Moon River Moly Announces Robust Updated Preliminary Economic Assessment of Davidson Molybdenum-Copper-Tungsten Critical Minerals Project Demonstrating Improved Economics

HIGHLIGHTS: The changes from the previous Preliminary Economic Assessment issued in December 2025 ("Previous PEA") include: an upgrade in the tungsten mineral resource from inferred to measured and indicated ("M & I") mineral resources, updated capital and operating costs, and a change in the tungsten recovery methodology from gravity to flotation concentration. 350% increase in annual tungsten production from the Previous PEA. The use of flotation instead of gravity as the recovery method, significantly improves overall tungsten recoveries and concentrate grades. Pre-tax net present value ("NPV") of $2.15 billion1, 2, an Internal Rate of Return ("IRR") of 44% and an after-tax NPV of $1.23 billion and IRR of 33% at an 8% discount rate compared to an after-tax NPV of $1.03 billion and an IRR of 32% in the Previous PEA. Average cash cost of $12.75 per kilogram ("kg") or $5.78 per pound ("lb") or US$4.25 per lb of molybdenum ("Mo") and All-In Sustaining Cost ("AISC") of $13.08 per kg or $5.93 per lb or US$4.36 per lb of Mo, net of copper ("Cu") and tungsten ("W") production credits compared to AISC of $10.03 or US$7.65 per pound Mo in the Previous PEA. 1.5-year payback compared to 2.3 years in the Previous PEA. As an illustrative scenario3 to the base case above, and assuming average metal prices and CA:US exchange rate for September 2026, the Davidson Project has an after-tax NPV of $3.0 billion, an IRR of 57% at an 8% discount rate, payback of 0.8 years, and AISC of $-7.00 per lb or US$-5.00 per pound of Mo. 20-year mine life based on 10,000 tonnes of mill throughput per day or 3.65 million tonnes per year; Initial capital cost of $750.1 million including $118.5 million of contingency; Annual average production of 6,020,000 kg or 13,270,000 lbs of Mo; 679,600 kg or 1,498,500 lbs of Cu and 686 tonnes or 1,513,000 lbs of W03; Underground mine using primarily battery powered mining equipment to minimise carbon emission; Underground processing facilities and paste backfilling to minimise surface footprint; A M & I mineral resource of 80,756,000 tonnes grading 0.304% MoS2 (0.182% Mo) and 0.037% Cu and 0.036% WO3 at a cut-off grade of 0.22% MoS2; and Life-of-mine direct income and mining taxes of $2.29 billion. (1) All dollar amounts are stated in Canadian Dollars unless otherwise stated. (2) Assumes long-term metal prices of US$51.60. per kg or US$23.41 per lb of Mo; US$10.25 per kg or US $4.65 per lb. of Cu and US$953 per metric tonne unit ("MTU") or US$43.25 per lb of WO3; and a CA:US dollar exchange rate of $0.74. (3) The illustrative scenario assumes average September 2026 spot metal prices of US $33.50/lb Mo., $6.50/lb Cu and US $3,000/MTU Wo. Toronto, Ontario--(Newsfile Corp. - October 22, 2026) - Moon River Moly Ltd. (TSXV: MOO) (OTCQB: MRIVF) ("Moon River" or the "Company") is pleased to announce that an updated preliminary economic assessment ("PEA") has been completed on the Davidson Molybdenum-Copper-Tungsten- Critical Minerals Project (the "Project" or "Davidson Project") located near Smithers, British Columbia. Paul Parisotto, President and Chief Executive Officer, says of the updated PEA results: "We are very pleased with an over 23% increase in the after-tax NPV and the decrease in the payback period to 1.5 years. It is our intention to progress the Davidson Project to a Pre-Feasibility Study in the first half of 2027." Ian McDonald, Chairman, went on to state: "A key contributor to the improved economics in the updated PEA is the 350% increase in tungsten recovery reflecting the use of flotation instead of gravity as the recovery method. This improvement in tungsten recovery helped lower the AISC to produce one pound of molybdenum to US$4.36 per pound, net of co-product metal credits. "The very low AISC, coupled with the potential to extend the mine life and a location in a mining-friendly jurisdiction, demonstrates that the Davidson Project is a highly prospective undeveloped molybdenum, copper and tungsten project.1 "The Davidson Project complements our nearby 25% owned Endako Project(1) that generates an after-tax NPV at 8% of $790 million, an IRR of 40% as per our November 2025 PEA. We estimate that Endako could be in production in approximately 24 to 30 months from the time a production decision is made." The updated PEA was prepared by A-Z Mining Professionals Ltd. ("AMPL") for Moon River. The Project, located in west central British Columbia, is approximately nine kilometres ("km") northwest of the town of Smithers. On November 15, 2023, Moon River acquired all of the rights, interests and obligations of Generation Mining Ltd. under