Moon River Moly Announces Robust Updated Positive Preliminary Economic Assessment of Davidson Molybdenum-Copper-Tungsten Project Demonstrating Improved Economics
Moon River Moly Announces Robust Updated
Positive Preliminary Economic Assessment of
Davidson Molybdenum-Copper-Tungsten
Project Demonstrating Improved Economics
HIGHLIGHTS:
Pre-tax net present value ("
NPV
") of $1.747 billion and Internal Rate of Return ("
IRR
") of 42% and
an after-tax NPV of $1.034 billion and IRR of 32% at an 8% discount rate, assuming long-term
prices of US$49.59 per kilogram ("
kg
") or US$22.50 per pound ("
lb
") of molybdenum ("
Mo
");
US$8.93 per kg or US$4.06 per lb. of copper ("
Cu
") and US$300 per metric tonne unit ("
MTU
") or
US$13.60 per lb of tungsten ("
W
"); and a CAD:US dollar exchange rate of $0.74;
20-year mine life based on 10,000 tonnes of mill throughput per day or 3.65 million tonnes per
year;
Initial capital cost of $672.3 million including $106.3 million of contingency;
Annual average production of 6,020,000 kg or 13,243,000 pounds of Mo; 679,600 kg or
1,498,500 lbs of Cu and 151.7 tonnes or 334,300 lbs of W;
Average cash cost of $22.11 per kg or $10.03 per lb of Mo and All-In Sustaining Cost ("
AISC
") of
$22.80 per kg or $10.34 per lb of Mo, net of Cu and W production credits;
Underground mine, with underground processing facilities, using primarily battery powered mining
equipment minimizes the surface footprint, resulting in a very low carbon emitting operation;
A measured and indicated ("
M & I"
) mineral resource of 80,756,000 tonnes grading 0.304%
MoS
2
(0.182% Mo) and 0.037% Cu and an inferred ('
inferred
") mineral resource of 83,100,000
tonnes grading 0.036% WO
3
;
A 2.3-year payback;
Life-of-mine direct income and mining taxes in excess of $1.743 billion; and
The break-even cut-off grade for the mine, excluding credits from copper and tungsten revenue, is
0.11% MoS
2
.
This results in a potentially mineable M&I MoS2 and Cu resource, in excess of 436
million tonnes for a potential mine life of ~120 years.
For the purposes of the updated Preliminary
Economic Assessment ("
PEA
"), a cut-off grade of 0.22% MoS
2
was used and this would give the
Project a 20-year mine life.
All dollar amounts are stated in Canadian Dollars unless otherwise noted.
Toronto, Ontario--(Newsfile Corp. - December 23, 2025) - Moon River Moly Ltd.
(TSXV: MOO)
(OTCQB: MRIVF)
("
Moon River
" or the "
Company
") is pleased to announce that an updated PEA has
been completed on the Davidson Molybdenum-Copper-Tungsten-Project (the "
Proje
ct" or "
Davidson
Property
") located near Smithers, British Columbia.
Paul Parisotto, President and Chief Executive Officer, says of the updated PEA results: "We are very
encouraged from the results of the updated PEA. The major differences between the initial PEA issued
in February 2024, and this updated PEA are an increase in daily production from 7,000 tonnes per day
to 10,000 tonnes per day and the inclusion of revenue from tungsten and copper production. Additionally,
the potential to increase the mine life to more than 100 years is very positive."
Ian McDonald, Chairman, went on to state: "My involvement with this Project first began over twenty
years ago, and I truly believe that the time for its development has arrived. These robust economics
together with its location in a Tier One jurisdiction in a mining-friendly province, to produce products that
are included on Canada's 2021 Critical Mineral List, near developed infrastructure, including roads, rail,
power, and the nearby town of Smithers are definite benefits. Additionally, to be able to take advantage
of the province's hydro-electric power grid, allows for the use of an efficient electric mining fleet, and will
make the Davidson Property one of the lowest carbon-emitting sources of molybdenum in the world. As
an underground mine, with an underground processing plant and with most of the tailings used as
backfill, the surface footprint of this mining operation will be minimized."
