CEO.CA Chairman's Briefing

Toronto, Ontario--(Newsfile Corp. - August 1, 2024) - Moon River Moly Ltd. (TSXV: MOO) ("Moon River" or the "Company") is pleased to announce plans to commence in the first week of August a small 2-drill hole program at the Davidson Molybdenum Project ("Davidson Project") located in west central British Columbia approximately 9 kilometres ("km") northwest of the town of Smithers.

This drill program is being undertaken to obtain fresh drill core in order to conduct preliminary metallurgical studies to determine the economic viability of recovering Rare Earth Elements ("REEs"), tungsten, gallium and copper. On January 29, 2024 the Company announced that assays from 41 samples of mineralization from the Davidson Project contained significant amounts of Rare Earth Elements ("REEs"), tungsten, copper and gallium. As such, the Company is undertaking this drill program from existing drill locations to obtain fresh drill core. The drill plan will consist of 1,500 – 2,000 metres in two holes over approximately four weeks.

The Company has received all necessary approvals, including working with the Office of the Wet'suwet'en to receive the approvals from Cas Yikh (Grizzly House), of the Wet'suwet'en Nation to conduct the 2024 drill program.

Paul Parisotto, President & Chief Executive Officer commented, "In January of this year, assays from 41 samples of mineralization from the Davidson Project contained significant amounts of REEs, tungsten, copper and gallium. These encouraging assay results compelled us to undertake this drilling and metallurgical recovery testing. We look forward to communicating these results to the market as soon as they become available."

About Moon River

Moon River is a Canadian-based resource company focused on the acquisition, exploration and development of mineral projects. Moon River is focused on the development of the Davidson Property which hosts a large molybdenum-tungsten deposit and is located near Smithers, British Columbia. The Company also holds 25% of one of the largest molybdenum mines in North America, the Endako Mine Complex also located in British Columbia.

Qualified Persons

The news release has been reviewed and approved by Mr. Brian LeBlanc, P. Eng., President of AMPL, and a "Qualified Person" ("QP") as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mr. LeBlanc is the QP responsible for the scientific and technical information contained in this press release.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-looking Statements:

This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects" and similar expressions, which are intended to identify forward-looking statements. More particularly there can be no assurance that REEs, gallium and tungsten will be economically recoverable.

These forward-looking statements reflect the current views of the Company, represent the expectations of the Company as of the date of this news release, and are based on certain assumptions that the Company has made in respect thereof as at the date of this press release.

Although the Company believes the expectations and material factors and assumptions reflected in these forward-looking statements are reasonable as of the date hereof, there can be no assurance that these expectations, factors and assumptions will prove to be correct. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties including the ability of the Company to obtain all applicable regulatory approvals and risks detailed in the Company's Filing Statement and continuous disclosure, which are available on SEDAR+ at www.sedarplus.ca. Accordingly, readers should not place undue reliance on the forward-looking statements contained in this press release.

These risk factors should not be construed as exhaustive. Readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. The forward-looking statements contained in this news release are expressly qualified by risks related to difficulties in executing exploration programs at the Davidson Property on the Company's proposed schedule and within its cost estimates, whether due to weather conditions, availability or interruption of power supply, mechanical equipment performance problems, natural disasters or pandemics in the area, environmental risks and other risks of the mining industry. The forward-looking statements contained in this document speak only as of the date of this document. The Company does not undertake any obligation to publicly update or revise any forward-looking statements or information contained herein, except as required by applicable laws. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218448