a vending agreement dated April 1, 2016, as amended, entered into with Roda Holdings Inc. and Mr. Donald Davidson, thus granting Moon River the exclusive right to access, prospect, develop and mine the Davidson Project and to acquire 100% of the Davidson Project. The Project comprises development of an underground mine with potentially economic mineralisation processed in an underground, on-site processing facility, with an estimated minimum 20-year mine life. PROJECT DESIGN The Davidson Project is located inside Hudson Bay Mountain and does not outcrop on surface. The deposit has an existing portal on the east side of the mountain and over 2,100 metres ("m") of exploration drifting. The access road and portal can be seen from the town of Smithers. The proposed underground mine access and surface facilities will be located on the west side of the mountain (out of sight of the town of Smithers) with the existing eastern portal used only for initial development. To minimise the surface footprint of the whole operation, the processing plant will be located underground in specially designed and excavated openings above the top elevation of the mining zones. This eliminates having to move mineralized material from the underground to a surface processing plant 8 km away. This also eliminates the need for a source of backfill material from surface. The mill tailings will provide a ready source of material for backfilling mined areas and significantly reduces the size of the tailings management facility on surface. Additionally, the incorporation of dry stacked tailings eliminates the need for a traditional wet tailings facility. The mine will utilise rubber-tired, battery-powered and automated mining equipment wherever possible to minimise manpower requirements, underground ventilation volumes, mine air heating costs, and CO2 emissions. Surface infrastructure required would include: Upgrading of access road Powerline construction Electrical substations and distribution Site roads and materials handling area Maintenance shop/offices/dry/warehouse complex (temporary) Two cement storage silos Water supply system and water treatment plant Dry stack tailings dewatering plant and impoundment area Development waste storage Landfill site Sewage disposal site The mine will employ 256 persons when in full operation. There is a history of mining in the region and many skilled workers in the area currently work from Smithers, which has a population of 5,400 people and many support services. MINE PLAN Underground mining methods will be utilised to extract the potentially economic mineralisation of the deposit. An underground internal ramp from the bottom to the top of the mining zone will access mining areas and the underground processing plant facility. In total, some 37,000 m of pre-production development will be required to bring the deposit into production. The mining method to be employed would be Longhole Open Stoping with cemented paste (densified tailings) backfill to maximise recovery of potentially economic mineralisation. Dilution of 5% has been included in the mined potentially economic mineralisation at a grade of 0.20% MoS2. The mineralized zone is large and irregular in shape, with higher grade concentrations towards the centre of the mineralized zones being mined. The mine would produce 10,000 tonnes per day of potentially economic mineralisation. The mineralized zone geometry is highly amenable to bulk mining of large tonnage stopes with inherent economies of scale and low mining costs. The stopes will be approximately 160,000 tonnes each. Figure 1 Underground Mine Design To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7009/320318_4477c282b49f0a37_001full.jpg Potentially economic mineralisation removed from stopes by load-haul-dump (LHD) units will be sent by ore passes to jaw crushers at the bottom of the mine, to a coarse ore bin and then to secondary and tertiary cone crushers below the coarse ore bin. The crushed potentially economic mineralisation will be conveyed to a vertical lift conveyor system which feeds the fine ore bin connected to the underground processing facility. Other underground facilities will include: Paste backfill plant Equipment maintenance shops and underground warehouses Explosives storage magazines Refuge stations Fuel bays Materials storage areas Main dewatering sumps Offices Warehousing facilities PROCESSING The processing plant, located completely underground, will be a conventional flotation plant producing molybdenum, copper and tungsten concentrates for shipment to smelters. The potentially economic mineralisation from the fine ore bin will feed two grinding lines, each consisting of one rod mill, one ball mill, and a set of cyclones for classification. Each grinding line