Exhibit 99.1

For Release:  4:01 p.m. Eastern, May 10, 2012

MOLYCORP REPORTS FIRST QUARTER 2012 RESULTS

HIGHLIGHTS:

·                  Molycorp initiated the start-up of its new Mill, Flotation Separator, and Paste Tailings Facility at Mountain Pass.

·                  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%.

·                  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.

·                  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.

Greenwood Village, CO (May 10, 2012, 4:01 p.m. Eastern) — 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.”

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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 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 $6.7 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).

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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

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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. EST, 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.

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FINANCIAL STATEMENTS AND SUPPLEMENTARY TABLES

TABLE 1: BALANCE SHEET

MOLYCORP, INC.

(A Company in the Development Stage)

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands, except share and per share amounts)

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TABLE 2: INCOME STATEMENT

MOLYCORP, INC.

(A Company in the Development Stage)

Consolidated Statements of Operations and Comprehensive Income

(In thousands, except share and per share amounts)

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TABLE 3: STATEMENT OF CASH FLOWS

MOLYCORP, INC

(A Company in the Development Stage)

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

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TABLE 4: SEGMENT INFORMATION

TABLE 5: EARNINGS PER SHARE

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TABLE 6: PRODUCT REVENUE, VOLUME, ASPS

nm = not material

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TABLE 7: NON-GAAP ADJUSTED NET INCOME RECONCILIATION

Molycorp, Inc.

Non-GAAP financial measures

Adjusted Net Income (Loss)

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.

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TABLE 8: NON-GAAP GROSS SALES

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.

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FOR MORE INFORMATION:

Company Contacts:

Jim Sims, +1 (303) 843-8062

Vice President Corporate Communications

Jim.Sims@Molycorp.com

Brian Blackman, +1 (303) 843-8021

Senior Manager, Investor Relations

Brian.Blackman@Molycorp.com

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,

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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 associated with Molycorp’s reserve estimates and non-reserve deposit information; 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

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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.

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