Blue Moon Announces Further Results from Assays at Springer, Including a New Intercept of 0.3 m of 7.84% WO3

Blue Moon Metals Inc. (MOON) released additional assay results from its ongoing re-logging and re-assay of 18,000 meters of historical drill core at the Springer Tungsten Mine in Imlay, Nevada. Approximately 77% of the historical core has been relogged to date. The company also granted 150,000 incentive stock options to two consultants at C$6.99, with the options vesting one-third annually over three years.

Reported intervals, as stated (cut-off 0.03% WO3):

• NM-30 (Sutton 1): 0.3 m at 7.82% WO3 and 0.01% Mo from 183.5 m to 183.8 m. Described as a 1-foot-wide skarn lens in the Sutton 1 zone and the second-highest assay in drill core on the property; drilled May 1977, relogged and assayed August 2026; not in current skarn lens modelling. True width column reads "New vein - Limited information". Deeper portion of NM-30 (230.7 m to 345.3 m) is pending.
• NM-45 (Sutton 1): 9.44 m at 0.26% WO3 and 0.02% Mo (true width 9.44 m; table length 12.15 m) from 342.4 m; including 2.25 m at 1.08% WO3 from 346.5 m (true width 1.74 m). New, previously unsampled down-dip interval: 3.8 m at 0.18% WO3 from 372.1 m, including 0.98 m at 0.01% WO3.
• NM-45 (Sutton 1, additional): 0.4 m at 0.16%, 0.3 m at 0.16%, 1.95 m at 0.17%, 0.45 m at 0.27% WO3.
• NM-32 (Sutton 1): 1.75 m at 0.08%, 1.1 m at 0.13%, 0.55 m at 0.19%, 1.35 m at 0.06%, 0.6 m at 0.14% WO3.
• SU-42 (Sutton 2): 3.41 m at 0.07%, 0.23 m at 0.43%, 0.54 m at 0.23% WO3.
• SU-46 (Sutton 2): 1.34 m at 0.06% WO3.

A minor internal inconsistency exists in the release: the headline states 7.84% WO3, while the body text and the table report 7.82% WO3.

Blue Moon Metals Inc. (MOON) is a ~C$780M-market-cap, six-project critical-minerals developer with a positive Nussir feasibility study (after-tax NPV US$235M at 8%, IRR 19%), a final investment decision taken, C$156.2M raised in May 2026, and a mill restart underway at Springer targeting Q4 2027. For a company of this size and stage, a re-assay of historical core that produces one 9.44 m interval below the deposit's own average grade is immaterial to the equity.

No resource, reserve, mine life, throughput or NAV figure is affected. The historical Springer resource remains unverified and the company's own 67,000 m diamond program is what will actually define one. This release sits inside a validation exercise.

The September 22, 2026 release reported the following intercepts: * NM-13 at 7.00 m at 1.28% WO3 (8.96 %·m) * NM-44 at 24.25 m at 0.22% WO3 (13.72 m true width, 5.34 %·m) * SU-27 at 8.24 m at 0.64% WO3 (6.34 m true width, 5.27 %·m core, 4.06 %·m true width) * NM-33 at 1.33 m at 2.30% WO3 * NM-46 at 3.60 m at 0.51% WO3

The stock printed C$7.50 on September 21, 2026, C$8.10 on September 22, then C$7.45 on September 23; the pop fully faded inside one session. From the April 2026 high of C$11.59 the shares are down roughly 40% and the trend since April is lower.

This release's best interval, NM-45 at 2.45 %·m on true width, is roughly 27% of the anchor's NM-13 at 8.96 %·m, at roughly 20% of the anchor's grade (0.26% vs 1.28%), though on a wider true width. It is also below the anchor's NM-44 and SU-27 intervals.

Market reaction is expected to be flat to modestly negative drift. A 5% move, let alone 15%, is not expected on this release.

Blue Moon Metals Inc. trades on the TSXV (MOON), NASDAQ (BMM), and Frankfurt (8SX0) exchanges and describes six brownfield polymetallic projects in Norway and the United States.