cyclone overflow stream will feed a dedicated molybdenum rougher flotation line using tank cells, with rougher concentrate advancing to molybdenum cleaning and tails continuing to pyrite flotation. Molybdenum rougher concentrate will be reground in a stirred mill, then cleaned in a circuit using four stages of column flotation. The molybdenum final concentrate stream will be thickened, filtered, dried, and packaged for shipment to a smelter while first cleaner tails molybdenum values will be scavenged in tank cells. Byproduct copper will be recovered from the molybdenum cleaner scavenger flotation tails stream using tank cells for copper rougher flotation and a column cell for cleaning. Copper rougher tails will report to the final tailings thickener, while copper concentrate will be thickened and filtered prior to shipment to a smelter. Pyrite flotation will be used to prepare molybdenum rougher flotation tails for tungsten recovery, with flotation occurring in tank cells. The pyrite flotation concentrate will report to the final tails thickener, while the remaining desulphurised tailings will feed conditioners ahead of tungsten flotation. After conditioning, the slurry will advance to rougher flotation, with tungsten rougher tails reporting to the final tails thickener and the rougher concentrate advancing to cleaner flotation. Cleaner flotation will be done in four stages, with the first stage using tank cells and the latter three stages using trough cells. Tungsten final concentrate will be thickened, filtered and packaged for shipment to a refinery. The tailings thickener underflow will be primarily made into paste backfill for backfilling of stopes, with the balance pumped to a dry stack tailings facility on surface. At the dry stack tailings facility, the tailings will be filtered for water removal, with the filter product being stacked in a near dry form for permanent storage and the water removed being either returned underground for re-use in the processing plant or being forwarded to a water treatment plant in preparation for return to the environment. The processing plant is expected to have recovery rates of greater than 94% molybdenum, 52% copper and 53% tungsten. The proposed processing plant will be arranged to fit in two long rooms. In the main room, the grinding mills will be located at one end, with grinding cyclone overflow gravitating to molybdenum rougher flotation and subsequently through pyrite flotation and tungsten rougher flotation. The tungsten cleaner flotation and concentrate dewatering circuits will be situated alongside the tungsten rougher flotation cells in the main room, while the molybdenum cleaner flotation and concentrate dewatering along with the byproduct copper circuit will be arranged in the second room. The second room will also be used for staging of the three flotation concentrates for periodic transport to surface in preparation for final shipment. The construction cost of an underground plant is not significantly different from that for a plant located on surface. The processing (metallurgical) test work, operating costs and capital costs were all completed by Mr. Cameron Lilly, P. Eng. and a qualified person. This test work was peer reviewed by Mr. John Eggert, P. Eng. and a qualified person. Mr. Eggert found no issues with any of this test work. Mr. Eggert is unaware of any known legal, political, environmental, or other risks that could materially affect the processing (metallurgical) test work, operating costs and capital costs. MINERAL RESOURCES The data used to generate the resource calculation was reviewed and approved by F. Bakker, P.Geo. This included site visits by Mr. Bakker from July 30, 2024, to August 26, 2024 and from June 26 to July 4, 2026. Sampling methods, QAQC programs and databases were examined. In addition, during the 2024 visit, he supervised a diamond drill program that was used to gather metallurgical samples. Mr. Bakker is of the opinion that the accuracy of the data was sufficient for a mineral resource statement. The mineral resource was calculated utilizing commercial 3D Block Modelling Software (HxGN Mine Plantm 3D). For the current mineral resource estimate, a mineralized solid was constructed around a roughly designed and manually constrained 0.1% MoS2 grade shell to constrain the estimate. In addition, the model utilized geostatistics (variograms) to better confine the mineralized limits. This resource model was used for determining the mineral resources estimate and to undertake an underground mine production plan. The effective date of the mineral resource is October 22, 2026, the date of this news release. Mr. Bakker is unaware of any known legal, political, environmental, or other risks that could materially affect the potential development of mineral resources or mineral reserves. Inferred mineral resources were not included in the PEA economic analysis. Only Measured and Indicated Resources were used in the mine plan and economic analysis. