November 21, 2025 7:00 AM EST | Source: Moon River Moly Ltd.

###2025年11月21日上午 7:00 EST | 来源: Moon River Moly Ltd.

HIGHLIGHTS:

要点：

Pre-tax net present value ("NPV") of $1.1 billion, internal rate of return ("IRR") of 46%, an after-tax NPV of $790 million and an IRR of 40% at an 8% discount rate and assuming a long-term molybdenum ("Mo") price of US$49.73 per kg (US$22.50 per pound ("lb"));
10-year mine life based on 75,000 tonnes of mill throughput per day or 27.3 million tonnes per-year;
Initial capital cost of $550.9 million including $83.7 million of contingency;
Annual average production of 9.3 million kg or 20.5 million pounds of Mo;
Average cash cost of US$25.60 per kg or US$11.61 per lb and All-In Sustaining Cost ("AISC") of US$29.85 per kg or US$13.54 per lb of Mo;
Open pit mine with flotation processing facilities on site;
A measured and indicated mineral resource of 335.7 million tonnes grading 0.072% MoS2 (0.0 43 % Mo) (see Table 1.1;
A 2.2-year payback;
Life-of-mine direct income and mining taxes in excess of $609 million;
Potential Project enhancements from the use of ore bucket sorting technology and ore particle sorting ("OPS") technology.

税前净现值（"NPV"）为 11 亿美元，内部收益率（"IRR"）为 46%，税后 NPV 为 7.9 亿美元，IRR 为 40%，假设折现率为 8% 且长期钼（"Mo"）价格为每千克 49.73 美元（每磅 22.50 美元）；
基于每日 75,000 吨的矿石处理量，矿山寿命为 10 年，年处理量为 2730 万吨；
初始资本成本为 5.509 亿美元，其中包括 8370 万美元的应急费用；
年均生产量为 930 万千克或 2050 万磅钼；
平均现金成本为每千克 25.60 美元或每磅 11.61 美元，全面维持成本（"AISC"）为每千克 29.85 美元或每磅 13.54 美元；
露天矿山，现场设有浮选加工设施；
测量和指示矿产资源为 3.357 亿吨，品位为 0.072% MoS2（0.043% Mo）（见表 1.1）；
回收期为 2.2 年；
矿山生命周期内的直接收入和采矿税超过 6.09 亿美元；
通过使用矿石桶分拣技术和矿石颗粒分拣（"OPS"）技术，项目有潜在的提升。

All dollar amounts are stated in Canadian Dollars unless otherwise noted.

所有金额均以加元表示，除非另有说明。

Toronto, Ontario--(Newsfile Corp. - November 21, 2025) - Moon River Moly Ltd. (TSXV: MOO)( "Moon River" or the "Company") is pleased to announce the results of a Preliminary Economic Assessment ( "PEA") for the Endako mine complex in British Columbia (the "Endako Mine"), currently on care and maintenance, comprised of an open-pit molybdenum mine, concentrator, and roaster, located approximately 190 kilometres west of Prince George, British Columbia. The PEA examines the potential restart of operations at the Endako Mine (the "Project").

安大略省多伦多 --（Newsfile Corp. -2025年11月21日）- Moon River Moly Ltd. (TSXV: MOO)（"Moon River" 或 "公司"）很高兴地宣布对位于不列颠哥伦比亚省的 Endako 矿区（"Endako Mine"）进行的初步经济评估（"PEA"） 的结果，该矿目前处于保养和维护状态，包括一个露天钼矿、浓缩厂和焙烧炉，距离不列颠哥伦比亚省的乔治王子约 190 公里。该 PEA 评估了 Endako 矿的潜在重启运营（"项目"）。

Paul Parisotto, President and Chief Executive Officer, says of the PEA results: "We are very pleased with the positive results of the PEA as it presents a very convincing case for the rapid advancement of the necessary work to restart mining operations at the Endako Mine."

公司总裁兼首席执行官 Paul Parisotto 表示：“我们对 PEA 的积极结果感到非常高兴，因为这为快速推进重启 Endako 矿的必要工作提供了非常有说服力的案例。”

Ian McDonald, Chairman, commented: "My involvement with this Project first began twenty years ago, and I firmly believe that the time for the restart of production at the Endako Mine has arrived. The compelling, robust economics, together with a Tier One jurisdiction in a mining-friendly province, indicate that the Endako Mine can recapture its position as Canada's largest molybdenum producer."

董事长 Ian McDonald 评论道：“我与该项目的参与始于二十年前，我坚信重启 Endako 矿生产的时机已经到来。令人信服且稳健的经济数据，加上在一个对采矿友好的省份的顶级管辖区，表明 Endako 矿可以重新夺回加拿大最大的钼生产商的地位。”

The PEA was prepared by A-Z Mining Professionals Ltd. ( "AMPL") and contemplates the restart of open pit mining with potentially economic mineralization processed in the existing on-site processing facilities. The open pit will produce approximately 26 to 27 million tonnes per year of potentially economic molybdenum ( "Mo") mineralization. Run of Mine ( "ROM") potentially economic mineralization will be crushed, ground in the SAG mill located in the New Plant (as defined below), ground in ball mills located in both the New Plant and Old Plant, as described further below, and followed by Mo concentrate produced by flotation. The resulting Life of Mine ( "LOM") is 10 years.

该 PEA 由 A-Z Mining Professionals Ltd.（"AMPL"）编制，考虑到重启露天采矿，潜在经济矿化将在现有的现场加工设施中进行处理。露天矿将每年生产约 2600 万至 2700 万吨的潜在经济钼（"Mo"）矿化。矿石（"ROM"）潜在经济矿化将被破碎，在新厂（如下所定义）中的 SAG 磨机中研磨，并在新厂和旧厂的球磨机中进一步研磨，随后通过浮选生产钼浓缩物。最终的矿山生命周期（"LOM"）为 10 年。

BACKGROUND

背景

The Endako Mine is a past producing mine with flooded open pits, an original mothballed processing facility (the "Old Plant") which had processing capacity of approximately 30,000 tonnes per day, a larger 52,000 tonnes per day processing facility on care and maintenance since 2015 (the "New Plant") and all support infrastructure and facilities in place (also on care and maintenance). Both processing facilities employed flotation recovery producing molybdenum concentrate.

