# 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--77893286-d4f1-4127-9958-31bf7f8c0874 Original source: https://orestocks.com/company/NOVA.V/press-releases/8979917985450642 Publisher: orestocks Original announcement: 2026-09-15T12:01:00.000Z Analysis by Minestarters Atlas Atlas analysis published: Unknown date Atlas analysis updated: Unknown date - Company: EraNova Metals Inc. - Ticker: NOVA.V - Exchange: Unavailable - Region: Northwestern British Columbia, Canada - Primary commodity: Molybdenum - Secondary commodities: None reported - Document categories: Resource update, Other - Extracted: 2026-09-15 12:41:41 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary EraNova Metals has filed an NI 43-101 technical report supporting an updated Preliminary Economic Assessment \(PEA\) for the Adanac Molybdenum Project. The report confirms a base case after-tax NPV of C$714.7 million and a 23.5% IRR, supported by a high-confidence resource consisting of 93% Measured and Indicated molybdenum. Reasoning: The filing formalizes a previously announced PEA and MRE, confirming strong economic indicators for the Adanac Molybdenum Project. - Positive factor: Strong economics with 23.5% IRR and C$714.7M NPV - Positive factor: High proportion of Measured and Indicated resources \(93%\) - Positive factor: Advanced development foundation with existing infrastructure and permits - Negative factor: Low novelty as the report formalizes results already announced on August 6, 2026 - Negative factor: PEA is preliminary in nature and includes speculative Inferred resources 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 company filed an independent NI 43-101 technical report. Evidence · text > announces that it has filed an independent NI 43-101 technical report **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 Mineral Resource Estimate \(MRE\). Evidence · text > in support of the updated Preliminary Economic Assessment \("PEA"\) and the updated Mineral Resource Estimate \("MRE"\) ## 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--77893286-d4f1-4127-9958-31bf7f8c0874#fact-resource-facts-0) Adanac Molybdenum Project · molybdenum Historical result Needs review: historical\_restatement #### Identity - Project: Adanac Molybdenum Project - Commodity: molybdenum - Region: canada\_bc - Reported Region: Northwestern British Columbia, Canada - Ticker: NOVA.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Clive Aspinall - Resource group id: resource:802d0a25c3286b7caa98 - Deposit or zone: Adanac #### Resource Data - Category: measured - Grade: 0.072 - Grade Unit: % - Contained Metal: 61700000 - Contained Unit: lb #### Prior Estimate - Resource Date: 2026-08-06 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-06T00:00:00.000Z #### Dates - Event date: 2026-09-15T00:00:00.000Z Reasoning: Measured molybdenum resource component. - Positive factor: High-grade measured component - Negative factor: Historical restatement of August 6 results 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--77893286-d4f1-4127-9958-31bf7f8c0874#fact-resource-facts-1) Adanac Molybdenum Project · molybdenum Historical result Needs review: historical\_restatement #### Identity - Project: Adanac Molybdenum Project - Commodity: molybdenum - Region: canada\_bc - Reported Region: Northwestern British Columbia, Canada - Ticker: NOVA.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Clive Aspinall - Resource group id: resource:40e46fcf4eb83ee781cd - Deposit or zone: Adanac #### Resource Data - Category: indicated - Grade: 0.048 - Grade Unit: % - Contained Metal: 374100000 - Contained Unit: lb #### Prior Estimate - Resource Date: 2026-08-06 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-06T00:00:00.000Z #### Dates - Event date: 2026-09-15T00:00:00.000Z Reasoning: Indicated molybdenum resource component. - Positive factor: Large indicated component - Negative factor: Historical restatement of August 6 results 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--77893286-d4f1-4127-9958-31bf7f8c0874#fact-resource-facts-2) Adanac Molybdenum Project · molybdenum Historical result Needs review: historical\_restatement #### Identity - Project: Adanac Molybdenum Project - Commodity: molybdenum - Region: canada\_bc - Reported Region: Northwestern British Columbia, Canada - Ticker: NOVA.V #### Resource scope - Estimate type: resource - Reporting standards: ni\_43\_101 - QP Signed: Yes - Qualified person names: Clive Aspinall - Resource group id: resource:e199c6b810e8a0e8cf27 - Deposit or zone: Adanac #### Resource Data - Category: inferred - Grade: 0.042 - Grade Unit: % - Contained Metal: 71000000 - Contained Unit: lb #### Prior Estimate - Resource Date: 2026-08-06 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-08-06T00:00:00.000Z #### Dates - Event date: 2026-09-15T00:00:00.000Z Reasoning: Inferred molybdenum resource component. - 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.