Liberty Project (Hall - Tonopah) - Development History

Development History - The Hall-Tonopah property includes the former Hall molybdenum deposit which was operated as an open pit mine between 1982 and 1991 by the Anaconda Company and Cyprus Minerals, Inc. Extensive diamond drilling during the Anaconda era resulted in finding and delineating a deposit estimated to contain 200 million tons at a grade of 0.091% molybdenum. During this period approximately 50 million tons of ore was mined and processed at an approximate grade of 0.11% molybdenum. General Moly has verified through a Phase 1 drilling program and independent consultants that the remaining 150 million tons of the deposit is present and essentially as stated by the predecessor companies. This drilling has confirmed previous drill results for the upper ore body, and has indicated near surface high grade mineralization greater than 0.10% on the east side of the existing molybdenum pit. Additional high grade molybdenum mineralization has also been identified at 0.10% and 0.20% molybdenum.

Project Update (04.29.08) - Press Release - NAME OF HALL-TONOPAH PROJECT CHANGED TO LIBERTY PROJECT
On April 29, 2008, General Moly Inc. announced the completion of a Pre-Feasibility Study in respect of the Liberty
Project (the “Pre-Feasibility Study” or “Study”), which estimates production and capital and operating cost parameters
along with project economics. Highlights of the Pre-Feasibility Study include:

• After-tax, Net Present Value (NPV) of $356 million, discounted at 10%, and NPV of $514 million, discounted at
8%;

• Internal Rate of Return (IRR) of 22% and capital payback of 3.5 years from initial production;

• Anticipated molybdenum production of approximately 19 million pounds and anticipated copper production of
approximately 18 million pounds annually over the first five years through a mill processing 36k short tons per day
(tpd);

• Anticipated molybdenum cash costs, inclusive of copper byproduct credits, of $6.21 per pound over the first five
years;

• Anticipated average grades of 0.091% molybdenum estimated to be processed over the first five years;

• 503 million pounds of molybdenum estimated to be produced over a 33 year mine life including 24 years of
primary mining operations and 10 years of low-grade production; and

• Estimated initial capital expenditures of $492 million (in 2008 dollars), excluding working capital and bonding
requirements.