The updated PEA was prepared by A-Z Mining Professionals Ltd. ("
AMPL
") for Moon River.
The
Project, located in west central British Columbia, is approximately nine kilometres ("
km
") northwest of
the town of Smithers.
On November 15, 2023, Moon River acquired all of the rights, interests and
obligations of Generation Mining Ltd. under a vending agreement dated April 1, 2016, as amended,
entered into with Roda Holdings Inc. and Mr. Donald Davidson, thus granting Moon River the exclusive
right to access, prospect, develop and mine the Davidson Property and to acquire 100% of the
Davidson Property.
The Project comprises development of an underground mine with potentially
economic mineralization processed in an underground, on-site processing facility, with an estimated 20-
year mine life.
PROJECT DESIGN
The Davidson Deposit is located inside Hudson Bay Mountain and does not outcrop on surface.
The
deposit has an existing portal on the east side of the mountain and over 2,100 metres ("
m
") of
exploration drifting.
The access road and portal can be seen from the town of Smithers.
The proposed
underground mine access and surface facilities will be located on the west side of the mountain (out of
sight of the town of Smithers) with the existing eastern portal used only for initial development.
To minimise the surface footprint of the whole operation, the processing plant will be located
underground in specially designed and excavated openings at the top elevation of the mining zones.
This
eliminates having to move mineralized material from the underground to a surface processing plant 8 km
away.
This also eliminates material for processing being trucked to surface and the need for a source of
backfill material from surface as well.
The mill tailings will provide a ready source of material for
backfilling mined areas and significantly reduces the size of the tailings management facility on surface.
Additionally, the incorporation of dry stacked tailings eliminates need for a traditional hydraulic tailings
storage facility.
The mine will utilise already proven rubber-tired, battery-powered and automated mining equipment
wherever possible to minimize manpower requirements, underground ventilation volumes, mine air
heating costs and CO
2
emissions.
Surface infrastructure required would include:
Upgrading of access road
Powerline construction
Electrical substations and distribution
Site roads and materials handling area
Maintenance shop/offices/dry/warehouse complex (temporary)
Two cement storage silos
Water supply system and water treatment plant
Dry stack tailings dewatering plant and impoundment area
Development waste storage
Landfill site
Sewage disposal site
The mine will employ 238 persons once in full operation.
During pre-production, a contractor workforce
will be employed.
There is a history of mining in the region and many skilled workers in the area currently
work from Smithers that has a population of 5,400 people and many support services.
MINE PLAN
Underground mining methods will be utilised to extract the potentially economic mineralization of the
deposit. An underground internal ramp from the bottom to the top of the mining zone will access mining
areas and the underground processing plant facility. In total, some 36,000 m of pre-production
development will be required to bring the deposit into production.
The mining method to be employed would be Longhole Open Stoping with cemented paste (densified
tailings) backfill to maximise recovery of potentially economic mineralization.
Dilution of 5% has been
included in the mined potentially economic mineralization at a grade of 0.20% MoS
2
.
The mineralized zone is large and irregular shaped, with higher grade concentrations towards the centre
of the mineralized zones being mined. The mine would produce 10,000 tonnes per day of potentially
economic mineralization.
The mineralized zone geometry is highly amenable to bulk mining of large
tonnage stopes with inherent economies of scale and low mining costs.
The stopes will be approximately
160,000 tonnes each.
Figure 1 Underground Mine Design
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7009/278892_6d9fac0cd4fac82b_001full.jpg
Potentially economic mineralization removed from stopes by load-haul-dump (LHD) units will be sent by
ore passes to jaw crushers at the bottom of the mine, to a coarse ore bin and then to secondary and
tertiary cone crushers below the coarse ore bin.
The crushed potentially economic mineralisation will be
conveyed to a vertical lift conveyor system which feeds the fine ore bin connected to the underground
processing facility.
Other underground facilities will include:
Paste backfill plant
Equipment maintenance shops and underground warehouses
Explosives storage magazines
Refuge stations
Fuel bays
Materials storage areas
Main dewatering sumps
Offices
Warehousing facilities
PROCESSING
The processing plant, located completely underground, will be a conventional flotation plant producing
molybdenum, tungsten and copper concentrates for shipment to smelters.
