EraNova Metals Releases Updated Preliminary Economic Assessment for Adanac Molybdenum Project

EraNova Metals Inc. has released a technical report supporting an updated Preliminary Economic Assessment (PEA) for its Adanac Molybdenum Project in Northwestern British Columbia. The report, filed on September 15, 2026, provides a detailed economic analysis of the project, highlighting its potential as a large-scale, long-life primary molybdenum development site.

According to the report, the Adanac Molybdenum Project is expected to have a 24-year mine life, producing an average of 11.4 million pounds of molybdenum annually. The project is estimated to generate 270.1 million pounds of payable molybdenum over its life, with cash costs of C$17.48 per pound and all-in sustaining costs (AISC) of C$19.79 per pound. The after-tax payback period is forecasted to be 2.6 years under base case assumptions.

The economic results are robust, with a net present value (NPV) of C$714.7 million and an internal rate of return (IRR) of 23.5%. The project’s initial capital requirement is C$953.3 million, including a C$120.7 million contingency. The company plans to initiate a feasibility study following the filing of the technical report, while also advancing the environmental assessment process and securing necessary permits.

The Adanac Molybdenum Project benefits from a de-risked foundation, with over C$100 million of historical infrastructure investment and established road access. A previously issued Environmental Assessment Certificate further supports the project’s development. The mineral resource estimate includes 61.7 million pounds of measured resources at 0.072% molybdenum and 374.1 million pounds of indicated resources at 0.048% molybdenum, for a combined measured and indicated resource of 435.7 million pounds at 0.051% molybdenum. Additionally, there are 71.0 million pounds of inferred resources at 0.042% molybdenum.

EraNova Metals’ President and CEO, Meredith Eades, commented, "For the first time since 2008, we have an independent study confirming Adanac as a large-scale, long-life primary molybdenum development project. This isn't a typical greenfield project: decades of drilling, engineering, permitting, and early construction give Adanac a real head start. Good projects attract good people, good partners, and good capital, and filing this report keeps that momentum going as we advance feasibility and continue the environmental assessment."

The technical report was prepared by Tetra Tech Canada Inc. and replaces the company’s March 2022 mineral resource estimate. The report formalizes the disclosure made in the August 6, 2026, news release and does not contain any material differences from the results disclosed in that release. The report is available under the company’s profile on SEDAR+ and on the company’s website.

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, which hosts both the Adanac Molybdenum Project and the Atlin Discovery Project, an emerging pipeline of high-grade gold, silver, copper, and tungsten zones.