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Blue Moon Metals Acquires Land and Water Rights for $3.5M
Blue Moon Metals announce that it has entered into a definitive agreement to acquire a land package and its associated water rights, located near the Company's Springer mine in Pershing County, Nevada, USA, from a private third-party vendor for consideration of $3.5M in cash and $4.5M in common shares of Blue Moon. Christian Kargl-Simard, CEO of Blue Moon states, "This acquisition more than doubles Springer's existing water rights and ensures that Springer retains its flexibility to grow into the future as a hub-and-spoke processing complex. The land package can also act as a strategic logistics hub, with access to highway I-80 and adjoining the Union Pacific rail line."
Blue Moon Metals Obtains Nevada Water Pollution Control Permit
Blue Moon Metals announced that the Nevada Division of Environmental Protection, through its Bureau of Mining Regulation and Reclamation, has transferred the Water Pollution Control Permit and the Reclamation permit for its Springer tungsten project in Pershing County, Nevada, into the company's name, and that the Project's reclamation closure bond has been approved and posted. The WPCP and the Reclamation Permit are the principal state environmental authorizations for mine development in Nevada, governing the construction, operation, and closure of a mine's facilities. With the WPCP, Reclamation Permit and reclamation bond in place, the company is authorized to commence construction activities at Springer, including refurbishment of the existing mill and activities authorized under those permits. The company received formal approval of the Notice of Construction on August 18, allowing construction of the tailings dam to begin on schedule.
Blue Moon Metals Acquires 33 Tungsten and Antimony Projects
Blue Moon Metals announced the acquisition of a portfolio of 33 tungsten and antimony projects in the western United States, all of which are proximal to the company's Springer complex. The projects are generally located in the most prolific tungsten and antimony producing districts in the United States, with historical production on or adjacent to almost all projects. These projects are complementary to the company's Springer tungsten complex in Nevada and Apex germanium-gallium-copper mine in Utah. The projects are being acquired on a 100% ownership basis from a private owner on an arms-length basis and consist of BLM and USFS lands. Holding costs for the portfolio are approximately $162,000 per year. Consideration for the projects consists of the following: 2.8M common shares of the company, subject to a four-month holding period, at a price of $5.55 per share or a total of approximately $15.5M; a 1% NSR royalty on each project; $5M in cash, of which $2.5M is to be paid on the closing date and $2.5M is to be paid on the first anniversary of the closing date; a capped inferred resource development milestone payment on tungsten projects advanced by Blue Moon and the development payments will be based on the grade of the first delineated inferred resource within 15 years of the Closing Date. The development payments will be paid either in cash or split 50% cash and 50% in Blue Moon common shares, at Blue Moon's election and each development payment will be capped at a maximum aggregate payment of $8.5M per project. A monetization incentive based on consideration received by Blue Moon from the disposal of any project. A payment of 10% of the consideration received by Blue Moon, payable in cash or shares at Blue Moon's discretion and an inferred resource development milestone payment on tungsten projects advanced by the then owner of each project within 15 years of the Closing Date, totaling $1.50/MTU WO3.
Blue Moon Metals Acquires Nevada Claims for 188,199 Shares
Blue Moon Metals has entered into an agreement to acquire certain claims adjacent to the Company's Springer Mine, located in Pershing County, Nevada, USA, from GoldPlay and Robert Schafer for consideration of 188,199 common shares of Blue Moon, $1M cash and a sliding scale gross revenue royalty on the concessions. The Claims consist of nine unpatented mineral claims. The Claims cover a portion of some historically identified veins including the Stank deposit, the O'Byrne deposits and a portion of the Sutton deposit, and have seen high-grade tungsten trioxide drill results such as 1.0m @ 3.95% WO3 in SU-43. Blue Moon is acquiring 100% of the Claims free and clear of all other encumbrances for the following consideration: the issuance by Blue Moon to the Sellers of 188,199 common shares of Blue Moon; and $1M in cash; and a sliding scale GRR, payable on mineral production on the Claims, and subject to an option in favour of Blue Moon to buy down the GRR to 1.5% for a period of 3 years for a cash payment of $2M. Key condition precedent to completion of the Acquisition is TSXV approval. A purchase and sale agreement has been executed by the parties on April 27, 2026, and completion is expected to happen by early May. No finders' fees are being paid on this Acquisition.
Blue Moon Metals Approves Final Investment Decision for Nussir Project
Blue Moon Metals' board of directors has approved a final investment decision on the construction for its Nussir project, located in northern Norway. The recent feasibility study on the project announced on April 16, highlighted a 13-year mine life with a nominal 6,000 ton per day underground mine and processing facility with ore production starting in Q3-2027. The company expects the remaining $184M of estimated capital costs required to complete the project will be covered by the company's existing cash on hand, available undrawn amounts on the $140M project finance package which was previously announced on August 19, 2025, and proceeds from the company's bought deal equity financing announced concurrently herewith and described further below. Separately, the company announced that its board of directors has agreed to initiate the planning stages to allow for potential production resumption at Blue Moon's Springer Mine and Mill complex in Nevada. The company completed its acquisition of Springer on February 10. Springer is a tungsten production facility consisting of an existing 1,300-ft vertical shaft and underground workings, a nominal 1,200 ton per day mill with rod/ball mills, grinding and flotation circuits, and a decommissioned ammonium paratungstate circuit including autoclave and related reagent systems. Springer continues to hold required water rights for the complex, and Blue Moon is actively advancing the permitting process to support the operation restart as soon as possible. From 1914 to 1958, Springer was one of the largest tungsten producing mines in the United States and is one of the highest grade tungsten deposits in the world. The deposit is located entirely on private fee lands. Tungsten prices have risen from $500/MTU to over $3000/MTU over the last seven months. In the opinion of the company, this rise is due to strong military and powder metallurgy requirements and reduced exports from China, which accounts for approximately 80% of global tungsten supply. The company is evaluating various plans with a goal of fast-tracking the facility back to production, with a target of Q4-2027. Management of Blue Moon has prepared an internal preliminary restart cost estimate of $50M, which is expected to be covered primarily through anticipated strategic financing activities and current cash on hand. Through its internal modelling, management of Blue Moon believes that the Springer complex could achieve potential production of 107,000 to 124,000 MTU within a good quality scheelite concentrate, subject to certain assumptions and qualifications. Management estimates the cash costs net of molybdenum production to be in the $300-$400/MTU range. Blue Moon is also evaluating the restart of the APT plant for 2028, and is reviewing strategic alternatives, including joint ventures with other western world tungsten producers and potential downstream partners and adding a powder metallurgy facility next to the APT plant. The board of directors' approval of operations to resume commercial production at Springer was made without the company having declared commercial production mining at Springer and without the benefit of a current feasibility study of mineral reserves demonstrating economic and technical viability.
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