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

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

HIGHLIGHTS:

要點：

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.

税前淨現值（"NPV"）為 11 億美元，內部收益率（"IRR"）為 46%，税後 NPV 為 7.9 億美元，IRR 為 40%，假設折現率為 8% 且長期鉬（"Mo"）價格為每千克 49.73 美元（每磅 22.50 美元）；
基於每日 75,000 噸的礦石處理量，礦山壽命為 10 年，年處理量為 2730 萬噸；
初始資本成本為 5.509 億美元，其中包括 8370 萬美元的應急費用；
年均生產量為 930 萬千克或 2050 萬磅鉬；
平均現金成本為每千克 25.60 美元或每磅 11.61 美元，全面維持成本（"AISC"）為每千克 29.85 美元或每磅 13.54 美元；
露天礦山，現場設有浮選加工設施；
測量和指示礦產資源為 3.357 億噸，品位為 0.072% MoS2（0.043% Mo）（見表 1.1）；
回收期為 2.2 年；
礦山生命週期內的直接收入和採礦税超過 6.09 億美元；
通過使用礦石桶分揀技術和礦石顆粒分揀（"OPS"）技術，項目有潛在的提升。

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

所有金額均以加元表示，除非另有説明。

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").

安大略省多倫多 --（Newsfile Corp. -2025年11月21日）- Moon River Moly Ltd. (TSXV: MOO)（"Moon River" 或 "公司"）很高興地宣佈對位於不列顛哥倫比亞省的 Endako 礦區（"Endako Mine"）進行的初步經濟評估（"PEA"） 的結果，該礦目前處於保養和維護狀態，包括一個露天鉬礦、濃縮廠和焙燒爐，距離不列顛哥倫比亞省的喬治王子約 190 公里。該 PEA 評估了 Endako 礦的潛在重啓運營（"項目"）。

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."

公司總裁兼首席執行官 Paul Parisotto 表示：“我們對 PEA 的積極結果感到非常高興，因為這為快速推進重啓 Endako 礦的必要工作提供了非常有説服力的案例。”

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."

董事長 Ian McDonald 評論道：“我與該項目的參與始於二十年前，我堅信重啓 Endako 礦生產的時機已經到來。令人信服且穩健的經濟數據，加上在一個對採礦友好的省份的頂級管轄區，表明 Endako 礦可以重新奪回加拿大最大的鉬生產商的地位。”

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.

該 PEA 由 A-Z Mining Professionals Ltd.（"AMPL"）編制，考慮到重啓露天採礦，潛在經濟礦化將在現有的現場加工設施中進行處理。露天礦將每年生產約 2600 萬至 2700 萬噸的潛在經濟鉬（"Mo"）礦化。礦石（"ROM"）潛在經濟礦化將被破碎，在新廠（如下所定義）中的 SAG 磨機中研磨，並在新廠和舊廠的球磨機中進一步研磨，隨後通過浮選生產鉬濃縮物。最終的礦山生命週期（"LOM"）為 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 礦是一個曾經生產的礦山，現有的露天礦坑已被淹沒，原有的停用加工設施（"舊廠"）的處理能力約為每日 30,000 噸，自 2015 年以來，較大的 52,000 噸每日處理設施處於保養和維護狀態（"新廠"），並且所有支持基礎設施和設施均已到位（也處於保養和維護狀態）。兩個加工設施均採用浮選回收法生產鉬濃縮物。

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 礦位於不列顛哥倫比亞省中部的 Bulkley-Nechako 地區，距離喬治王子約 190 公里（km）西，距離不列顛哥倫比亞省的魯珀特王子約 400 公里。最近的城鎮是弗雷澤湖，距離 Endako 礦約 15 公里，位於 16 號公路（黃頭公路）以南約 10 公里的鋪裝道路上。

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 完成了間接收購 Sojitz Corporation（"Sojitz"）持有的 Endako 礦 25% 的股份，Sojitz 是一家日本跨國公司。Endako 礦由 Moon River（25%）和 Centerra Gold Inc.（"Centerra"）（75%）共同擁有，並通過合資公司運營。雖然 Centerra 知道該 PEA 是為 Moon River 準備的，但它既沒有參與也沒有認可這項工作。

PROJECT RESTART PLAN

項目重啓計劃

The restart mining plan comprises:

重啓採礦計劃包括：

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

採礦測量和指示的潛在經濟礦化，主要位於現有 Endako 和 Denak 露天礦的牆壁和底部。

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.

