Ms. Meredith Eades reports

ERANOVA METALS ADVANCES ADANAC MOLYBDENUM PROJECT TOWARD PEA

Eranova Metals Inc. has made the decision to advance its 100-per-cent-owned Adanac molybdenum project toward a National Instrument 43-101-compliant preliminary economic assessment (PEA), following the completion of an internal desktop-level assessment by Tetra Tech that supported advancement of the project based on the mineral resource and mine plan prepared for Adanac Molybdenum Corp. in 2006. The assessment was completed using conservative, legacy inputs and did not incorporate the company's updated 2022 mineral resource estimate, which will be formally integrated for the first time as part of the PEA.

"We do not advance projects toward a PEA lightly," said Meredith Eades, president and chief executive officer of Eranova. "The conceptual work completed by Tetra Tech gave us the confidence to invest in the next stage of technical and economic studies. The Adanac molybdenum project is a large, well-defined molybdenum system with extensive historical work behind it, and the fact that this assessment supported further advancement using conservative, legacy inputs underscores the strength of the project and we believe it has the potential to deliver robust economics. Moving toward a PEA reflects both the scale of the opportunity and our commitment to disciplined, methodical project development."

The internal desktop-level assessment evaluated high-level development scenarios and indicative project parameters using the 2006 mineral resource and mine plan, updated to reflect modern cost structures, throughput assumptions and long-term molybdenum pricing. This work formed part of a staged evaluation process designed to determine whether advancing the project to a formal PEA was technically and economically justified.

The company expects to commence PEA work in the near term, with completion anticipated within approximately three months, subject to standard technical review and reporting timelines.

About the Adanac molybdenum project

The Adanac molybdenum deposit hosts a measured and indicated, pit-constrained mineral resource totalling approximately 433 million pounds of molybdenum at a 0.02-per-cent cut-off grade.

Qualified person

Nicholas Clive Aspinall, MSc, PEng, is a consulting geologist to Eranova and is a "qualified person" as defined by National Instrument 43-101. Mr. Aspinall has verified the data disclosed in this press release, including the sampling, analytical and test data underlying the technical information, and has approved the technical information contained herein.

About Eranova Metals Inc.

Eranova Metals is a Canadian mineral exploration company focused on advancing precious and base metal projects across western Canada. The company's flagship asset is the Ruby Creek property, a 29,700-hectare land package near Atlin, B.C., that hosts both the Adanac molybdenum project, a development-stage deposit with historic feasibility, and the Atlin Discovery project, an emerging pipeline of high-grade gold, silver, copper and tungsten zones.

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