New Moly appoint new President/CEO to lead the development of its molybdenum asset portfolio in North America

DENVER, June 16, 2022 /PRNewswire/ - New Moly LLC ("New Moly" or the "Company"), Resource Capital Fund IV L.P. ("RCF IV") and Resource Capital Fund VI L.P. ("RCF VI"), funds managed by RCF Management L.L.C. ("RCFM" and together with RCF IV and RCF VI, "RCF") today announced their recent appointment of a new President/CEO to lead the development of its molybdenum asset portfolio in North America.

Andrew ("Andy") Caruso has been appointed to the Board of New Moly and will lead a management team focused on the funding, development, and operation of a molybdenum asset portfolio to drive value realization for shareholders.

Mr. Caruso is a mining executive with 30 years of global experience including management and senior leadership roles within large, established resource houses (BHP, Rio Tinto, Alcoa), and fulfilling the role of CEO for smaller mine development companies (Australasian Resources Ltd, Crosslands Resources Ltd, Ascot Resources Ltd, Atrum Resources Ltd). His previous roles have involved executive leadership to drive growth, including developing new business opportunities and overseeing the development of several 'multi-billion' dollar mine development joint ventures with Chinese, Japanese and other international entities.

Mr. Caruso holds a Bachelor of Engineering (Mining) degree from Curtin University (WA School of Mines) in Australia and has a post-graduate qualification in Applied Finance & Investment. Mr. Caruso is also a director of Great Southern Mining Ltd (ASX: GSN), an Australian listed company focused on gold exploration.

Mr. Caruso is currently based in western Canada.

About New Moly

New Moly LLC is a privately held company which owns the Kitsault Project (Mo-Ag) in British Columbia, Canada and 80% of the Mt. Hope Project in Nevada, USA. (POSCO, a major Korean steelmaker, holds 20% of Mt. Hope). These are two of the largest, most advanced and permitted molybdenum projects outside of China.

New Moly was created through a business combination between Avanti Kitsault Mines Ltd and General Moly Inc. which owned the Kitsault and Mt. Hope assets.

New Moly intends to emerge as a leading North American molybdenum company focused on the development of near term mine production assets with potential for vertical integration with downstream assets.

Further information is available at www.newmoly.com

About Resource Capital Funds

Resource Capital Funds ("RCF") is a group of commonly managed private equity funds, established in 1998 with a mining sector specific investment mandate spanning all hard mineral commodities and geographic regions. Since inception, RCF has supported more than 200 mining companies, with projects located in more than 50 countries and across 32 commodities. Further information about RCF can be found on its website (www.resourcecapitalfunds.com).

RCF has a team of investment professionals, with wide ranging industry and technical expertise and a demonstrated history of investments in mining globally. RCF's track record is based on its ability to pick technically and commercially compelling assets and support management to achieve desired outcomes whilst remaining throughout a source of patient capital. RCF aims to partner with companies to build strong, successful and sustainable businesses and in doing so strives to earn superior returns for all shareholders.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This news release contains forward-looking statements. All statements, other than of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements.

Forward-looking statements are generally identifiable by, but not limited to, the use of the words "may", "will", "believe", "would", "continue", "expect", "anticipate", "intend", "potential", or "plan", or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's ability to control or predict, that may cause the actual events to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the Company's ability to identify and appoint suitable candidates to serve as directors and executive officers, the Company's ability to execute on its strategic objectives and business plans, and risks associated with mining industry in general.

Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by applicable law.

SOURCE New Moly LLC