重新建造過去運營中使用的現有爆破孔鑽機和繩索鏟，並租賃主要採礦設備，購買小型支持設備。

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

將現有的主要破碎機和第二台新破碎機搬遷到新最終露天礦的邊界之外。

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，以便在新廠和舊廠的球磨機之間分配礦石進料，併為新廠增加額外的粗選浮選能力，以滿足計劃的更高處理量。

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.

翻新舊廠的一部分磨礦迴路，以提供額外的每日 20,000 - 25,000 噸的磨礦能力，並將該磨礦迴路連接到新廠的浮選迴路。

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

翻新主要設備，並根據需要翻新或更換加工廠的小型設備組件。

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

建設新的濃縮物脱水和乾燥迴路及建築物。

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.

建設尾礦砂廠，以生產旋流尾礦，以便提高尾礦壩的高度和儲存能力，以滿足重啓礦山計劃。

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

根據需要翻新和/或升級現場基礎設施建築、設施和服務。

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.

建設一個水處理廠（"WTP"），以處理所有接觸水（來自礦區擾動區域的水），這些水在採礦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.

重新配置和安裝水管道，以儲存和排除水（來自礦區擾動區域的水），這些水在採礦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.

從 TP-1 到 WTP 的水管道建設，以及從 WTP 到環境排放位置（位於恩達科河）的水管道建設。

Sale of molybdenum concentrate to domestic and international smelters.

向國內和國際冶煉廠銷售鉬精礦。

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

採礦將採用露天開採技術，使用常規的輪胎橡膠、柴油動力移動設備、軌道鑽機和繩鏟。

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.

預計可開採的礦石資源年產量約為 2600 萬至 2700 萬噸。礦山計劃優先在前 10 年內開採露天礦中的高品位礦石。可開採礦石的剝離比為每開採 1 噸礦石產生 0.68 噸廢石，具有良好的經濟性。

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

礦山計劃基於優化的礦坑外形，採礦回收率和稀釋率分別為 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.

採礦將以每週 7 天、每天 24 小時的方式進行。採礦設備將是租賃和自有設備的組合。

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.

從露天礦優化中獲得的可開採資源用於制定礦山計劃，該計劃將在稀釋和採礦損失後提取 2.73 億噸，平均品位為 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.

從潛在經濟礦化中回收鉬精礦將通過翻新現有的加工廠設施實現。需要增加新的加工設備用於精礦浸出、脱水和乾燥。加工廠的處理能力為每天 75,000 噸或每年 2700 萬噸。

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.

現有的坑內初級破碎機和靠近新廠的新二級破碎機將處理潛在經濟的原礦礦化。破碎後的潛在經濟礦化將在新廠的 SAG 磨中研磨，然後在新廠和舊廠的球磨機中進一步研磨。

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.

來自舊廠和新廠的研磨產品將在新廠浮選迴路的開始處合併。精礦將通過粗選/清掃浮選、初級精礦再磨、第一次清選/清掃浮選、二級精礦再磨、二級清選浮選和最終精礦濃縮來生產。

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).

最終精礦的浸出和產品的脱水與乾燥將在新建的設施中進行，該設施將建立在現有超純廠的基礎上（將被拆除）。

The forecast average processing plant molybdenum recovery is 75.7%.

預計加工廠的鉬回收率為 75.7%。

INFRASTRUCTURE

基礎設施

Existing infrastructure includes:

現有基礎設施包括：

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.

進場道路，BC 電網 - 現場供電，附近鐵路和淡水供應網絡；
初級破碎廠；（將被搬遷）；
一座新的加工廠，能夠處理 52,000 噸/天；
一座舊的退役加工廠，能夠處理 30,000 噸/天；
擁有兩個處置區域 TP-1 和 TP-3 的尾礦管理設施；
回收水池；
行政、倉庫、更衣室、實驗室、礦山商店和建築物；以及
一處回收的尾礦處置區域 TP-2；以及
兩個非運營的焙燒爐。

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.

