Moon River Moly Ltd. Reviews 2024 and Provides Outlook for 2025

In This Article:

Toronto, Ontario--(Newsfile Corp. - December 10, 2024) - Moon River Moly Ltd. (TSXV: MOO) ("Moon River" or the "Company") is pleased to review 2024 and provide an outlook for 2025.

"As the year comes to a close, we would like to take this opportunity to summarize our progress and achievements in 2024 and communicate our goals for 2025. We are pleased with the progress the Company has made this year in advancing our flagship Davidson Project and completing the acquisition of a 25% interest in the Endako Mine Complex despite challenging market conditions for junior mining companies. We are entering into 2025 with clear objectives to advance and derisk Moon River's projects and we expect 2025 to be an exciting year for the Company," commented Paul Parisotto, President, Chief Executive Officer.

Davidson Project

The flagship Davidson Project is a large molybdenum-tungsten deposit and is located approximately 9 kilometres ("km") northwest of the town of Smithers, British Columbia.

Highlights of the Preliminary Economic Assessment ("PEA") on the Davidson Project prepared by A-Z Mining Professionals Ltd. ("AMPL") for Moon River (See press release dated February 22, 2024):

  • Pre-tax net present value ("NPV") of $1.04 billion and Internal Rate of Return ("IRR") of 32% and an after-tax NPV of $602 million and an IRR of 24% at an 8% discount rate and assuming a long-term molybdenum("Mo") price of $US47.39 per ('kg") or $US21.50 per pound ("lb");

  • 20-year mine life based on 7,000 tonnes of mill throughput per day or 2.5 million tonnes per year;

  • Initial capital cost of $575 million including $109 million of contingency;

  • Annual average production of 4,543,000 kg or 10,015,500 pounds of Mo;

  • Average cash cost of $21.68 per kg or $9.84 per lb and All-In Sustaining Cost ("AISC") of $22.79 per kg or $10.34 per lb of Mo;

  • Underground mine, with underground processing facilities, using all electric mining equipment minimizes the surface footprint, resulting in a very low carbon emitting operation, as well eliminates the need for a tailings pond;

  • A measured and indicated mineral resource of 43,896,000 tonnes grading 0.35% MoS2 (0.21% Mo);

  • A 3.3-year payback;

  • Life-of-mine direct income and mining taxes in excess of $1 billion; and

  • Does not include potential byproduct contributions from tungsten, rare earth elements, gallium and copper.

All dollars in Canadian dollars unless otherwise noted.

Technical Report & Qualified Persons

The Technical Report on the PEA (the "Technical Report") was filed on SEDAR+ under the Company's profile on April 2, 2024. Readers are encouraged to read the Technical Report in its entirety. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.