EraNova Metals Announces Non-Brokered Private Placement with Long Term Strategic Shareholders

EraNova Metals Inc. (NOVA) announced a non-brokered private placement of up to 6,769,231 units at $0.13 per unit, raising gross proceeds of up to $880,000. Each unit consists of one common share and one-half of one common share purchase warrant. The warrants exercise at $0.25 per share for three years.

Net proceeds will fund corporate profile expansion, technical team strengthening, exploration target definition, and preparatory work for a planned summer 2027 drill program at the Ruby Creek Property. The current issue price of $0.13 reflects a step-down from the prior placement in May 2026, which involved 4,000,000 shares at $0.15, raising $600,000.

The company also appointed CFO Yana Silina as Corporate Secretary effective October 31, 2026. This financing follows the release of the company's August 2026 Preliminary Economic Assessment (PEA) for the Adanac Molybdenum Project, which outlined a 24-year mine life, $714.7 million after-tax NPV, and a 23.5% IRR at base-case molybdenum prices.

EraNova Metals Inc. (NOVA) closed a financing on October 30 to raise $880,000, a move the company described as necessary to address an immediate liquidity crisis. As of August 31, 2026, the company held only $135,381 in cash and carried a working capital deficit of $210,072, with management explicitly flagging a material uncertainty regarding its ability to continue as a going concern.

The transaction adds approximately 6.77 million shares to the ~55.77 million outstanding, representing roughly 10.8% dilution. The issue price of $0.13 is lower than the May 2026 placement price of $0.15, reflecting market pricing of the company's liquidity risk and lack of near-term revenue.

While the Preliminary Economic Assessment (PEA) demonstrated strong project economics, the company remains pre-revenue and is burning cash through increased investor relations spending, new executive compensation, and share-based compensation vesting. The $880,000 provides a short-term operational runway but is immaterial relative to the $953.3 million initial capital required for the Adanac project. The financing extends the timeline for preparatory work but does not de-risk the multi-year path to feasibility, alter the fundamental development timeline, or change the underlying risk profile.

EraNova Metals Inc. (NOVA), formerly Stuhini Exploration, is a pre-revenue junior explorer focused on the Ruby Creek Property in British Columbia. Its flagship asset is the Adanac Molybdenum Project, a 100%-owned development-stage deposit.

An August 2026 Preliminary Economic Assessment (PEA) outlines a 24-year open-pit mine producing an average of 11.4 million pounds of molybdenum annually. Base-case economics show a $714.7 million after-tax net present value (NPV), a 23.5% internal rate of return (IRR), and $17.48 per pound cash costs.

The company also explores high-grade precious and base metal targets on the same land package. These include the Silver Surprise zone, which has returned assays up to 16,030 grams per tonne silver (g/t Ag); the Lakeview gold-silver system, with grades up to 257 g/t gold (Au); and the Ruffner copper-gold porphyry, which has shown grades up to 8.1% copper (Cu).

The project benefits from historical infrastructure investment exceeding $100 million, established road access, and a previously issued environmental assessment certificate.