Vancouver, British Columbia--(Newsfile Corp. - February 9, 2026) - EraNova Metals Inc. (TSXV: NOVA) (OTCQB: STXPF) ("EraNova" or the "Company") is pleased to announce the results of a recent re-evaluation of existing multi-element assay data from the Company's 100%-owned Adanac Molybdenum Project, which has identified elevated rare earth element concentrations associated with the molybdenum system, including calculated total rare earth oxide ("TREO") values of up to 1087ppm, across 9,062 samples from 89 drill holes based on 3m sample intervals from drilling within the molybdenum resource area. The re-evaluation was completed using historical assay data originally collected for molybdenum exploration and reflects a renewed focus on rare earth elements in light of growing market and strategic interest.

The Company's decision to advance Adanac toward a National Instrument 43-101 ("NI 43-101") compliant Preliminary Economic Assessment ("PEA") reflects growing confidence in the scale and development potential of the molybdenum deposit. The identification of rare earth elements within the existing dataset further reinforces this confidence, highlighting additional value that may be evaluated alongside a development pathway the Company already feels positive about.

"These results reinforce our view that the Ruby Creek Property is a large, multi-commodity system with meaningful optionality beyond molybdenum," said Meredith Eades, President and CEO of EraNova. "As we move the Adanac Molybdenum Project toward a NI 43-101 compliant PEA, it is encouraging to see additional elements that have the potential to add value to a development story we already feel positive about. While the Adanac molybdenum deposit provides a clear and well-defined development pathway, we believe the presence of rare earth elements warrants further evaluation as part of the project's broader technical and economic assessment."

The re-evaluation involved a review of historical multi-element assay data collected as part of prior drilling and technical programs, with a specific focus on rare earth element content in light of increased market and strategic interest in rare earth elements. While earlier work was primarily designed to evaluate molybdenum mineralization, the available dataset—comprising 9,062 samples of 3m intervals from 89 drill holes—provides meaningful insight into the presence and distribution of both light and heavy rare earth elements within the Adanac system. Calculated total rare earth oxide values were derived through standard oxide conversions applied to elemental assay data and have not yet been validated through targeted re-assaying or dedicated mineralogical studies.

Table 1. 

Analytical and Methodology Notes

Reported results represent individual sample intervals and should not be interpreted as representative of average grades or as evidence of economic mineralization.

QA/QC

The majority of drilling reported herein (88 of 89 drill holes) forms part of the resource drilling that underpins the 2022 Mineral Resource Estimate (see 2022 Technical Report).¹  QA/QC protocols and analytical procedures for this drilling are summarized in the 2022 Technical Report. All analyses were conducted at accredited laboratories and incorporated both internal laboratory QA/QC procedures and additional QA/QC samples submitted by the Company.

One additional drill hole was sampled and analyzed outside of the 2022 resource program. Core was split on site and sampled at 3.0 m intervals, with the exception of two sub-intervals from 301.00–301.25 m (TREO 414 ppm) and 301.25–304.00 m (TREO 384 ppm). Core was tagged, secured, and hand-delivered to the Bureau Veritas sample preparation facility in Whitehorse, Yukon. Certified reference standards were inserted at a frequency of one per ten samples.

Samples were crushed, and pulps were forwarded to the Bureau Veritas laboratory in Vancouver for analysis. All samples were analyzed using four-acid digestion with ultratrace ICP-MS for 59 elements, and fire assay for gold. Over-limit copper, lead, zinc, and silver samples were re-analyzed using multi-acid digestion and ICP-ES (MA370). Over-limit tungsten samples were analyzed by lithium borate fusion XRF (XF750). Silver samples exceeding 1,500 g/t were additionally analyzed by fire assay (FA530), and lead samples exceeding 10% were analyzed by titration (GC817). All analytical results passed laboratory QA/QC screening.

Next Steps

The Company is advancing additional mineralogical and petrographic studies to better understand the mineral species hosting the rare earth elements and their spatial relationship to the molybdenum mineralization. This work will support an evaluation of potential recovery pathways and assess whether rare earth elements could be recovered as a by-product in future development scenarios at Adanac. Results from this work will inform the scope of further technical studies as the Company continues to advance the project toward formal economic evaluation.

Investor Relations Engagement

EraNova also announces that it has entered into an investor relations agreement (the "IR Agreement") with TB Investor Relations ("TBIR") to assist the Company in enhancing communication and engagement with its shareholders and the investment community. Tania Barreto, sole proprietor of TBIR which is based out of Toronto, Ontario, has 20 years of capital markets experience in the mining sector working in investor relations roles for exploration, development and producing mining companies.

The IR Agreement is effective as of February 9, 2025, and will continue on a month-to-month basis unless terminated by either party upon 30 days' written notice to the other party. In consideration for TBIR's services, the Company will pay TBIR a monthly fee of $6,000 plus applicable taxes and any approved expenses, payable from the Company's general working capital. TBIR is an arm's length party to the Company and, to the Company's knowledge, does not have any direct or indirect interest in the Company or its securities, nor any right or intent to acquire such an interest.

The IR Agreement is subject to acceptance by the TSX Venture Exchange.

Stock Option Grant

The Company also announces that its Board of Directors has authorized and approved the grant of 100,000 stock options pursuant to the Company's stock option plan to a consultant of the Company. The options are exercisable for 100,000 common shares of the Company at an exercise price of $0.17 per share for a term of five (5) years expiring on February 9, 2031. The Options vest in four 25% equal instalments over a period of twenty-four (24) months from the date of grant, with the first instalment vesting on August 9, 2026, and three additional instalments vesting six, twelve and eighteen months thereafter.

Qualified Person

Mr. Nicholas Clive Aspinall, M.Sc., P.Eng., 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 Corp.

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, BC 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.

EraNova also holds two additional 100%-owned assets: the Big Ledge Zinc-Lead Project, located 57 km south of Revelstoke, BC, and the South Thompson Nickel Project in west-central Manitoba.

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

Forward Looking Statements

This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements in this release that are not statements of historical fact are forward-looking statements, including, without limitation: statements regarding the Company's decision to advance the Adanac Molybdenum Project toward a National Instrument 43-101 compliant Preliminary Economic Assessment ("PEA"); the anticipated scope, timing, and outcomes of such PEA; the Company's broader development strategy for the Ruby Creek Property; and the enhancement of communications with shareholders and the investment community through the Company's engagement of TBIR.

Forward-looking statements are based on a number of assumptions that, while considered reasonable by the Company at the time of preparation, are inherently subject to significant uncertainties. These assumptions include, but are not limited to: the accuracy and relevance of historical technical data and mine plans; the applicability of updated cost estimates, throughput assumptions, and long-term molybdenum pricing; the ability to complete a NI 43-101 compliant PEA as planned; the availability of financing and technical expertise; stable regulatory and permitting conditions; favourable commodity prices and market conditions; and the effectiveness of the Company's and TBIR's communication strategy.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied by such statements. These risks include, but are not limited to: changes in commodity prices, capital and operating cost assumptions, or exchange rates; technical, geological, or metallurgical uncertainties; delays in permitting or regulatory approvals; access to capital; and broader economic, market, or geopolitical conditions.

Although EraNova believes the expectations expressed in such forward-looking statements are reasonable, there can be no assurance they will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. The Company undertakes no obligation to update or revise any forward-looking statements except as required by applicable law.

¹ "Ruby Creek Project, Northern British Columbia, Canada" dated April 22, 2022 with an effective date of March 10, 2022 (the "2022 Technical Report").

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/283165

Source: EraNova Metals Inc.