The potentially economic mineralization from the fine ore bin will feed two grinding lines, each consisting
of one rod mill, one ball mill, and a set of cyclones for classification.
Each grinding line cyclone overflow
stream will feed a dedicated molybdenum rougher flotation line using tank cells, with rougher concentrate
advancing to molybdenum cleaning and tails continuing to pyrite flotation.
Molybdenum rougher concentrate will be cleaned in a circuit using four stages of column flotation and
one stage of stirred-mill regrinding to produce a final concentrate.
The molybdenum final concentrate
stream will be thickened, filtered, dried, and packaged for shipment to a smelter while first cleaner tails
molybdenum values will be scavenged in tank cells.
Byproduct copper will be recovered from the molybdenum cleaner scavenger flotation tails stream using
tank cells for copper rougher flotation and a column cell for cleaning.
Copper rougher tails will report to
the final tailings thickener, while copper concentrate will be thickened and filtered prior to shipment to a
smelter.
Pyrite flotation will be used to prepare molybdenum rougher flotation tails for tungsten recovery, with
flotation occurring in tank cells.
The pyrite flotation concentrate will report to the final tails thickener, while
the remaining desulphurised tailings will report to batch centrifugal gravity concentrators for recovery of
scheelite.
The concentrate from the centrifuges will be sorted into fine and coarse fractions using high-
frequency slurry screens, with each stream feeding a dedicated set of shaking tables for cleaning.
Tungsten concentrate will be filtered and packaged for shipment to a refinery, while tungsten tailings will
report to the final tailings thickener.
The tailings thickener underflow will be primarily made into paste backfill for backfilling of stopes, with the
balance pumped to a dry stack tailings facility on surface.
At the dry stack tailings facility, the tailings will
be filtered for water removal, with the filter product being stacked in a near dry form for permanent
storage and the water removed being sent to surface storage pond for re-use in the processing plant.
The processing plant is expected to have a recovery rate of 94.4% molybdenum, 52.4% copper and
15.5% tungsten into concentrate.
The proposed processing plant will be arranged to fit in a long room.
Grinding mills will be located at one
end of the room, with grinding cyclone overflow gravitating to molybdenum rougher flotation and
subsequently through pyrite flotation.
The molybdenum cleaner flotation and byproduct recovery circuits
will be located at the opposite end of the room from the grinding circuits.
The construction cost of an
underground plant is not significantly different from that for a plant located on surface.
MINERAL RESOURCES
The data used to generate the resource calculation was reviewed and approved by F. Bakker P.Geo.
This included a site visit by Mr. Bakker (July 30, 2024, to August 26, 2024). Sampling methods, QAQC
programs and databases were examined. In addition, he supervised a diamond drill program that was
used to gather metallurgical samples. Mr. Bakker is of the opinion that the accuracy of the data was
sufficient for a mineral resource statement.
The mineral resource was calculated utilizing commercial 3D Block Modelling Software (HxGN Mine
Plan
tm
3D). For the current mineral resource estimate, a mineralized solid was constructed around a
roughly designed and manually constrained 0.1% MoS
2
grade shell to constrain the estimate. In addition,
the model utilized geostatistics (variograms) to better confine mineralized limits. This resource model
was used for determining the mineral resources estimate and to undertake an underground mine
production plan.
The effective date of the mineral resource is December 23, 2025, the date of this news release.
Mr. Bakker is unaware of any known legal, political, environmental, or other risks that could materially
affect the potential development of the mineral resources or mineral reserves.
With the exception of tungsten, inferred mineral resources were not included in the PEA economic
analysis. The PEA is preliminary in nature and includes inferred mineral resources that are considered
too speculative geologically to have the 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.
The following tables present the mineral resource estimate for the Davidson Property at various cut-off
grades.
The mineral resource estimate has been recalculated to include both copper and tungsten values in the
Davidson Property and is included in the updated PEA.
