General Moly completed an updated Pre-Feasibility Study for its 100%-owned Liberty Project located 20 miles north of Tonopah, Nevada. Total capital costs to construct the project are estimated at $366M. Sustaining capital costs are estimated at $224M over the Liberty Project’s 32 year life of mine. For the first five full years of production: annual salable production of approximately 14.0M pounds of molybdenum and 7.5M pounds of copper per year is expected; average on-site cash costs of $6.32 per pound are expected; and total cash costs of $7.79 per pound are expected. The updated mine plan results in a total of 402M pounds of molybdenum and 308M pounds of copper to be produced during the LOM. The Liberty Project generates an after tax net present value at an 8% discount rate of $325M, and an internal rate of return of 17.4%.