EraNova Metals Files NI 43-101 Technical Report Supporting Updated Preliminary Economic Assessment for the Adanac Molybdenum Project

EraNova Metals Inc. (NOVA) filed an independent NI 43-101 technical report prepared by Tetra Tech Canada Inc., which formally supports the Preliminary Economic Assessment (PEA) and updated Mineral Resource Estimate announced on August 6, 2026. Management confirmed there are no material differences between the filed report and the August announcement.

The project outlines a 24-year mine life, 30,000 tpd throughput, and average annual production of 11.4 million pounds of molybdenum. Economic results remain unchanged from the previous announcement; the base case, assuming a US$25/lb Mo price, projects an after-tax NPV of C$714.7M, an IRR of 23.5%, and an AISC of C$19.79/lb Mo.

Next steps include initiating a Feasibility Study and advancing environmental assessment and permitting processes.

EraNova Metals Inc. (NOVA) filed a standard regulatory milestone following its August Preliminary Economic Assessment (PEA) announcement. The filing validates the previously disclosed economics and confirms the project's technical foundation without introducing new variables or surprises. Because the market already priced in the PEA results, the filing serves as a procedural confirmation rather than a catalyst. Momentum is maintained for the transition to a Feasibility Study, but the immediate stock impact is expected to be neutral to mildly positive.

EraNova Metals Inc. (TSXV: NOVA) is a Canadian mining company focused on the 100%-owned Ruby Creek Property in British Columbia. Its flagship asset is the Adanac Molybdenum Project, a large-scale, long-life primary molybdenum development featuring over $100M in historical infrastructure, established road access, and a previously issued Environmental Assessment Certificate.

The company is pursuing a dual-track strategy, simultaneously advancing the development-stage Adanac project and exploring high-grade precious and base metal targets across the district. These exploration targets include the Silver Surprise zone, characterized by ultra-high-grade silver; the Lakeview area, which hosts gold-silver veins; and the Ruffner property, a copper-gold porphyry system.

Adanac is currently in Phase 2 development, transitioning from a Preliminary Economic Assessment to a Feasibility Study, with permitting and environmental work ongoing.