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The PEA is preliminary in nature and there is no certainty that the PEA will be realized. The following tables present the mineral resource estimate for the Davidson Project at various cut-off grades. The mineral resource estimate has been recalculated to include both copper and tungsten values for the Davidson Project and is included in the updated PEA. Table 1: Measured Resources for MoS2, Copper and WO3 Category Cut-off Tonnes Grade Grade Grade Grade Contained Contained Contained Grade % MoS2 % Mo %Cu % WO3 Mo (Kg) Cu (Kg) WO3 (Kg) % MoS2 Measured >0.100 128,457,000 0.203 0.122 0.036 0.032 156,354,000 46,630,000 41,235,000 Measured >0.110 118,655,000 0.211 0.127 0.037 0.033 150,180,000 43,546,000 38,682,000 Measured >0.120 107,899,000 0.221 0.132 0.037 0.033 142,836,000 40,138,000 35,715,000 Measured >0.130 97,680,000 0.231 0.138 0.038 0.034 135,217,000 36,923,000 32,820,000 Measured >0.140 88,115,000 0.242 0.145 0.039 0.034 127,519,000 33,924,000 30,047,000 Measured >0.150 79,982,000 0.251 0.151 0.039 0.035 120,444,000 31,193,000 27,674,000 Measured >0.160 72,442,000 0.262 0.157 0.039 0.035 113,472,000 28,470,000 25,355,000 Measured >0.170 65,205,000 0.272 0.163 0.040 0.035 106,354,000 25,821,000 23,083,000 Measured >0.180 58,803,000 0.283 0.170 0.040 0.036 99,681,000 23,462,000 20,993,000 Measured >0.190 53,103,000 0.294 0.176 0.040 0.036 93,390,000 21,294,000 19,117,000 Measured >0.200 47,928,000 0.304 0.182 0.040 0.036 87,361,000 19,315,000 17,446,000 Measured >0.210 42,771,000 0.316 0.189 0.041 0.037 81,036,000 17,322,000 15,782,000 Measured >0.220 38,418,000 0.328 0.196 0.041 0.037 75,458,000 15,559,000 14,330,000 Measured >0.230 34,406,000 0.340 0.204 0.041 0.038 70,051,000 13,969,000 12,937,000 Measured >0.240 30,973,000 0.352 0.211 0.041 0.038 65,232,000 12,606,000 11,770,000 Measured >0.250 27,866,000 0.364 0.218 0.041 0.039 60,691,000 11,369,000 10,728,000 Measured >0.260 25,079,000 0.376 0.225 0.041 0.039 56,439,000 10,232,000 9,731,000 Measured >0.270 22,584,000 0.388 0.232 0.041 0.039 52,488,000 9,192,000 8,830,000 Measured >0.280 20,417,000 0.400 0.240 0.041 0.039 48,931,000 8,310,000 8,024,000 Measured >0.209 18,456,000 0.412 0.247 0.041 0.039 45,591,000 7,512,000 7,272,000 Measured >0.300 16,786,000 0.424 0.254 0.041 0.040 42,642,000 6,798,000 6,647,000 Measured >0.310 15,242,000 0.436 0.261 0.040 0.040 39,825,000 6,143,000 6,036,000 Measured >0.320 13,869,000 0.448 0.269 0.040 0.040 37,243,000 5,575,000 5,506,000 1. Mineral Resources were estimated using the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council. 2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 3. The PEA mine plan and economic model include numerous assumptions, but use only Indicated and Measured Resources. 4. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. 5. The approximate 3-year trailing average (to September 30, 2026) metal price for molybdenum of US$51.60 per kg or US$23.41 (rounded down) per lb, US$953.15 per MTU or US$43.25 per pound WO3, and US$10.25 per kg or US$4.65 per pound Cu was used in estimating the Mineral Resources and a CA$:US$ exchange rate of $1.36 was used. 6. A description of the key assumptions, parameters, and methods used to estimate the resources, and any known risks, as well as the data verification processes, will be contained in this Technical Report.   Table 2: Indicated Resources for MoS2, Copper and WO3 Category Cut-off Tonnes Grade Grade Grade Grade Contained Contained Contained Grade % MoS2 % Mo %Cu % WO3 Mo (Kg) Cu (Kg) WO3 (Kg) % MoS2 Indicated >0.100 360,595,000 0.159 0.095 0.028 0.026 343,434,000 102,048,000 92,673,000 Indicated >0.110 317,987,000 0.166 0.100 0.029 0.026 316,568,000 90,626,000 83,313,000 Indicated >0.120 270,065,000 0.176 0.105 0.029 0.027 283,904,000 79,129,000 72,647,000 Indicated >0.130 229,447,000 0.185 0.111 0.030 0.028 253,574,000 68,146,000 63,327,000 Indicated >0.140 192,639,000 0.194 0.116 0.030 0.028 223,858,000 58,177,000 54,709,000 Indicated >0.150 158,417,000 0.205 0.123 0.031 0.029 194,338,000 48,476,000 46,258,000 Indicated >0.160 130,259,000 0.216 0.129 0.031 0.030 168,300,000 40,250,000 39,078,000 Indicated >0.170 107,639,000 0.227 0.136 0.031 0.031 146,038,000 33,691,000 33,045,000 Indicated >0.180 88,553,000 0.238 0.142 0.031 0.032 126,084,000 27,806,000 28,071,000 Indicated >0.190 72,355,000 0.250 0.150 0.032 0.033 108,222,000 23,009,000 23,660,000 Indicated >0.200 60,443,000 0.261 0.156 0.032 0.033 94,351,000 19,281,000 20,007,000 Indicated >0.210 50,863,000 0.271 