Endako 矿是一个曾经生产的矿山，现有的露天矿坑已被淹没，原有的停用加工设施（"旧厂"）的处理能力约为每日 30,000 吨，自 2015 年以来，较大的 52,000 吨每日处理设施处于保养和维护状态（"新厂"），并且所有支持基础设施和设施均已到位（也处于保养和维护状态）。两个加工设施均采用浮选回收法生产钼浓缩物。

The Endako Mine is located in the Bulkley-Nechako region of central British Columbia, approximately 190 kilometres (km) west of Prince George and about 400 km east of Prince Rupert, British Columbia. The nearest town is Fraser Lake, about 15 km east of the Endako Mine and is located about 10 km south of Highway 16 (the Yellowhead Highway) on a paved road.

Endako 矿位于不列颠哥伦比亚省中部的 Bulkley-Nechako 地区，距离乔治王子约 190 公里（km）西，距离不列颠哥伦比亚省的鲁珀特王子约 400 公里。最近的城镇是弗雷泽湖，距离 Endako 矿约 15 公里，位于 16 号公路（黄头公路）以南约 10 公里的铺装道路上。

On May 30, 2024, Moon River completed the indirect acquisition of a 25% interest in the Endako Mine from Sojitz Corporation ( "Sojitz"), a Japanese multi-national company. The Endako Mine is jointly owned by Moon River (25%) and Centerra Gold Inc. ( "Centerra") (75%) and operates through a joint venture company. While Centerra is aware that this PEA was being prepared for Moon River, it has neither participated in nor endorsed the work.

2024年5月30日，Moon River 完成了间接收购 Sojitz Corporation（"Sojitz"）持有的 Endako 矿 25% 的股份，Sojitz 是一家日本跨国公司。Endako 矿由 Moon River（25%）和 Centerra Gold Inc.（"Centerra"）（75%）共同拥有，并通过合资公司运营。虽然 Centerra 知道该 PEA 是为 Moon River 准备的，但它既没有参与也没有认可这项工作。

PROJECT RESTART PLAN

项目重启计划

The restart mining plan comprises:

重启采矿计划包括：

Mining measured and indicated potentially economic mineralization, located mainly in the walls and floors, of the existing Endako and Denak open pits.

采矿测量和指示的潜在经济矿化，主要位于现有 Endako 和 Denak 露天矿的墙壁和底部。

Rebuilding existing blast hole drills and rope shovels from the past operation and lease major mining equipment and purchase smaller support equipment for the mine.

重新建造过去运营中使用的现有爆破孔钻机和绳索铲，并租赁主要采矿设备，购买小型支持设备。

Relocating the existing primary crusher and a second new crusher to outside of the new ultimate open pit limits.

将现有的主要破碎机和第二台新破碎机搬迁到新最终露天矿的边界之外。

Adding pumping capacity to split the mill feed between the New Plant and the Old Plant ball mills and add extra rougher flotation capacity to the New Plant to allow for the planned higher throughput.

增加泵送能力，以便在新厂和旧厂的球磨机之间分配矿石进料，并为新厂增加额外的粗选浮选能力，以满足计划的更高处理量。

Refurbishing a portion of the Old Plant grinding circuit to provide an extra 20,000 - 25,000 tonnes per day grinding capacity and connecting this grinding circuit to the New Plant flotation circuit.

翻新旧厂的一部分磨矿回路，以提供额外的每日 20,000 - 25,000 吨的磨矿能力，并将该磨矿回路连接到新厂的浮选回路。

Refurbishing of major equipment and refurbishing or replacing smaller equipment components (as required) in the processing plants.

翻新主要设备，并根据需要翻新或更换加工厂的小型设备组件。

Construction of a new concentrate dewatering and drying circuit and building.

建设新的浓缩物脱水和干燥回路及建筑物。

Construction of a tailings sand plant to produce cycloned tailings to facilitate tailings dams height and storage capacity increases to meet the restart mine plan.

建设尾矿砂厂，以生产旋流尾矿，以便提高尾矿坝的高度和储存能力，以满足重启矿山计划。

Refurbishing and/or upgrading, as required, of the site infrastructure buildings, facilities, and services.

根据需要翻新和/或升级现场基础设施建筑、设施和服务。

Construction of a water treatment plant ( "WTP") to treat all contact water (water from disturbed areas of the mine) not recycled in the mining and processing operations.

建设一个水处理厂（"WTP"），以处理所有接触水（来自矿区扰动区域的水），这些水在采矿和加工操作中未被回收。

Reconfiguring and installation of water pipelines to store and remove water (water from the disturbed areas of the mine) not recycled in the mining and processing operations.

重新配置和安装水管道，以储存和排除水（来自矿区扰动区域的水），这些水在采矿和加工操作中未被回收。

Construction of water pipelines from TP-1 to the WTP and from the WTP to the discharge to the environment location on the Endako River.

从 TP-1 到 WTP 的水管道建设，以及从 WTP 到环境排放位置（位于恩达科河）的水管道建设。

Sale of molybdenum concentrate to domestic and international smelters.

向国内和国际冶炼厂销售钼精矿。

Mining would employ open pit techniques using conventional rubber tired, diesel-powered mobile equipment, track mounted drills, and rope shovels.

