EraNova Metals Inc. (TSXV: NOVA) (OTCQB: STXPF) has made a NI 43-101 technical report publicly available supporting its updated Preliminary Economic Assessment (PEA) for the 100%-owned Adanac Molybdenum Project in northwestern British Columbia. Prepared by Tetra Tech Canada Inc. and carrying an effective date of August 6, 2026, the report formalises economics first announced that day, including an after-tax NPV of C$714.7 million at an 8% discount rate under the base-case molybdenum price of US$25.00 per pound. The filing replaces the company's March 2022 mineral resource estimate and adds independent confirmation to a project EraNova describes as development-stage with an advanced permitting foundation.

Key Points

  • EraNova Metals Inc. (TSXV: NOVA) (OTCQB: STXPF) filed an independent NI 43-101 technical report for the Adanac Molybdenum Project
  • The PEA outlines a 24-year mine life averaging 11.4 million pounds of molybdenum annually, with initial capital of C$953.3 million
  • Base-case after-tax NPV of C$714.7M and IRR of 23.5%; spot-price scenario yields after-tax NPV of C$1,292.2M and IRR of 30.2%
  • Investors may watch for progress on the company's stated intention to initiate a Feasibility Study and advance the environmental assessment process

Adanac PEA Economics and Molybdenum Price Sensitivity

The filed technical report confirms robust project economics across two pricing scenarios. At the base-case assumption of US$25.00 per pound of molybdenum, the project generates a pre-tax NPV of C$1,201.2 million and a pre-tax IRR of 30.8%, with an after-tax NPV of C$714.7 million, an after-tax IRR of 23.5%, and an after-tax payback period of 2.6 years. At the spot molybdenum price of US$31.91 per pound as of July 29, 2026, the after-tax NPV rises to C$1,292.2 million with an IRR of 30.2%. The report states that project economics are presented on an unlevered basis and do not assume project debt or other financing arrangements.

Mine Plan, Capital Requirements, and Production Profile

The PEA envisions a 30,000-tonne-per-day operation over a 24-year mine life, producing an average of 11.4 million pounds of molybdenum annually and 270.1 million pounds of payable molybdenum over the life of mine. Cash costs are outlined at C$17.48 per pound of molybdenum, with All-in Sustaining Costs (AISC), a non-GAAP measure, of C$19.79 per pound. Initial capital is estimated at C$953.3 million, inclusive of a C$120.7 million contingency. The company notes that more than C$100 million in historical infrastructure investment, established road access, and a previously issued Environmental Assessment Certificate underpin the project's advanced development status.

Mineral Resource Estimate Underpinning the Technical Report

The updated Mineral Resource Estimate included in the technical report comprises 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. An additional 71.0 million pounds Inferred at 0.042% Mo is also reported. Approximately 93% of the resource falls within the Measured and Indicated categories. The report cautions that Inferred resources are considered too speculative geologically to have economic considerations applied to them, and that there is no certainty the PEA conclusions will be realised.

Feasibility Study and Strategic Development Path

Following the technical report filing, EraNova states it intends to initiate a Feasibility Study while advancing the environmental assessment process and pursuing required project permits. The company also indicates it will evaluate strategic partnerships, government-supported critical mineral initiatives, and engagement with potential customers. EraNova has additionally launched an interactive visualisation of the conceptual mine plan to accompany the filing, available on the company's website. The visualisation is described as illustrative only, with certain design elements subject to further engineering confirmation.