Technical report confirms the PEA results announced August 6, 2026, including an after-tax NPV of C$714.7 million and 23.5% IRR at a base case price of US$25.00 per pound molybdenum
Vancouver, British Columbia--(Newsfile Corp. - September 15, 2026) - EraNova Metals Inc. (TSXV: NOVA) (OTCQB: STXPF) ("EraNova" or the "Company") announces that it has filed an independent NI 43-101 technical report titled "Preliminary Economic Assessment, NI 43-101 Technical Report, for the Adanac Molybdenum Project in Northwestern British Columbia, Canada" with an effective date of August 6, 2026 (the "Technical Report"), in support of the updated Preliminary Economic Assessment ("PEA") and the updated Mineral Resource Estimate ("MRE") for its 100% owned Adanac Molybdenum Project ("Adanac" or the "Project"), the results of which were announced on August 6, 2026.
The Technical Report was prepared by Tetra Tech Canada Inc. ("Tetra Tech") and replaces the Company's March 2022 mineral resource estimate. The Technical Report has been filed under the Company's profile on SEDAR+ (www.sedarplus.ca) and is also available on the Company's website. The Technical Report formalizes the disclosure made in the August 6, 2026 news release and does not contain any material differences from the results disclosed in the news release.
Summary of PEA Results
The following is a summary of the PEA results announced on August 6, 2026, now supported by the filed Technical Report. See August 6, 2026 news release for further information.
- Strong Economics, Sensitivity to Molybdenum Price: Robust economics under both the base case and current spot molybdenum price assumptions. Key unleveraged economic results are summarized below.
Table 1 - Adanac Molybdenum Project PEA Pre-Tax and After-Tax Economic Results Summary
| Molybdenum Price (US$/lb Mo) | US$25.00/lb¹- Base Case | US$31.91/lb - Spot Price2 |
| Pre-Tax NPV @ 8% | C$1,201.2M | C$2,105.8M |
| Pre-Tax IRR | 30.8% | 38.9% |
| After-Tax NPV @ 8% | C$714.7M | C$1,292.2M |
| After-Tax IRR | 23.5% | 30.2% |
| After-Tax NPV / CAPEX | 75% | 136% |
1LOM average
2 Molybdenum spot price as of July 29, 2026 (USD:CAD 1.00:1.39).
3 Project economics are presented on an unlevered basis and do not assume project debt or other financing arrangements
Mine Life and Production: A 24-year mine life, averaging 11.4 million pounds of molybdenum produced annually and 270.1 million pounds of payable molybdenum over the life of mine. Cash costs of C$17.48/lb Mo and AISC¹ of C$19.79/lb Mo. After-tax payback of 2.6 years at the base case.
Capital Efficiency: Initial capital of C$953.3 million, including C$120.7 million contingency, supports the development of a 30,000 tpd operation.
De-Risked Foundation: More than C$100 million of historical infrastructure investment, established road access and a previously issued Environmental Assessment Certificate provide an advanced development foundation.
Approximately 93% Measured and Indicated: 61.7 million pounds Measured at 0.072% Mo and 374.1 million pounds Indicated at 0.048% Mo, for a combined Measured and Indicated resource of 435.7 million pounds at 0.051% Mo, with a further 71.0 million pounds Inferred at 0.042% Mo.
Dual-Track Optionality: The Atlin Discovery Project provides district-scale polymetallic exploration upside beyond the Adanac development case.
¹ AISC is a non-GAAP measure. Non-GAAP financial measures are presented for additional information and benchmarking purposes only. See "Use of Non-GAAP Financial Measures" below.
