Blue Moon completes phase 1 early works at Nussir
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The most recent news, released on December 1, 2025, in two separate but related announcements, provides an update on the operational progress at Blue Moon Metals' Norwegian projects, Nussir and Nye Sulitjelma Gruver (NSG).
Key points from the releases include: - Nussir Project (Norway): - Completion of 656 metres of underground decline advancement. This confirms progress on the access portal where the first blast occurred in June 2025. - Progress on the Feasibility Study (FS), which is being conducted by Worley Ltd. and is targeted for completion in Q1 2026. - Commencement of a 4,000-metre directional drilling campaign in October 2025. This drilling aims to infill a 650-metre gap in the resource and test depth extensions, targeting an additional 8.5 to 16.5 million tonnes (Mt) grading 0.7-1.3% Copper (Cu), 9-17 grams per tonne (gpt) Silver (Ag), and 0.1-0.15 gpt Gold (Au). - Historical drill intersections are referenced, including 9.7m @ 0.93% Cu, 1.35 gpt Palladium (Pd), 0.28 gpt Au, 0.61 gpt Platinum (Pt), 11.5 gpt Ag. - The current Mineral Resource Estimate (MRE) for Nussir is reiterated: Indicated 28.72 Mt @ 1.02% Cu, 0.12 gpt Au, 12.3 gpt Ag; Inferred 32.00 Mt @ 1.01% Cu, 0.14 gpt Au, 14.6 gpt Ag. - NSG Project (Norway): - Planning for a 10,000-metre exploration drilling program. - The Rupsi Inferred Resource for NSG is stated as 9.23 Mt @ 1.19% Cu and 0.31% Zinc (Zn). (This is consistent with the maiden resource announced in April 2025). - Corporate: - A grant of 385,415 Restricted Share Units (RSUs) to certain officers, vesting over a two-year period.
The latest news from Blue Moon Metals is positive as it confirms steady operational execution and momentum across its key Norwegian projects. The advancement of 656 metres in the Nussir decline demonstrates tangible progress on the ground, indicating the company is effectively moving towards its goal of a Final Investment Decision (FID) in 2026. The initiation of significant drilling campaigns at both Nussir and NSG is critical for upgrading and expanding the mineral resources, which is a necessary step for de-risking and de-bottlenecking future development.
However, from a critical equity analyst perspective, this news is largely routine. It aligns with previously communicated timelines and expectations for project development. The company had already announced the commencement of the Nussir access portal construction (June 2025) and the award of contracts for the NSG tunnel extension and drilling (July 2025). Similarly, the feasibility study for Nussir and the maiden resource for NSG were previously disclosed. While the specific meterage of decline advance is new, it is a sequential step within an ongoing construction program. The re-statement of historical drill results, while impressive, does not represent new discoveries. The RSU grant is an administrative event.
Therefore, while the consistent execution is commendable and reduces development risk, this news does not present a "game-changer" or a "material positive" that would significantly alter the company's valuation or investment thesis beyond what was already anticipated. It is a confirmation of progress rather than a new catalyst.
Blue Moon Metals Inc. is a critical metals development company with a portfolio of polymetallic projects. The company's strategic focus is on developing a diversified critical minerals business across the United States and Norway, aiming to supply materials essential for the global economy and national security, particularly copper and zinc which are listed as critical by both the USGS and EU.
The company's key projects include: 1. Nussir Copper-Gold-Silver Project (Norway): Acquired 93.55% ownership in February 2025. This is described as a fully permitted, advanced-stage sediment-hosted development project. It was recently designated "Special Strategic Project Status" by the EU Commission, providing coordinated support and improved access to financing. Early works, including underground decline construction, are underway, with 656 meters advanced as of December 2025. A NI 43-101 Feasibility Study is targeted for Q1 2026. The company also acquired significant infrastructure (port, processing plant building, aggregate quarry) adjacent to Nussir, substantially de-risking the project. 2. Blue Moon Zinc-Gold-Silver-Copper VMS Project (Mariposa County, California, USA): This is the company's namesake project. A Preliminary Economic Assessment (PEA) in March 2025 showed robust economics with an after-tax NPV(8%) of US$244M and IRR of 38% (Base Case), or NPV(8%) of US$340M and IRR of 48% (Spot Prices). It has an Indicated resource of 3.65 Mt @ 13.46% ZnEq and an Inferred resource of 4.43 Mt @ 12.12% ZnEq. In April 2025, the company received crucial Bureau of Land Management (BLM) approval for a portal and tunnel for underground exploration, with construction commencing in October 2025. A Feasibility Study is expected in 24 months. 3. Nye Sulitjelma Gruver (NSG) Copper-Zinc Project (Nordland County, Norway): Acquired 100% ownership in February 2025. This project hosts the Sulitjelma VMS deposit, which has historical production of 26 Mt @ 1.8% Cu. A maiden NI 43-101 Inferred Mineral Resource Estimate in April 2025 defined 17.066 Mt @ 1.06% Cu, 0.21% Zn (1.10% CuEq). Environmental permits were received in July 2025, and a 10,000-metre exploration drilling program and tunnel extension (up to 1km) are planned to advance the Rupsi/Dypet deposits. 4. Springer Critical Metals Mine and Processing Plant (Nevada, USA): In October 2025, Blue Moon entered into an MOU to acquire this mine and processing facility. This acquisition represents a significant strategic pivot, establishing a potential "hub and spoke" model for critical metals in the Western US, with a 1,200 tpd processing plant capable of producing tungsten concentrates and readily modifiable for other critical metals.
The company's strategy involves rapidly advancing these brownfield polymetallic projects to production, aiming to become a key supplier of critical metals.