Toronto, November 28, 2012 -- Moody's Investors Service raised Thompson Creek Metals Company Inc.'s ("Thompson Creek") speculative grade liquidity rating to SGL-3 from SGL-4 as the company has closed its previously announced $350 million senior secured notes issue, strengthening its liquidity. The company's Caa1 corporate family and probability of default ratings, B1 senior secured notes rating, Caa2 senior unsecured notes ratings, and Caa2 (hyb) rating of the debt component of tangible common equity units are unchanged. The company's rating outlook is stable.

Rating Upgrade:

Speculative Grade Liquidity Rating, to SGL-3 from SGL-4

Ratings Unchanged:

Corporate Family Rating, Caa1

Probability of Default Rating, Caa1

$350 million senior secured notes due 2017, B1 (LGD2, 16%)

$350 million senior unsecured notes due 2018, Caa2 (LGD5, 75%)

$200 million senior unsecured notes due 2019, Caa2 (LGD5, 75%)

$35 million debt component of tangible common equity units, Caa2 (hyb) (LGD5, 75%)

Outlook, Stable RATINGS RATIONALE Thompson Creek's Caa1 corporate family rating primarily reflects its concentration in molybdenum production, small size and dependence on two mines, and substantial risks associated with its construction of the Mt. Milligan copper-gold mine. The rating also reflects the company's high pro forma adjusted leverage (Debt/ EBITDA above 10x) and Moody's expectation that continuing weak molybdenum prices and substantial capital expenditure requirements will cause free cash flow to remain negative through 2013. The rating acknowledges the long operating history of Thompson Creek's mines, low political risk, ample reserve base at its molybdenum mines (about 14 years) and at Mt Milligan (22 years), and sizeable cash balances. In addition, the rating reflects Moody's expectation that the company's adjusted Debt/ EBITDA has the potential to fall below 6x in 2014 after Mt. Milligan comes on stream (currently expected to occur in the fourth quarter 2013).

The company's SGL-3 liquidity rating considers that its cash balances of about $710 million, combined with $207 million of proceeds from the Royal Gold streaming transaction to be received through the second quarter of 2013 will be sufficient to cover anticipated negative free cash flow of $700 million through 2013. As well, the company has limited near-term debt maturities ($29 million), and no financial maintenance covenants. Tempering these factors are the absence of a committed revolving credit facility and the need for Thompson Creek to cash collateralize its letters of credit (about $25 million). The company has limited flexibility to sell assets to augment its liquidity should the need arise.

The stable outlook reflects Moody's expectation that Thompson Creek's earnings will not improve meaningfully through the next 12 to 18 months as molybdenum prices are expected to remain soft, but the company will have sufficient liquidity to fund its operations and expansion project.

Thompson Creek's ratings could be upgraded if it successfully completes the Mt. Milligan mine and appears poised to generate positive free cash flow on a sustained basis and maintain adjusted Debt/EBITDA below 5x. The company's ratings could be downgraded if molybdenum prices decline sharply, or if development costs at Mt. Milligan escalate such that the company appears likely to sustain adjusted Debt/EBITDA above 7x. The ratings could also be downgraded if the company fails to maintain sufficient liquidity to fund its requirements over the next year.

The principal methodology used in rating Thompson Creek was the Global Mining Industry Methodology published in May 2009. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

Thompson Creek Metals Company Inc., one of the world's largest molybdenum producers, operates through two open pit mines and two processing centers in the United States and Canada. The company is currently constructing the Mt. Milligan copper-gold mine in northern British Columbia, whose operations are expected to commence in late 2013. Revenue from the last twelve months ended September 30, 2012 was $419 million with about 19 million pounds of molybdenum produced. Thompson Creek is headquartered in Denver, Colorado with an administrative office in Vancouver, British Columbia, Canada.

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Darren M. Kirk VP - Senior Credit Officer Corporate Finance Group Moody'sCanada Inc.70 York Street Suite 1400 Toronto, ON M5J 1S9 Canada(416) 214-1635Donald S. Carter, CFA MD - Corporate Finance Corporate Finance Group(416) 214-1635 Releasing Office: Moody's Canada Inc.70 York Street Suite 1400 Toronto, ON M5J 1S9 Canada(416) 214-1635(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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