除了現有的焙燒爐將保持非運營外，所有設施的翻新和升級是必要的，並已包含在重啓計劃和成本估算中。

MANPOWER

人力資源

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

該操作將僱傭大約 500 名小時工和員工。

ENVIRONMENT AND PERMITTING

環境與許可

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.

恩達科礦符合其作為維護狀態操作所需的所有許可證。重啓採礦操作將需要重新激活和更新所有必要的水和操作許可證。此外，在生產之前，還需要對現有的尾礦管理設施許可證進行修訂。這將允許分類尾礦的放置，以增加大壩高度，以容納可開採礦石的尾礦處置。預計重啓採礦操作所需的許可證將作為常規程序獲得。

PROJECT SCHEDULE

項目進度

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.

恩達科礦的重啓進度需要從重啓批准到生產開始大約 1.5 到 2 年的時間。在第一年，將完成露天採礦、加工廠重新配置和升級、支持設施翻新和升級、承包商和供應商主要合同的準備和授予的詳細工程設計。建設和啓動調試將需要額外的一年。

MINERAL RESOURCE

礦產資源

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.

用於生成資源計算的數據已由 F. Bakker P.Geo 審查和批准。這包括作者在 2025 年 4 月和 2025 年 9 月的兩次現場訪問。採樣方法、質量控制程序和數據庫進行了檢查。由於數據庫包含約 360,000 個單獨的分析和超過 290,000 個鑽孔（反循環、鑽石鑽孔和爆破孔），由於數據量龐大以及許多鑽孔不再存在，因此無法驗證整個數據集。通過與恩達科的書面報告、提交的評估報告和月末報表以及之前作者進行的工作進行比較，驗證了分析數據。作者認為數據的準確性足以用於礦產資源聲明。

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.

礦產資源的計算採用了商業 3D 區塊建模軟件（HxGN Mine Plantm 3D）。該模型基於地質統計學、巖性、約 0.01% MoS2 的品位限制設計以及現有礦坑壁和潛在新礦坑壁限制構建了地質域。該資源模型用於確定礦產資源估算，並進行露天礦優化，以利用潛在可開採資源制定礦山生產計劃。

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

礦產資源的有效日期為即將發佈的 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.

作者未意識到任何已知的法律、政治、環境或其他風險，這些風險可能會對礦產資源或礦產儲量的潛在開發產生實質性影響，因為這是一個現有的運營礦山。

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 礦在不同品位限制下的礦產資源估算。推測礦產資源未包含在 PEA 經濟分析中。

Table 1.1 Mineral Resources

表 1.1 礦產資源


			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


			已測量
資源		指示
資源		已測量和指示		推測
資源
區域			噸數	%MoS2	噸數	%MoS2	噸數	%MoS2	噸數	%MoS2
總計	">="	0.010	237,413,000	0.0468	435,641,000	0.049	673,054,000	0.048	164,564,000	0.038
總計	">="	0.015	206,183,000	0.0522	409,652,000	0.052	615,835,000	0.052	144,091,000	0.037
總計	">="	0.020	183,642,000	0.0565	382,707,000	0.054	566,349,000	0.055	128,689,000	0.040
總計	">="	0.025	157,962,000	0.0621	347,564,000	0.057	505,526,000	0.059	112,503,000	0.043
總計	">="	0.030	138,289,000	0.0671	311,767,000	0.061	450,056,000	0.063	93,871,000	0.046
總計	">="	0.035	117,593,000	0.0733	271,696,000	0.065	389,289,000	0.067	76,928,000	0.050
總計	**">="	0.040	100,673,000	0.0794	234,981,000	0.069	335,654,000	0.072	60,127,000	0.054
總計	">="	0.045	85,723,000	0.0860	187,826,000	0.074	273,549,000	0.078	45,770,000	0.060
總計	">="	0.050	73,121,000	0.0927	158,985,000	0.079	232,106,000	0.084	34,961,000	0.066
總計	">="	0.055	62,662,000	0.0996	132,436,000	0.085	195,098,000	0.090	27,753,000	0.072
總計	">="	0.060	54,246,000	0.1061	112,264,000	0.090	166,510,000	0.095	22,864,000	0.077
總計	">="	0.065	46,871,000	0.1131	93,091,000	0.096	139,962,000	0.102	18,903,000	0.083
總計	">="	0.070	40,936,000	0.1198	78,354,000	0.101	119,290,000	0.108	15,875,000	0.087
總計	">="	0.075	35,776,000	0.1267	64,680,000	0.107	100,456,000	0.114	13,276,000	0.092
總計	">="	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（不包括推測資源），突出顯示的資源是長期潛在經濟可開採的礦化。這一品位限制用於確定礦山計劃，反映出每年約 2700 萬噸的開採和加工率，整體生命週期運營成本為 11.84 美元。選擇 0.040% MoS2 的品位限制是因為其原位價值為每噸 12.14 美元，略高於生命週期開採成本。（品位/100 x 2204 磅/噸 x 轉換為 Mo（0.599%）x 磨礦回收率（75.7%）x 22.5 美元（價格/磅）x 1.35（美元匯率）= 12.14 美元/噸）。

