BC MOLY Announces Graduation to TSX Venture Exchange & Files Updated Ni 43- 101 Mineral Resource Estimate FOR Its Storie Molybdenum Deposit Increasing Resource Size to 241.6M Lbs Mo Measured & Indicated and 23.4M Lbs Mo Inferred
BC MOLY ANNOUNCES GRADUATION TO TSX VENTURE EXCHANGE & FILES UPDATED NI 43-
101 MINERAL RESOURCE ESTIMATE FOR ITS STORIE MOLYBDENUM DEPOSIT INCREASING
RESOURCE SIZE TO 241.6M LBS MO MEASURED & INDICATED AND 23.4M LBS MO INFERRED
Vancouver, British Columbia – March 6, 2023 – BC Moly Ltd. (“ BC Moly” or the “ Company”) (NEX: BM.H) is
pleased to announce that it has filed a technical report, in accordance with National Instrument 43-101 – Standards of
Disclosure for Mineral Projects (“NI 43-101”), to update the mineral resour ce estimate on its 100% owned S torie
Molybdenum Deposit (the “Technical Report”). The Technical Report entitled “NI 43-101 Resources Estimate for
the Storie Deposit” and dated March 3, 2023 (effective October 28, 2022) has been prepared for the Company by Sue
Bird, P. Eng. of Moose Mountain Technical Services, an independent Qualified Person (as such term is defined in NI
43-101). The Technical Report is available under the Company’s profile at www.sedar.com.
The Company also announces that it has received final approval for its graduation to the TSX Venture Exchange (the
“TSXV”) from the NEX board of the TSXV pursuant to the application previously disclosed in the Company’s news
release dated February 10, 2022 (the “ Reactivation”). The Reactivation will become effective at market open on
March 7, 2023, when the Compan y’s listing will tr ansfer from NEX to the TSXV. Also effective at the opening of
trading on March 7, 2023, the trading symbol for the Company will change from BM.H to BM.
NI 43-101 Highlights Include:
Measured & Indicated resource of 241.6M lb Molybdenum (“ Mo”) within 157.4M tonnes grading 0.07%
Mo at a 0.035% Mo cut-off
Inferred resource of 23.4M lb Mo within 15.5M tonnes grading 0.069% Mo at a 0.035% Mo cut-off
27% increase in Measured & Indicated resource compared to the previous 2014 resource estimate
Remains open along strike and down dip to the west
The property is road accessible and covers an area of 1,506 hectares
Additional details on the project to be provided in due course
“We are quite pleased with the significant increase in the mine ral resource estimate. The updated resource
demonstrates the quality of the hi storic work performed and the expansion potential of the deposit, which is road
accessible in the Liard Mining Di vision in British Columbia. Th e recent demand and price for molybdenum has
increased substantially and the Storie deposit is well situated with good size, grade and potential for further
expansion,” stated Jerry Wang, Chief Financial Officer of BC Moly.
The following table presents a summary of the 2023 estimate in all Mineral Resource categories:
Classification Cut-off – Mo% Tonnage (ktonnes) Mo (%) Metal (Ml bs)
Measured
0.03 65,273 0.068 97.1
0.035 57,695 0.072 91.7
0.04 50,831 0.077 86.1
0.05 38,912 0.087 74.3
0.075 20,337 0.110 49.2
Indicated
0.03 116,585 0.063 161.9
0.035 99,670 0.068 149.9
0.04 84,779 0.074 137.6
0.05 62,427 0.084 115.5
0.075 29,618 0.110 71.5
Measured + Indicated
0.03 181,858 0.065 259.1
0.035 157,365 0.070 241.6
0.04 135,610 0.075 223.6
0.05 101,339 0.085 189.8
0.075 49,955 0.110 120.7
Inferred
0.03 18,898 0.062 25.9
0.035 15,472 0.069 23.4
0.04 13,099 0.074 21.5
0.05 9,588 0.085 18.0
0.075 4,365 0.115 11.0
Notes:
1. Resources are reported using th e 2014 CIM Definition Standards and were estimated in accordan ce with the CIM 2019 Best Practic es
Guidelines.