采矿将采用露天开采技术，使用常规的轮胎橡胶、柴油动力移动设备、轨道钻机和绳铲。

The LOM measured and indicated potentially economic mineralization production is scheduled at approximately 26 to 27 million tonnes per year. The mine schedule prioritizes mining of higher-grade material from within the open pits for the first approximately 10 years. The LOM strip ratio is favourable at 0.68 tonnes of waste per 1 tonne of potentially mineable resources.

预计可开采的矿石资源年产量约为 2600 万至 2700 万吨。矿山计划优先在前 10 年内开采露天矿中的高品位矿石。可开采矿石的剥离比为每开采 1 吨矿石产生 0.68 吨废石，具有良好的经济性。

The mine schedule is based on the optimised pit shell with mining recovery and mining dilution rates of 95% and 5%, respectively.

矿山计划基于优化的矿坑外形，采矿回收率和稀释率分别为 95% 和 5%。

Mining will be performed on a 24 hour, 7 days per week basis. Mining equipment will be a combination of leased and owned.

采矿将以每周 7 天、每天 24 小时的方式进行。采矿设备将是租赁和自有设备的组合。

The potentially mineable resources from the open pit optimisation were used to develop the mine plan, which would extract 273 million tonnes at an average grade of 0.075% MoS2 (0.045% Mo) after dilution and mining losses.

从露天矿优化中获得的可开采资源用于制定矿山计划，该计划将在稀释和采矿损失后提取 2.73 亿吨，平均品位为 0.075% MoS2（0.045% Mo）。

PROCESSING

加工

Recovery of a molybdenum concentrate from potentially economic mineralization will be achieved using the refurbished existing processing plant facilities. The addition of new processing equipment is required for concentrate leaching, dewatering, and drying. The processing plant will have a capacity to treat 75,000 tonnes per day or 27 million tonnes per annum.

从潜在经济矿化中回收钼精矿将通过翻新现有的加工厂设施实现。需要增加新的加工设备用于精矿浸出、脱水和干燥。加工厂的处理能力为每天 75,000 吨或每年 2700 万吨。

The existing in-pit primary crusher and a new second crusher, located close to the New Plant, will process the potentially economic ROM mineralization. The crushed potentially economic mineralization will be ground in the SAG mill located in the New Plant followed by grinding in ball mills located in both the New Plant and the Old Plant.

现有的坑内初级破碎机和靠近新厂的新二级破碎机将处理潜在经济的原矿矿化。破碎后的潜在经济矿化将在新厂的 SAG 磨中研磨，然后在新厂和旧厂的球磨机中进一步研磨。

The grinding products from the Old Plant and the New Plant will be combined at the beginning of the New Plant flotation circuits. Concentrate will be produced by rougher/scavenger flotation, primary concentrate regrinding, first cleaner/scavenger flotation, secondary concentrate regrinding, secondary cleaner flotation, and final concentrate thickening.

来自旧厂和新厂的研磨产品将在新厂浮选回路的开始处合并。精矿将通过粗选/清扫浮选、初级精矿再磨、第一次清选/清扫浮选、二级精矿再磨、二级清选浮选和最终精矿浓缩来生产。

Final concentrate leaching and product dewatering and drying will be performed in a new facility constructed on the footprint of the existing ultra-pure plant (to be demolished).

最终精矿的浸出和产品的脱水与干燥将在新建的设施中进行，该设施将建立在现有超纯厂的基础上（将被拆除）。

The forecast average processing plant molybdenum recovery is 75.7%.

预计加工厂的钼回收率为 75.7%。

INFRASTRUCTURE

基础设施

Existing infrastructure includes:

现有基础设施包括：

access roads, BC power grid-power supply to site, nearby railway line and fresh water supply network;
primary crushing plant; (to be moved);
one new processing plant capable of processing 52,000 tonnes/day;
one old decommissioned processing plant capable of processing 30,000 tonnes/day;
tailings management facility with 2 disposal areas TP-1 and TP-3;
reclaim water ponds;
administration, warehouse, change house, laboratory, mine shops and buildings; and
one reclaimed tailings disposal area TP-2; and
two non-operational roasters.

进场道路，BC 电网 - 现场供电，附近铁路和淡水供应网络；
初级破碎厂；（将被搬迁）；
一座新的加工厂，能够处理 52,000 吨/天；
一座旧的退役加工厂，能够处理 30,000 吨/天；
拥有两个处置区域 TP-1 和 TP-3 的尾矿管理设施；
回收水池；
行政、仓库、更衣室、实验室、矿山商店和建筑物；以及
一处回收的尾矿处置区域 TP-2；以及
两个非运营的焙烧炉。

Refurbishing and upgrading of all facilities, other than the existing roasters which will remain non-operational, will be required and are included in the restart plan and cost estimates.

除了现有的焙烧炉将保持非运营外，所有设施的翻新和升级是必要的，并已包含在重启计划和成本估算中。

MANPOWER

人力资源

The operation would employ a total of approximately 500 hourly and staff personnel.

该操作将雇佣大约 500 名小时工和员工。

ENVIRONMENT AND PERMITTING

环境与许可

The Endako Mine is in compliance with all necessary permits for its status as an operation on care and maintenance. A restart of mining operations will necessitate the reactivation and refreshing of all necessary water and operating permits. Additionally, an amendment to the existing tailings management facility permit will be required, prior to production. This will allow placement of classified tailings to increase the dam heights, in order to accommodate LOM tailings disposal. It is anticipated that the required permits for a restart of mining operations will be obtained as a matter of course.

