Eranova Metals to advance the Adanac moly project

Executive Summary

• Eranova Metals Inc. has decided to advance its 100%-owned Adanac molybdenum project toward a National Instrument 43-101-compliant Preliminary Economic Assessment (PEA).
• This decision follows a positive internal desktop-level assessment by Tetra Tech, which utilized conservative, legacy inputs from 2006 to confirm the technical and economic viability of moving to the next stage.
• The company expects to commence PEA work in the near term, with completion anticipated within approximately three months.

Key Details

• Project Status: Advancement to PEA stage for the Adanac molybdenum project.
• Technical Assessment: Internal desktop-level assessment completed by Tetra Tech supported the advancement based on the 2006 mineral resource and mine plan.
• Resource Integration: The 2006 inputs were conservative; the company's updated 2022 mineral resource estimate will be formally integrated for the first time during the PEA.
• Assessment Parameters: The evaluation used high-level development scenarios and indicative project parameters, updating the 2006 data to reflect modern cost structures, throughput assumptions, and long-term molybdenum pricing.
• Timeline: PEA work to commence in the near term; completion expected within approximately three months.
• Mineral Resource Data: The Adanac deposit hosts a measured and indicated, pit-constrained mineral resource totaling approximately 433 million pounds of molybdenum at a 0.02% cut-off grade.
• Qualified Person: Nicholas Clive Aspinall, MSc, PEng, verified the data and approved the technical information.

Notable Quotes

• "We do not advance projects toward a PEA lightly... The conceptual work completed by Tetra Tech gave us the confidence to invest in the next stage of technical and economic studies." — Meredith Eades, President and CEO