TABLE 1:
MEASURED MINERAL RESOURCES for MoS
2
and Copper
Category
Cut-off Grade
%MoS
2
Tonnes
Grade
MoS
2
Grade
%Mo
Grade
%Cu
Contained
Mo kg
Contained
Cu kg
Measured
>0.100
128,457,000
0.203
0.122
0.036
156,354,000
46,630,000
Measured
>0.110
118,655,000
0.211
0.127
0.037
150,180,000
43,546,000
Measured
>0.120
107,899,000
0.221
0.132
0.037
142,836,000
40,138,000
Measured
>0.130
97,680,000
0.231
0.138
0.038
135,217,000
36,923,000
Measured
>0.140
88,115,000
0.242
0.145
0.039
127,519,000
33,924,000
Measured
>0.150
79,982,000
0.251
0.151
0.039
120,444,000
31,193,000
Measured
>0.160
72,442,000
0.262
0.157
0.039
113,472,000
28,470,000
Measured
>0.170
65,205,000
0.272
0.163
0.040
106,354,000
25,821,000
Measured
>0.180
58,803,000
0.283
0.170
0.040
99,681,000
23,462,000
Measured
>0.190
53,103,000
0.294
0.176
0.040
93,390,000
21,294,000
Measured
>0.200
47,928,000
0.304
0.182
0.040
87,361,000
19,315,000
Measured
>0.210
42,771,000
0.316
0.189
0.041
81,036,000
17,322,000
Measured
>0.220
38,418,000
0.328
0.196
0.041
75,458,000
15,559,000
Measured
>0.230
34,406,000
0.340
0.204
0.041
70,051,000
13,969,000
Measured
>0.240
30,973,000
0.352
0.211
0.041
65,232,000
12,606,000
Measured
>0.250
27,866,000
0.364
0.218
0.041
60,691,000
11,369,000
Measured
>0.260
25,079,000
0.376
0.225
0.041
56,439,000
10,232,000
Measured
>0.270
22,584,000
0.388
0.232
0.041
52,488,000
9,192,000
Measured
>0.280
20,417,000
0.400
0.240
0.041
48,931,000
8,310,000
Measured
>0.290
18,456,000
0.412
0.247
0.041
45,591,000
7,512,000
Measured
>0.300
16,786,000
0.424
0.254
0.041
42,642,000
6,798,000
Measured
>0.310
15,242,000
0.436
0.261
0.040
39,825,000
6,143,000
Measured
>0.320
13,869,000
0.448
0.269
0.040
37,243,000
5,575,000
1
.
Mineral Resources were estimated using the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the
CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
2
.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3
.
The PEA mine plan and economic model include numerous assumptions and the use of Inferred Resources.
Inferred Resources are
considered to be too speculative geologically to have the economic considerations applied to them that would enable them to be categorized
as mineral reserves and to be used in an economic analysis except as allowed for by NI 43-101 in PEA studies. There is no guarantee that
Inferred Resources can be converted to Indicated or Measured Resources, and as such, there is no guarantee the economics described
herein will be achieved.
4
.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.
5
.
The approximate 3-year trailing average (to November 30, 2025) metal price for molybdenum of US$49.59 per kg or US$22.50 (rounded
down) per lb),US$300 per MTU or US$13.60 per pound W, and US$8.93 per kg or US$4.06 per pound Cu was used in estimating the Mineral
Resources and a CAD:US Dollar exchange rate of $0.74 was used.
6
.
A description of the key assumptions, parameters, and methods used to estimate the resources, and any known risks, as well as the data
verification processes, will be contained in this Technical Report.