恩达科矿符合其作为维护状态操作所需的所有许可证。重启采矿操作将需要重新激活和更新所有必要的水和操作许可证。此外，在生产之前，还需要对现有的尾矿管理设施许可证进行修订。这将允许分类尾矿的放置，以增加大坝高度，以容纳可开采矿石的尾矿处置。预计重启采矿操作所需的许可证将作为常规程序获得。

PROJECT SCHEDULE

项目进度

The Endako Mine restart schedule requires approximately 1.5 to 2 years from the approval of restart to the start of production. During the first year, detailed engineering on the open pit mining, processing plants reconfiguration and upgrades, support facilities refurbishment and upgrades, preparation and awarding of contractor and supplier major contracts will be completed. Construction and start of commissioning will require an additional year.

恩达科矿的重启进度需要从重启批准到生产开始大约 1.5 到 2 年的时间。在第一年，将完成露天采矿、加工厂重新配置和升级、支持设施翻新和升级、承包商和供应商主要合同的准备和授予的详细工程设计。建设和启动调试将需要额外的一年。

MINERAL RESOURCE

矿产资源

The data used to generate the resource calculation was reviewed and approved by F. Bakker P.Geo. This included two site visits (April 2025 and September 2025) by the author. Sampling methods, QAQC programs and databases were examined. As the database contains approximately 360,000 individual assays and over 290,000 drill holes (reverse circulation, diamond drill and blast holes) it was not possible to verify the entire data set due to the volume of data and as many of the holes no longer exist. The assay data was verified by comparing to Endako written reports, filed assessment reports and month end statements and work undertaken by previous authors. The author is of the opinion that the accuracy of the data was sufficient for a mineral resource statement.

用于生成资源计算的数据已由 F. Bakker P.Geo 审查和批准。这包括作者在 2025 年 4 月和 2025 年 9 月的两次现场访问。采样方法、质量控制程序和数据库进行了检查。由于数据库包含约 360,000 个单独的分析和超过 290,000 个钻孔（反循环、钻石钻孔和爆破孔），由于数据量庞大以及许多钻孔不再存在，因此无法验证整个数据集。通过与恩达科的书面报告、提交的评估报告和月末报表以及之前作者进行的工作进行比较，验证了分析数据。作者认为数据的准确性足以用于矿产资源声明。

The mineral resource was calculated utilizing commercial 3D Block Modelling Software (HxGN Mine Plantm 3D). The model utilized geological domains based on geostatistics, lithology, a grade limit design of approximately 0.01% MoS2 and limits imposed by both existing pit walls and potentially new pit wall limits. This resource model was used for determining the mineral resources estimate and to undertake open pit optimisation of a mine production plan utilizing the potentially mineable resource.

矿产资源的计算采用了商业 3D 区块建模软件（HxGN Mine Plantm 3D）。该模型基于地质统计学、岩性、约 0.01% MoS2 的品位限制设计以及现有矿坑壁和潜在新矿坑壁限制构建了地质域。该资源模型用于确定矿产资源估算，并进行露天矿优化，以利用潜在可开采资源制定矿山生产计划。

The effective date of the mineral resource is the upcoming publication date of the PEA.

矿产资源的有效日期为即将发布的 PEA 日期。

The author is unaware of any known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources or mineral reserves as this was an existing operating mine.

作者未意识到任何已知的法律、政治、环境或其他风险，这些风险可能会对矿产资源或矿产储量的潜在开发产生实质性影响，因为这是一个现有的运营矿山。

Table 1.1 presents the mineral resource estimate for the Endako Mine at various cut-off grades. Inferred mineral resources were not included in the PEA economic analysis.

表 1.1 展示了 Endako 矿在不同品位限制下的矿产资源估算。推测矿产资源未包含在 PEA 经济分析中。

Table 1.1 Mineral Resources

表 1.1 矿产资源


			MEASURED RESOURCE		INDICATED RESOURCE		MEASURED AND INDICATED	INFERRED RESOURCE
ZONE			TONNES	%MoS2		TONNES	%MoS2	TONNES	%MoS2	TONNES	%MoS2
Total	>=	0.010	237,413,000	0.0468		435,641,000	0.049	673,054,000	0.048	164,564,000	0.038
Total	>=	0.015	206,183,000	0.0522		409,652,000	0.052	615,835,000	0.052	144,091,000	0.037
Total	>=	0.020	183,642,000	0.0565		382,707,000	0.054	566,349,000	0.055	128,689,000	0.040
Total	>=	0.025	157,962,000	0.0621		347,564,000	0.057	505,526,000	0.059	112,503,000	0.043
Total	>=	0.030	138,289,000	0.0671		311,767,000	0.061	450,056,000	0.063	93,871,000	0.046
Total	>=	0.035	117,593,000	0.0733		271,696,000	0.065	389,289,000	0.067	76,928,000	0.050
Total	>=	0.040	100,673,000	0.0794		234,981,000	0.069	335,654,000	0.072	60,127,000	0.054
Total	>=	0.045	85,723,000	0.0860		187,826,000	0.074	273,549,000	0.078	45,770,000	0.060
Total	>=	0.050	73,121,000	0.0927		158,985,000	0.079	232,106,000	0.084	34,961,000	0.066
Total	>=	0.055	62,662,000	0.0996		132,436,000	0.085	195,098,000	0.090	27,753,000	0.072
Total	>=	0.060	54,246,000	0.1061		112,264,000	0.090	166,510,000	0.095	22,864,000	0.077
Total	>=	0.065	46,871,000	0.1131		93,091,000	0.096	139,962,000	0.102	18,903,000	0.083
Total	>=	0.070	40,936,000	0.1198		78,354,000	0.101	119,290,000	0.108	15,875,000	0.087
Total	>=	0.075	35,776,000	0.1267		64,680,000	0.107	100,456,000	0.114	13,276,000	0.092
Total	>=	0.080	31,269,000	0.1339		54,004,000	0.113	85,273,000	0.121	11,042,000	0.097


