Moon River Capital Ltd. announced that a Preliminary Economic Assessment ('PEA') has been completed on the Davidson Molybdenum Project (the 'Project') located near Smithers, British Columbia. The PEA results: This study presents a very convincing case for the rapid development of the Davidson Molyssdenum Project. Its location in British Columbia is near developed infrastructure, including roads, rail, power, and the nearby town of Smithers.

The Project, located in west central British Columbia, is approximately 9 kilometres ("km") northwest of the town of Smithers. On November 15, 2023, Moon River acquired all of the rights, interests and obligations of Generation Mining Ltd. under a vending agreement dated April 1, 2016, as amended, entered into with Roda Holdings Inc. and Mr. Donald Davidson (the 'Davidson Agreement"), thus granting Moon River the exclusive right to access, prospect, develop and mine the Davidson Property and to acquire 100% of the Davidson Property. The Project comprises development of an underground mine with potentially economic mineralization processed in an underground, on-site processing facility, with an estimated 20-year mine life.

Mineral Resources used for the PEA were based on the latest resource estimates calculated and reported in a study completed by AMPL and presented in an NI 43-101 Technical Report entitled "National Instrument NI 43-101 Technical Report for the Davidson Project Resources Update" dated September 13, 2023 and filed on Sedar+. Category, Cut-off Grade MoS2, Tonnes, Grade MoS2, Grade Mo, Contained Mo kg., Contained Mo lbs., Measured, >0.25, 24,269,000, 0.37, 0.22, 53,800,000, 118,609,000, Indicated, >0.25, 19,627,000, 0.32, 0.19, 37,600,000, 82,894,000, M&I, >0.25, 43,896,000, 0.35, 92,100,000, 201,503,000, Inferred, >0.25, 11,907,000, 0.30, 0.18, 21,400,000, 47,179,000. The approximate 2-year trailing average (to January 31, 2024) metal price for molybdenum USD 47.40 per ('kg") or USD 21.50 per pound ("lb") was used in estimating the Mineral Resources and a CAD: USD exchange rate of $0.74 was used.

A description of the key assumptions, parameters, and methods used to estimate the resources, and any known risks, as well as the data verification processes, are contained in the technical report entitled "National Instrument NI 43 -101 Technical Report for the Davidson project Resources Update" dated September 13. 2023 and filed on SEDAR+. Capital EXPENDITURES.

The data presented are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Non-IFRS financial measures used in this news release and common to the mining industry are defined. As disclosed in the Company's press release dated January 24, 2024, the Company plans to undertake preliminary metallurgical studies and obtain fresh samples from drill core to begin detailed metallurgical testing, when applicable First Nations consultations are undertaken and drill permits obtained, to determine whether the Rare Earth Elements, ("REEs"), tungsten, gallium and copper contained in the Project are economically recoverable and can contribute to the economics of the Project.

REEs were included on the Government of Canada's Critical Mineral List released in 2021, and more recently were listed along with five other metals as potentially qualifying for the draft Critical Minerals Tax Credit Credit.