NOVA.V · 2026-08-06 12:00:00

EraNova Announces Positive Preliminary Economic Assessment for the Adanac Molybdenum Project: After-Tax NPV of $714.4 Million and 23.5% IRR Study confirms Adanac as a large-scale, long-life primary molybdenum development project with strong economics;

Economic Studies

EraNova Announces Positive Preliminary

Economic Assessment for the Adanac

Molybdenum Project: After-Tax NPV of $714.4

Million and 23.5% IRR

Study confirms Adanac as a large-scale, long-life primary

molybdenum development project with strong economics;

project to advance directly toward Feasibility

Vancouver, British Columbia--(Newsfile Corp. - August 6, 2026) - EraNova Metals Inc. (TSXV: NOVA)

(OTCQB: STXPF) ("EraNova" or the "Company") announces results from an independent Preliminary

Economic Assessment ("PEA") for its 100% owned Adanac Molybdenum Project ("Adanac" or the

"Project"), located 35 km northeast of Atlin, British Columbia.

The PEA confirms Adanac as a large-scale, long-life primary molybdenum development project with

strong economics and an advanced development foundation. Supported by decades of historical

engineering, a previously issued Environmental Assessment Certificate ("EAC"), established road

access and more than C$100 million in historical infrastructure investment, the Company's focus will now

be on initiating a Feasibility Study while obtaining an updated environmental assessment and the

permits required to support future project development.

PEA Highlights

Long-Life Primary Molybdenum Project:

30,000 tonnes-per-day ("tpd") open-pit mining and

processing operation with 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. The

Project's scale and longevity provide exposure to multiple molybdenum price cycles.

Strong Project Economics:

Robust economics under both the base case and current spot

molybdenum price assumptions, generating approximately C$2.0 billion in cumulative after-tax free

cash flow under the base case, increasing to approximately C$3.6 billion at current spot

molybdenum prices. Key unlevered 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 Price

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%

¹ LOM average

Molybdenum spot price as of July 29, 2026 (USD:CAD 1.00:1.39).

Project economics are presented on an unlevered

basis and do not assume project debt or other financing arrangements.

Existing Infrastructure Reduces Development Risk:

More than C$100 million of historical

infrastructure investment, established road access and a previously issued Environmental

Assessment Certificate provide an advanced development foundation, positioning the Project to

advance directly toward a Feasibility Study.

Capital Efficiency:

Initial capital of C$953.3 million, including $120.7 million contingency,

supports the development of a 30,000 tpd operation. Estimated cash costs are US$17.48/lb Mo

and AISC

are US$19.79/lb Mo.

Resource Confidence Built In

: 93% of the mine plan's pounds are classified as Measured and

Indicated, providing a solid foundation for advancement.

Exploration Optionality:

The Atlin Discovery Project provides district-scale polymetallic

exploration upside beyond the Adanac development case.

AISC is a non-GAAP measure. See "Use of Non-GAAP Financial Measures" below.

"This PEA confirms what we have long believed the Adanac Project was capable of-a large-scale,

long-life primary molybdenum development project with strong economics and a clear pathway toward

development,"

said Meredith Eades, President and CEO of EraNova Metals.

"Adanac is the product of

decades of engineering and development work. Established road access, a previously issued

Environmental Assessment Certificate and more than C$100 million in historical infrastructure

investment provide a more advanced development foundation than is typical of a greenfield project.

With the PEA now complete, our focus shifts to executing the next stage of Project advancement by

initiating a Feasibility Study, advancing the environmental assessment process and engaging with

strategic partners to help move Adanac toward development.

The Company will host a live Investor Webinar at 12PM ET/9AM PT on Monday, August 10, 2026, to

present the PEA results. Register at

www.eranovametals.com/pea

. A recording of the webinar will be

made available on the Company's website following the event.

Description of the PEA

The PEA outlines a conceptual development scenario for the Adanac Project based on the updated

Mineral Resource Estimate ("MRE") (see "Mineral Resources" below), incorporating conventional open-

pit mining and onsite molybdenum recovery through a 30,000 tpd processing facility.

The PEA was prepared by Tetra Tech Canada Inc. ("Tetra Tech") in accordance with National Instrument

43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").

This 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.

The NI 43-101 Technical Report supporting the PEA will be filed on SEDAR+ (

www.sedarplus.ca

) and

on the Company's website within 45 days of this news release.

Project Overview

The 100%-owned Adanac Molybdenum Project is located approximately 35 km northeast of Atlin, British

Columbia by road, within the traditional territory of the Taku River Tlingit First Nation, and forms part of

EraNova's district-scale Ruby Creek Property, which also hosts the Company's Atlin Discovery Project.

