Blue Moon Clarifies State of Nussir Project

Blue Moon Metals Inc. (MOON) issued a company-authored response to a short-seller report from Viceroy Research Group, clarifying that the release is not an earnings report or operational milestone. The company asserts that all Nussir permits remain in good standing and argues that the June 17, 2026, Engebø Judgment concerns Nordic Mining’s Engebø project, located approximately 1,300 km away, and does not apply to Nussir ASA.

Supporting its position, Blue Moon notes that the Norwegian Environment Agency approved Nussir’s Mine Waste Management Plan in Q2 2026 and issued an amended Discharge Permit. Norwegian Minister of Trade and Industry Cecilie Myrseth is quoted as stating that Nussir “has all the necessary permits.” Regarding operations, underground development began in June 2025, the EPC contract for the processing plant has been awarded, and production is targeted for 2027.

Financially, the company states it has sufficient cash to repay the US$12.5 million drawn portion of the Hartree/Oaktree credit facility, or the full US$25 million facility. Blue Moon confirms that no precious metals streaming agreement has been closed or drawn. It further describes Springer and Apex as debt-free, noting that the credit facility is not secured against those assets. The company also cites tungsten APT prices rising from approximately US$600/mtu to over US$3,000/mtu since October 2025.

However, the response highlights material disclosures regarding regulatory scrutiny. The EFTA Surveillance Authority sent Norway a Letter of Formal Notice of Enforcement related to the Engebø Judgment, which mentions Nussir. Norway’s Ministry of Climate and Environment has stated it will consider whether the Engebø Judgment has any significance for the Nussir permit. While Norway expressly declined to treat the Engebø and Nussir permits as automatically equivalent, it has not cleared Nussir. Blue Moon says it has received no indication of an analogous direct challenge, but notes that the Government review and ESA process remain open. The Viceroy report itself is not provided in the materials, so its specific claims cannot be independently tested.

Blue Moon Metals Inc. (MOON) issued a defensive regulatory and legal release regarding its flagship Nussir development asset, highlighting an unresolved permitting review process. The company stated that all permits remain in good standing and that construction is on track. It also cited public support from the Norwegian trade minister and affirmed it has ample liquidity with no default risk under the Hartree/Oaktree facility.

The release confirmed, for the first time in these materials, that an Environmental Protection Agency (ESA) enforcement letter mentions Nussir and that the Norwegian Government will consider whether the Engebø Judgment affects Nussir. The company’s rebuttal argued that the Engebø and Nussir permits are not automatically equivalent, though it did not provide a government statement expressly clearing Nussir. This disclosure followed a short-seller campaign that contributed to a stock decline from C$7.71 on 2026-08-10 to C$7.39 on 2026-08-12.

Prior-period financial data not included in this release shows that as of Q1 2026, reported cash was C$40.4 million, total debt was C$16.3 million, and working capital was C$29.3 million. A C$156.25 million bought-deal offering in May 2026 significantly strengthened cash positions after Q1 2026. According to an investor deck, cash stood at approximately C$141 million, debt at approximately US$12.5 million, and enterprise value at approximately $548 million as of July 2, 2026.

Blue Moon Metals Inc. is a mineral exploration and development company with five brownfield polymetallic projects. The Nussir copper-gold-silver project in Norway serves as the company’s flagship, currently in the construction stage with production targeted for 2027. In California, the Blue Moon zinc-gold-silver-copper project has an underground exploration decline underway, with a production target set for 2028 or 2029. The company acquired the Springer tungsten project and processing complex in Nevada in February 2026, with a potential restart planned for the fourth quarter of 2027. Additionally, Blue Moon acquired the Apex germanium-gallium-copper mine in Utah from Teck in March 2026. The NSG copper-zinc project in Norway is currently undergoing underground exploration.

Nussir is the centerpiece of the company’s portfolio. An NI 43-101 feasibility study for the project became effective on April 14, 2026. The study indicates an after-tax net present value at 8% of US$235 million and an internal rate of return of 19% using consensus pricing. Average annual free cash flow is estimated at US$77 million. Production is targeted at approximately 21,000 tonnes per annum of copper equivalent beginning in the second half of 2027. The company owns about 94.52% of Nussir.

The company is building a U.S. “hub-and-spoke” model around the Springer processing complex.