			已测量
资源		指示
资源		已测量和指示		推测
资源
区域			吨数	%MoS2	吨数	%MoS2	吨数	%MoS2	吨数	%MoS2
总计	">="	0.010	237,413,000	0.0468	435,641,000	0.049	673,054,000	0.048	164,564,000	0.038
总计	">="	0.015	206,183,000	0.0522	409,652,000	0.052	615,835,000	0.052	144,091,000	0.037
总计	">="	0.020	183,642,000	0.0565	382,707,000	0.054	566,349,000	0.055	128,689,000	0.040
总计	">="	0.025	157,962,000	0.0621	347,564,000	0.057	505,526,000	0.059	112,503,000	0.043
总计	">="	0.030	138,289,000	0.0671	311,767,000	0.061	450,056,000	0.063	93,871,000	0.046
总计	">="	0.035	117,593,000	0.0733	271,696,000	0.065	389,289,000	0.067	76,928,000	0.050
总计	**">="	0.040	100,673,000	0.0794	234,981,000	0.069	335,654,000	0.072	60,127,000	0.054
总计	">="	0.045	85,723,000	0.0860	187,826,000	0.074	273,549,000	0.078	45,770,000	0.060
总计	">="	0.050	73,121,000	0.0927	158,985,000	0.079	232,106,000	0.084	34,961,000	0.066
总计	">="	0.055	62,662,000	0.0996	132,436,000	0.085	195,098,000	0.090	27,753,000	0.072
总计	">="	0.060	54,246,000	0.1061	112,264,000	0.090	166,510,000	0.095	22,864,000	0.077
总计	">="	0.065	46,871,000	0.1131	93,091,000	0.096	139,962,000	0.102	18,903,000	0.083
总计	">="	0.070	40,936,000	0.1198	78,354,000	0.101	119,290,000	0.108	15,875,000	0.087
总计	">="	0.075	35,776,000	0.1267	64,680,000	0.107	100,456,000	0.114	13,276,000	0.092
总计	">="	0.080	31,269,000	0.1339	54,004,000	0.113	85,273,000	0.121	11,042,000	0.097

The highlighted resource at a cutoff grade of 0.040%MoS2, (excluding inferred resources) is the long term potentially economic mineralization that could be available for mining. This cutoff grade was used in determining the mining plan which reflects the mining and processing rate of approximately 27 million tonnes per year at an overall LOM operating cost of $11.84. The 0.040% MoS2 cutoff was chosen as it has an in-situ value of $12.14 per tonne, which is slightly above the LOM mining cost. (Grade/100 x 2204 lbs/tonne x conversion to Mo (0.599%) x Mill Recovery (75.7%) x $22.5 (price/lb) x1.35 (US$ Exchange rate) = $12.14/tonne).

在 0.040%MoS2 的品位限制下（不包括推测资源），突出显示的资源是长期潜在经济可开采的矿化。这一品位限制用于确定矿山计划，反映出每年约 2700 万吨的开采和加工率，整体生命周期运营成本为 11.84 美元。选择 0.040% MoS2 的品位限制是因为其原位价值为每吨 12.14 美元，略高于生命周期开采成本。（品位/100 x 2204 磅/吨 x 转换为 Mo（0.599%）x 磨矿回收率（75.7%）x 22.5 美元（价格/磅）x 1.35（美元汇率）= 12.14 美元/吨）。

There are no mineral reserves for the Endako Mine. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Endako 矿没有矿产储量。未被视为矿产储量的矿产资源没有证明的经济可行性。

CAPITAL EXPENDITURES

资本支出

Pre-production capital expenditures for the Project Base Case are estimated to total $493.7 million. The total capital expenditure includes contingencies from 20% to 30%. The breakdown of capital expenditures is presented in Table 1.2 below.

项目基本案例的前期资本支出预计总计为 4.937 亿美金。总资本支出包括 20% 至 30% 的应急费用。资本支出的详细分解见下表 1.2。


Table 1.2 Pre-production Capital Expenditures - Estimates
Component	Total Expenditures ($ million)
Mine	$35.1
Equipment Lease Deposit and Purchases	$23.3
Processing Plant	$89.2

Tailings Management Facilities	$150.1
Surface Infrastructure	$13.2
Non- Mining Mobile Equipment	$5.0
Water Management	$31.5

Water Treatment	$52.7
Owner's Costs	$10.0

Contingency	$83.7

Total	$ 493.7


表 1.2
前期资本支出 - 估算
组成部分	总支出
（百万美元）
矿山	35.1
设备租赁押金和采购	23.3
加工厂	89.2

尾矿管理设施	150.1
地面基础设施	13.2
非矿移动设备	5.0
水管理	31.5

水处理	52.7
所有者成本	10.0

应急费用	83.7

总计	$ 493.7

In addition to the capital expenditures, working capital of $57.2 million, based on 3 months of operating costs, has been estimated.

除了资本支出外，基于 3 个月的运营成本，预计流动资金为 5720 万美元。

LOM sustaining capital requirements of $3.2 million are estimated. This comprises upgrades to the processing plant and surface infrastructure. Mining equipment is to be leased to own for the LOM. The tailings management facility dam raising costs are included in operating costs as the tailings will be used to increase dam heights as part of the tailings facility management plan.

预计生命周期维持资本需求为 320 万美元。这包括对加工厂和地面基础设施的升级。矿山设备将以租赁方式拥有，生命周期内的尾矿管理设施大坝加高费用已包含在运营成本中，因为尾矿将用于提高大坝高度，作为尾矿设施管理计划的一部分。

OPERATING COSTS

运营成本

The estimated total average Base Case operating cost (excluding smelting and refining) is approximately $11.84 per tonne of potentially mineable resources or the equivalent (exchange rate of CAD$: US$ =1.35) or US$11.61 per pound of molybdenum. Table 1.3 below, presents a summary of the LOM average operating costs for each department on a cost per tonne of potentially mineable resources basis.

