk drives; numerous defense applications, such as guidance and control systems and global positioning systems; advanced water treatment technology for use in industrial, military and outdoor recreation applications; and other technologies. For more information please visit www.molycorp.com. SAFE HARBOR STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This release contains forward-looking statements that represent Molycorp's beliefs, projections and predictions about future events or Molycorp's future performance, including those regarding the proposed acquisition of Neo Materials. Forward-looking statements can be identified by terminology such as “may,” “will,” “would,” “could,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” or the negative of these terms or other similar expressions or phrases. These forward-looking statements are necessarily subjective and involve known and unknown risks, uncertainties and other important factors that could cause Molycorp's actual results, performance or achievements or industry results to differ materially from any future results, performance or achievement described in or implied by such statements. Factors that may cause actual results to differ materially from expected results described in forward-looking statements include, but are not limited to: the time required to consummate the proposed acquisition of Neo Material; the satisfaction or waiver of conditions in the arrangement agreement related to the proposed acquisition of Neo Material; any material adverse changes in the affairs of Neo Material; the ability to obtain required shareholder, regulatory, court or other third-party approvals and consents and otherwise consummate the proposed acquisition of Neo Material; Molycorp's ability to achieve the strategic and other objectives related to the proposed acquisition, including any expected synergies; Molycorp's ability to successfully integrate Neo Material and achieve the expected results of the acquisition; Molycorp's ability to successfully obtain permanent financing to replace the bridge financing in connection with the acquisition of Neo Material; Molycorp's ability to secure additional capital to implement its business plans; Molycorp's ability to complete its initial modernization and expansion efforts, including the accelerated start-up of the Mountain Pass facility, which management refers to as Project Phoenix Phase 1, and the second phase capacity expansion plan, which management refer to as Project Phoenix Phase 2, and reach full planned production rates for REOs and other planned downstream products, in each case within the projected timeframe; the success of Molycorp's cost mitigation efforts in connection with Project Phoenix, which, if unsuccessful, might cause its costs to exceed budget; the final costs of the Project Phoenix Phase 1, including with accelerated start-up of the Mountain Pass facility, and Project Phoenix Phase 2, which may differ from estimated costs; uncertainties regarding global supply and demand for rare earths materials; Molycorp's ability to successfully integrate recently acquired businesses; uncertainties associated with Molycorp's reserve estimates and non-reserve deposit information, including estimated mine life and annual production; uncertainties related to feasibility studies that provide estimates of expected or anticipated costs, expenditures and economic returns; and REO prices, production costs and other expenses for operations, which are subject to fluctuation; Molycorp's ability to maintain appropriate relations with unions and employees; Molycorp's ability to successfully implement its “mine-to-magnets” strategy; environmental laws, regulations and permits affecting Molycorp's business, directly and indirectly, including, among others, those relating to mine reclamation and restoration, climate change, emissions to the air and water and human exposure to hazardous substances used, released or disposed of by Molycorp; and uncertainties associated with unanticipated geological conditions related to mining. For more information regarding these and other risks and uncertainties that Molycorp may face, see the section entitled “Risk Factors” of the Company's Annual Report on Form 10-K for the year ended December 31, 2011 and of the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2011. Any forward-looking statement contained in this press release or the Annual Report on Form 10-K or the Quarterly Report on Form 10-Q reflects Molycorp's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to Molycorp's operations, operating results, growth strategy and liquidity. You should not place undue reliance on these forward-looking statements because such statements speak only as to the date when made. Molycorp assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future, except as otherwise required by applicable law. MolycorpJim Sims, +1-303-843-8062Vice President Corporate CommunicationsJim.Sims@Molycorp.comorBrian Blackman, +1-303-843-8021Senior Manager, Investor RelationsBrian.Blackman@Molycorp.com