Mr. Paul Parisotto reports

MOON RIVER MOLY LTD. PROVIDES EARLY WARNING DISCLOSURE

An early warning report has been filed in respect of Ian McDonald's holdings of Moon River Moly Ltd.

On Nov. 15, 2023, Mr. McDonald was granted 600,000 stock options to purchase common shares of the company, 200,000 of which vested immediately and an additional 200,000 vested on each of the first and second anniversaries of the grant date.

Immediately prior to the option vesting (as defined below), Mr. McDonald had beneficial ownership of, or control or direction, over 2,944,000 common shares and 200,000 options, which had vested or will vest within 60 days of such date, pursuant to previously issued options by the company, representing approximately 8.93 per cent of the issued and outstanding common shares on a non-diluted basis (approximately 9.42 per cent of the issued and outstanding common shares on a partially diluted basis).

On Sept. 16, 2024, 200,000 of the options had already vested, and another 200,000 would vest within 60 days of such date. Accordingly, as of such date, Mr. McDonald had beneficial ownership of (within the meaning of National Instrument 62-104 (Take-Over Bids and Issuer Bids)), or control or direction over, 2,944,000 common shares and 400,000 options. After giving effect to the option vesting, Mr. McDonald had beneficial ownership of, or control or direction over, approximately 8.9 per cent of the then issued and outstanding common shares on a non-diluted basis (approximately 10.02 per cent of the then issued and outstanding common shares on a partially diluted basis).

On Sept. 15, 2025, the company issued 336,280 common shares from treasury. Following the issuance, the resulting beneficial ownership of Mr. McDonald in respect of the common shares and securities convertible into common shares, fell below 10 per cent of the issued and outstanding common shares on a partially diluted basis, as Mr. McDonald had beneficial ownership of, or control or direction over, approximately 8.78 per cent of the then issued and outstanding common shares on a non-diluted basis (approximately 9.92 per cent of the then issued and outstanding common shares on a partially diluted basis). The dilution arose solely as a result of the issuance without any action being taken by Mr. McDonald.

Subsequently, on Sept. 16, 2025, due to the impending vesting within 60 days of an additional 200,000 previously granted options, Mr. McDonald had beneficial ownership of, or control or direction over, 2,944,000 common shares and 600,000 options. After giving effect to the second option vesting, Mr. McDonald had beneficial ownership of, or control or direction over, approximately 8.78 per cent of the then issued and outstanding common shares on a non-diluted basis (approximately 10.46 per cent of the then issued and outstanding common shares on a partially diluted basis).

More recently, on Feb. 26, 2026, Mr. McDonald acquired 776,470 units of the company at a price of 85 cents per unit, pursuant to a private placement offering. Each unit consisted of one common share and one-half of one common share purchase warrant. Each warrant is exercisable to acquire one common share at a price of $1.15 per common share for a period of 24 months, provided that the warrants could not be exercised until April 27, 2026.

After giving effect to the acquisitions and the issuance, as of Feb. 27, 2026, Mr. McDonald had beneficial ownership of, or control or direction over, 3,720,470 common shares, 600,000 options exercisable within 60 days and 388,235 warrants, representing approximately 9.9 per cent of the issued and outstanding common shares on a non-diluted basis (approximately 12.22 per cent of the issued and outstanding common shares on a partially diluted basis).

This news release is being issued pursuant to National Instrument 62-104 (Take-Over Bids and Issuer Bids) and National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues). Persons who wish to obtain a copy of the early warning report filed by the company, on behalf of Mr. McDonald, may obtain a copy of such report from SEDAR+ or by contacting the company.

Mr. McDonald acquired the securities of the company for investment purposes, and may, depending on the market and other conditions, increase, decrease or change his beneficial ownership over the common shares or other securities of the company through market transactions, private agreements, treasury issuances, exercises of convertible securities or otherwise.

A copy of the early warning report with respect to the foregoing will appear on the company's profile on SEDAR+ and may also be obtained by contacting the company at 416-800-1753 or info@moonrivermoly.com.

About Moon River Moly Ltd.

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, B.C. The company also holds 25 per cent of one of the largest molybdenum mines in North America, the Endako mine complex, also located in British Columbia.