预计基本案例的总平均运营成本（不包括冶炼和精炼）约为每吨潜在可开采资源 11.84 美元，或相当于（汇率为 CAD$: US$ =1.35）每磅钼 11.61 美元。下表 1.3 展示了每个部门在每吨潜在可开采资源基础上的生命周期平均运营成本的总结。


Table 1.3 Project Operating Costs Summary
Component	Cost/tonne ($)
Mining	$5.45
Processing and Tailings	$5.53
Surface Department, Environmental, and G&A	$0.86

Total Operating Cost per Tonne	$11.84

Total Operating Cost per Pound of Molybdenum	US$11.61


表 1.3
项目运营成本汇总
组成部分	成本/吨
（$）
采矿	$5.45
加工和尾矿	$5.53
地表部门、环境和管理费用	$0.86

每吨总运营成本	$11.84

每磅钼的总运营成本	US$11.61

FINANCIAL RESULTS

财务结果

The financial returns (Table 1.4) from the potentially mineable resources are presented for the expected parameters and costs at a molybdenum long term three-year trailing average price of US$49.73 per kg (US$22.50 per pound lb.) of molybdenum oxide, at an exchange rate of CAD$ 1.00 = US$0.74.

潜在可开采资源的财务回报（表 1.4）基于预期参数和成本，钼的长期三年移动平均价格为每千克 US$49.73（每磅 US$22.50），汇率为 CAD$ 1.00 = US$0.74。

The Endako Mine is forecast to produce approximately 9.3 million kilograms (20.5 million pounds) per year of molybdenum metal in concentrate. Life of Mine total molybdenum metal in concentrate production is 93.3 million kilograms (205.2 million lbs.).

预计 Endako 矿每年将生产约 930 万千克（2050 万磅）的钼金属浓缩物。矿山生命周期内钼金属浓缩物的总生产量为 9330 万千克（2052 万磅）。


Table 1.4 Base Case Financial Returns
	Pre-Tax	After-Tax
Pre-production CAPEX ($ millions)	$493.7	$493.7

Undiscounted Net Revenue ($ millions)	$5,854	$5,854
Undiscounted Total Cash Flow ($ millions)	$2,087	$1,478

NPV (5%) - millions	$1,405	$996
NPV (8%) - millions	$1,116	$790

IRR	46%	40%
Payback Period	2.2 years	2.2 years


表 1.4
基本案例财务回报
	税前	税后
生产前资本支出（百万 $）	$493.7	$493.7

未折现净收入（百万 $）	$5,854	$5,854
未折现总现金流（百万 $）	$2,087	$1,478

NPV（5%）- 百万	$1,405	$996
NPV（8%）- 百万	$1,116	$790

内部收益率	46%	40%
回收期	2.2 年	2.2 年

SENSITIVITY ANALYSIS

敏感性分析

Sensitivity analysis was performed for molybdenum price, capital expenditures, operating costs, mined grades and exchange rate for ranges up to ±20%. The Project is sensitive to changes in metals prices and reasonably sensitive to changes in all the other variables.

对钼价格、资本支出、运营成本、开采品位和汇率进行了敏感性分析，范围达到 ±20%。该项目对金属价格的变化敏感，对其他变量的变化也有合理的敏感性。

The sensitivity analysis results are shown in Table 1.5 and 1.6 and Figure 1.1 and 1.2. Financial results are most sensitive to grade, exchange rate and molybdenum price changes and least sensitive to capital expenditures and operating costs.

敏感性分析结果见表 1.5 和 1.6 以及图 1.1 和 1.2。财务结果对品位、汇率和钼价格变化最为敏感，对资本支出和运营成本变化的敏感性最低。


Table 1.5 Sensitivity Analysis for After-Tax NPV
Parameter	After-Tax NPV 8% ($ million)
-20%	-15%	-10%	-5%	0%	5%	10%	15%	20%
Mined Grade	114	313	473	635	790	945	1100	1254	1409
Molybdenum Price	-302	-31	265	526	790	1061	1344	1641	1948
Operating Costs	1071	1001	931	862	790	719	649	573	502
Capital Costs	865	846	828	808	790	771	753	734	716

US$:CAD$ Exchange Rate	273	407	536	666	790	915	1038	1161	1284


表 1.5
税后 NPV 敏感性分析
参数	税后 NPV 8%（百万 $）
-20%	-15%	-10%	-5%	0%	5%	10%	15%	20%
开采品位	114	313	473	635	790	945	1100	1254	1409
钼价格	-302	-31	265	526	790	1061	1344	1641	1948
运营成本	1071	1001	931	862	790	719	649	573	502
资本成本	865	846	828	808	790	771	753	734	716

美元：加元汇率	273	407	536	666	790	915	1038	1161	1284


Table 1.6 Sensitivity Analysis for After-Tax IRR
Parameter	After-Tax IRR (%)
-20%	-15%	-10%	-5%	0%	5%	10%	15%	20%
Mined Grade	14	21	28	34	40	46	52	58	64
Molybdenum Price	-7	7	19	30	40	51	62	73	84
Operating Costs	52	49	46	43	40	37	35	31	28
Capital Costs	50	48	45	43	40	38	37	35	33

US$:CAD$ Exchange Rate	19	25	30	36	40	45	50	55	59


表 1.6
税后内部收益率敏感性分析
参数	税后内部收益率（%）
-20%	-15%	-10%	-5%	0%	5%	10%	15%	20%
开采品位	14	21	28	34	40	46	52	58	64
钼价格	-7	7	19	30	40	51	62	73	84
运营成本	52	49	46	43	40	37	35	31	28
资本成本	50	48	45	43	40	38	37	35	33

美元：加元汇率	19	25	30	36	40	45	50	55	59

Figure 1.1 Graph of Net Present Value (NPV) at 8% Discount Rate

图 1.1 8% 折现率下的净现值（NPV）图

To view an enhanced version of this graphic, please visit:

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Figure 1.2 Graph of IRR Sensitivity Analysis

图 1.2 内部收益率敏感性分析图

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POTENTIAL PROJECT ENHANCEMENTS

潜在项目改进

Preliminary assessment of shovel/excavator whole bucket ore and waste differentiation has been investigated. This would potentially facilitate better in-pit grade control and minimize waste rock sent to the processing plant for beneficiation. In-bucket sensors determine if a loaded bucket of material is ore or waste, for placing in the appropriate truck for transport to the primary crusher or waste storage areas.