TABLE 2:
INDICATED MINERAL RESOURCES for MoS
2
and Copper
Category
Cut-off Grade
%MoS
2
Tonnes
Grade Mo
S
2
Grade
%Mo
Grade
%Cu
Contained
Mo kg
Contained
Cu kg
Indicated
>0.100
360,595,000
0.159
0.095
0.028
343,434,000
102,048,000
Indicated
>0.110
317,987,000
0.166
0.100
0.029
316,568,000
90,626,000
Indicated
>0.120
270,065,000
0.176
0.105
0.029
283,904,000
79,129,000
Indicated
>0.130
229,447,000
0.185
0.111
0.030
253,574,000
68,146,000
Indicated
>0.140
192,639,000
0.194
0.116
0.030
223,858,000
58,177,000
Indicated
>0.150
158,417,000
0.205
0.123
0.031
194,338,000
48,476,000
Indicated
>0.160
130,259,000
0.216
0.129
0.031
168,300,000
40,250,000
Indicated
>0.170
107,639,000
0.227
0.136
0.031
146,038,000
33,691,000
Indicated
>0.180
88,553,000
0.238
0.142
0.031
126,084,000
27,806,000
Indicated
>0.190
72,355,000
0.250
0.150
0.032
108,222,000
23,009,000
Indicated
>0.200
60,443,000
0.261
0.156
0.032
94,351,000
19,281,000
Indicated
>0.210
50,863,000
0.271
0.162
0.032
82,626,000
16,429,000
Indicated
>0.220
42,338,000
0.283
0.169
0.033
71,694,000
13,929,000
Indicated
>0.230
35,902,000
0.293
0.176
0.033
63,032,000
11,884,000
Indicated
>0.240
30,579,000
0.303
0.182
0.033
55,573,000
9,938,000
Indicated
>0.250
26,202,000
0.313
0.188
0.032
49,172,000
8,463,000
Indicated
>0.260
22,474,000
0.323
0.193
0.032
43,482,000
7,192,000
Indicated
>0.270
18,572,000
0.335
0.201
0.033
37,301,000
6,073,000
Indicated
>0.280
15,548,000
0.347
0.208
0.033
32,326,000
5,177,000
Indicated
>0.290
12,867,000
0.360
0.216
0.035
27,762,000
4,452,000
Indicated
>0.300
10,932,000
0.372
0.223
0.035
24,353,000
3,837,000
Indicated
>0.310
9,292,000
0.384
0.230
0.035
21,362,000
3,289,000
Indicated
>0.320
8,123,000
0.394
0.236
0.036
19,161,000
2,884,000
1
.
Mineral Resources were estimated using the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the
CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
2
.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3
.
The PEA mine plan and economic model include numerous assumptions and the use of Inferred Resources.
Inferred Resources are
considered to be too speculative geologically to have the economic considerations applied to them that would enable them to be categorized
as mineral reserves and to be used in an economic analysis except as allowed for by NI 43-101 in PEA studies. There is no guarantee that
Inferred Resources can be converted to Indicated or Measured Resources, and as such, there is no guarantee the economics described
herein will be achieved.
4
.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.
5
.
The approximate 3-year trailing average (to November 30, 2025) metal price for molybdenum of US$49.59 per kg or US$22.50 (rounded
down) per lb),US$300 per MTU or US$13.60 per pound W, and US$8.93 per kg or US$4.06 per pound Cu was used in estimating the Mineral
Resources and a CAD:US Dollar exchange rate of $0.74 was used.
6
.
A description of the key assumptions, parameters, and methods used to estimate the resources, and any known risks, as well as the data
verification processes, will be
contained in the Technical Report.
