Moon River Moly Retains Concentrator Support Ltd. as Project Manager for Davidson Molybdenum-Copper-Tungsten Deposit

Details of Concentrator Support Ltd. Engagement

Moon River Moly has formalized a consulting contract with Concentrator Support Ltd. to provide engineering and metallurgical services for the Davidson Molybdenum-Copper-Tungsten Deposit near Smithers, British Columbia. This comprehensive mandate supports advancing the Davidson Project, a significant molybdenum-tungsten-copper deposit.

Cameron Lilly, Principal of Concentrator Support Ltd., will serve as Project Manager for the Davidson Project and concurrently as Technical Advisor for Moon River’s 25% interest in the Endako Mine Complex, one of North America’s largest molybdenum mines also located in British Columbia. This dual role ensures integrated technical oversight across both key molybdenum assets.

Cameron Lilly’s Expertise and Professional Background

Bringing over 25 years of mining industry experience, Mr. Lilly has held diverse roles including contract and project metallurgist, mill manager, process engineer, senior process engineer, and consulting engineer. His broad expertise enables him to address operational and engineering aspects of project development effectively.

As Principal of Concentrator Support Ltd., a mining engineering and metallurgical consulting firm, Mr. Lilly has extensive knowledge of mills servicing underground and open-pit mining operations. He holds the P. Eng. designation and is recognized as a "Qualified Person" under National Instrument 43-101, qualifying him to assume technical responsibility for mineral project disclosures in Canada.

Progress on Davidson Project and Metallurgical Testing

Moon River completed an updated preliminary economic assessment (PEA) for the Davidson Project in December 2025, prepared by A-Z Mining Professionals Ltd. The technical report titled "National Instrument NI 43-101 Technical Report for the Davidson Mine Preliminary Economic Assessment" was dated February 6, 2026, with an effective date of December 23, 2025. It is filed on SEDAR+ and accessible on Moon River’s website, offering detailed technical and economic insights.

The company is currently conducting tungsten flotation test work at Base Metallurgical Laboratories Ltd. in Kamloops, British Columbia. Mr. Lilly’s role includes overseeing this test work as part of the broader initiative to advance and de-risk the Davidson Project. His expertise supports further engineering studies to assess the deposit’s economic viability and development planning.

Stock Option Grant and Incentive Alignment

Under the consulting agreement, Mr. Lilly was granted 400,000 stock options at an exercise price of $0.72 per share, exercisable over ten years, under Moon River’s Stock Option Plan. This incentive aligns his interests with long-term shareholder value and demonstrates the company’s commitment to retaining senior technical leadership during the project’s advancement phase.

The stock option grant represents a significant incentive linking Mr. Lilly’s financial rewards to the successful development and value creation of Moon River’s assets. The immediate impact on the share price was not disclosed.

Moon River Moly’s Strategic Asset Portfolio

Moon River is a Canadian resource company focused on acquiring, exploring, and developing mineral projects. Its primary asset is the Davidson Property, hosting a large molybdenum-tungsten-copper deposit. Additionally, Moon River holds a 25% interest in the Endako Mine Complex, providing exposure to one of North America’s largest molybdenum operations.

This dual-asset strategy combines an advanced-stage development project with a producing mine investment, enabling Moon River to benefit from both growth potential and operational cash flow. The engagement of Concentrator Support Ltd. strengthens technical oversight and accelerates de-risking of the Davidson Project while maintaining advisory support for the Endako interest.

Metallurgical Testing and Risk Mitigation Strategy

Moon River’s ongoing metallurgical testing is key to its project advancement. Tungsten flotation tests at Base Metallurgical Laboratories Ltd. aim to optimize processing and confirm mineral recovery feasibility from the Davidson deposit. This testing is critical to validating assumptions in the PEA and reducing technical risks before detailed engineering.

Mr. Lilly’s oversight of metallurgical testing and broader engineering studies creates an integrated risk mitigation approach. The company continues development planning for the Davidson Project, advancing through successive study and optimization stages. The appointment of an experienced project manager with metallurgical expertise highlights the deposit’s technical complexity and Moon River’s focus on rigorous engineering management.

Regulatory Compliance and Qualified Person Role

Mr. Cameron Lilly is identified as a "Qualified Person" under National Instrument 43-101, the Canadian regulatory standard for mineral project disclosures. This designation confirms his responsibility for the scientific and technical information in Moon River’s disclosures, including this press release.

The Qualified Person status ensures technical data is reviewed and approved by a credentialed professional. Mr. Lilly’s P. Eng. designation, extensive experience, and leadership of a specialized consulting firm substantiate his QP role, providing investor protection through accountable technical reporting.

Access to Technical Reports and Documentation

Moon River has publicly filed the updated PEA for the Davidson Project. The NI 43-101 Technical Report dated February 6, 2026, effective December 23, 2025, is available on SEDAR+ at www.sedarplus.ca and on Moon River’s website at www.moonrivermoly.com. Press releases dated December 23, 2025, and February 6, 2026, offer additional context for the assessment.

This comprehensive documentation provides investors with detailed technical, operational, and economic analysis of the Davidson deposit. Public access to the full report ensures transparency and compliance with continuous disclosure requirements, allowing market participants to evaluate the underlying data supporting management’s development strategy.

Forward-Looking Statements and Risk Disclosure

The announcement contains forward-looking statements as defined by Canadian securities laws, identified by terms such as "may," "should," "anticipate," "will," "estimates," "believes," "intends," and "expects." These statements reflect current views based on assumptions as of the announcement date and are subject to risks and uncertainties that may cause actual results to differ materially.

Moon River highlights that risks detailed in its Filing Statement and continuous disclosure documents on SEDAR+ at www.sedarplus.ca could impact outcomes. The company disclaims any obligation to update forward-looking statements except as required by law. Investors are advised to review the full risk disclosures before making investment decisions.