对铲斗/挖掘机整斗矿石和废石的区分进行了初步评估。这可能有助于更好地进行矿坑内品位控制，并最小化送往加工厂进行选矿的废石。斗内传感器可以确定装载的物料是矿石还是废石，以便将其放置在适当的卡车上，运送到主要破碎机或废石储存区。

OPS technology, whereby rock exiting the primary crushers can be screened for an optimum size, should be further investigated. There is currently a 5-tonne representative sample of rock from the Endako pit undergoing testing at a reputable vendor and manufacturer of OPS equipment.

应进一步研究 OPS 技术，即从主要破碎机排出的岩石可以筛选出最佳尺寸。目前，Endako 矿坑有一份 5 吨的岩石代表样本正在一家知名的 OPS 设备供应商和制造商处进行测试。

RECOMMENDATIONS

建议

Based on this PEA, Endako Mine restart recommendations are:

基于本次初步经济评估，Endako 矿的重启建议如下：

Complete a Feasibility Study for mine restart using a mining and processing rate of approximately 75,000 tonnes per day (27 million tonnes per year) of potentially economic mineralization.
For the Feasibility Study, develop a new geology block model for use in resources estimation, using geological data owned by the joint venture company. A new model should be constructed using metric measures consistent with present Canadian practice and to avoid potential errors with conversions using a mix of Metric and Imperial measures.
Undertake diamond drilling on nearby known targets of potential resources to expand potentially mineable resources and increase the LOM.
Develop an updated or new detailed water management model which would include hydrology and tailings management facility leachate seepage data and forecasts.
Investigate the use of excavator/shovel bucket ore sensing technology and OPS technology for inclusion in the Feasibility Study.

完成一项可行性研究，以约 75,000 吨/天（每年 2700 万吨）的采矿和加工速率重启矿山。
在可行性研究中，开发一个新的地质块模型，用于资源估算，使用合资公司拥有的地质数据。新模型应使用与当前加拿大实践一致的公制单位，以避免使用公制和英制单位混合转换时可能出现的错误。
在附近已知的潜在资源目标上进行钻探，以扩大潜在可开采资源并增加矿山生命周期。
开发一个更新或新的详细水管理模型，包括水文和尾矿管理设施渗滤液渗漏数据和预测。
调查在可行性研究中纳入挖掘机/铲斗矿石传感技术和 OPS 技术的可能性。

Non-IFRS Financial Measures

非国际财务报告准则财务指标

The Company has included in this news release certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards as issued by the International Accounting Board ("IFRS"). These include Operating Costs, Cash Cost, AISC, Pre-Production Capital Expenditures, Sustaining Capital Expenditures, and Life of Mine Average Operating Costs. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures employed by other companies. The data presented are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-IFRS financial measures used in this news release and common to the mining industry are defined.

公司在本新闻稿中包含了一些在矿业行业常用的术语或绩效指标，这些术语并未根据国际会计准则理事会（"IFRS"）发布的国际财务报告准则进行定义。这些术语包括运营成本、现金成本、全生命周期成本、前期资本支出、维持资本支出和矿山平均运营成本。非 IFRS 指标在 IFRS 下没有任何标准化的定义，因此，它们可能无法与其他公司采用的类似指标进行比较。所提供的数据旨在提供额外信息，不应孤立考虑或作为根据 IFRS 编制的指标的替代品。新闻稿中使用的非 IFRS 财务指标及矿业行业常用的定义。

Operating Costs include mining, processing, general and administrative, concentrate transportation costs, treatment and refining charges, etc.

运营成本包括采矿、加工、一般和行政费用、浓缩物运输成本、处理和精炼费用等。

Cash costs include on-site mining costs plus on-site G&A, royalties/production taxes and permitting/community costs related to current operations.

现金成本包括现场采矿成本加上现场的一般和行政费用、特许权使用费/生产税以及与当前运营相关的许可/社区成本。

AISC includes total cash costs plus reclamation costs, exploration and study costs, sustaining capital exploration/development and sustaining capital expenditure.

全生命周期成本包括总现金成本加上恢复成本、勘探和研究成本、维持资本勘探/开发和维持资本支出。

Technical Report & Qualified Persons

技术报告及合格人员

A Technical Report in respect of the PEA (the "Technical Report") prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (" NI 43-101") will be filed on SEDAR+ under the Company's issuer profile within 45 days of the date of this news release. Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the mineral resource estimate and the PEA. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

根据国家仪器 43-101 矿产项目披露标准（"NI 43-101"）编制的关于初步经济评估（"技术报告"）将在本新闻稿发布后 45 天内在 SEDAR+ 上提交至公司的发行人档案。鼓励读者完整阅读技术报告，包括与矿产资源估算和初步经济评估相关的所有资格、假设和排除条款。技术报告应作为一个整体阅读，部分内容不应脱离上下文进行阅读或依赖。

Qualified Persons

合格人员

The scientific and technical content of this news release was reviewed, verified, and approved by Mr. Brian LeBlanc, P. Eng., President of AMPL, an independent "qualified person" as defined by NI 43-101 ( "QP"). Mr. LeBlanc is the QP responsible for the scientific and technical information contained in this news release.