"For the first time since 2008, we have an independent study confirming Adanac as a large-scale, long-life primary molybdenum development project with an after-tax NPV of C$714.7 million, a 23.5% IRR and a clear path to feasibility," said Meredith Eades, President and CEO of EraNova Metals. "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 PEA is preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Explore the Adanac Mine Plan
To accompany the filing of the Technical Report, EraNova has launched an interactive visualization of the conceptual mine plan presented in the PEA, allowing investors to explore key elements of the proposed Project layout and development plan.
https://immersiveexplorers.com/PEAmodel/viewer/terrain-viewer.html?data=../pea-model-data/ruby-creek
The visualization depicts conceptual elements of the mine plan presented in the PEA and is provided for illustrative purposes only. Certain design elements, dimensions, locations and assumptions shown may be preliminary, simplified or subject to further engineering confirmation and refinement. The PEA is preliminary in nature, and there is no certainty that its conclusions will be realized.
Development Path
Following the filing of the Technical Report, EraNova intends to initiate a Feasibility Study while advancing the environmental assessment process and the permits required to support future Project development. The Company will continue to evaluate opportunities to advance the Project through strategic partnerships, government-supported critical mineral initiatives, and engagement with potential customers and other industry participants.
Use of Non-GAAP Financial Measures
Certain financial measures referred to in this news release are not measures recognized under IFRS and are referred to as non-GAAP financial measures. These measures have no standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. As Adanac is not in production, the Company does not have historical non-GAAP financial measures nor historical comparable measures under IFRS, and therefore these prospective non-GAAP financial measures may not be reconciled to the nearest comparable measures under IFRS. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
All-in Sustaining Costs (AISC): AISC per pound of molybdenum includes cash costs plus sustaining capital, sustaining exploration, and site-level closure costs, divided by payable molybdenum pounds. Growth capital, corporate G&A, financing costs, and income taxes are excluded.
Qualified Persons
The scientific and technical information contained in this news release has been reviewed and approved by Clive Aspinall, M.Sc., P.Geo., who is a Qualified Person ("QP") as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and is independent of the Company.
The Technical Report was prepared by Tetra Tech Canada Inc., whose Qualified Persons are independent of EraNova and the Project and have reviewed and approved the technical and scientific information contained in this news release.
About EraNova Metals
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, BC 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%-owned assets: the Big Ledge Zinc-Lead Project, located 57 km south of Revelstoke, BC, and the South Thompson Nickel Project in west-central Manitoba.
For further information on EraNova, visit our website at www.eranovametals.com or contact:
Meredith Eades
President & CEO
info@eranovametals.com
604.360.4668
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements include, but are not limited to, statements regarding the future or estimated financial and operational performance of the Project under the PEA including estimated NPV, IRR, AISC, LOM and other costs and economic information; the estimated amount and grade of mineral resources at the Project; precious metals prices; the PEA representing a viable development option for the Project; the timing and particulars of the development phases as identified in the PEA; mining methods and extraction techniques; the advancement of permitting initiatives at the Project; the Company's ongoing metallurgical assessment; the advancement of exploration targets; and the Company's exploration, development and strategic plans.
Forward-looking statements are based on a number of assumptions believed by management to be reasonable at the time such statements are made, including assumptions regarding the availability of financing; tonnage to be mined and processed; grades and recoveries; the completion of planned exploration and metallurgical work; the receipt of required permits and regulatory approvals; favourable market conditions; reliability of the MRE and the assumptions upon which it is based; future operating costs; prices for energy inputs, labour, materials, supplies and services (including transportation); the availability of skilled labour and no labour related disruptions at any of the Company's operations; no unplanned delays or interruptions in scheduled production; performance of available laboratory and other related services; and the Company's ability to execute its exploration and development plans.
Actual results may differ materially from those expressed or implied by such forward-looking statements due to a variety of risks and uncertainties, including, without limitation, fluctuations in molybdenum prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; the ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments, including legal restrictions relating to mining and risks relating to expropriation; increased competition in the mining industry for equipment and qualified personnel; and general economic, market and business conditions.
Although the Company believes that the expectations in these forward-looking statements are reasonable, it can give no assurance that they will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. EraNova undertakes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/314378
