EraNova Metals Files NI 43-101 Technical Report Supporting Updated Preliminary Economic Assessment for the Adanac Molybdenum Project Technical report confirms the PEA results announced
EraNova Metals Files NI 43-101 Technical
Report Supporting Updated Preliminary
Economic Assessment for the Adanac
Molybdenum Project
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 Price
2
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
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
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