2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3. The Mineral Resource has been confined by a “reasonable prospec ts of eventual economic extraction” pit using the following
assumptions:
Mo price of US$18/lb at an exchange rate of 0.75:1 ($US/$CDN);
84% metallurgical recovery, Offsite costs of CDN$0.8/lb, Payables of 99%, Royalties of 2.5%;
Mining costs of CDN$1.75/tonne;
Processing Costs of CDN$12/tonne and general and administrative of CDN$2.00/tonne processed; and
Pit slopes of 45 degrees.
4. The resulting Net Smelter Returns (“NSR”) equation is: NSR (CDN$) = 84%*Mo Grade*22.366$CDN/lb.
5. The bulk density used is variable with an average value of 2.6.
6. Numbers may not add due to rounding.
The updated mineral resource for the Storie deposit comprises n ear-surface Measured and Indicated resources of
241.6M lbs Mo grading 0.07% Mo at a 0.035% Mo cut-off and Infer red resources of 23.4M lbs Mo grading 0.069%
Mo at a 0.035% Mo cut-off at a restated Mo price of $US18/lb an d the deposit remains open along strike and down-
dip in the west. The updated mineral resource represents a 27% increase in Measured & Indicated resource from the
previous 2013 resource estimate and increase in grade from 0.06 8% Mo to 0.07%. Additional drilling opportunities
available to extend mineralization and potentially the resource at depth. The west of the deposit undrilled and remains
open at depth. The property consi sts of four mineral tenures ow ned 100% by BC Moly in an area covering 1,506
hectares.
The Storie deposit is located 15 km (by paved road) west of Hig hway 37 within the Liard Mining Division, which
provides access to Watson Lake, Yu kon, to the north and Dease L ake and Stewart, British Columbia, to the south.
The property is located 6 km southwest of the Town of Cassiar, British Columbia. Cassiar is 540 km from the tidewater
at Stewart, B.C., 125 km north of Dease Lake, B.C., and 137 km from the Alaska Highway west of Watson Lake,
Yukon Territory.
Reactivation
Shareholders are not required to exchange their share certifica tes or take any other action in connection with the
Reactivation, as there will be no change in the CUSIP for the common shares.
The graduation from the NEX to the TSXV marks a significant milestone in the growth and development of BC Moly
and reflects the Company’s strong financial performance and commitment to expanding its business operations. The
TSXV provides BC Moly with increased visibility, credibility, and access to a broader pool of investors, allowing the
Company to drive growth and maximize shareholder value.
Corporate Update
Director Appointment
The Company is please to announce the appointment of Adam Fishm an as a director of the Company and a member
of the Company’s audit committee (the “Audit Committee”) effective March 3, 2023. Mr. Fishman will replace Adam
Parsons on the Audit Committee.
Mr. Fishman is a practicing securities lawyer primarily focused on the cannabis, life sciences, blockchain, natural
resources, technology and financial services sectors. In his pr ivate practice, he has developed extensive experience
representing both private and publicly traded companies, underwriters and dealers in both private and public offerings
of debt and equity securities, m ergers, and acquisitions. Mr. F ishman also regularly assists clients in on-going
reporting, corporate governance and compliance with stock excha nge policies and securities regulations. Prior to
receiving his J.D. from Queen’s U niversity, Mr. Fishman completed a Bachelor of Management and Organizational
Studies degree from Western University, majoring in finance and administration.
Release of Escrowed Funds
Further to the Company’s press releases dated April 13, 2022 an d September 2, 2022, in connection with the
Reactivation, the Company has satisfied the outstanding conditi ons for the release of the remaining escrowed funds
(the “Escrowed Funds”) and conversion of the outstanding subscription receipts (the “Subscription Receipts”) from
the Company’s Subscription Receipt offering (the “ Offering”). In connection with the foregoing, the Company has
converted the remainin g 3,031,818 Subscrip tion Receipts, which were sold at a price of $0.165 per Subscription
Receipt, into common shares in the capital of the Company (“ Common Shares ”) and Common Share purchase
warrants and released a total of $500,520 Escrowed Funds (plus interest, if any, earned thereon) to the Company.
