Moon River lifts Davidson value to $879M, tungsten output jumps

Moon River Moly's Davidson project in British Columbia has seen its estimated value soar by 20%, with tungsten production more than quadrupling, according to a new study. The after-tax net present value (NPV) is now projected at C$1.23 billion ($879 million) using an 8% discount rate, up from $1.03 billion in a December 2025 study.

The updated preliminary economic assessment (PEA) also shows a higher internal rate of return (IRR) of 33% and a shorter payback period of 1.5 years from 2.3 years. This improvement is attributed to a shift from gravity separation to flotation for recovering tungsten, as well as revised capital and operating costs. Moon River mining analyst Ben Pirie stated that the economics of Davidson are "highly defensible against even the most bear case for molybdenum, copper, and tungsten prices."

The project is estimated to have a 20-year life with initial capital costs of C$750.1 million, including a contingency of C$118.5 million. Annual production is projected at 13.27 million pounds of molybdenum, 1.5 million pounds of copper, and 1.51 million pounds of tungsten trioxide (WO3). The substantial increase in tungsten production has made the project much more financeable.

Moon River plans to advance Davidson to a pre-feasibility study (PFS) in the first half of 2027. The project is currently at the preliminary assessment stage with no mineral reserves. Moon River acquired the rights to develop the deposit in November 2023 and holds a 25% interest in the nearby Endako molybdenum mine. The company's shares rose 1.5% to C$69 in Toronto following the release of the updated PEA.