TABLE 3:
MEASURED + INDICATED MINERAL RESOURCES for MoS
2
and Copper
Category
Cut-off Grade
%MoS
2
Tonnes
Grade
MoS
2
Grade
%Mo
Grade
%Cu
Contained
Mo kg
Contained
Cu kg
Measured + Indicated
>0.100
489,053,000
0.171
0.102
0.030
499,789,000
148,679,000
Measured + Indicated
>0.110
436,642,000
0.178
0.107
0.031
466,748,000
134,173,000
Measured + Indicated
>0.120
377,964,000
0.188
0.113
0.032
426,740,000
119,267,000
Measured + Indicated
>0.130
327,127,000
0.198
0.119
0.032
388,792,000
105,069,000
Measured + Indicated
>0.140
280,754,000
0.209
0.125
0.033
351,377,000
92,101,000
Measured + Indicated
>0.150
238,399,000
0.220
0.132
0.033
314,782,000
79,669,000
Measured + Indicated
>0.160
202,701,000
0.232
0.139
0.034
281,772,000
68,720,000
Measured + Indicated
>0.170
172,844,000
0.244
0.146
0.034
252,392,000
59,512,000
Measured + Indicated
>0.180
147,356,000
0.256
0.153
0.035
225,765,000
51,268,000
Measured + Indicated
>0.190
125,459,000
0.268
0.161
0.035
201,614,000
44,304,000
Measured + Indicated
>0.200
108,371,000
0.280
0.168
0.036
181,712,000
38,596,000
Measured + Indicated
>0.210
93,634,000
0.292
0.175
0.036
163,662,000
33,751,000
Measured + Indicated
>0.220
80,756,000
0.304
0.182
0.037
147,152,000
29,489,000
Measured + Indicated
>0.230
70,308,000
0.316
0.189
0.037
133,083,000
25,852,000
Measured + Indicated
>0.240
61,552,000
0.328
0.196
0.037
120,805,000
22,544,000
Measured + Indicated
>0.250
54,068,000
0.339
0.203
0.037
109,864,000
19,833,000
Measured + Indicated
>0.260
47,554,000
0.351
0.210
0.037
99,923,000
17,424,000
Measured + Indicated
>0.270
41,156,000
0.364
0.218
0.037
89,789,000
15,265,000
Measured + Indicated
>0.280
35,965,000
0.377
0.226
0.038
81,258,000
13,487,000
Measured + Indicated
>0.290
31,323,000
0.391
0.234
0.038
73,353,000
11,964,000
Measured + Indicated
>0.300
27,718,000
0.404
0.242
0.038
66,996,000
10,635,000
Measured + Indicated
>0.310
24,534,000
0.416
0.249
0.038
61,187,000
9,432,000
Measured + Indicated
>0.320
21,992,000
0.428
0.256
0.038
56,404,000
8,459,000
1
.
Mineral Resources were estimated using the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the
CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
2
.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3
.
The PEA mine plan and economic model include numerous assumptions and the use of Inferred Resources.
Inferred Resources are
considered to be too speculative geologically to have the economic considerations applied to them that would enable them to be categorized
as mineral reserves and to be used in an economic analysis except as allowed for by NI 43-101 in PEA studies. There is no guarantee that
Inferred Resources can be converted to Indicated or Measured Resources, and as such, there is no guarantee the economics described
herein will be achieved.
4
.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.
5
.
The approximate 3-year trailing average (to November 30, 2025) metal price for molybdenum of US$49.59 per kg or US$22.50 (rounded
down) per lb),US$300 per MTU or US$13.60 per pound W, and US$8.93 per kg or US$4.06 per pound Cu was used in estimating the Mineral
Resources and a CAD:US Dollar exchange rate of $0.74 was used.
6
.
A description of the key assumptions, parameters, and methods used to estimate the resources, and any known risks, as well as the data
verification processes, will be contained in this Technical Report.