0.162 0.032 0.034 82,626,000 16,429,000 17,090,000 Indicated >0.220 42,338,000 0.283 0.169 0.033 0.034 71,694,000 13,929,000 14,522,000 Indicated >0.230 35,902,000 0.293 0.176 0.033 0.035 63,032,000 11,884,000 12,386,000 Indicated >0.240 30,579,000 0.303 0.182 0.033 0.035 55,573,000 9,938,000 10,672,000 Indicated >0.250 26,202,000 0.313 0.188 0.032 0.035 49,172,000 8,463,000 9,197,000 Indicated >0.260 22,474,000 0.323 0.193 0.032 0.035 43,482,000 7,192,000 7,888,000 Indicated >0.270 18,572,000 0.335 0.201 0.033 0.035 37,301,000 6,073,000 6,500,000 Indicated >0.280 15,548,000 0.347 0.208 0.033 0.035 32,326,000 5,177,000 5,473,000 Indicated >0.209 12,867,000 0.360 0.216 0.035 0.035 27,762,000 4,452,000 4,439,000 Indicated >0.300 10,932,000 0.372 0.223 0.035 0.035 24,353,000 3,837,000 3,870,000 Indicated >0.310 9,292,000 0.384 0.230 0.035 0.035 21,362,000 3,289,000 3,280,000 Indicated >0.320 8,123,000 0.394 0.236 0.036 0.036 19,161,000 2,884,000 2,908,000 1. Mineral Resources were estimated using the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council. 2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 3. The PEA mine plan and economic model include numerous assumptions, but use only Indicated and Measured Resources. 4. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. 5. The approximate 3-year trailing average (to September 30, 2026) metal price for molybdenum of US$51.60 per kg or US$23.41 (rounded down) per lb, US$953.15 per MTU or US$43.25 per pound WO3, and US$10.25 per kg or US$4.65 per pound Cu was used in estimating the Mineral Resources and a CA$:US$ exchange rate of $1.36 was used. 6. A description of the key assumptions, parameters, and methods used to estimate the resources, and any known risks, as well as the data verification processes, will be contained in this Technical Report.   Table 3: Measured and Indicated Resources for MoS2, Copper and WO3 Category Cut-off Tonnes Grade Grade Grade Grade Contained Contained Contained Grade % MoS2 % Mo %Cu %WO3 Mo (Kg) Cu (Kg) WO3 (Kg) % MoS2 Measured and Indicated >0.100 489,053,000 0.171 0.102 0.030 0.027 499,789,000 148,679,000 133,908,000 Measured and Indicated >0.110 436,642,000 0.178 0.107 0.031 0.028 466,748,000 134,173,000 121,994,000 Measured and Indicated >0.120 377,964,000 0.188 0.113 0.032 0.029 426,740,000 119,267,000 108,362,000 Measured and Indicated >0.130 327,127,000 0.198 0.119 0.032 0.029 388,792,000 105,069,000 96,148,000 Measured and Indicated >0.140 280,754,000 0.209 0.125 0.033 0.030 351,377,000 92,101,000 84,757,000 Measured and Indicated >0.150 238,399,000 0.220 0.132 0.033 0.031 314,782,000 79,669,000 73,932,000 Measured and Indicated >0.160 202,701,000 0.232 0.139 0.034 0.032 281,772,000 68,720,000 64,432,000 Measured and Indicated >0.170 172,844,000 0.244 0.146 0.034 0.032 252,392,000 59,512,000 56,128,000 Measured and Indicated >0.180 147,356,000 0.256 0.153 0.035 0.033 225,765,000 51,268,000 49,064,000 Measured and Indicated >0.190 125,459,000 0.268 0.161 0.035 0.034 201,614,000 44,304,000 42,778,000 Measured and Indicated >0.200 108,371,000 0.280 0.168 0.036 0.035 181,712,000 38,596,000 37,452,000 Measured and Indicated >0.210 93,634,000 0.292 0.175 0.036 0.035 163,662,000 33,751,000 32,872,000 Measured and Indicated >0.220 80,756,000 0.304 0.182 0.037 0.036 147,152,000 29,489,000 28,852,000 Measured and Indicated >0.230 70,308,000 0.316 0.189 0.037 0.036 133,083,000 25,852,000 25,323,000 Measured and Indicated >0.240 61,552,000 0.328 0.196 0.037 0.036 120,805,000 22,544,000 22,442,000 Measured and Indicated >0.250 54,068,000 0.339 0.203 0.037 0.037 109,864,000 19,833,000 19,925,000 Measured and Indicated >0.260 47,554,000 0.351 0.210 0.037 0.037 99,923,000 17,424,000 17,619,000 Measured and Indicated >0.270 41,156,000 0.364 0.218 0.037 0.037 89,789,000 15,265,000 15,331,000 Measured and Indicated >0.280 35,965,000 0.377 0.226 0.038 0.038 81,258,000 13,487,000 13,497,000 Measured and Indicated >0.209 31,323,000 0.391 0.234 0.038 0.037 73,353,000 11,964,000 11,711,000 Measured and Indicated >0.300 27,718,000 0.404 0.242 0.038 0.038 66,996,000 10,635,000 10,517,000 Measured and Indicated >0.310 24,534,000 0.416 0.249 0.038 0.038 61,187,000 9,432,000 9,316,000 Measured and Indicated >0.320 21,992,000 0.428 0.256 0.038 0.038 56,404,000 8,459,000 8,414,000 1. Mineral Resources were estimated using the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council. 2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 3. The PEA mine plan and economic model include numerous assumptions, but use only Indicated and Measured Resources. 4. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. 