Blue Moon Announces Results of Nussir Project Feasibility Study

• Event: Completion of Feasibility Study (FS) for the Nussir Copper-Gold-Silver Project in Norway.
• Date: April 16, 2026.
• Key Economics: After-tax NPV (8%) of $235 million at consensus pricing; increases to ~$559 million at spot prices. IRR of 19% (consensus) rising to 31.2% (spot).
• Capital Requirements: Initial Capital Expenditures (CapEx) estimated at $184 million. Sustaining Capital Costs over Life of Mine (LOM) are significantly higher at $495 million.
• Production Timeline: Targeting start of production and ramp-up in December 2027, with hot commissioning in Q3 2027. EPC contract award scheduled for May 2026.
• Cost Structure: LOM C1 Cash Cost net of by-products at $0.95 per pound CuEq; All-In Sustaining Cost (AISC) at $2.05 per pound CuEq.
• Resources/Reserves: Total Proven and Probable Reserve 24.98 Mt at 0.99% CuEq grade. Mine life confirmed at 13 years, with an "Opportunity Case" extending to 17 years.
• Operational Status: Approximately $46.7 million spent on the project to date. Decline advance reached 1,548 meters as of April 15, 2026. Long-lead equipment orders placed for SAG mill, Ball Mill, and thickeners.

• Validation of Thesis: The FS confirms the economic viability of the Nussir project, removing a major binary risk that has been priced into the stock over the last 12 months (share price appreciation from ~$3.00 to ~$10.80).
• Economic Sensitivity: There is a significant divergence between consensus pricing NPV ($235M) and spot pricing NPV ($559M). This indicates high sensitivity to copper prices, which poses a risk if the market corrects before production starts in late 2027.
• Capital Adequacy Concern: While Initial CapEx is $184 million, the previously announced financing package (Hartree/Oaktree) totaled up to $140 million (mix of equity, bridge loan, term loan, and stream). With ~$5M equity and $12.5M bridge drawn as of late 2025/early 2026, there is a potential funding gap for the full $184 million initial build before the May 2026 EPC award.
• Sustaining Capital Risk: The LOM Sustaining Capital ($495M) vastly exceeds Initial CapEx ($184M). This implies significant future dilution or debt raising is required post-production to maintain operations, which is a critical long-term risk not fully mitigated by this FS.
• Market Reaction Context: The stock has already rallied approximately 260% from May 2025 lows ($3.00) to April 2026 highs ($11.59). Much of the "development success" narrative was priced in during the financing and acquisition announcements (Springer, Apex, Gage). This news confirms execution but does not necessarily exceed the high expectations already embedded in the valuation.

• Company Profile: Blue Moon Metals Inc. is a mining development company focused on copper, zinc, gold, silver, tungsten, germanium, and gallium assets in North America (USA/Canada) and Europe (Norway).
• Flagship Project: Nussir Copper-Gold-Silver Project (Northern Norway). This is the primary value driver with a confirmed 13-year mine life and production start targeted for late 2027.
• Portfolio Expansion: Recent acquisitions include the Apex Germanium/Gallium Mine (Utah, acquired from Teck), Gage Project (Utah), and Springer Tungsten Mine (Nevada). These assets aim to create a "hub-and-spoke" critical metals processing model in North America.
• Strategic Positioning: Nussir is designated as a "strategic critical raw material" project by the EU under the Critical Raw Materials Act, providing political and financing support.