Molycorp Announces Pricing of Secondary Offering of 10,000,000 Shares of Common Stock

Molycorp, Inc. (NYSE:MCP), the Western hemisphere′s only producer of
rare earth oxides, today announced that its selling stockholders priced
a public offering of 10,000,000 shares of Molycorp′s common stock (the
'Common Stock?) at a price per share of $51.00. The selling stockholders
have granted the underwriters an option to purchase up to an additional
1,500,000 shares of Common Stock. The Common Stock offering is expected
to close on June 15, 2011, subject to customary closing conditions.

Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC are acting as
joint book-running managers for the offering. The offering is being made
only by means of a prospectus. When available, copies of the prospectus
relating to the offering may be obtained from Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, Second Floor, New
York, NY 10014 (email  address: prospectus@morganstanley.com)
or J.P. Morgan Securities LLC; c/o Broadridge Financial Solutions, 1155
Long Island Avenue, Edgewood, New York 11717.

This press release shall not constitute a solicitation of an offer to
buy, nor shall there be any sale of the Common Stock in any state in
which such offer, solicitation, or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state.

About Molycorp

Colorado-based Molycorp, Inc. is the only REO producer in the Western
Hemisphere and currently produces more than 3,000 metric tons of
commercial rare earth materials per year. In addition to its flagship
rare earth mine and processing facility at Mountain Pass, California,
Molycorp also owns a controlling interest in the Estonia-based Molycorp
Silmet AS, which has a production capacity of 3,000 metric tons of rare
earth products and 700 metric tons of rare metal products annually and
is one of the largest rare metal and rare earth metal producers in
Europe. Additionally, Molycorp owns and operates Arizona-based Molycorp
Metals and Alloys, one of the leading producers of high-purity rare
earth alloys and metals outside of China. Following the execution of
Molycorp's 'mine-to-magnets' strategy and the expected 2012 completion
of Phase 1 of its modernization and expansion efforts at its Mountain
Pass, California processing facility, the Company expects to produce at
a rate of approximately 19,050 metric tons of REO equivalent per year
from Mountain Pass. The Company expects to achieve an annual production
capacity at Mountain Pass by the end of 2013 of approximately 40,000
metric tons of REO equivalent per year after the completion of Phase 2.
Molycorp intends to provide to the market a range of rare earth
products, including high-purity oxides, metals, alloys, and permanent
magnets. The Company currently sells products to customers in Europe,
North and South America, Asia, Russia, and other previous nations of the
Soviet Union.

Molycorp Inc.

Jim Sims, 1-303-843-8067

Director of
Communications

Jim.Sims@Molycorp.com

or

Investor
Relations

ICR, LLC

Gary T. Dvorchak, CFA, 1-310-954-1123

Senior
Vice President

Gary.Dvorchak@icrinc.com