# EraNova Announces Positive Preliminary Economic Assessment for the Adanac Molybdenum Project: After-Tax NPV of $714.4 Million and 23.5% IRR Canonical Atlas analysis: https://atlas-extractions.minestarters.com/news/eranova-announces-positive-preliminary-economic-assessment-for-the-adanac-molybd--86d31287-683b-4b84-aaf4-1a6162e6f4ab Original source: https://money.tmx.com/en/quote/NOVA/news/5260789412286457/eranova-announces-positive-preliminary-economic-assessment-for-the-adanac-molybd Publisher: tmx Original announcement: 2026-08-06T11:54:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: EraNova Metals Inc. - Ticker: NOVA - Exchange: TSX - Region: British Columbia - Primary commodity: Molybdenum - Secondary commodities: None reported - Document categories: Resource update, Metallurgy - Extracted: 2026-09-14 14:29:34 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary EraNova Metals Inc. announced positive results from a Preliminary Economic Assessment \(PEA\) for its 100% owned Adanac Molybdenum Project in British Columbia. The PEA outlines a 24-year open-pit operation with a post-tax NPV of C$714.7 million and an IRR of 23.5% at a base case molybdenum price of US$25.00/lb. The study confirms Adanac as a large-scale, long-life primary molybdenum project with strong economics, supported by a high-confidence mineral resource \(93% M&I in the mine plan\) and existing infrastructure, enabling direct advancement to a Feasibility Study. Reasoning: The Preliminary Economic Assessment for the Adanac Molybdenum Project demonstrates robust economics with a significant after-tax NPV and IRR, supported by a large, high-confidence mineral resource and existing infrastructure, positioning the project for direct advancement to a Feasibility Study. - Positive factor: Strong project economics \(NPV, IRR\) - Positive factor: Long mine life \(24 years\) - Positive factor: High confidence resource \(93% M&I in mine plan\) - Positive factor: Existing infrastructure reduces development risk - Positive factor: Advancement to Feasibility Study - Positive factor: High molybdenum recovery to concentrate - Negative factor: PEA is preliminary in nature and includes Inferred resources - Negative factor: Project economics sensitive to molybdenum price fluctuations Facts used in scoring: 5 ## Classification and evidence **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The news release explicitly states that multiple Qualified Persons from Tetra Tech are responsible for the PEA and have reviewed and approved the scientific and technical information. Evidence · text > The following Qualified Persons are responsible for the PEA, are independent of EraNova and the Project, and have reviewed and approved the scientific and technical information contained in this news release: **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The PEA and updated Mineral Resource Estimate were prepared in accordance with National Instrument 43-101. Evidence · text > The PEA was prepared by Tetra Tech Canada Inc. \("Tetra Tech"\) in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects \("NI 43-101"\). **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The mineral resources are reported at a cut-off grade of 0.02% Mo, which is clearly stated in the notes to the resource table. Evidence · text > Mineral resources are reported at a cut-off grade of 0.02% Mo, constrained within a conceptual open-pit shell. **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document announces an updated Mineral Resource Estimate that replaces a previous MRE from March 10, 2022. Evidence · text > An updated Mineral Resource Estimate \("MRE"\), effective date August 6, 2026, was prepared by Tetra Tech in accordance with CIM Guidelines and NI 43-101 and replaces the previous MRE with an effective date of March 10, 2022. **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: The resource estimate is explicitly stated to form the basis of the 24-year mine plan evaluated in the Preliminary Economic Assessment. Evidence · text > The updated MRE incorporates the current geological interpretation and forms the basis of the 24-year mine plan evaluated in the PEA. **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: The reported molybdenum recovery to concentrate of 90.2% is above the exceptional band for flotation processing. Evidence · table > 90.2 Context: Molybdenum Recovery to Concentrate **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: The processing flowsheet is designed around a conventional molybdenite flotation circuit. Evidence · text > The process flowsheet is designed for 30,000 tpd and follows a conventional molybdenite flotation circuit to produce a high-grade molybdenum concentrate **POX/BIOX Route** Polarity: neutral Definition: Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX. Why it applies: the document describes a pox\_biox route \("roasting"\) ## Extracted facts Stored fact records: 5. Some facts used in scoring do not have a stored record. ## Resource Estimates (4) ### measured [Link to this fact](https://atlas-extractions.minestarters.com/news/eranova-announces-positive-preliminary-economic-assessment-for-the-adanac-molybd--86d31287-683b-4b84-aaf4-1a6162e6f4ab#fact-resource-facts-0) Adanac Molybdenum Project · molybdenum #### Identity - Project: Adanac Molybdenum Project - Commodity: molybdenum - Region: canada\_bc - Reported Region: British Columbia - Ticker: NOVA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael F. O'Brien, P.Geo., M.Sc., Tetra Tech, Hasssan Ghaffari, P.Eng., MASc., Tetra Tech, Jianhui Huang, P. Eng., PhD, Tetra Tech, Junjie Li, P.Eng., Tetra Tech, Yang Zhang, P.Eng., Tetra Tech - Resource group id: resource:2f5eeb20f27f799ae5e9 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 39000000 - Grade: 0.072 - Grade Unit: % Mo - Contained Metal: 61.7 - Contained Unit: mlbs - Cutoff Grade: 0.02 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-08-06 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-06T00:00:00.000Z Reasoning: The Measured