The Offering consisted of the issuance of 3,910,606 conventiona l unit subscription receipts (“ Conventional Unit
Subscription Receipts”), and 2,150,000 flow-through unit subscription receipts (“Flow-Through Unit Subscription
Receipts”. Each Conventional Unit comprised one Common Share and one Co mmon Share purchase warrant (each,
a “Underlying Warrant”), with each Underlying Warrant exercisable for the purchase o f one Common Share at a
price of $0.22 per Common Share for a period of five years. Each Flow-Through Unit comprised one Common Share,
which qualifies as a “flow-through share” within the meaning of t h e Income Tax Act (Canada) (each, a “ Flow-
Through Share”) and one Underlying Warrant.
The Company intends to use the proceeds for “Canadian explorati on expenses” that are “flow-through mining
expenditures” (as such terms are defined in the Income Tax Act (Canada)) and general corporate purposes.
About BC Moly:
BC Moly is a Canadian mineral exploration company focused on the development of its Storie Molybdenum deposit.
The property is situated about 6 km southwest of Cassiar, British Columbia. Cassiar is located 15 km (by paved road)
west of Highway 37 which provides access to Watson Lake, Yukon, to the north and Dease Lake and Stewart, British
Columbia, to the south. The deposit contains a Measured and Ind icated resource of 157.4 million tonnes grading
0.07% Mo at a 0.035% Mo cut-off with 241.6 million pounds Mo within an optimized open pit shell and an Inferred
resource of 15.5 million tonnes grading 0.069% Mo at a 0.035% Mo cut-off with 23.4 million pounds Mo(1).
(1) See the Company’s technical report entitled “NI 43-101 Reso urces Estimate for the Storie Deposit,” dated March 3, 2023 (ef fective October 28, 2022) prepared by Sue Bird,
P.Eng., available under the Company’s profile at www.sedar.com.
Qualified Person
Sue Bird, P.Eng., principal of Moose Mountain Technical Service s is a Qualified Person and has reviewed and
approved the contents of this news release.
Additional Information
Jerry Wang
BC Moly Ltd.
Chief Financial Officer and Director
416.301.3036
bcmoly.com
Neither the TSXV nor its Regulation Services Provider (as t hat term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this release.
Cautionary Statements
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any
statements that are contained in this news release that are not statements of historical fact may be deemed to be
forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”,
“anticipate”, “expect”, “poten tial”, “believe”, “intend” or the negative of these terms and similar expressions.
Forward-looking statements in this news release includ e but are not limited to: the Company utilizing the use of
proceeds as outlined herein; the development and expansion plans, economic potential a nd growth targets of the
Company’s Storie property; the expansion and growth of the Company and its operations; and the potential benefits
of a listing on the TSXV, including increased visibility, credibility, access to a broader pool of investors.
Forward-looking statements are based on certain assumptions regarding the Company, including: expected growth;
results of operations and performance; continued approval of the Company’s activities by the relevant governmental
and/or regulatory authorities; industry trends; actual results of our exploration, resource goals, metallurgical testing,
economic studies and development activ ities will continue to be positive an d proceed as planned; political and
industry market conditions will be favourable; the market for molybdenum will continue to strengthen; the TSXV will
provide increased visibility, credibility, access to a broader pool of investors to the Company; and the Company will
utilize the use of proceeds as outlined herein. While the Company considers these assumptions to be reasonable,
based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue
reliance on forward-looking statements.
Forward-looking statements also necessarily involve known and unknown risk s, including, without limitation, risks
associated with general econo mic conditions; adverse industry events; mar keting costs; loss of markets; future
legislative and regulatory developments; inability to acce ss sufficient capital from internal and external sources,
and/or inability to access sufficient capital on favourable terms; income tax and regulatory matters; competition; the
Company not utilizing the use of proceed s as outlined herein; actual results of our exploration, resource goals,
metallurgical testing, economic studi es and development activities will not yi eld expected results; the market for
molybdenum will decrease; the TSXV will not provide increa sed visibility, credibility, access to a broader pool of
investors to the Company; and other risks. Readers are cautioned that the foregoing list is not exhaustive. Readers
are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that
the plans, intentions or expectations upon which they are placed will occur. Such information, although considered
reasonable by management at the time of preparation, ma y prove to be incorrect and actual results may differ
materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified
by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change
thereafter. The Company disclaims any intention or obligati on to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as required by law. This news release has
been approved by the board of directors of the Company. Factors that could cause anticipated opportunities and
actual results to differ materially include, but are not limited to, matters referred to above and elsewhere in the
Company’s public filings and material change reports, which are and will be available on SEDAR.