Blue Moon Metals Announces Termination of Ropa Acquisition and Completion of Continuance to Ontario

Blue Moon Metals Inc. (MOON) announced the mutual termination of its proposed acquisition of a portfolio of 33 tungsten and antimony projects located in the western United States. The deal, which was originally outlined in a letter of intent dated August 10, 2026, was dissolved by mutual consent, with the company disclosing no financial penalties or termination fees associated with the exit.

The terminated portfolio had been positioned as a key component of the company's "hub and spoke" model, designed to supply the Springer processing complex in Nevada with direct-shipping ore or feedstock. Alongside the termination announcement, Blue Moon Metals confirmed the completion of its corporate continuance from British Columbia to Ontario, effective October 23, 2026. The move included the adoption of new articles and by-laws, a jurisdictional shift likely intended to align the company with U.S. capital markets and regulatory frameworks following its Nasdaq listing.

Blue Moon Metals Inc. (MOON) has terminated a deal that removes approximately $20.5 million in committed or contingent capital and 33 historical projects from its development pipeline. The company stated that the portfolio consisted primarily of unverified historical data with no modern exploration or NI 43-101 resources.

The company’s primary value drivers remain the Nussir copper-gold-silver project, with production targeted for late 2027, and the Springer tungsten mill restart, targeted for Q4 2027. Neither timeline is altered by the Ropa termination.

Following the news, the stock declined approximately 16%, reflecting short-term disappointment over missed diversification opportunities. However, the fundamental production roadmap and capital position remain intact.

Additionally, the Ontario continuance is a routine corporate action with no immediate financial or operational impact. It may improve future access to U.S. institutional capital but does not change the company's asset base or cash flow profile.

Blue Moon Metals Inc. (MOON) is a critical metals exploration and development company operating in Norway and the United States. The company pursues a "hub and spoke" strategy centered on the Springer processing complex in Nevada. Its portfolio includes the Nussir project in Norway, the Blue Moon project in California, the Springer project in Nevada, the Apex project in Utah, and the NSG project in Norway, which is currently subject to an asset sale.

The company’s flagship asset is the Nussir copper-gold-silver mine located in northern Norway, a tier-1 jurisdiction. Underground construction is currently underway, with the final investment decision (FID) scheduled for completion in April 2026. The project holds a proven and probable reserve of 24.98 million tonnes at 0.99% CuEq, alongside a measured and indicated resource of 28.72 million tonnes at 1.20% CuEq. Economic modeling indicates an after-tax net present value (NPV) of $235 million at an 8% discount rate based on consensus pricing, an internal rate of return (IRR) of 19%, and a life-of-mine (LOM) C1 cash cost of $0.95 per pound of copper. First ore production is targeted for August 2027, with commercial production ramping through the fourth quarter of 2027. Infrastructure includes 132kV power lines, an 8-inch water connection, and a year-round ice-free port at Øyen. Blue Moon Metals Inc. owns 94.52% of the Nussir project.

Secondary assets include the Springer project in Nevada, a historic tungsten mine featuring a 1,200 tonnes per day flotation mill with an ammonium paratungstate (APT) plant. A restart is targeted for the fourth quarter of 2027, supported by a historical resource of 10.72 million tonnes at 0.44% WO3. The Blue Moon project in California is an advanced-stage zinc-copper-gold-silver project where underground decline construction commenced in October 2025, with production targeted for 2028. The Apex project in Utah, a germanium-gallium-copper mine acquired from Teck Resources, returned a maiden bulk sample assaying 0.180% Ge, 0.0273% Ga, and 1.96% Cu. Permitting for the Apex project is targeted for the second quarter of 2027.