General Moly Amends Strategic Partnership with AMER International Group to Become a Major Shareholder

General Moly, Inc. (the "Company" or “General Moly”) (nyse mkt and tsx:GMO), a U.S.-based molybdenum mineral development, exploration, and mining company, announced an agreement to amend the previously announced Investment and Securities Purchase Agreement (“Investment Agreement”) with AMER International Group (“AMER”), a private, Chinese-based multinational company that is one of the world’s largest advanced materials, fine machining, and downstream metals refining providers, and was ranked #247 on the 2015 Fortune Global 500 list. With the amended Investment Agreement, the parties agreed upon a three tranche investment strategy that will create a strategic partnership and equity investment to assist with General Moly’s ability to secure full project financing for the Mt. Hope Project.

The Company announced receipt of funds to successfully close Tranche 1 of the newly amended Investment Agreement on November 2, 2015, as more fully discussed below, for the purchase of 13,333,333 shares at $0.30 totaling $4 million dollars. Tranche 2 and Tranche 3 of the Investment Agreement may be subject to General Moly stockholder approval.

AMER had previously agreed to work with General Moly to procure and support a Bank Loan of approximately $700 million from a major Chinese bank or banks for development of the Mt. Hope Project when molybdenum market conditions improve. AMER will guarantee the Bank Loan, which is anticipated to have normal and customary covenants and security arrangements. When drawdown of the Bank Loan becomes available, 80 million warrants to purchase common shares of General Moly will become exercisable by AMER at $0.50. After drawdown of the Bank Loan, if AMER owns more than 30% of the common stock of General Moly, AMER will nominate a third Director to General Moly’s Board of Directors. Under the amended Investment Agreement, AMER has a one-time option exercisable simultaneously with Bank Loan execution to purchase the balance of General Moly’s share of Mt. Hope molybdenum production, estimated to be approximately 16.5 million pounds annually, for the first five years of production, and 70% of General Moly’s annual share of Mt. Hope molybdenum production thereafter.

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