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

Endako 礦沒有礦產儲量。未被視為礦產儲量的礦產資源沒有證明的經濟可行性。

CAPITAL EXPENDITURES

資本支出

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.

項目基本案例的前期資本支出預計總計為 4.937 億美金。總資本支出包括 20% 至 30% 的應急費用。資本支出的詳細分解見下表 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
前期資本支出 - 估算
組成部分	總支出
（百萬美元）
礦山	35.1
設備租賃押金和採購	23.3
加工廠	89.2

尾礦管理設施	150.1
地面基礎設施	13.2
非礦移動設備	5.0
水管理	31.5

水處理	52.7
所有者成本	10.0

應急費用	83.7

總計	$ 493.7

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

除了資本支出外，基於 3 個月的運營成本，預計流動資金為 5720 萬美元。

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.

預計生命週期維持資本需求為 320 萬美元。這包括對加工廠和地面基礎設施的升級。礦山設備將以租賃方式擁有，生命週期內的尾礦管理設施大壩加高費用已包含在運營成本中，因為尾礦將用於提高大壩高度，作為尾礦設施管理計劃的一部分。

OPERATING COSTS

運營成本

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.

預計基本案例的總平均運營成本（不包括冶煉和精煉）約為每噸潛在可開採資源 11.84 美元，或相當於（匯率為 CAD$: US$ =1.35）每磅鉬 11.61 美元。下表 1.3 展示了每個部門在每噸潛在可開採資源基礎上的生命週期平均運營成本的總結。


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
項目運營成本匯總
組成部分	成本/噸
（$）
採礦	$5.45
加工和尾礦	$5.53
地表部門、環境和管理費用	$0.86

每噸總運營成本	$11.84

每磅鉬的總運營成本	US$11.61

FINANCIAL RESULTS

財務結果

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.

潛在可開採資源的財務回報（表 1.4）基於預期參數和成本，鉬的長期三年移動平均價格為每千克 US$49.73（每磅 US$22.50），匯率為 CAD$ 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.).

預計 Endako 礦每年將生產約 930 萬千克（2050 萬磅）的鉬金屬濃縮物。礦山生命週期內鉬金屬濃縮物的總生產量為 9330 萬千克（2052 萬磅）。


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
基本案例財務回報
	税前	税後
生產前資本支出（百萬 $）	$493.7	$493.7

未折現淨收入（百萬 $）	$5,854	$5,854
未折現總現金流（百萬 $）	$2,087	$1,478

NPV（5%）- 百萬	$1,405	$996
NPV（8%）- 百萬	$1,116	$790

內部收益率	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.

對鉬價格、資本支出、運營成本、開採品位和匯率進行了敏感性分析，範圍達到 ±20%。該項目對金屬價格的變化敏感，對其他變量的變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.

