Molybdenum Is Up 68% This Year. Nobody's Talking About It. | EraNova PEA
The Deep Dive Sep 14, 2026 15:02
Summary
EraNova Metals' Adanac molybdenum project in British Columbia has a new PEA outlining 24 years of mine life producing 11.4 million pounds per year.
At the base case of $25 per pound Mo, the after-tax NPV is $714 million; with Mo trading above $40 the economics scale dramatically higher.
The project retains a valid mine permit and over $100 million of pre-built 2008-era infrastructure, giving it a quasi-Brownfield development edge.
Cash costs land at $12.58 USD per pound and AISC at $14.24 USD — roughly a third of current Mo pricing.
EraNova still needs a renewed environmental assessment and a paid feasibility study before the project can advance to construction.
Meredith Eades's takeaways
- Top takeaway Argues the base case is strong on the 23.5% IRR and 2.6-year payback — not the 75% NPV/CapEx ratio — because those metrics drive cashflow over a 24-year mine life at a long-term $25/lb moly price.
- Does not see permitting as a fundamental obstacle: the Mines Act permit never expired, and only the 2007 environmental assessment has to be re-earned.
- Frames Adanac as able to fast-track to feasibility in 9-12 months by leaning on existing engineering, drilling, and infrastructure — which she calls unusual for a junior explorer.
- Reports she has already opened conversations with larger mining companies (referencing "the Sentaras of the world") and government funding, pitching a fast-tracked, long-life, previously permitted asset as the kind of project those counterparties favor.
- Acknowledges the $8M market cap / $950M build tension directly, but answers with "good projects attract good people, good capital, and good partners" rather than a specific financing plan.