Adanac is a large-scale primary molybdenum development project that has benefited from decades of

exploration, engineering and development. Since its discovery in the late 1960s, multiple operators have

advanced the Project through more than 73,000 metres of drilling, underground bulk sampling, feasibility

studies, environmental assessment and the commencement of mine construction before development

was suspended following the 2008 global financial crisis.

Today, the Project benefits from established road access, more than C$100 million in historical

infrastructure investment and a previously permitted mine development concept, providing an advanced

development foundation compared with a typical greenfield project.

Infrastructure supporting the Project includes proximity to the community of Atlin, British Columbia

(population approximately 500), a registered public-use airport (CYSQ) supporting charter and general

aviation, access to the Port of Skagway, Alaska (approximately 275 km), and the proposed BC-Yukon

Grid Connect, a cross-border transmission initiative intended to strengthen regional power infrastructure

and support future economic development. Together, these attributes position Adanac as a more

advanced development opportunity than a typical greenfield project and provide a strong foundation for

the next stage of engineering.

Figure 1 - Adanac Molybdenum Project Site Location Map

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/11821/308337_564aea1a0446180e_001full.jpg

Base Case Economic Results

The PEA for Adanac is based upon a subset of mineral resources comprising 93% Measured and

Indicated and 7% Inferred mineral resources.

With approximately 93% of the mine plan supported by Measured and Indicated Mineral Resources, the

Project benefits from a high level of resource confidence, providing a strong foundation for future

engineering studies and reducing the need for additional resource definition drilling as the Project

advances.

Table 2 - Adanac Molybdenum Project PEA Base Case Economic Results in Detail

Description

Unit

Value

Metal Price

Molybdenum Price (Average)

C$/lb

34.75

US$/lb

25.00

Production

Mine Life

Year

Mill Feed Tonnage, LOM

252.0

Mill Feed Grade, LOM

% Mo

0.054

Concentrate Grade

% Mo

54.0

Molybdenum Recovery to Concentrate

90.2

Molybdenum Produced, LOM

klb

272,848

Annual

klb

11,369

Operating Costs, LOM

C$M

3,822.8

Unit

C$/t

15.17

Operational Revenue

C$M

4,663.5

Cash Cost

C$/lb

17.48

AISC

C$/lb

19.79

Capital Costs

Initial Capex (including Mining Pre-production Cost)

C$M

953.3

Sustaining & Closure

C$M

625.1

Total Capital Costs (excluding Salvage Cost)

C$M

1,578.4

Economic Results

Discount Rate

Pre-Tax NPV @ 8%

C$M

1,201.2

US$M

864.2

Pre-Tax IRR

30.8%

Pre-Tax Simple Payback

Year

2.3

After-Tax NPV @ 8%

C$M

714.7

US$M

514.2

After-Tax IRR

23.5%

After-Tax Simple Payback

Year

2.6

Notes

Cash cost per pound reflects direct mining, processing, site general & administrative, refining, transport, and royalty costs, divided by

payable molybdenum pounds.

All-In Sustaining Cost ("AISC") per pound 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.

Initial Capex represents upfront expenditures to construct and commission the mine, plant, and supporting infrastructure.

Sustaining Capex represents ongoing capital expenditures required to maintain production during the life of mine.

Payback Period represents years from start of commercial production to achieve cumulative positive after-tax free cash flow, including

sustaining capital.

Exchange rate assumption: $1.39 CAD per $1.00 USD.

Non-GAAP financial measures are presented for additional information and benchmarking purposes only. See "Use of Non-GAAP

Financial Measures."

Sensitivity

After-Tax Sensitivity Summary

The Project's economics were evaluated across a range of changes to key project variables. The

sensitivity analysis indicates that project value is driven primarily by changes in the molybdenum price,

followed by operating costs and capital costs. The sensitivity of the Project's after-tax NPV

and IRR to

these variables is illustrated in the figures below.

Figure 2A - Adanac Molybdenum Project PEA After-Tax NPV Sensitivity (+/-30%)

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/11821/308337_564aea1a0446180e_002full.jpg

Figure 2B - Adanac Molybdenum Project PEA After-Tax IRR Sensitivity (+/-30%)

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/11821/308337_564aea1a0446180e_003full.jpg

The sensitivity analysis demonstrates meaningful leverage to higher molybdenum prices while

underscoring the resilience and strength of the Project across a broad range of capital and operating

cost assumptions.

Capital and Operating Costs

Initial CAPEX:

C$953.3M, including contingency of C$120.7M and C$3.9M mining initial

operating costs.