敏感性分析結果見表 1.5 和 1.6 以及圖 1.1 和 1.2。財務結果對品位、匯率和鉬價格變化最為敏感，對資本支出和運營成本變化的敏感性最低。


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
税後 NPV 敏感性分析
參數	税後 NPV 8%（百萬 $）
-20%	-15%	-10%	-5%	0%	5%	10%	15%	20%
開採品位	114	313	473	635	790	945	1100	1254	1409
鉬價格	-302	-31	265	526	790	1061	1344	1641	1948
運營成本	1071	1001	931	862	790	719	649	573	502
資本成本	865	846	828	808	790	771	753	734	716

美元：加元匯率	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
税後內部收益率敏感性分析
參數	税後內部收益率（%）
-20%	-15%	-10%	-5%	0%	5%	10%	15%	20%
開採品位	14	21	28	34	40	46	52	58	64
鉬價格	-7	7	19	30	40	51	62	73	84
運營成本	52	49	46	43	40	37	35	31	28
資本成本	50	48	45	43	40	38	37	35	33

美元：加元匯率	19	25	30	36	40	45	50	55	59

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

圖 1.1 8% 折現率下的淨現值（NPV）圖

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

要查看此圖形的增強版本，請訪問：

https://images.newsfilecorp.com/files/7009/275365_figure1.1.jpg

Figure 1.2 Graph of IRR Sensitivity Analysis

圖 1.2 內部收益率敏感性分析圖

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

要查看此圖形的增強版本，請訪問：

https://images.newsfilecorp.com/files/7009/275365_figure1.2.jpg

POTENTIAL PROJECT ENHANCEMENTS

潛在項目改進

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.

對剷鬥/挖掘機整鬥礦石和廢石的區分進行了初步評估。這可能有助於更好地進行礦坑內品位控制，並最小化送往加工廠進行選礦的廢石。鬥內傳感器可以確定裝載的物料是礦石還是廢石，以便將其放置在適當的卡車上，運送到主要破碎機或廢石儲存區。

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.

應進一步研究 OPS 技術，即從主要破碎機排出的岩石可以篩選出最佳尺寸。目前，Endako 礦坑有一份 5 噸的岩石代表樣本正在一家知名的 OPS 設備供應商和製造商處進行測試。

RECOMMENDATIONS

建議

Based on this PEA, Endako Mine restart recommendations are:

基於本次初步經濟評估，Endako 礦的重啓建議如下：

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.

完成一項可行性研究，以約 75,000 噸/天（每年 2700 萬噸）的採礦和加工速率重啓礦山。
在可行性研究中，開發一個新的地質塊模型，用於資源估算，使用合資公司擁有的地質數據。新模型應使用與當前加拿大實踐一致的公制單位，以避免使用公制和英制單位混合轉換時可能出現的錯誤。
在附近已知的潛在資源目標上進行鑽探，以擴大潛在可開採資源並增加礦山生命週期。
開發一個更新或新的詳細水管理模型，包括水文和尾礦管理設施滲濾液滲漏數據和預測。
調查在可行性研究中納入挖掘機/剷鬥礦石傳感技術和 OPS 技術的可能性。

Non-IFRS Financial Measures

非國際財務報告準則財務指標

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.

公司在本新聞稿中包含了一些在礦業行業常用的術語或績效指標，這些術語並未根據國際會計準則理事會（"IFRS"）發佈的國際財務報告準則進行定義。這些術語包括運營成本、現金成本、全生命週期成本、前期資本支出、維持資本支出和礦山平均運營成本。非 IFRS 指標在 IFRS 下沒有任何標準化的定義，因此，它們可能無法與其他公司採用的類似指標進行比較。所提供的數據旨在提供額外信息，不應孤立考慮或作為根據 IFRS 編制的指標的替代品。新聞稿中使用的非 IFRS 財務指標及礦業行業常用的定義。

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

運營成本包括採礦、加工、一般和行政費用、濃縮物運輸成本、處理和精煉費用等。

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

現金成本包括現場採礦成本加上現場的一般和行政費用、特許權使用費/生產税以及與當前運營相關的許可/社區成本。

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

全生命週期成本包括總現金成本加上恢復成本、勘探和研究成本、維持資本勘探/開發和維持資本支出。

Technical Report & Qualified Persons

技術報告及合格人員

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.

根據國家儀器 43-101 礦產項目披露標準（"NI 43-101"）編制的關於初步經濟評估（"技術報告"）將在本新聞稿發佈後 45 天內在 SEDAR+ 上提交至公司的發行人檔案。鼓勵讀者完整閲讀技術報告，包括與礦產資源估算和初步經濟評估相關的所有資格、假設和排除條款。技術報告應作為一個整體閲讀，部分內容不應脱離上下文進行閲讀或依賴。

Qualified Persons

合格人員

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.