本新闻稿的科学和技术内容由 AMPL 的总裁、工程师 Brian LeBlanc 先生审核、验证并批准，他是根据 NI 43-101 定义的独立"合格人员"（"QP"）。LeBlanc 先生是本新闻稿中包含的科学和技术信息的合格人员。

About Moon River

关于 Moon River

Moon River is a Canadian-based resource company focused on the acquisition, exploration and development of mineral projects. Moon River is focused on the development of the Davidson Property which hosts a large molybdenum-copper-tungsten deposit and is located near Smithers, British Columbia. The Company also holds 25% of one of the largest molybdenum mines in North America, the Endako Mine Complex also located in British Columbia.

Moon River 是一家总部位于加拿大的资源公司，专注于矿产项目的收购、勘探和开发。Moon River 专注于开发大卫森物业，该物业拥有一个大型钼 - 铜-钨矿床，位于不列颠哥伦比亚省的史密瑟斯附近。公司还持有北美最大的钼矿之一——恩达科矿区的 25% 股份，该矿区同样位于不列颠哥伦比亚省。

For further information please contact:

如需更多信息，请联系：

Paul Parisotto, President, Chief Executive Officer and Director, at (416) 800-1753 or info@moonrivermoly.com.

Paul Parisotto，总裁、首席执行官兼董事，电话：(416) 800-1753 或 info@moonrivermoly.com。

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

无论是 TSXV 还是其监管服务提供者（该术语在 TSXV 政策中有定义）均不对本发布的充分性或准确性承担责任。

Forward-looking Statements:

前瞻性声明：

This press release contains forward-looking statements and forward-looking information (collectively, " forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects", "plans" and similar expressions, which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward-looking statements concerning metal price assumptions, cash flow forecasts, projected capital and operating costs, metal recoveries, mine life, production rates, infrastructure, permitting, potential enhancements to the Project, that OPS will be incorporated into future plans and will prove beneficial, and future plans and other assumptions to be set out in the Technical Report in respect of the PEA. These forward-looking statements reflect the current views of the Company, represent the expectations of the Company as of the date of this news release, and are based on certain assumptions that the Company and its consultants have made in preparing the PEA and Technical Report that will be filed in respect thereto within 45 days of this news release. There can be no assurance that the results of the PEA particularly the expected Project returns will be achieved or that the Mineral Resources that are not Mineral Reserves will be economically viability. Readers are encouraged to read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the Mineral Resources. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

本新闻稿包含前瞻性声明和前瞻性信息（统称为"前瞻性声明"），符合适用证券法的定义。本新闻稿中包含的任何非历史事实的声明可能被视为前瞻性声明。前瞻性声明通常通过"可能"、"应该"、"预期"、"将"、"估计"、"相信"、"打算"、"期望"、"计划"及类似表达来识别，旨在识别前瞻性声明。更具体地说，本新闻稿包含关于金属价格假设、现金流预测、预计资本和运营成本、金属回收率、矿山寿命、生产率、基础设施、许可、项目潜在改进、OPS 将纳入未来计划并将证明有益，以及将在技术报告中列出的未来计划和其他假设的前瞻性声明。这些前瞻性声明反映了公司当前的观点，代表了公司在本新闻稿发布之日的期望，并基于公司及其顾问在准备初步经济评估和技术报告时所做的某些假设，这些报告将在本新闻稿发布后 45 天内提交。无法保证初步经济评估的结果，特别是预期的项目回报将会实现，或未被视为矿产储量的矿产资源将具有经济可行性。鼓励读者完整阅读技术报告，包括与矿产资源相关的所有资格、假设和排除条款。技术报告应作为一个整体阅读，部分内容不应脱离上下文进行阅读或依赖。

Although the Company believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including risks detailed in the PEA and continuous disclosure including the Technical Report , which are or will be available on SEDAR+ at www.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this press release.

尽管公司相信截至目前这些前瞻性声明中反映的期望、重要因素和假设是合理的，但无法保证这些期望、因素和假设将被证明是正确的。这些前瞻性声明并不保证未来的表现，并且受到许多已知和未知的风险和不确定性的影响，包括在初步经济评估和持续披露中详细说明的风险，包括技术报告，这些信息将在 www.sedarplus.ca 上的 SEDAR+ 上提供。因此，读者不应对本新闻稿中包含的前瞻性声明过度依赖。

These risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected in the PEA and the Technical Report in respect thereof. The forward-looking statements contained in this press release speak only as of the date of this press release.

这些风险因素不应被视为详尽无遗。读者需注意，事件或情况可能导致结果与 PEA 及其相关技术报告中预测、预期或预计的结果有实质性差异。本新闻稿中包含的前瞻性声明仅在本新闻稿发布之日有效。

These forward-looking statements reflect the current views of the Company, represent the expectations of the Company as of the date of this press release, and are based on certain assumptions that the Company has made in respect thereof as at the date of this press release.

这些前瞻性声明反映了公司当前的观点，代表了公司在本新闻稿发布之日的期望，并基于公司在本新闻稿发布之日所做的某些假设。

The forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including risks detailed in the Company's continuous disclosure, which are available on SEDAR+ at www.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this press release.

前瞻性声明并不保证未来的表现，并且受到已知和未知的风险和不确定性的影响，包括公司持续披露中详细列出的风险，这些信息可在 SEDAR+ 网站 www.sedarplus.ca 上获取。因此，读者不应对本新闻稿中包含的前瞻性声明过度依赖。

The Company does not undertake any obligation to publicly update or revise any forward-looking statements or information, except as required by applicable laws. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

除非法律要求，公司不承担公开更新或修订任何前瞻性声明或信息的义务。本文件中包含的前瞻性声明明确受到此警示声明的限制。

Moon River Moly Ltd.宣布对其持有 25% 股份的 Endako 钼矿的潜在重启进行初步经济评估