Blue Moon Metals Closes C$35 Million Private Placement with The Elmet Group and Board Appointment

Blue Moon Metals Inc. (MOON) closed a C$35 million non-brokered private placement with The Elmet Group (TEG) at C$10.00 per unit. The transaction issued 3.5 million units, each comprising one common share and one common share purchase warrant. The warrants carry a C$10.80 exercise price and have a three-year term following closing.

Proceeds from the offering are exclusively allocated to funding the development of the Springer Tungsten Complex in Nevada. As part of the deal, TEG secured board nomination rights via an Investor Rights Agreement, resulting in the appointment of William Jacob Homiller to the Board of Directors. Homiller brings extensive critical metals and industrial leadership experience, formerly serving as CEO of CarbiCrete and President/CEO of H.C. Starck Solutions.

The closing fulfills the equity subscription component of the broader US$150-$175 million investment package initially announced on September 14, 2026, alongside EQ Resources.

Blue Moon Metals Inc. (MOON) closed a C$35 million tranche, an expected execution of the binding agreement signed on September 14. This transaction serves as a critical step in unlocking the full capital package rather than representing a new market-moving event. The injection of C$35 million significantly de-risks the Springer restart timeline and funds the planned 67,000-meter drilling campaign and mill refurbishment.

Additionally, TEG’s board seat and Homiller’s appointment add strategic oversight and industry expertise, which may improve governance and operational execution at Springer. The dilutive effect of 3.5 million new shares is offset by the dedicated use of proceeds for a high-priority, permitted asset. The market had already priced in this financing following the September announcement.

Blue Moon Metals Inc. (MOON) is a mineral exploration and development company operating in tier-1 jurisdictions in Norway and the United States. Its flagship project, the Nussir copper-gold-silver underground mine in Norway, has completed a feasibility study, secured a final investment decision, and is targeting production by December 2027.

The company’s secondary flagship is the Springer Tungsten Complex in Nevada, which serves as the cornerstone of its "hub-and-spoke" strategy. This project features a permitted 1,200 tpd flotation mill and an Ammonium Paratungstate (APT) plant. The broader portfolio includes the Blue Moon polymetallic mine in California, the Apex germanium-gallium mine in Utah, the NSG copper-zinc project in Norway, and the Ropa portfolio of 33 western U.S. critical metal claims.