Sustaining Capital:

C$625M over LOM

Salvage Value:

C$24M can be recovered at the end of mine line

Operating Costs:

C$15.17/t milled, including mining (41.8%), processing (44.4%), and G&A and

site services (13.8%).

Closure Costs:

C$50M at end of mine life.

Mineral Resources

An updated Mineral Resource Estimate ("MRE"), effective date August 6, 2026, was prepared by Tetra

Tech in accordance with CIM Guidelines and NI 43-101 and replaces the previous MRE with an effective

date of March 10, 2022.

The updated MRE incorporates the current geological interpretation and forms the basis of the 24-year

mine plan evaluated in the PEA.

Table 3 - Adanac Molybdenum Project PEA Mineral Resource Statement, effective date August

6, 2026

Classification

Tonnes (Mt)

Mo Grade (% Mo)

Contained Mo (Mlbs)

Measured

39.0

0.072

61.7

Indicated

352.2

0.048

374.1

Measured + Indicated

391.2

0.051

435.7

Inferred

76.4

0.042

71.0

Notes

Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Mineral resources are reported at a cut-off grade of 0.02% Mo, constrained within a conceptual open-pit shell.

Mineral resources are reported based on a long-term molybdenum price of US$23/lb Mo.

Classification is consistent with the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves.

All figures are rounded to reflect the relative accuracy of the estimate; numbers may not add due to rounding.

The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing,

or other relevant issues.

Mining Method

The Adanac Molybdenum Project is planned to be developed using conventional open-pit mining

methods, including drilling, blasting, loading, and hauling with large-scale mining equipment. Material will

be drilled and blasted, then loaded into diesel-powered haul trucks using a fleet of hydraulic shovels and

front-end wheel loaders.

To identify the optimal pit size and mining sequence, Tetra Tech used Datamine™ NPVS software for

pit optimization. Datamine™ employs the Lerchs-Grossmann (LG) algorithm to evaluate the net value of

individual blocks within the block model. Molybdenum pricing for the pit optimization is based on monthly

trailing average over medium to long-term periods. An assumed molybdenum price of US$23 per pound

(Mo) has been applied. Life of mine (LOM) operating costs were based on previous technical studies.

Guided by the pit optimization process, four pushbacks have been designed and incorporated into the

mining sequence to bring higher grade material forward and to defer a large quantity of waste rock

stripping (table below). Pushbacks were designed to provide operational flexibility. For most of the LOM,

there are at least two active pushbacks being mined at one time, reducing the loading requirements and

allowing progressive sustaining capital expenditures. The figure below shows the total mining quantities

with pushback schedule.

Table 4 - Adanac Molybdenum Project PEA Open Pit Mine Pushback Design

Pushback

Total Mined (Mt)

Waste (Mt)

Mill Feed (Mt)

Strip Ratio

Grade (%)

PB1

58.7

10.3

48.4

0.2

0.07

PB2

71.7

22.6

49.2

0.5

0.06

PB3

73.9

32.0

42.0

0.8

0.05

PB4

218.5

106.0

112.5

0.9

0.05

Total

422.9

170.9

252

0.7

0.05

Figure 3 - Adanac Molybdenum Project PEA Open Pit Mine Pushback Schedule

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/11821/308337_fig3eranova.jpg

The life-of-mine plan comprises 22 years of active mining operations followed by two years of low-grade

stockpile processing. Mining is conducted at a consistent rate of 19.0 Mt of material annually during the

first seven years before increasing to 24.7 Mt, maintaining steady operational performance with an

average strip ratio of 0.7:1. The process plant is designed for a nominal throughput of 30,000 tonnes per

day (approximately 11.0 million tonnes per year). Average molybdenum production over the 24-year

mine life is estimated at approximately 11.4 million pounds per year. Mill throughput is planned at 75% of

nameplate capacity in Year 1 and 100% from Year 2 onward, allowing for a controlled start-up and

optimization of plant performance. The figure below illustrates the proposed pit pushback sequence.

Figure 4 - Adanac Molybdenum Project PEA Open Pit Mine Pushback Map

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/11821/308337_564aea1a0446180e_005full.jpg

A stockpile strategy has been defined to feed the process plant with the highest-grade material at the

start of the operation and stockpile the lower grade material to be processed in the later years. The goal

was to optimize the pit to schedule the high-grade mill feed as early as possible and process the low-

grade mill feed contained inside the pit at the end of the LOM. The figures below show the dynamic mill

feed and average mill feed grade, respectively.

Figure 5 - Adanac Molybdenum Project PEA Mill Feed Schedule

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/11821/308337_564aea1a0446180e_006full.jpg

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