Eranova identifies rare earth elements at Adanac

Ms. Meredith Eades reports ERANOVA METALS IDENTIFIES RARE EARTH ELEMENT POTENTIAL AT ADANAC THROUGH RE-EVALUATION OF EXISTING ASSAY DATA; ANNOUNCES INVESTOR RELATIONS AGREEMENT; ANNOUNCES STOCK OPTION GRANT Eranova Metals Inc. has released the results of a recent re-evaluation of existing multielement assay data from the company's 100-per-cent-owned Adanac molybdenum project, which has identified elevated rare earth element concentrations associated with the molybdenum system, including calculated total rare earth oxide values of up to 1,087 parts per million across 9,062 samples from 89 drill holes based on three-metre sample intervals from drilling within the molybdenum resource area. The re-evaluation was completed using historical assay data originally collected for molybdenum exploration and reflects a renewed focus on rare earth elements in light of growing market and strategic interest. The company's decision to advance Adanac toward a National Instrument 43-101-compliant preliminary economic assessment reflects growing confidence in the scale and development potential of the molybdenum deposit. The identification of rare earth elements within the existing data set further reinforces this confidence, highlighting additional value that may be evaluated alongside a development pathway the company already feels positive about. "These results reinforce our view that the Ruby Creek property is a large, multicommodity system with meaningful optionality beyond molybdenum," said Meredith Eades, president and chief executive officer of Eranova. "As we move the Adanac molybdenum project toward a NI 43-101-compliant PEA, it is encouraging to see additional elements that have the potential to add value to a development story we already feel positive about. While the Adanac molybdenum deposit provides a clear and well-defined development pathway, we believe the presence of rare earth elements warrants further evaluation as part of the project's broader technical and economic assessment." The re-evaluation involved a review of historical multielement assay data collected as part of prior drilling and technical programs, with a specific focus on rare earth element content in light of increased market and strategic interest in rare earth elements. While earlier work was primarily designed to evaluate molybdenum mineralization, the available data set -- comprising 9,062 samples of three-metre intervals from 89 drill holes -- provides meaningful insight into the presence and distribution of both light and heavy rare earth elements within the Adanac system. Calculated total rare earth oxide values were derived through standard oxide conversions applied to elemental assay data and have not yet been validated through targeted reassaying or dedicated mineralogical studies. Analytical and methodology notes Reported results represent individual sample intervals and should not be interpreted as representative of average grades or as evidence of economic mineralization. Quality assurance/quality control The majority of drilling reported herein (88 of 89 drill holes) forms part of the resource drilling that underpins the 2022 mineral resource estimate (see 2022 technical report). QA/QC protocols and analytical procedures for this drilling are summarized in the 2022 technical report. All analyses were conducted at accredited laboratories and incorporated both internal laboratory QA/QC procedures and additional QA/QC samples submitted by the company. One additional drill hole was sampled and analyzed outside of the 2022 resource program. Core was split on site and sampled at 3.0-metre intervals, with the exception of two subintervals from 301 to 301.25 m (total rare earth oxides 414 parts per million) and 301.25 to 304.00 m (TREO 384 ppm). Core was tagged, secured and hand delivered to the Bureau Veritas sample preparation facility in Whitehorse, Yukon. Certified reference standards were inserted at a frequency of one per 10 samples. Samples were crushed, and pulps were forwarded to the Bureau Veritas laboratory in Vancouver for analysis. All samples were analyzed using four-acid digestion with ultratrace ICP-MS for 59 elements and fire assay for gold. Overlimit copper, lead, zinc and silver samples were reanalyzed using multiacid digestion and ICP-ES (MA370). Overlimit tungsten samples were analyzed by lithium borate fusion XRF (XF750). Silver samples exceeding 1,500 g/t were additionally analyzed by fire assay (FA530), and lead samples exceeding 10 per cent were analyzed by titration (GC817). All analytical results passed laboratory QA/QC screening. Next steps The company is advancing additional mineralogical and petrographic studies to better understand the mineral species hosting the rare earth elements and their spatial relationship to the molybdenum mineralization. This work will support an evaluation of potential recovery pathways and assess whether rare earth elements could be recovered as a byproduct in future development scenarios at Adanac. Results from this work will inform the scope of further technical studies as the company continues to advance the project toward formal economic evaluation. Investor relations engagement Eranova also announces that it has entered into an investor relations agreement with TB Investor Relations to assist the company in enhancing communication and engagement with its shareholders and the investment community. Tania Barreto, sole proprietor of TBIR, which is based out of Toronto, Ont., has 20 years of capital market experience in the mining sector working in investor relations roles for exploration, development and producing mining companies. The IR agreement is effective as of Feb. 9, 2025, and will continue on a month-to-month basis unless terminated by either party upon 30 days written notice to the other party. In consideration for TBIR's services, the company will pay TBIR a monthly fee of $6,000 plus applicable taxes and any approved expenses, payable from the company's general working capital. TBIR is an arm's-length party to the company, and, to the company's knowledge, does not have any direct or indirect interest in the company or its securities, nor any right or intent to acquire such an interest. The IR agreement is subject to acceptance by the TSX Venture Exchange. Stock option grant The company also announces that its board of directors has authorized and approved the grant of 100,000 stock options pursuant to the company's stock option plan to a consultant of the company. The options are exercisable for 100,000 common shares of the company at an exercise price of 17 cents per share for a term of five years expiring on Feb. 9, 2031. The options vest in four 25-per-cent equal instalments over a period of 24 months from the date of grant, with the first instalment vesting on Aug. 9, 2026, and three additional instalments vesting six, 12 and 18 months thereafter. Qualified person Nicholas Clive Aspinall, MSc, PEng, is a consulting geologist to Eranova and is a qualified person as defined by National Instrument 43-101. Mr. Aspinall has verified the data disclosed in this press release, including the sampling, analytical and test data underlying the technical information, and has approved the technical information contained herein. About Eranova Metals Corp. Eranova Metals is a Canadian mineral exploration company focused on advancing precious and base metal projects across Western Canada. The company's flagship asset is the Ruby Creek property, a 29,700-hectare land package near Atlin, B.C., that hosts both the Adanac molybdenum project, a development-stage deposit with historic feasibility, and the Atlin discovery project, an emerging pipeline of high-grade gold, silver, copper and tungsten zones. Eranova also holds two additional 100-per-cent-owned assets: the Big Ledge zinc-lead project, located 57 kilometres south of Revelstoke, B.C., and the South Thompson nickel project in west-central Manitoba. We seek Safe Harbor.