EraNova Metals Advances Adanac Molybdenum Project Toward PEA

Rhea-AI Summary

EraNova Metals (OTCQB: STXPF) will advance its 100%-owned Adanac Molybdenum Project to a NI 43-101 compliant Preliminary Economic Assessment (PEA) after an internal desktop assessment by Tetra Tech supported progression using conservative, legacy inputs.

The PEA will formally integrate EraNova's updated 2022 mineral resource estimate for the first time, refine development scenarios, quantify capital and operating requirements, and is expected to be completed in approximately three months, subject to standard technical review and reporting timelines.

Positive

• Decision to advance project to a formal NI 43-101 PEA
• PEA timeline targeted for completion in approximately three months
• 2022 mineral resource to be formally integrated into the PEA for the first time
• Conservative desktop assessment by Tetra Tech supported further advancement

Negative

• Initial assessment excluded the Company's updated 2022 mineral resource estimate
• PEA economics unknown until capital and operating requirements are quantified
• Timeline conditional on standard technical review and reporting, risking delays

Vancouver, 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 with NI 43-101, while identifying key risks and opportunities to inform future decision-making. The Company expects to commence PEA work in the near term, with completion anticipated within approximately three months, subject to standard technical review and reporting timelines.

About the Adanac Molybdenum Project

The Adanac Molybdenum Project is located within EraNova's 100%-owned Ruby Creek Property, a 29,734-hectare, road-accessible land package situated approximately 14 kilometres east of Atlin, British Columbia. In addition to the Adanac deposit, the property hosts 48 documented mineral occurrences, including intrusion-related gold targets and seven significant placer gold creeks, highlighting the district-scale potential of the land package.

The Adanac Molybdenum deposit hosts a measured and indicated, pit-constrained mineral resource totaling approximately 433 million pounds of molybdenum at a 0.02% cut-off grade.¹

About Tetra Tech

Tetra Tech is a leading global consulting and engineering firm with extensive experience in resource development, permitting, and economic assessment. The firm has deep expertise in porphyry-style molybdenum systems, including the completion of a feasibility study in 2022 on a large-scale molybdenum deposit comparable in mineralogy and scale to Ruby Creek. Tetra Tech previously advanced Ruby Creek to the feasibility study stage in 2008, providing a strong foundation of project familiarity, data continuity, and technical understanding that supports the current phase of evaluation.

About Molybdenum

Molybdenum is a high-strength, high-melting-point metal with critical applications across industrial, energy, and defense sectors. Its primary use is as an alloying element in steel, where it enhances strength, corrosion resistance, and hardness. These properties make molybdenum essential for demanding environments such as oil and gas pipelines, refinery infrastructure, high-speed rail systems, and structural steel. During periods of sustained energy investment-often associated with higher oil prices-demand for molybdenum-bearing steels tends to increase as spending on drilling, pipelines, and refining capacity expands. By improving strength-to-weight ratios, molybdenum enables lighter, more durable steel, reducing material requirements without compromising performance.

Beyond steel, molybdenum is used in catalysts, lubricants, and advanced materials for hydrogen production, water purification, and other emerging clean technologies. Its thermal and structural properties also make it valuable in defense and aerospace alloys.

Molybdenum is recognized as a critical mineral in Canada and is increasingly monitored in global supply-chain risk assessments due to its strategic role in industrial resilience, energy infrastructure, and the energy transition.

Qualified Person

Mr. Nicholas Clive Aspinall, M.Sc., P.Eng., is a consulting geologist to EraNova and is a "qualified person" as defined by National Instrument 43-101. Mr. Aspinall has verified the data disclosed in this press release, including the sampling, analytical, and test data underlying the technical information, and has approved the technical information contained herein.

About EraNova Metals Inc.

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
meades@eranovametals.com
604.360.4668

Twitter: @eranovametals
LinkedIn: EraNova Metals
Youtube: @eranovametal

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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.

Forward-Looking Statements

This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements in this release that are not statements of historical fact are forward-looking statements, including, without limitation: statements regarding the Company's decision to advance the Adanac Molybdenum Project toward a National Instrument 43-101 compliant Preliminary Economic Assessment ("PEA"); the anticipated scope, timing, and outcomes of such PEA; and the Company's broader development strategy for the Ruby Creek Property.

Forward-looking statements are based on a number of assumptions that, while considered reasonable by the Company at the time of preparation, are inherently subject to significant uncertainties. These assumptions include, but are not limited to: the accuracy and relevance of historical technical data and mine plans; the applicability of updated cost estimates, throughput assumptions, and long-term molybdenum pricing; the ability to complete a NI 43-101 compliant PEA as planned; the availability of financing and technical expertise; stable regulatory and permitting conditions; and favourable commodity prices and market conditions.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by such statements. These risks include, but are not limited to: the preliminary and conceptual nature of the internal economic assessment; the risk that a future PEA may not replicate or support the conceptual economic results disclosed herein; changes in commodity prices, capital and operating cost assumptions, or exchange rates; technical, geological, or metallurgical uncertainties; delays in permitting or regulatory approvals; access to capital; and broader economic, market, or geopolitical conditions.

Although EraNova believes the expectations expressed in such forward-looking statements are reasonable, there can be no assurance 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. The Company undertakes no obligation to update or revise any forward-looking statements except as required by applicable law.

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¹ "Technical Report, Ruby Creek Project, Northern British Columbia, Canada" dated April 22, 2022, with an effective date of March 10, 2022.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/281913

FAQ

What did EraNova Metals (STXPF) announce about the Adanac Molybdenum Project on January 28, 2026?

EraNova announced it will advance the Adanac Project to a NI 43-101 PEA, moving to formal economic study. According to the company, this follows a Tetra Tech desktop assessment using conservative legacy inputs and will integrate the 2022 mineral resource estimate.

How long does EraNova expect the PEA for Adanac (STXPF) to take to complete?

The company expects the PEA to be completed in approximately three months, subject to reviews. According to the company, the timeline is conditional on standard technical review and reporting timelines and may be adjusted if needed.

Will EraNova (STXPF) use its 2022 resource estimate in the Adanac PEA?

Yes, the 2022 mineral resource estimate will be formally integrated into the PEA for the first time. According to the company, earlier desktop work used conservative, legacy inputs and did not incorporate the 2022 estimate.

What did the Tetra Tech desktop assessment conclude for EraNova's Adanac project (STXPF)?

Tetra Tech's desktop assessment supported advancing the project toward a PEA using conservative legacy inputs. According to the company, the conceptual work provided confidence to proceed with more detailed technical and economic studies.

What will the PEA for EraNova's Adanac project (STXPF) evaluate and report?

The PEA will refine development scenarios and quantify capital and operating requirements at a higher confidence level. According to the company, it will also identify key risks and opportunities to inform future decision-making.