Molycorp Declares Preferred Dividend

Greenwood Village, CO US, Nov 07, 2012 (Filing Services Canada via COMTEX) -- Molycorp, Inc (NYSE: MCP),today announced that its Board of Directors has elected to declare a cash dividend on outstanding shares of its 5.50% Series A mandatory convertible preferred stock in an amount equal to $1.375 per share. Molycorp will pay the dividend on December 1, 2012, to the holders of record of shares of Series A mandatory convertible preferred stock at the close of business on November 15, 2012. As of November 5, 2012, there were a total of 2,070,000 shares of Series A mandatory convertible preferred stock outstanding.

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SOURCE: Molycorp, Inc.

Jim Sims, +1 303-843-8062

Vice President Corporate Communications

Jim.Sims@Molycorp.com

or

Brian Blackman, +1 303-843-8067

Senior Manager, Investor Relations

Brian.Blackman@Molycorp.com

About Molycorp, Inc.

Molycorp is a leading rare earths and rare metals company, and combines a world-class rare earth resource at Mountain Pass, California, with advanced, high-purity rare earth and rare metal materials processing capabilities. With 26 locations across 11 countries, Molycorp is vertically integrated across the global rare earth mine-to-magnetics supply chain. It produces rare earth magnetic materials as well as a variety of high-purity, custom engineered products from 13 different rare earths (lights and heavies) as well as five rare metals (gallium, indium, rhenium, tantalum and niobium), and the transition metals yttrium and zirconium. Through its Molycorp Magnequench subsidiary, the Company is a leading global producer of neodymium-iron-boron (NdFeB) magnet powders, used to manufacture bonded NdFeB permanent rare earth magnets. Through its joint venture with Daido Steel and Mitsubishi Corporation, Molycorp expects to begin manufacturing next-generation, sintered NdFeB permanent rare earth magnets in early 2013. For more information please visit http://www.molycorp.com.

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