EraNova Metals Inc. has filed an independent National Instrument 43-101 technical report for its Adanac Molybdenum Project in northwestern British Columbia, formalizing the preliminary economic assessment results initially announced on August 6, 2026.

The filed report replaces the January 2026 preliminary desktop assessment and updates the economic and technical baseline from the March 2022 mineral resource estimate. It establishes an after-tax net present value at an 8% discount rate of C$714.7 million and an after-tax internal rate of return of 23.5% under base-case assumptions of US$25.00 per pound molybdenum. At spot prices of US$31.91 per pound, the after-tax NPV rises to C$1,292.2 million with a 30.2% IRR.

The report outlines a 24-year mine life for the Ruby Creek property, targeting average annual production of 11.4 million pounds of molybdenum and 270.1 million pounds of payable metal over the life of the mine. Initial capital expenditure is estimated at C$953.3 million, including a C$120.7 million contingency for a 30,000-tonne-per-day open-pit operation. Estimated cash costs stand at C$17.48 per pound, with all-in sustaining costs at C$19.79 per pound. After-tax payback is projected at 2.6 years under base-case pricing.

The updated mineral resource estimate comprises a combined Measured and Indicated resource of 435.7 million pounds of molybdenum at an average grade of 0.051%, alongside an inferred resource of 71.0 million pounds at 0.042%. Approximately 93% of the life-of-mine mill feed falls within the Measured and Indicated categories.

The project benefits from over C$100 million in historical infrastructure investment, established road access, and a previously issued Environmental Assessment Certificate. EraNova now intends to initiate a feasibility study while advancing the environmental assessment process and necessary permits.

“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.”

— Meredith Eades, President and CEO

Read the full announcement: EraNova Metals Files NI 43-101 Technical Report Supporting Updated Preliminary Economic Assessment for the Adanac Molybdenum Project