# EraNova Metals Files NI 43-101 Technical Report Supporting Updated Preliminary Economic Assessment for the Adanac Molybdenum Project Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/eranova-metals-files-ni-43-101-technical-report-supporting-updated-preliminary-e--23fe3368-d566-404a-a281-71a065dd4d6c Original source: https://money.tmx.com/en/quote/NOVA/news/8979917985450642/eranova-metals-files-ni-43-101-technical-report-supporting-updated-preliminary-e Publisher: tmx Original announcement: 2026-09-15T12:01:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-22T10:21:29.408Z Atlas analysis updated: 2026-09-22T10:21:29.408Z - Company: EraNova Metals Inc. - Ticker: NOVA - Exchange: TSX - Region: British Columbia - Primary commodity: Molybdenum - Secondary commodities: Gold, Silver, Copper, Tungsten, Zinc, Lead - Document categories: Resource update, Other - Extracted: 2026-09-22 10:21:30 UTC Narrative sentiment: 0.80 · Bullish ## Minestarters Atlas summary EraNova Metals has filed a NI 43-101 technical report supporting an updated Preliminary Economic Assessment \(PEA\) for the Adanac Molybdenum Project. The PEA reports a 24-year mine life with an after-tax NPV of C$714.7 million and a 23.5% IRR at a base case molybdenum price of US$25.00/lb. Reasoning: The filing of the NI 43-101 technical report formalizes a robust PEA with strong economic indicators and a high-confidence resource base, though it remains at a preliminary stage. - Positive factor: Strong economics with 23.5% after-tax IRR at base case - Positive factor: High M&I percentage \(93%\) providing geological confidence - Positive factor: Advanced development foundation with existing environmental certificate and infrastructure - Positive factor: Large-scale, long-life project \(24-year mine life\) - Negative factor: PEA is preliminary in nature and includes speculative Inferred resources - Negative factor: High initial capital requirement of C$953.3 million Facts used in scoring: 3 ## Classification and evidence **NI 43-101 Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard. Why it applies: The technical report was filed under NI 43-101 standards. Evidence · text > files NI 43-101 Technical Report **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: Clive Aspinall, M.Sc., P.Geo., is named as the Qualified Person. Evidence · text > reviewed and approved by Clive Aspinall, M.Sc., P.Geo., who is a Qualified Person **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The report supports an updated MRE and PEA. Evidence · text > supporting Updated Preliminary Economic Assessment ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Resource Estimates (3) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/eranova-metals-files-ni-43-101-technical-report-supporting-updated-preliminary-e--23fe3368-d566-404a-a281-71a065dd4d6c#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 - Effective date: 2026-08-06T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Clive Aspinall - Resource group id: resource:9123cabf53153ff6510e - Deposit or zone: Adanac - Ownership percent: 100 % #### Resource Data - Category: measured - Tonnes: 1298400000 - Grade: 0.072 - Grade Unit: % - Contained Metal: 61700000 - Contained Unit: lb #### Prior Estimate - Resource Date: 2026-08-06 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-15T00:00:00.000Z Reasoning: Measured resource component of the updated MRE. - Positive factor: High-grade measured component Evidence · text > 61.7 million pounds Measured at 0.072% Mo #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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-staging.minestarters.com/news/eranova-metals-files-ni-43-101-technical-report-supporting-updated-preliminary-e--23fe3368-d566-404a-a281-71a065dd4d6c#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 - Effective date: 2026-08-06T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Clive Aspinall - Resource group id: resource:50a06afba035349979a8 - Deposit or zone: Adanac - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 1700000000 - Grade: 0.048 - Grade Unit: % - Contained Metal: 374100000 - Contained Unit: lb #### Prior Estimate - Resource Date: 2026-08-06 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-15T00:00:00.000Z Reasoning: Indicated resource component of the updated MRE. - Positive factor: Large indicated resource component Evidence · text > 374.1 million pounds Indicated at 0.048% Mo #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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-staging.minestarters.com/news/eranova-metals-files-ni-43-101-technical-report-supporting-updated-preliminary-e--23fe3368-d566-404a-a281-71a065dd4d6c#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 - Effective date: 2026-08-06T00:00:00.000Z - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Clive Aspinall - Resource group id: resource:eac4eee075805d75f7e5 - Deposit or zone: Adanac - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 322000000 - Grade: 0.042 - Grade Unit: % - Contained Metal: 71000000 - Contained Unit: lb #### Prior Estimate - Resource Date: 2026-08-06 #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-15T00:00:00.000Z Reasoning: Inferred resource component of the updated MRE. - Negative factor: Speculative category Evidence · text > 71.0 million pounds Inferred at 0.042% Mo #### 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 Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was 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 ## 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.