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EraNova Metals Advances Adanac Molybdenum Project Toward PEA
Vancouver, British Columbia--(Newsfile Corp. - January 28, 2026) - EraNova Metals Inc. (TSXV: NOV...
About this update from Eranova Metals Inc.
[{"type":"text","content":"EraNova Metals Advances Adanac Molybdenum Project Toward PEAVancouver, British Columbia--(Newsfile Corp. - January 28, 2026) - EraNova Metals Inc. (TSXV: NOVA) (OTCQB: STXPF) (WKN: A2PLBV) (\"EraNova\" or the \"Company\") is pleased to announce that it has made the decision to advance its 100%-owned Adanac Molybdenum Project toward a National Instrument 43-101 (\"NI 43-101\") compliant Preliminary Economic Assessment (\"PEA\"), following the completion of an internal desktop-level assessment by Tetra Tech that supported advancement of the project based on the mineral resource and mine plan prepared for Adanac Molybdenum Corporation in 2006. The assessment was completed using conservative, legacy inputs and did not incorporate the Company's updated 2022 mineral resource estimate, which will be formally integrated for the first time as part of the PEA.\"We do not advance projects toward a PEA lightly,\" said Meredith Eades, President and CEO of EraNova. \"The conceptual work completed by Tetra Tech gave us the confidence to invest in the next stage of technical and economic studies. The Adanac Molybdenum Project is a large, well-defined molybdenum system with extensive historical work behind it, and the fact that this assessment supported further advancement using conservative, legacy inputs underscores the strength of the project and we believe it has the potential to deliver robust economics. Moving toward a PEA reflects both the scale of the opportunity and our commitment to disciplined, methodical project development.\"The internal desktop-level assessment evaluated high-level development scenarios and indicative project parameters using the 2006 mineral resource and mine plan, updated to reflect modern cost structures, throughput assumptions, and long-term molybdenum pricing. This work formed part of a staged evaluation process designed to determine whether advancing the project to a formal PEA was technically and economically justified.Based on the outcomes of this work, the Company determined that advancing the Adanac Molybdenum Project toward a formal NI 43-101 compliant PEA is an appropriate next step in the project's development pathway. The PEA is expected to refine development scenarios, formally assess project economics at a higher level of confidence, and quantify capital and operating requirements in accordance...