本新聞稿的科學和技術內容由 AMPL 的總裁、工程師 Brian LeBlanc 先生審核、驗證並批准，他是根據 NI 43-101 定義的獨立"合格人員"（"QP"）。LeBlanc 先生是本新聞稿中包含的科學和技術信息的合格人員。

About Moon River

關於 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 是一家總部位於加拿大的資源公司，專注於礦產項目的收購、勘探和開發。Moon River 專注於開發大衞森物業，該物業擁有一個大型鉬 - 銅-鎢礦牀，位於不列顛哥倫比亞省的史密瑟斯附近。公司還持有北美最大的鉬礦之一——恩達科礦區的 25% 股份，該礦區同樣位於不列顛哥倫比亞省。

For further information please contact:

如需更多信息，請聯繫：

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

Paul Parisotto，總裁、首席執行官兼董事，電話：(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.

無論是 TSXV 還是其監管服務提供者（該術語在 TSXV 政策中有定義）均不對本發佈的充分性或準確性承擔責任。

Forward-looking Statements:

前瞻性聲明：

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.

本新聞稿包含前瞻性聲明和前瞻性信息（統稱為"前瞻性聲明"），符合適用證券法的定義。本新聞稿中包含的任何非歷史事實的聲明可能被視為前瞻性聲明。前瞻性聲明通常通過"可能"、"應該"、"預期"、"將"、"估計"、"相信"、"打算"、"期望"、"計劃"及類似表達來識別，旨在識別前瞻性聲明。更具體地説，本新聞稿包含關於金屬價格假設、現金流預測、預計資本和運營成本、金屬回收率、礦山壽命、生產率、基礎設施、許可、項目潛在改進、OPS 將納入未來計劃並將證明有益，以及將在技術報告中列出的未來計劃和其他假設的前瞻性聲明。這些前瞻性聲明反映了公司當前的觀點，代表了公司在本新聞稿發佈之日的期望，並基於公司及其顧問在準備初步經濟評估和技術報告時所做的某些假設，這些報告將在本新聞稿發佈後 45 天內提交。無法保證初步經濟評估的結果，特別是預期的項目回報將會實現，或未被視為礦產儲量的礦產資源將具有經濟可行性。鼓勵讀者完整閲讀技術報告，包括與礦產資源相關的所有資格、假設和排除條款。技術報告應作為一個整體閲讀，部分內容不應脱離上下文進行閲讀或依賴。

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.

儘管公司相信截至目前這些前瞻性聲明中反映的期望、重要因素和假設是合理的，但無法保證這些期望、因素和假設將被證明是正確的。這些前瞻性聲明並不保證未來的表現，並且受到許多已知和未知的風險和不確定性的影響，包括在初步經濟評估和持續披露中詳細説明的風險，包括技術報告，這些信息將在 www.sedarplus.ca 上的 SEDAR+ 上提供。因此，讀者不應對本新聞稿中包含的前瞻性聲明過度依賴。

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.

這些風險因素不應被視為詳盡無遺。讀者需注意，事件或情況可能導致結果與 PEA 及其相關技術報告中預測、預期或預計的結果有實質性差異。本新聞稿中包含的前瞻性聲明僅在本新聞稿發佈之日有效。

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.

這些前瞻性聲明反映了公司當前的觀點，代表了公司在本新聞稿發佈之日的期望，並基於公司在本新聞稿發佈之日所做的某些假設。

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.

前瞻性聲明並不保證未來的表現，並且受到已知和未知的風險和不確定性的影響，包括公司持續披露中詳細列出的風險，這些信息可在 SEDAR+ 網站 www.sedarplus.ca 上獲取。因此，讀者不應對本新聞稿中包含的前瞻性聲明過度依賴。

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，公司不承擔公開更新或修訂任何前瞻性聲明或信息的義務。本文件中包含的前瞻性聲明明確受到此警示聲明的限制。

Moon River Moly Ltd.宣佈對其持有 25% 股份的 Endako 鉬礦的潛在重啓進行初步經濟評估