TABLE 4:
INFERRED RESOURCES for MoS
2
and Copper
Category
Cut-off Grade
%MoS
2
Tonnes
Grade
MoS
2
Grade
%Mo
Grade
%Cu
Contained
Mo kg
Contained
Cu kg
Inferred
>0.100
29,114,000
0.1504
0.0900896
0.0213
26,229,000
6,201,000
Inferred
>0.110
24,995,000
0.158
0.094642
0.0204
23,656,000
5,099,000
Inferred
>0.120
20,359,000
0.1679
0.1005721
0.0202
20,475,000
4,113,000
Inferred
>0.130
16,734,000
0.1773
0.1062027
0.0196
17,772,000
3,280,000
Inferred
>0.140
14,233,000
0.185
0.110815
0.0193
15,772,000
2,747,000
Inferred
>0.150
11,574,000
0.1943
0.1163857
0.019
13,470,000
2,199,000
Inferred
>0.160
9,094,000
0.2052
0.1229148
0.0176
11,178,000
1,601,000
Inferred
>0.170
7,257,000
0.2156
0.1291444
0.0172
9,372,000
1,248,000
Inferred
>0.180
6,059,000
0.2237
0.1339963
0.0154
8,119,000
933,000
Inferred
>0.190
4,873,000
0.2334
0.1398066
0.0141
6,813,000
687,000
Inferred
>0.200
3,494,000
0.2484
0.1487916
0.0126
5,199,000
440,000
Inferred
>0.210
2,861,000
0.2583
0.1547217
0.0132
4,427,000
378,000
Inferred
>0.220
2,444,000
0.2657
0.1591543
0.0131
3,890,000
320,000
Inferred
>0.230
2,037,000
0.2736
0.1638864
0.0141
3,338,000
287,000
Inferred
>0.240
1,725,000
0.2813
0.1684987
0.0144
2,907,000
248,000
Inferred
>0.250
1,591,000
0.2845
0.1704155
0.0134
2,711,000
213,000
Inferred
>0.260
1,447,000
0.2873
0.1720927
0.0129
2,490,000
187,000
Inferred
>0.270
1,072,000
0.2952
0.1768248
0.0144
1,896,000
154,000
Inferred
>0.280
477,000
0.3209
0.1922191
0.0179
917,000
85,000
Inferred
>0.290
357,000
0.3337
0.1998863
0.0156
714,000
56,000
Inferred
>0.300
246,000
0.3522
0.2109678
0.0218
519,000
54,000
Inferred
>0.310
190,000
0.3663
0.2194137
0.0249
417,000
47,000
Inferred
>0.320
180,000
0.3693
0.2212107
0.0237
398,000
43,000
1
.
Mineral Resources were estimated using the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the
CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
2
.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
3
.
The PEA mine plan and economic model include numerous assumptions and the use of Inferred Resources.
Inferred Resources are
considered to be too speculative geologically to have the economic considerations applied to them that would enable them to be categorized
as mineral reserves and to be used in an economic analysis except as allowed for by NI 43-101 in PEA studies. There is no guarantee that
Inferred Resources can be converted to Indicated or Measured Resources, and as such, there is no guarantee the economics described
herein will be achieved.
4
.
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues.
5
.
The approximate 3-year trailing average (to November 30, 2025) metal price for molybdenum of US$49.59 per kg or US$22.50 (rounded
down) per lb),US$300 per MTU or US$13.60 per pound W, and US$8.93 per kg or US$4.06 per pound Cu was used in estimating the Mineral
Resources and a CAD:US Dollar exchange rate of $0.74 was used.
6
.
A description of the key assumptions, parameters, and methods used to estimate the resources, and any known risks, as well as the data
verification processes, will be contained in this Technical Report.
TABLE 5:
INFERRED RESOURCES for WO
3
Category
Cut-off Grade
%MoS
2
Tonnes
Grade
% WO
3
Contained
WO
3
kg
Inferred
>0.100
518,167,000
0.02988995
154,880,000
Inferred
>0.110
461,637,000
0.03016908
139,272,000
Inferred
>0.120
398,323,000
0.03097485
123,380,000
Inferred
>0.130
343,861,000
0.03150943
108,349,000
Inferred
>0.140
294,987,000
0.03215335
94,848,000
Inferred
>0.150
249,973,000
0.03275059
81,868,000
Inferred
>0.160
211,795,000
0.03320204
70,320,000
Inferred
>0.170
180,101,000
0.03373683
60,760,000
Inferred
>0.180
153,415,000
0.03402611
52,201,000
Inferred
>0.190
130,332,000
0.03452003
44,991,000
Inferred
>0.200
111,865,000
0.03489613
39,037,000
Inferred
>0.210
96,495,000
0.03536832
34,129,000
Inferred
>0.220
83,200,000
0.03582775
29,809,000
Inferred
>0.230
72,345,000
0.03613186
26,140,000
Inferred
>0.240
63,277,000
0.03602033
22,793,000
Inferred
>0.250
55,659,000
0.03601538
20,046,000
Inferred
>0.260
49,001,000
0.03593993
17,611,000
Inferred
>0.270
42,228,000
0.03651392
15,419,000