The company’s Nussir project in Norway, in which it holds a 94.52% interest, focuses on copper, gold, and silver. A feasibility study is scheduled for April 2026, outlining a 13-year life for a 6,000 tpd underground operation. The study projects an after-tax NPV of US$235M at 8% and an IRR of 19% on consensus pricing (US$559M and 31.2% at spot), with average annual free cash flow of US$77M, LOM C1 of US$0.95/lb Cu, and AISC of US$2.05/lb. Proven and probable reserves stand at 24.98 Mt at 0.99% CuEq; measured and indicated resources are 28.72 Mt at 1.20% CuEq; and inferred resources are 31.99 Mt at 1.23% CuEq. A final investment decision is targeted for April/May 2026, with production aimed for December 2027. Remaining capital requirements are estimated at approximately US$140-184M.

In Nevada, Blue Moon owns 100% of the Springer tungsten-molybdenum project, which it acquired for US$18.5M in cash, closing in February 2026. The asset includes fee lands, a 1,200 tpd flotation mill with an ammonium paratungstate circuit, a shaft to 1,600 ft, a hoist, water rights, and Union Pacific rail access. Historical resources from 1984 (not NI 43-101) indicate 10.7 Mt at 0.44-0.45% WO3. Restart is targeted for Q4 2027, with a cash cost estimate of US$300-400/MTU and an output target of 107,000-124,000 MTU.

The Blue Moon project in California, 100% owned, is a zinc-copper-gold-silver VMS deposit. It holds NI 43-101 Indicated resources of 3.65 Mt at 13.46% ZnEq and Inferred resources of 4.43 Mt at 12.12% ZnEq. An underground decline has been under construction since October 2025, covering a 2,500 ft Phase 1, with production forecast for 2028.

In Utah, Blue Moon owns 100% of the Apex germanium-gallium-copper project, acquired from Teck American for 7,031,959 shares (about 8%). A maiden 100 kg bulk sample returned 0.180% Ge, 0.0273% Ga, and 1.96% Cu. Direct shipping ore is contemplated from Q3 2027.

The NSG / Sulitjelma project in Norway involves copper, zinc, and gold, with 9.23 Mt inferred at 1.19% Cu and 0.31% Zn. It is being combined with Alpha Future Funds' VMS Explorations into a single entity in which Blue Moon retains 30%, conditional on a C$10M raise and a listing within 18 months.

Blue Moon announced a definitive agreement on September 23, 2026, for the Turner project in Oregon, a copper-gold-zinc-silver VMS deposit, for approximately US$31.7M in cash and shares. Historical 2010 PEA resources include 2.447 Mt Indicated at 1.25% Cu, 2.79 g/t Au, 2.65% Zn, and 2.084 Mt Inferred at 0.99% Cu, 2.73 g/t Au, 2.78% Zn; neither is verified as current.

The Ropa portfolio consists of 33 tungsten and antimony projects in the western US. The acquisition involves approximately US$15.5M in shares plus US$5.0M cash and a 1.0% NSR, expected to close in October 2026.

Major shareholders include Teck Resources, funds managed by Oaktree Capital Management, Hartree Partners, Wheaton Precious Metals, Altius Minerals, Baker Steel Resources Trust, LNS, and Monial.

Prior-period financial context, not disclosed in today's release, shows a Q1 2026 net loss of C$34.1M on exploration spend of C$28.4M, and a FY 2025 net loss of C$38.8M. Cash stood at C$40.4M and total equity at C$253.2M at March 31, 2026. A C$156.2M bought-deal equity offering closed on May 6, 2026, at C$10.00. Shares outstanding rose from 54.6M (Q3 2025) to 88.1M (Q1 2026) to approximately 111.2M (September 2026).

Market capitalisation notes indicate the share count implies roughly C$780M at the C$7.01 close, while the company's investor brief states C$645M at C$8.00 per share as of September 9, 2026. This is internally inconsistent with its own share count, so C$645M is treated as stale or scoped differently.