What you need to know: • Moon River published a PEA on the potential restart of the 25% owned Endako Molybdenum Mine. • Endako is a large brownfield project that was once one of the largest molybdenum producers in North America. • The PEA depicted a highly profitable operation utilizing the substantial existing infrastructure; After-tax NPV8% was $790M & IRR was 40%. • Amazingly, we are anticipating MOO to publish a PEA on their flagship Davidson Project by year-end, another major catalyst for the Company. This morning, Moon River Moly Ltd. (MOO:TSXV) announced the PEA on its 25%-owned brownfield Endako Mine. The PEA envisions an open-pit mine with flotation processing facilities on site, utilizing the substantial existing infrastructure on site. The study depicts a highly economic project, producing an after-tax NPV8% of $790M and an IRR of 40%, using a long-term moly price of US$22.50/lb. This is based on a 10-year mine life, processing 75ktpd or 27.3Mtpa. Initial capex for the mine restart is $494M, including an $84M contingency. Operating costs are low with the cash cost being US$11.61/lb and AISC of US$13.54/lb (highly impressive for a low-grade project). This results in an annual average moly production of 20.5Mlbs. We are highly impressed with today’s results, bringing up-to-date economics to a past producing operation, which gives us confidence in MOO’s plan to continue advancing this project. We are maintaining our BUY rating and increasing our target price to $2.80/share (prev. $2.20/share) on Moon River Moly. Endako Mine Refresher The Endako Project is MOO’s secondary molybdenum asset, ~190km west of Prince George, BC. The project is a large brownfield project which shut down operations in 2015. It is host to substantial existing infrastructure (see below), including a brand-new mill with a 50Ktpd capacity, an old 30Ktpd mill, an established mine site with little-to-no pre-strip required, power, water, and road access. As a reminder, MOO holds a 25% interest in the project, with Centerra owning the remaining 75%. Davidson Project – Upcoming PEA The Davidson Project, which makes up the majority of our MOO valuation, reported a PEA in 2024 for the proposed underground mine. The study depicted compelling economics, including capex of $575M and operating costs of $38.24/t, resulting in a low all-in sustaining cost of US$7.92/lb molybdenum. This yielded a post-tax NPV8% of $601M and a post-tax IRR of 24% using a long-term moly price of US$21.50/lb. The upcoming PEA, which we anticipate before year-end, is expected to include an updated MRE as well as new estimates for copper and tungsten recoveries, marking another major catalyst for the Company.