The surface energy of various mold materials for low-pressure powder injection molding was evaluated using values of contact angles (Owens–Wendt method), and correlated with the feedstock moldability and mold adhesion. The surface tension of the binder used to formulate a metallic-based feedstock was also measured in the molten state at a typical injection temperature using the pendant drop technique. Real-scale injection tests were performed into metallic and polymeric mold cavities to assess the feedstock moldability and its adhesion with the mold surfaces that were compared with theoretical predictions obtained from the surface energies values. The results confirmed that the adhesion was significantly affected by the interfacial energy between the mold and the binder—in this case, the metallic mold exhibited low adhesion as compared to the polymeric mold. It was finally demonstrated that the adhesion phenomenon is only related to the surface properties of the mold (i.e., they are not related to the solidification rate)—in this case, a gold-coated polymeric mold produced the moldability of a polymeric mold and the adhesion properties of a metallic mold, which translated into a high moldability potential, with no resulting adhesion of the feedstock with the mold.