resource provides a high level of geological confidence for a portion of the project, contributing significantly to the overall contained molybdenum. - Positive factor: High confidence Measured category - Positive factor: Significant contained metal Evidence · table > 39.0 Context: Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/eranova-announces-positive-preliminary-economic-assessment-for-the-adanac-molybd--86d31287-683b-4b84-aaf4-1a6162e6f4ab#fact-resource-facts-1) Adanac Molybdenum Project · molybdenum #### Identity - Project: Adanac Molybdenum Project - Commodity: molybdenum - Region: canada\_bc - Reported Region: British Columbia - Ticker: NOVA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael F. O'Brien, P.Geo., M.Sc., Tetra Tech, Hasssan Ghaffari, P.Eng., MASc., Tetra Tech, Jianhui Huang, P. Eng., PhD, Tetra Tech, Junjie Li, P.Eng., Tetra Tech, Yang Zhang, P.Eng., Tetra Tech - Resource group id: resource:382512cc0649f9556143 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 352200000 - Grade: 0.048 - Grade Unit: % Mo - Contained Metal: 374.1 - Contained Unit: mlbs - Cutoff Grade: 0.02 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-08-06 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-06T00:00:00.000Z Reasoning: The Indicated resource represents a substantial portion of the project's mineral inventory with reasonable geological confidence, forming the basis for economic studies. - Positive factor: Large tonnage in Indicated category - Positive factor: Significant contained metal - Positive factor: Forms the bulk of the mine plan Evidence · table > 352.2 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### indicated [Link to this fact](https://atlas-extractions.minestarters.com/news/eranova-announces-positive-preliminary-economic-assessment-for-the-adanac-molybd--86d31287-683b-4b84-aaf4-1a6162e6f4ab#fact-resource-facts-2) Adanac Molybdenum Project · molybdenum #### Identity - Project: Adanac Molybdenum Project - Commodity: molybdenum - Region: canada\_bc - Reported Region: British Columbia - Ticker: NOVA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael F. O'Brien, P.Geo., M.Sc., Tetra Tech, Hasssan Ghaffari, P.Eng., MASc., Tetra Tech, Jianhui Huang, P. Eng., PhD, Tetra Tech, Junjie Li, P.Eng., Tetra Tech, Yang Zhang, P.Eng., Tetra Tech - Resource group id: resource:b5003bbebed06df6afd1 - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 391200000 - Grade: 0.051 - Grade Unit: % Mo - Contained Metal: 435.7 - Contained Unit: mlbs - Cutoff Grade: 0.02 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-08-06 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-06T00:00:00.000Z Reasoning: The combined Measured and Indicated resource demonstrates a high level of confidence and scale, underpinning the robust economics presented in the PEA. - Positive factor: Very large Measured + Indicated resource - Positive factor: High confidence for economic studies - Positive factor: 93% of mine plan from M&I categories Evidence · table > 391.2 Context: Measured + Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-extractions.minestarters.com/news/eranova-announces-positive-preliminary-economic-assessment-for-the-adanac-molybd--86d31287-683b-4b84-aaf4-1a6162e6f4ab#fact-resource-facts-3) Adanac Molybdenum Project · molybdenum #### Identity - Project: Adanac Molybdenum Project - Commodity: molybdenum - Region: canada\_bc - Reported Region: British Columbia - Ticker: NOVA #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Michael F. O'Brien, P.Geo., M.Sc., Tetra Tech, Hasssan Ghaffari, P.Eng., MASc., Tetra Tech, Jianhui Huang, P. Eng., PhD, Tetra Tech, Junjie Li, P.Eng., Tetra Tech, Yang Zhang, P.Eng., Tetra Tech - Resource group id: resource:f902ff3dd0f57ea6361f - Mining method: combined - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 76400000 - Grade: 0.042 - Grade Unit: % Mo - Contained Metal: 71 - Contained Unit: mlbs - Cutoff Grade: 0.02 - Cutoff Unit: % Mo #### Prior Estimate - Resource Date: 2026-08-06 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-08-06T00:00:00.000Z Reasoning: The Inferred resource provides additional tonnage and contained metal, but its speculative nature means it cannot be fully relied upon for economic considerations in the PEA. - Positive factor: Adds to overall resource potential - Negative factor: Lower confidence category - Negative factor: Cannot be used for economic studies alone Evidence · table > 76.4 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: reporting\_standards includes ni\_43\_101 **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (1) ### flotation [Link to this fact](https://atlas-extractions.minestarters.com/news/eranova-announces-positive-preliminary-economic-assessment-for-the-adanac-molybd--86d31287-683b-4b84-aaf4-1a6162e6f4ab#fact-metallurgical-facts-4) Adanac Molybdenum Project · molybdenum Historical result Needs review: historical\_restatement #### Identity - Project: Adanac Molybdenum Project - Commodity: molybdenum - Region: canada\_bc - Reported Region: British Columbia - Ticker: NOVA #### Test Work - Program Status: detailed - Test Type: flotation - Processing Route: conventional molybdenite flotation circuit #### Recovery - Recovery: 90.2 % - Recovery Basis: to\_concentrate - Head Grade: 0.054 - Head Grade Unit: % Mo - Conc. Grade: 54 - Conc. Grade Unit: % Mo #### Lab - Consultant: Tetra Tech Canada Inc. #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-08-06T00:00:00.000Z Reasoning: The metallurgical test work indicates high molybdenum recovery and concentrate grade using a conventional flotation circuit, providing a strong basis for the PEA, although the test work itself is historical. - Positive factor: High recovery for molybdenum flotation - Positive factor: High concentrate grade - Positive factor: Conventional processing route - Negative factor: Test work completed prior to 2006 \(historical data\) Evidence · table > 90.2 Context: Molybdenum Recovery to Concentrate #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.