$MCP Earnings Out

• 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.
• 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.
• 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.

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