MOLYCORP 5.50 SERIES A MANDATORY CONVERTIBLE PREFERRED STOCK

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Our business, financial condition, operating results and prospects may have changed since that date. According to Roskill Consulting Group Limited, or Roskill, global REO production in was approximately , mt, of which only approximately 4, mt originated from outside of China, with Molycorp producing approximately 1, mt from its stockpiles and Russian producers producing approximately 2, mt. Risks Related to Our Business. We intend to develop new higher margin products and processes for REEs that historically have had lower demand. Diminished access to water may adversely affect our operations. These stockpile programs will likely accelerate the pace of the current and projected global REE supply deficit. The permitting rules, and interpretation thereof, are complex and have tended to become more stringent over time. Proceeds, before expenses, to the Selling Stockholders:

Certain of the terms and conditions described below are subject to important limitations and exceptions. Because of the dangers involved in the mining of minerals and the manufacture of mineral products, there is a risk that we may incur liability or damages as we conduct our business. Our continued viability is based on successfully implementing our strategy, including our modernization and expansion plans at the Mountain Pass facility, successfully commencing mining operations at the facility and reaching full planned production rates in accordance with our expected timeframe. For our internal analyses to model the viability of our capacity expansion plan, we have conservatively assumed operating costs higher than those projected by SRK Consulting for our initial plan. Our inability to acquire, maintain or renew financial assurances related to the reclamation and restoration of mining property could have a material adverse effect on our business and results of operations. Estimates of our total reclamation and mine closing liabilities are based upon our closure and reclamation plans, third-party expert reports, current applicable laws and regulations, certain permit terms and our engineering expertise related to these requirements. Any such regulations could require us to modify existing permits or obtain new permits, implement additional pollution control technology, curtail operations or increase significantly our operating costs.

If not remediated, this material weakness could result in material misstatements in our consolidated financial statements in future periods.

The percentage of our total sales that is attributed to these customers is as follows for the indicated periods. Accordingly, you will bear the sstock risk of a decline in the market price of our common stock. Glossary of Selected Mining Terms. In light preferre strong industry fundamentals, including reduced Chinese supply and strong pricing increases, our Board of Directors recently approved a second-phase capacity expansion plan in addition to our initial modernization and expansion plan, which we expect to result in the convertuble to produce approximately double the amount of REO that we will be able to produce upon completion of our initial modernization and expansion plan.

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Each share of our mandatory convertible preferred stock will automatically convert on March 1, into between 1. We cannot assure you that the offering of mandatory convertible preferred stock will be completed or, if completed, on what terms it will be completed.

We have also entered into a number of construction contracts associated with our initial modernization and expansion plan. Concertible of definitive agreements, subject to the satisfactory conclusion of the feasibility study and other conditions, for the joint venture to produce rare earth magnets would follow later in Holders who convert shares of the mandatory convertible preferred stock within that timeframe will also receive:.

Any of these events may dilute your ownership interest in our company and have an adverse impact on the molycorrp of our common stock.

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Upon the completion of our recently approved capacity expansion plan, by the end ofwe expect to have the ability to produce up to approximately 40, mt of REO per year at our Mountain Pass facility, or approximately double the amount we will be able to produce upon completion of our initial plan.

Stock Price on Effective Date. REEs have unique properties that make them critical materials to many existing applications upon which society has become dependent as well as many emerging applications.

We operate the Mountain Pass facility pursuant to a conditional use permit that allows us to feed ore to the mill at a rate of 2, tons per day.

Future sales, or availability for sale, of shares of common stock by stockholders could depress the market price of our common stock. Because we will begin expenditures on the second phase before completion of the initial plan, any funding insufficiency for the second phase could also impact completion of our initial plan. Any such regulations could require us to modify existing permits or obtain new permits, implement additional pollution control technology, curtail operations or increase significantly our operating costs.

None of the information contained herein constitutes a recommendation that any particular security, portfolio, transaction, or investment strategy is suitable for any specific person. If we are unsuccessful in reaching and maintaining full planned production rates for REOs at the Mountain Pass facility, within expected time frames or at all, we may not be able to build a sustainable or profitable business. Accordingly, we currently purchase hydrochloric acid and sodium hydroxide in the open market and, as a result, could be subject to significant volatility in the cost or availability of these reagents.

The report emphasizes that diversified global supply chains for these critical.

PRA This preferred is marked as having been called. Moreover, our competitors may independently develop convertihle knowledge, methods and know-how.

Our proposed joint ventures with Hitachi would provide us with access to the technology, people and facilities to convert our rare earth materials into rare earth alloys and high-performance permanent rare earth magnets required for production of hybrid and electric vehicles, wind power turbines, high-tech applications and numerous advanced defense systems on which the U.

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Secure customer commitments to provide a stable revenue stream. There is no assurance that we will be able to successfully implement our capacity expansion plan within our current timetable, that the actual costs of prreferred capacity expansion will not exceed our currently estimated costs or that we will be able to secure off-take agreements for the incremental production capacity, and we cannot provide any assurance as to the actual operating costs once we have completed the capacity expansion.

Molycorp Inc

The issuance of preferred stock or even the ability to issue preferred stock could also have the effect of delaying, deterring or preventing a change of control or other corporate action. If conditions in our industry remain volatile, our stock price may continue to exhibit volatility as seriez.

Upon reaching a full planned production rate of approximately 19, mt of REO per year by the end of under our initial modernization and expansion plan, we expect to be in a position to supply a substantial portion of the U. The fixed conversion rates of the mandatory convertible preferred stock may not be adjusted for all dilutive events that may adversely affect the market price of the mandatory convertible preferred stock or the common stock issuable upon conversion of the mandatory convertible preferred stock.

The permitting rules, and interpretation thereof, are complex and have tended to become more stringent over time. Selected Consolidated Financial Data.

China also dominates the manufacture of metals and NdFeB magnets from rare earths, capabilities that are not currently found in the United States. Fluctuations in yield rates in particular may give rise to arbitrage opportunities based upon changes in the relative values of the mandatory convertible preferred stock prsferred our common stock.

In latewe commenced remediation actions which included hiring several individuals with significant accounting, auditing and financial reporting experience and devoting significant resources to improving our system of processes and internal controls.

A key element of our business strategy is to utilize vertical integration through further downstream processing of our REOs into rare earth metal alloys and finished magnets for clean-energy, high-technology and defense applications. With anticipated total consumption of rare earths outside China of 58, mt, the estimated quota of 28, mt falls significantly short of Rest of World demand, according to IMCOA.