Blue Moon Announces Follow on Investment of C$4.8M from Hartree

• Most Recent Event (April 22, 2026): Blue Moon Metals announced a C$4.8 million follow-on investment from Hartree Partners LP via exercise of "top-up rights" under an existing agreement dated March 7, 2025.
• Financing Details: Issued 526,617 common shares at $9.06 per share. Proceeds earmarked for brownfield polymetallic project development and general corporate purposes. Shares subject to a statutory 4-month hold period.
• Contextual News (April 21, 2026): Non-binding Letter of Intent (LOI) announced to combine holdings in the Sulitjelma Mining District (NSG) with Alpha Future Funds S.C.S., aiming to streamline development and leverage existing infrastructure.
• Preceding Catalyst (April 16, 2026): Completion of Feasibility Study for Nussir project showing strong economics ($235M NPV, 19% IRR) with production targeted for December 2027.
• Historical Context: Significant capital raises occurred in late 2025 (C$86.5 million bought deal), followed by acquisitions of the Springer Tungsten Mine and Apex Germanium/Gallium Mine, culminating in a Nasdaq listing in January 2026.

• Financing Dilution vs. Confidence: The financing price ($9.06) is approximately 15% below the recent market close ($10.65). While this creates immediate dilution for existing shareholders, the participation of Hartree Partners—a known strategic investor with a history of backing critical metal projects—signals strong institutional confidence in the Nussir Feasibility Study results released just days prior.
• Rights Exercise: The investment was executed via "top-up rights" under an agreement from March 2025. This implies the terms were pre-negotiated and anticipated, reducing the surprise factor that would typically classify a financing as Material. It is therefore categorized as Routine - Positive rather than Material.
• Strategic Consolidation: The Sulitjelma (NSG) combination LOI represents a strategic move to centralize processing and haulage in Norway. While non-binding, it aligns with the company's "hub-and-spoke" strategy announced during the Springer acquisition phase. This reduces long-term operational risk but does not immediately impact cash flow or production timelines.
• Capital Adequacy: The C$4.8 million injection is modest relative to the total capital raised in 2025 ($86M+) and the $140M project finance package announced earlier. It serves as working capital for the post-FS phase rather than a transformative funding event, supporting the execution of the construction timeline without altering the fundamental investment thesis.

• Flagship Project: Nussir Copper-Gold-Silver Project in Northern Norway.
  • Status: Feasibility Study completed (April 2026).
  • Economics: $235M NPV (8%), 19% IRR, LOM C1 Cash Cost $0.95/lb Cu.
  • Timeline: Production ramp-up targeted for December 2027.
• US Critical Metals Portfolio:
  • Blue Moon Mine (California): Zinc-Gold-Silver-Copper VMS deposit; underground decline construction underway.
  • Springer Tungsten Mine (Nevada): Acquired Feb 2026; includes processing plant and historic resources.
  • Apex Germanium/Gallium Mine (Utah): Acquired March 2026 from Teck Resources; expands critical metals district.
• Strategic Focus: Integrated "hub-and-spoke" model linking US mines with Canadian smelting (Teck Trail) and Norwegian copper production, targeting North American supply chain security under Section 232 initiatives.