EraNova Metals Identifies Rare Earth Element Potential at Adanac Through Re-Evaluation of Existing Assay Data; Announces Investor Relations Agreement; Announces Stock Option Grant

Rhea-AI Summary

EraNova Metals (OTCQB: STXPF) reports a re-evaluation of historical assays from the 100%‑owned Adanac Molybdenum Project that identified calculated TREO up to 1,087 ppm and an average TREO of 217.94 ppm across 9,062 samples from 89 drill holes. The company plans a NI 43‑101 PEA and follow‑up mineralogical studies to evaluate REE recoverability as a possible by‑product. EraNova also announced an IR agreement with TB Investor Relations and a 100,000 option grant exercisable at $0.17 until Feb 9, 2031.

Positive

• Calculated TREO up to 1,087 ppm in historical assays
• 9,062 samples from 89 drill holes provide broad dataset
• Moving Adanac toward a NI 43-101 PEA to evaluate economic potential
• IR agreement secured with TB Investor Relations at $6,000/month
• Board approved 100,000 stock options exercisable at $0.17 through 2031

Negative

• Calculated TREO values have not been validated by targeted re-assaying or mineralogy
• Reported results are individual sample intervals and are not evidence of economic mineralization
• Mineralogical host and recovery pathways for REE are currently unknown and untested

Vancouver, British Columbia--(Newsfile Corp. - February 9, 2026) - EraNova Metals Inc. (TSXV: NOVA) (OTCQB: STXPF) ("EraNova" or the "Company") is pleased to announce the results of a recent re-evaluation of existing multi-element assay data from the Company's 100%-owned Adanac Molybdenum Project, which has identified elevated rare earth element concentrations associated with the molybdenum system, including calculated total rare earth oxide ("TREO") values of up to 1087ppm, across 9,062 samples from 89 drill holes based on 3m sample intervals from drilling within the molybdenum resource area. The re-evaluation was completed using historical assay data originally collected for molybdenum exploration and reflects a renewed focus on rare earth elements in light of growing market and strategic interest.

The Company's decision to advance Adanac toward a National Instrument 43-101 ("NI 43-101") compliant Preliminary Economic Assessment ("PEA") reflects growing confidence in the scale and development potential of the molybdenum deposit. The identification of rare earth elements within the existing dataset further reinforces this confidence, highlighting additional value that may be evaluated alongside a development pathway the Company already feels positive about.

"These results reinforce our view that the Ruby Creek Property is a large, multi-commodity system with meaningful optionality beyond molybdenum," said Meredith Eades, President and CEO of EraNova. "As we move the Adanac Molybdenum Project toward a NI 43-101 compliant PEA, it is encouraging to see additional elements that have the potential to add value to a development story we already feel positive about. While the Adanac molybdenum deposit provides a clear and well-defined development pathway, we believe the presence of rare earth elements warrants further evaluation as part of the project's broader technical and economic assessment."

The re-evaluation involved a review of historical multi-element assay data collected as part of prior drilling and technical programs, with a specific focus on rare earth element content in light of increased market and strategic interest in rare earth elements. While earlier work was primarily designed to evaluate molybdenum mineralization, the available dataset—comprising 9,062 samples of 3m intervals from 89 drill holes—provides meaningful insight into the presence and distribution of both light and heavy rare earth elements within the Adanac system. Calculated total rare earth oxide values were derived through standard oxide conversions applied to elemental assay data and have not yet been validated through targeted re-assaying or dedicated mineralogical studies.

Table 1. 

Light Rare Earth Element	Element Symbol	Maximum (ppm)	Average (ppm)
Lanthanum	La	221.9	43.38
Cerium	Ce	433	87.57
Praseodymium	Pr	17.1	10.85
Neodymium	Nd	57.1	38.63
Samarium	Sm	14	8.77
Heavy Rare Earth Element
Europium	Eu	1.2	0.25
Gadolinium	Gd	16.7	8.18
Terbium	Tb	3.1	1.37
Dysprosium	Dy	20.1	8.92
Holmium	Ho	4.5	1.8
Erbium	Er	14.6	5.45
Thulium	Tm	2.1	0.82
Ytterbium	Yb	13.4	5.43
Lutetium	Lu	1.9	0.76
TREO Calculated		1087	217.94

 

Analytical and Methodology Notes

Reported results represent individual sample intervals and should not be interpreted as representative of average grades or as evidence of economic mineralization.

QA/QC

The majority of drilling reported herein (88 of 89 drill holes) forms part of the resource drilling that underpins the 2022 Mineral Resource Estimate (see 2022 Technical Report).¹  QA/QC protocols and analytical procedures for this drilling are summarized in the 2022 Technical Report. All analyses were conducted at accredited laboratories and incorporated both internal laboratory QA/QC procedures and additional QA/QC samples submitted by the Company.

