Report
FREE
• Moon River announced it will now be trading on the OTCQB in the US under the symbol MRIVF.
• It also announced that its shares have received DTC Eligibility.
• We provide a rehash of our investment thesis on Moon River.
• MOO is setup for an active 2025 with several major catalysts planned, including an updated mineral resource estimate and an updated PEA.
This morning, Moon River Moly Ltd. (MOO:TSXV) announced it will begin trading on the OTCQB in the US under the symbol MRIVF and that it has received DTC eligibility which will accelerate the clearing process for investors. These two initiatives aim to increase access to both US and international shareholders and improve liquidity. We are taking today’s announcement as on opportunity to rehash our investment thesis on Moon River. For a more detailed breakdown of our investment thesis on Moon River, read our initiation report here. We are maintaining our BUY rating and $2.20/share target on Moon River Moly.
Investment Thesis Recap
Profitable and High-Grade Project. The Davidson Project is one of the highest-grade primary molybdenum deposits of its peers. The PEA on Davidson has strong economics with an AISC of US$7.92/lb and an after-tax NPV5% of $930M.
Critical Mineral. Molybdenum is a critical mineral used in metallurgy. The market is mainly concentrated in China, with the country producing ~42% of the world’s molybdenum. This makes sources of molybdenum outside of China incredibly valuable to western nations.
Davidson Upside. The Davidson PEA was built upon 50Mt of ore for a 20-year mine life, however, there is significant upside to the resource and economics depicted in the study, notably with the potential inclusion of by-product metals. The Company is currently performing metallurgical studies on these by-product metals.
Endako Project Reduces Single Asset Risk. The acquisition of a 25% ownership in the Endako Project, historically one of the largest molybdenum producers in North America, greatly reduces single project development risk.
Motivated Management. Management & board own ~21% of the outstanding shares and are highly motivated to increase shareholder value.
2025 Outlook
Moon River has several key catalysts in 2025 with main initiatives around the Davidson Project. This includes metallurgical test work on by-product metals with initial results looking promising. If positive, MOO will look to update its MRE with these metals included, with the intention of updating the PEA. We believe it is likely that these by-product metals will hold some value and could materially reduce costs (anywhere from US$1-3/lb MoS2 or 10-40% on AISC).
MOO: OTC Listing + Thesis Rehash
What you need to know:• Moon River announced it will now be trading on the OTCQB in the US under the symbol MRIVF.
• It also announced that its shares have received DTC Eligibility.
• We provide a rehash of our investment thesis on Moon River.
• MOO is setup for an active 2025 with several major catalysts planned, including an updated mineral resource estimate and an updated PEA.
This morning, Moon River Moly Ltd. (MOO:TSXV) announced it will begin trading on the OTCQB in the US under the symbol MRIVF and that it has received DTC eligibility which will accelerate the clearing process for investors. These two initiatives aim to increase access to both US and international shareholders and improve liquidity. We are taking today’s announcement as on opportunity to rehash our investment thesis on Moon River. For a more detailed breakdown of our investment thesis on Moon River, read our initiation report here. We are maintaining our BUY rating and $2.20/share target on Moon River Moly.
Investment Thesis Recap
Profitable and High-Grade Project. The Davidson Project is one of the highest-grade primary molybdenum deposits of its peers. The PEA on Davidson has strong economics with an AISC of US$7.92/lb and an after-tax NPV5% of $930M.
Critical Mineral. Molybdenum is a critical mineral used in metallurgy. The market is mainly concentrated in China, with the country producing ~42% of the world’s molybdenum. This makes sources of molybdenum outside of China incredibly valuable to western nations.
Davidson Upside. The Davidson PEA was built upon 50Mt of ore for a 20-year mine life, however, there is significant upside to the resource and economics depicted in the study, notably with the potential inclusion of by-product metals. The Company is currently performing metallurgical studies on these by-product metals.
Endako Project Reduces Single Asset Risk. The acquisition of a 25% ownership in the Endako Project, historically one of the largest molybdenum producers in North America, greatly reduces single project development risk.
Motivated Management. Management & board own ~21% of the outstanding shares and are highly motivated to increase shareholder value.
2025 Outlook
Moon River has several key catalysts in 2025 with main initiatives around the Davidson Project. This includes metallurgical test work on by-product metals with initial results looking promising. If positive, MOO will look to update its MRE with these metals included, with the intention of updating the PEA. We believe it is likely that these by-product metals will hold some value and could materially reduce costs (anywhere from US$1-3/lb MoS2 or 10-40% on AISC).
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
Other Reports on these Companies
Other Reports from Atrium Research Corporation
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.