5. The approximate 3-year trailing average (to September 30, 2026) metal price for molybdenum of US$51.60 per kg or US$23.41 (rounded down) per lb, US$953.15 per MTU or US$43.25 per pound WO3, and US$10.25 per kg or US$4.65 per pound Cu was used in estimating the Mineral Resources and a CA$:US$ exchange rate of $1.36 was used. 6. A description of the key assumptions, parameters, and methods used to estimate the resources, and any known risks, as well as the data verification processes, will be contained in this Technical Report.   Table 4: Inferred Resources for MoS2, Copper and WO3 Category Cut-off Tonnes Grade Grade Grade Grade Contained Contained Contained Grade %MoS2 % Mo %Cu % WO3 Mo (Kg) Cu (Kg) WO3 (Kg) % MoS2 Inferred >0.100 29,114,000 0.150 0.090 0.021 0.023 26,229,000 6,201,000 6,696,000 Inferred >0.110 24,995,000 0.158 0.095 0.020 0.025 23,656,000 5,099,000 6,124,000 Inferred >0.120 20,359,000 0.168 0.101 0.020 0.026 20,475,000 4,113,000 5,314,000 Inferred >0.130 16,734,000 0.177 0.106 0.020 0.028 17,772,000 3,280,000 4,702,000 Inferred >0.140 14,233,000 0.185 0.111 0.019 0.030 15,772,000 2,747,000 4,241,000 Inferred >0.150 11,574,000 0.194 0.116 0.019 0.033 13,470,000 2,199,000 3,808,000 Inferred >0.160 9,094,000 0.205 0.123 0.018 0.037 11,178,000 1,601,000 3,328,000 Inferred >0.170 7,257,000 0.216 0.129 0.017 0.040 9,372,000 1,248,000 2,888,000 Inferred >0.180 6,059,000 0.224 0.134 0.015 0.043 8,119,000 933,000 2,593,000 Inferred >0.190 4,873,000 0.233 0.140 0.014 0.044 6,813,000 687,000 2,130,000 Inferred >0.200 3,494,000 0.248 0.149 0.013 0.042 5,199,000 440,000 1,474,000 Inferred >0.210 2,861,000 0.258 0.155 0.013 0.040 4,427,000 378,000 1,156,000 Inferred >0.220 2,444,000 0.266 0.159 0.013 0.040 3,890,000 320,000 987,000 Inferred >0.230 2,037,000 0.274 0.164 0.014 0.040 3,338,000 287,000 805,000 Inferred >0.240 1,725,000 0.281 0.168 0.014 0.038 2,907,000 248,000 662,000 Inferred >0.250 1,591,000 0.285 0.170 0.013 0.039 2,711,000 213,000 619,000 Inferred >0.260 1,447,000 0.287 0.172 0.013 0.039 2,490,000 187,000 566,000 Inferred >0.270 1,072,000 0.295 0.177 0.014 0.038 1,896,000 154,000 410,000 Inferred >0.280 477,000 0.321 0.192 0.018 0.037 917,000 85,000 176,000 Inferred >0.209 357,000 0.334 0.200 0.016 0.038 714,000 56,000 135,000 Inferred >0.300 246,000 0.352 0.211 0.022 0.032 519,000 54,000 80,000 Inferred >0.310 190,000 0.366 0.219 0.025 0.032 417,000 47,000 62,000 Inferred >0.320 180,000 0.369 0.221 0.024 0.033 398,000 43,000 59,000 1. Mineral Resources were estimated using the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council. 2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 3. The PEA mine plan and economic model include numerous assumptions, but use only Indicated and Measured Resources. 4. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. 5. The approximate 3-year trailing average (to September 30, 2026) metal price for molybdenum of US$51.60 per kg or US$23.41 (rounded down) per lb, US$953.15 per MTU or US$43.25 per pound WO3, and US$10.25 per kg or US$4.65 per pound Cu was used in estimating the Mineral Resources and a CA$:US$ exchange rate of $1.36 was used. 6. A description of the key assumptions, parameters, and methods used to estimate the resources, and any known risks, as well as the data verification processes, will be contained in the Technical Report.   CAPITAL EXPENDITURES The estimated Project total pre-production capital expenditure, inclusive of contingencies and working capital, is approximately $750 million. A summary of Project pre-production capital expenditures is presented in the following table. Table 5: Pre-Production Capital TOTAL PROJECT CAPITAL EXPENDITURE ESTIMATES ($000) Component Year -3 Year -2 Year -1 Year 1 Total Exploration $1,000 $1,000 $1,000 $3,000 Mine $45,304 $58,445 $62,798 $41,473 $208,019 Equipment Leasing $11,725 $11,495 $11,264 $34,485 Underground Infrastructure $6,811 $2,716 $32,936 $30,461 $72,924 Processing Plant $70,000 $94,523 $35,000 $199,523 Surface Infrastructure & Mobile Equipment $22,448 $2,555 $18,213 $43,216 Tailings Management Facilities   $9,150 $9,150 Owner's Costs $6,747 $6,747 $6,747 $2,000 $22,241 Contingency $18,807 $30,591 $47,326 $21,787 $118,512 Working Capital $29,018 $29,018 Mine Closure $10,000 $10,000    Total Capital Expenditures $112,842 $183,548 $293,958 $159,739 $750,088   OPERATING COSTS The estimated total average operating cost (excluding smelting and refining) for the mine is approximately $50.14 per tonne of potentially economic mineralisation. This equates to $26.49 per kg of Mo ($12.02 per lb). The following table presents a summary of life of mine average operating costs per tonne. Table 6: Life of Mine Average Operating Costs Life of Mine Average Operating Costs Component Cost Diamond Drilling - Infill $0.50 Underground Mining $24.28 Equipment Leasing $2.18 Processing $18.14 Tailings Management Facility $1.48 Mine Indirects $0.88 Surface Department $0.61 General & Administration $2.05 Total Minesite Operating Cost $50.14   ECONOMIC ANALYSIS The expected cash flow estimates are calculated using the forecast mine plan, operating costs, and capital expenditures incorporating expected long-term metal prices based on the three-year trailing average for molybdenum on the London Metals Exchange of US$51.60 per kg or US$23.41 per pound of Mo, US$10.25 or US$4.65 per pound of Cu and US $953 per MTU or US$43.25 per pound of W and a CA:US dollar exchange rate of $0.74. A summary of the expected parameters used for the financial analysis is presented below. Parameters Used in Financial Analysis Cashflow Model Input Parameters Parameter Longterm Metal Price ($US) $51.60 ($23.41 /lb) Exchange Rate $1.36 $Can per $1 US Diluted Mineral Resource 72,074,709 tonnes Dilution (at adjacent mineral grade) 5% Average Head Grade to Mill 0.30% Mill Recovery 94% Payability 97% Pre-Production Capital $750.10 million Total Sustaining Capital $45.90 million Working Capital $29.00 million Reclamation and Closure $10.00 million Estimated Operating Costs ($/tonne) $50.14 Life of Project 20 Years   The overall level of accuracy of this study is approximately ±30%. The Project's expected investment and returns based on the base case cashflow parameters are shown below. Base Case: Expected Project Returns PRE-TAX AFTER-TAX NPV 5% $3,057 billion NPV 5% $1,796 billion 8% $2,153 billion 8% $1,235 billion 10% $1,723 billion 10% $968 billion IRR 44% IRR 33% Payback Period 1.5 Years All In Sustaining Cost $Can 5.93 $US 4.36   The Project's expected investment and returns based on the Illustrative case cashflow parameters are shown below. Illustrative Case Expected Project Returns PRE-TAX AFTER-TAX NPV 5% $7,016 billion NPV 5% $4,253 billion 8% $5,049 billion 8% $3,036 billion 10% $4,113 billion 10% $2,458 billion IRR 72% IRR 57% Payback Period 0.8 Years All In Sustaining Cost $Can -7.02 $US -5.01   SENSITIVITY ANALYSIS Sensitivity analyses were performed for capital expenditures, operating costs, mined grades, metal prices and currency exchange rates using 50% positive and negative variations. The Project is most sensitive to the mined grade, metal price and the exchange rate and less sensitive to capital and operating costs. The results of the sensitivity analysis for positive and negative changes of 10% in key Project parameters are presented in the following tables and graphs. Sensitivity Analysis for After-Tax NPV @ 8% Parameter After-Tax NPV ($M) -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% Mined Grade 156 363 584 804 1,022 1,235 1,448 1,661 1,875 2,088 2,302 Mo Price 156 363 584 804 1,022 1,235 1,448 1,661 1,875 2,088 2,302 Operating Costs 1,628 1,549 1,471 1,392 1,314 1,235 1,156 1,078 999 917 836 Capital Costs 1,494 1,442 1,390 1,338 1,287 1,235 1,183 1,131 1,079 1,024 969 $US:$CAD Exchange Rate -32 209 468 727 984 1,235 1,486 1,737 1,987 2,238 2,490   Note: The lines for Grade, Metal Price and Exchange Rate are virtually the same and overlay each other. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7009/320318_4477c282b49f0a37_011full.jpg Sensitivity Analysis for After-Tax IRR @ 8% Parameter After-Tax IRR (%) -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% Mined Grade 12 17 21 25 29 33 37 40 43 46 49 Mo Price 12 17 21 25 29 33 37 40 43 46 49 Operating Costs 39 38 37 35 34 33 32 31 29 28 27 Capital Costs 59 51 45 40 36 33 30 28 26 24 22 $US:$CAD Exchange Rate 7 13 19 24 29 33 37 41 44 48 51   Sensitivity Analysis IRR Note: The lines for Grade and Metal Price are virtually the same and overlay each other. To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/7009/320318_4477c282b49f0a37_013full.jpg Non-IFRS Financial Measures The Company has included certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS") in this news release. These include Operating Costs, Cash Cost, AISC, Pre-Production Capital Expenditures, Sustaining Capital Expenditures and Life of Mine Average Operating Costs. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures employed by other companies. The data presented are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-IFRS financial measures used in this news release and common to the mining industry are defined. Operating Costs include mining, processing, general and administrative, concentrate transportation costs, treatment and refining charges, etc. Cash costs include on-site mining costs plus on-site G&A, royalties/production taxes and permitting/community costs related to current operations, less byproduct credits, if any. AISC includes total cash costs plus reclamation costs, exploration and study costs, sustaining capital exploration/development and sustaining capital expenditure. Next Steps The Company has commenced baseline environmental studies and further engineering studies to advance and de-risk the Project from a design and environmental standpoint. Moon River is also working with First Nations to discuss potential impacts and mitigation measures as well as economic opportunities. The Company expects to issue a Pre-Feasibility Study in the first half of 2027. Technical Report & Qualified Persons A Technical Report on the PEA (the "Technical Report") prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") will be filed on SEDAR+ under the Company's profile within 45 days of the date of this news release. Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the Mineral Resource. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context. Qualified Persons The scientific and technical content of this news release was reviewed, verified, and approved by Mr. Brian LeBlanc, P. Eng., President of AMPL, an independent "Qualified Person" ("QP") as defined by NI 43-101. Mr. LeBlanc is the QP responsible for the scientific and technical information contained in this news release. Mr. Finley Bakker P. Geo. and a QP reviewed, verified, and approved the mineral resource information in this news release. Processing (metallurgical) test work, operating costs and capital costs were peer reviewed by Mr. John Eggert, P. Eng. and a QP. Mr. Eggert found no issues with any of this test work. Mr. John Eggert, P. Eng. reviewed, verified, and approved and was the QP responsible for processing (metallurgical) information in this news release. About Moon River Moon River is a Canadian-based resource company focused on the acquisition, exploration and development of mineral projects. Moon River is focused on the development of the Davidson Project which hosts a large molybdenum-copper-tungsten deposit and is located near Smithers, British Columbia. The Company also holds a 25% interest in the Endako molybdenum mine also located in British Columbia. For further information please contact: Paul Parisotto, President, Chief Executive Officer and Director, at (416) 800-1753 or [email protected]. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. Forward-looking Statements: This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects", "plans" and similar expressions, which are intended to identify forward-looking statements. More particularly and without limitation, this news release contains forward-looking statements concerning metal price assumptions, cash flow forecasts, projected capital and operating costs, metal recoveries, mine life, production rates, infrastructure, permitting, potential enhancements to the Project, expected Project returns, and future plans set out in the Technical Report in respect of the PEA. These forward-looking statements reflect the current views of the Company, represent the expectations of the Company as of the date of this news release, and are based on certain assumptions that the Company and its consultants have made in preparing this PEA and Technical Report that will be filed in respect thereto within 45 days of this news release. There can be no assurance that the results particularly the expected Project returns will be achieved or the Mineral Resources that are not Mineral Reserves will be economically viable. The PEA mine plan and economic model include numerous assumptions. Inferred Resources listed in this news release are considered to be too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves and to be used in an economic analysis except as allowed for by NI 43-101 in PEA studies. There is no guarantee that Inferred Resources can be converted to Indicated or Measured Resources. There is also no guarantee the economics described herein will be achieved. Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the Mineral Resources. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context. Although the Company believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including risks detailed in the PEA and continuous disclosure including the Technical Report, which are or will be available on SEDAR+ at www.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this news release. These risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected in the PEA and the Technical Report in respect thereof. The forward-looking statements contained in this news release speak only as of the date of this news release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. (1) See "National Instrument 43-101 Technical Report for the Endako Mine Restart Preliminary Economic Assessment" dated January 5, 2026 with an effective date of November 21, 2025, which is available for review on SEDAR+ (www.sedarplus.ca) under the Company's issuer profile. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/320318