One additional drill hole was sampled and analyzed outside of the 2022 resource program. Core was split on site and sampled at 3.0 m intervals, with the exception of two sub-intervals from 301.00–301.25 m (TREO 414 ppm) and 301.25–304.00 m (TREO 384 ppm). Core was tagged, secured, and hand-delivered to the Bureau Veritas sample preparation facility in Whitehorse, Yukon. Certified reference standards were inserted at a frequency of one per ten samples.

Samples were crushed, and pulps were forwarded to the Bureau Veritas laboratory in Vancouver for analysis. All samples were analyzed using four-acid digestion with ultratrace ICP-MS for 59 elements, and fire assay for gold. Over-limit copper, lead, zinc, and silver samples were re-analyzed using multi-acid digestion and ICP-ES (MA370). Over-limit tungsten samples were analyzed by lithium borate fusion XRF (XF750). Silver samples exceeding 1,500 g/t were additionally analyzed by fire assay (FA530), and lead samples exceeding 10% were analyzed by titration (GC817). All analytical results passed laboratory QA/QC screening.

Next Steps

The Company is advancing additional mineralogical and petrographic studies to better understand the mineral species hosting the rare earth elements and their spatial relationship to the molybdenum mineralization. This work will support an evaluation of potential recovery pathways and assess whether rare earth elements could be recovered as a by-product in future development scenarios at Adanac. Results from this work will inform the scope of further technical studies as the Company continues to advance the project toward formal economic evaluation.

Investor Relations Engagement

EraNova also announces that it has entered into an investor relations agreement (the "IR Agreement") with TB Investor Relations ("TBIR") to assist the Company in enhancing communication and engagement with its shareholders and the investment community. Tania Barreto, sole proprietor of TBIR which is based out of Toronto, Ontario, has 20 years of capital markets experience in the mining sector working in investor relations roles for exploration, development and producing mining companies.

The IR Agreement is effective as of February 9, 2025, and will continue on a month-to-month basis unless terminated by either party upon 30 days' written notice to the other party. In consideration for TBIR's services, the Company will pay TBIR a monthly fee of $6,000 plus applicable taxes and any approved expenses, payable from the Company's general working capital. TBIR is an arm's length party to the Company and, to the Company's knowledge, does not have any direct or indirect interest in the Company or its securities, nor any right or intent to acquire such an interest.

The IR Agreement is subject to acceptance by the TSX Venture Exchange.

Stock Option Grant

The Company also announces that its Board of Directors has authorized and approved the grant of 100,000 stock options pursuant to the Company's stock option plan to a consultant of the Company. The options are exercisable for 100,000 common shares of the Company at an exercise price of $0.17 per share for a term of five (5) years expiring on February 9, 2031. The Options vest in four 25% equal instalments over a period of twenty-four (24) months from the date of grant, with the first instalment vesting on August 9, 2026, and three additional instalments vesting six, twelve and eighteen months thereafter.

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 Corp.

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: @eranovameatls

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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; the Company's broader development strategy for the Ruby Creek Property; and the enhancement of communications with shareholders and the investment community through the Company's engagement of TBIR.

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; favourable commodity prices and market conditions; and the effectiveness of the Company's and TBIR's communication strategy.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283165

FAQ

What rare earth element results did EraNova (STXPF) report for the Adanac project on February 9, 2026?

EraNova reported calculated TREO up to 1,087 ppm, with an average TREO of 217.94 ppm across 9,062 samples. According to the company, values derive from historical multi-element assays and were calculated using standard oxide conversions.

Does the TREO report by EraNova (STXPF) confirm economically recoverable rare earths at Adanac?

No — the reported TREO values do not confirm economic recoverability. According to the company, values are from individual intervals and require targeted re-assaying and mineralogical studies to evaluate recoverability and economics.

What next steps will EraNova (STXPF) take to evaluate rare earth potential at Adanac?

EraNova will carry out additional mineralogical and petrographic studies to identify REE host minerals and spatial relationships. According to the company, results will inform potential recovery pathways and scope of further technical and economic studies.

What are the terms of the investor relations agreement announced by EraNova (STXPF)?

EraNova entered a month-to-month IR agreement with TB Investor Relations effective February 9, 2025, at $6,000 per month plus taxes and approved expenses. According to the company, TBIR is arm's length and has no known interest in the company.

What stock option grant did EraNova (STXPF) authorize and when do options vest?

The board granted 100,000 options exercisable at $0.17 per share until February 9, 2031. According to the company, options vest in four 25% instalments over 24 months, starting August 9, 2026.