Projects

Endako Project

Moon River is the holder of a 25% participating interest in the Endako Mine Complex pursuant to an exploration, development and mine operating agreement dated as of June 12, 1997 (the “JVA”) with Thompson Creek Metals Company Inc. (“TCM”), a subsidiary of Centerra Gold Inc. (“Centerra”). TCM holds the other 75% participating interest and is the manager of the Endako Mine Complex.

The following information regarding the Endako Mine Complex is based on public disclosure by Centerra included in its 2023 Annual Information Form dated March 28, 2024.

The Endako Mine is an open-pit molybdenum mine located approximately 161 kilometres west of Prince George, British Columbia, Canada. The property currently comprises a contiguous group of 60 mineral tenures containing 34 claims and 26 leases, covering approximately 12,835.11 hectares. Annual rental payment on the 26 mine lease titles is typically paid in installments in May, August, and November. There are no royalties, back-in rights, encumbrances on title or other agreements.

The Endako Mine deposit is divided into four named areas: Northwest, Denak West, Denak East and Endako. Mining has occurred in the Endako and both Denak areas. The Northwest zone is yet to be put in operation. The infrastructure at Endako Mine includes a 55,000 ton (50,000 ktonnes) per day concentrator, tailings and reclaim water ponds, a crushing plant, waste rock dumps, an administrative building, a truck shop/warehouse, a change house, a first aid station, a laboratory, a garage and other shops. The power supply of the site is provided by a 9-kilometre, 69 kV power line owned by B.C. Hydro from a nearby substation. Water for the milling process is re-circulated from the tailings facility while make-up water is pumped from François Lake, located nearby.

The Endako Mine has been on care and maintenance effective July 1, 2015. As of December 31, 2023, there are approximately 9 employees at Endako Mine for care and maintenance activities.

Highlights & Resource Estimate

The historical mineral resource estimates above were prepared in 2011 by Centerra and were estimated based on a molybdenum price of $14.00 per pound and an exchange rate of 1USD:1.25CAD. The open pit mineral resources are constrained by a pit shell and are estimated based on a 0.025% molybdenum cut-off grade. Further information concerning the Endako Mine Complex deposit is described in the technical report dated September 12, 2011, and filed on SEDAR+ at www.sedarplus.ca by TCM. Such technical report describes the exploration history, geology, and style of molybdenum mineralization at the Endako Mine Complex. Sample preparation, analytical techniques, laboratories used, and quality assurance-quality control protocols used during the exploration drilling programs are reported to have been consistent with industry standards and carried out by independent, certified assay labs.

A qualified person has not done sufficient work to classify the historical estimates as current mineral resources and Moon River is not treating the historical estimates as current mineral resources. The scientific and technical content was reviewed and approved by Brian Leblanc, P. Eng of A-Z Mining Professionals Ltd., and a “Qualified Person” as defined by National Instrument 43-101- Standards of Disclosure for Mineral Projects.

For details of the transaction between Moon River and Centerra, please refer to the press releases dated February 28, 2024 and May 30, 2024 “Moon River Capital Ltd. to Acquire 25% Interest in the Endako Molybdenum Mine” and “Moon River Moly Ltd. Has Completed the Acquisition of a 25% Interest in the Endako Molybdenum Mine“.