EraNova Metals Advances Adanac Molybdenum Project Toward PEA

Executive Summary

• EraNova Metals Inc. has decided to move its 100 % owned Adanac Molybdenum Project toward a formal NI 43‑101 compliant Preliminary Economic Assessment (PEA).
• The decision follows an internal desktop‑level assessment by Tetra Tech that used the historic 2006 mineral resource and mine plan, confirming technical and economic justification for further study.
• PEA work is expected to begin shortly and be completed within approximately three months, incorporating the updated 2022 mineral resource estimate for the first time.

Key Details

• Project: Adanac Molybdenum Project (located on the 29,734‑ha Ruby Creek Property, ~14 km east of Atlin, BC).
• Resource: Measured & indicated, pit‑constrained mineral resource of ≈433 million lbs Mo at a 0.02 % cut‑off grade.
• Assessment Basis: Internal desktop study by Tetra Tech using conservative legacy inputs (2006 resource and mine plan) updated for modern cost structures, throughput assumptions, and long‑term molybdenum pricing.
• Decision Rationale: The assessment demonstrated sufficient technical and economic potential to justify advancing to a formal PEA; the company will now integrate its 2022 resource update into the study.
• PEA Timeline: Commencement in the near term with an anticipated completion window of roughly three months, subject to standard technical review and reporting timelines.
• Objective of PEA: Refine development scenarios, formally assess project economics at a higher confidence level, quantify capital and operating requirements per NI 43‑101, and identify key risks and opportunities.
• Key Personnel Quote: “We do not advance projects toward a PEA lightly,” said Meredith Eades, President & CEO, emphasizing the project's strong fundamentals and potential for robust economics.
• Qualified Person: Nicholas Clive Aspinall, M.Sc., P.Eng., has verified the data disclosed in the release.

Notable Quotes

“The conceptual work completed by Tetra Tech gave us the confidence to invest in the next stage of technical and economic studies… we believe it has the potential to deliver robust economics.” – Meredith Eades, President & CEO, EraNova Metals

Materiality: Material – Positive (advancement toward a PEA represents a significant development milestone that could materially affect the company’s valuation).