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• Moon River provided a review of its 2024 milestones as well as an outlook for an exciting 2025.
• 2024 was a busy year for the Company, publishing a PEA on the Davidson Project and acquiring its interest in the Endako Mine.
• MOO is setup for an active 2025 with several major catalysts planned, including an updated mineral resource estimate and an updated PEA.
• For a detailed breakdown of both the Davidson Project and the Endako Mine, read our initiation report here.
This morning, Moon River Moly Ltd. (MOO:TSXV) provided a review of 2024 and an outlook for 2025. The Company summarized the work performed over the last year, highlighting many major milestones including the positive PEA on the Davidson Project and the acquisition of its interest in the Endako Mine. The 2025 outlook breaks down several major catalysts that the Company expects to report within the first half of the year, marking for an exciting time ahead. We are maintaining our BUY rating and $2.20/share target on Moon River Moly.
2024 Highlights
• Davidson Project PEA: NPV8% of $602M, IRR of 24%, 20-year mine life based on 7,000tpd. Initial capex of $575M including $109M of contingency.
• A two-hole 1,500m drill program obtaining a ~1.5t sample of fresh drill core to conduct metallurgical studies to determine the economic viability of recovering by-product metals from the orebody.
• Initial metallurgical results indicated that at a modest grind size, molybdenum and tungsten averaged over 90% recovery with lower recoveries for copper and REEs, giving confidence in the recoverability of by-products which should greatly improve the economics of the project. The recoverability of REEs is likely uneconomic and gallium has not yet been tested. Additional metallurgical studies are expected to be done in Q1.
o The by-product credits from recovering these metals have the potential to reduce costs anywhere from US$1-3/lb MoS2 (AISC), or a reduction of ~10-40%, which would materially improve the economics of the project.
• In May, MOO completed the acquisition of 25% interest in the Endako Mine from Sojitz with Centerra Gold owning the remaining.
o On closing Sojitz provided MOO funding of ~$42M, of which $2.0M is working capital, and $40M is for care, maintenance and reclamation bonding which generates interest income for the Company.
MOO: 2024 Review & 2025 Outlook
What you need to know:• Moon River provided a review of its 2024 milestones as well as an outlook for an exciting 2025.
• 2024 was a busy year for the Company, publishing a PEA on the Davidson Project and acquiring its interest in the Endako Mine.
• MOO is setup for an active 2025 with several major catalysts planned, including an updated mineral resource estimate and an updated PEA.
• For a detailed breakdown of both the Davidson Project and the Endako Mine, read our initiation report here.
This morning, Moon River Moly Ltd. (MOO:TSXV) provided a review of 2024 and an outlook for 2025. The Company summarized the work performed over the last year, highlighting many major milestones including the positive PEA on the Davidson Project and the acquisition of its interest in the Endako Mine. The 2025 outlook breaks down several major catalysts that the Company expects to report within the first half of the year, marking for an exciting time ahead. We are maintaining our BUY rating and $2.20/share target on Moon River Moly.
2024 Highlights
• Davidson Project PEA: NPV8% of $602M, IRR of 24%, 20-year mine life based on 7,000tpd. Initial capex of $575M including $109M of contingency.
• A two-hole 1,500m drill program obtaining a ~1.5t sample of fresh drill core to conduct metallurgical studies to determine the economic viability of recovering by-product metals from the orebody.
• Initial metallurgical results indicated that at a modest grind size, molybdenum and tungsten averaged over 90% recovery with lower recoveries for copper and REEs, giving confidence in the recoverability of by-products which should greatly improve the economics of the project. The recoverability of REEs is likely uneconomic and gallium has not yet been tested. Additional metallurgical studies are expected to be done in Q1.
o The by-product credits from recovering these metals have the potential to reduce costs anywhere from US$1-3/lb MoS2 (AISC), or a reduction of ~10-40%, which would materially improve the economics of the project.
• In May, MOO completed the acquisition of 25% interest in the Endako Mine from Sojitz with Centerra Gold owning the remaining.
o On closing Sojitz provided MOO funding of ~$42M, of which $2.0M is working capital, and $40M is for care, maintenance and reclamation bonding which generates interest income for the Company.
Underlying
MOON RIVER MOLY LTD
Provider
Atrium Research Corporation
Atrium Research provides institutional quality issuer paid research on North American public equities using deep fundamental analysis. Our research reports are disseminated through Bloomberg, FactSet, Capital IQ, Reuters and many more, as well as through our social media and email distribution lists.
Ben Pirie
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