Blue Moon Clarifies State of Nussir Project

Rhea-AI Summary

Blue Moon (NASDAQ: BMM) clarified the status of its Nussir copper-silver-gold project and broader portfolio. The company states all Nussir permits remain in good standing, with the Mine Waste Management Plan approved and the discharge permit amended in Q2 2026. Norwegian authorities are reassessing an unrelated project’s permit, but Nussir’s permit has not been revoked, and construction is advancing on schedule, with underground development started in June 2025 and production targeted for 2027. Blue Moon reports strong liquidity, indicating it holds enough cash to repay the US$12.5 million drawn, or the full US$25 million Hartree/Oaktree credit facility, and notes its U.S. Springer and Apex assets are debt free. The company highlights a sharp rise in tungsten prices since 2025, materially improving restart economics for the Springer tungsten mine and supporting its hub-and-spoke critical minerals strategy in the western U.S.

Positive

• Nussir permits in force with Mine Waste Management Plan approved and discharge permit amended in Q2 2026
• Construction progress at Nussir with underground development started June 2025 and production targeted for 2027
• Strong liquidity with sufficient cash to repay US$12.5m drawn or full US$25m credit facility
• U.S. Springer and Apex assets are debt free and not pledged as security under the credit facility
• Tungsten price increase from about $600/mtu APT to over $3,000/mtu APT since October 2025, improving Springer economics

Negative

• None.

News Explained

No precious-metals streaming has closed or been drawn; Nussir remains under construction, and potential 2027 commercialization deals are not commitments.

Blue Moon's clarification reports that Nussir's permits remain in force and construction is advancing, with production targeted for 2027; it says the company can repay either the US$12.5 million drawn portion or the full US$25 million credit facility.

For the financing structure, Blue Moon says the credit facility is not secured against Springer and Apex, which it describes as debt free.

The company also states that no precious-metals streaming agreement has been closed or drawn under the previously announced memorandum of understanding with Hartree and Oaktree.

The release pairs its statement that all Nussir permits are in good standing with Norway's ongoing reassessment of whether the Engebø Judgment has significance for Nussir; it reports no notification or indication of an analogous challenge. Potential commercialization transactions remain uncommitted: parties have expressed interest and visited sites, but Blue Moon says that interest may not produce an agreement, with transactions contemplated during 2027.

Market Context

A prior drilling update produced a -4.31% 24-hour reaction, adding a company-specific historical com...

Analysis

A prior drilling update produced a -4.31% 24-hour reaction, adding a company-specific historical comparator to this permit clarification. The platform record also showed low short positioning; subsequent permit developments and financing disclosures were relevant monitoring points.

Key Figures

Engebø project distance: 1,300 km Mine Waste Plan approval: Q2 2026 Production target: 2027 +4 more

7 metrics

Engebø project distance 1,300 km Distance from Nussir to the unrelated mining project

Mine Waste Plan approval Q2 2026 Norwegian Environment Agency approval and discharge-permit amendment

Production target 2027 Nussir operating-license production start target

Credit facility drawn US$12.5 million Drawn portion of the Hartree/Oaktree credit facility

Credit facility size US$25 million Full Hartree/Oaktree credit facility

Tungsten price US$600/mtu APT to over US$3,000/mtu APT Change since the October 2025 Springer acquisition memorandum

Tailings-depositing mines Five mines Norwegian mines depositing tailings subaqueously

Historical Context

4 past events · Latest: Aug 11 (Positive)

Pattern 4 events

Date	Event	Sentiment	24h Move	Catalyst
Aug 11	Tungsten project acquisition	Positive	-4.7%	Portfolio acquisition preceded a negative 24-hour reaction despite expanded critical-minerals exposure.
Aug 10	Nussir drilling results	Positive	-4.3%	Initial infill and deep drilling results preceded a negative 24-hour reaction.
Jul 30	Shareholder voting results	Neutral	-1.1%	Shareholders approved all matters, yet the stock recorded a negative 24-hour reaction.
Jul 07	Springer drilling program	Positive	-5.7%	Large Springer drilling and re-logging program preceded another negative 24-hour reaction.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

The four recent Blue Moon announcements in the selected history were followed by negative 24-hour reactions, including operational and corporate updates.

Key Terms

short-and-distort, brownfield, EPC contract, offtake, +1 more

5 terms

short-and-distort financial

"amounts to nothing more than a typical "short-and-distort" campaign"

A short-and-distort scheme is a market-manipulation tactic where someone bets that a stock will fall (shorts it) and then spreads false or misleading negative information to push the price down so they can profit. Think of it like planting bad rumors about a shop to scare customers away while betting the shop’s value will drop. It matters to investors because it can cause sudden, artificial price declines, distort trading signals and trigger regulatory investigations or legal disputes.

brownfield technical

"the Company's brownfield Nussir copper-silver-gold project"

A brownfield is a property or site that has been previously developed or used—often with existing buildings, infrastructure, or environmental contamination—and is being reused, redeveloped, or expanded rather than built on from scratch. For investors it matters because brownfields can offer cost and time savings compared with starting new (like renovating an old house versus building one), but they also carry risks such as cleanup obligations, regulatory delays, and hidden expenses that affect returns and timelines.

EPC contract technical

"the EPC contract for the processing plant has been awarded"

An EPC contract is a single agreement where one firm is hired to design, buy the materials for, and build a large project — often delivering it ready to operate. For investors it matters because these contracts usually fix the price and schedule and shift most construction and performance risk to the contractor, much like hiring a general contractor to build a house for a set price and completion date.

offtake financial

"The Hartree copper concentrate offtake from Nussir holds no connection"

An offtake is a contract where a buyer commits in advance to purchase a company’s future output—such as raw materials, energy or finished goods—often at agreed volumes and prices. For investors, an offtake provides predictable revenue and lowers the risk that production will go unsold, similar to a long-term subscription or pre-order that helps a factory or mine secure funding and plan operations with greater confidence.

tailings disposal permit regulatory

"the Project's tailings disposal permit "will be revoked""

A tailings disposal permit is a regulatory authorization that lets a mining company store, treat, or release the leftover waste (tailings) from ore processing at a specific site under defined conditions. It matters to investors because the permit governs where and how waste is managed, affects operating timelines, compliance costs, environmental liability, and the risk of shutdowns or fines—similar to a license that controls how a factory can handle its garbage.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO, Aug. 13, 2026 /PRNewswire/ -- Blue Moon Metals Inc. ("Blue Moon" or the "Company") (TSXV: MOON) (NASDAQ: BMM) today responds to and categorically refutes a series of inaccurate statements and misinformation published about the Company by Viceroy Research Group ("Viceroy") in a self-serving short seller report. The Company believes this report (the "Viceroy Report") amounts to nothing more than a typical "short-and-distort" campaign, and cautions investors that this report contains numerous false, unfounded and meritless statements about the Company. Short seller arguments have been derived from speculation rather than facts and formed without any effort to interact with the Company to gain a fulsome understanding of its business plan and prospects. The authors disregard the far more considered opinions of not only Company management, but also the informed views of various leading investment banks, each of which have, unlike the authors, conducted their own extensive due diligence including site visits alongside dozens of institutional investors, including some of the largest shareholders in the Company.

Blue Moon believes the sole purpose of Viceroy's campaign is to profit from a decline in the price of Blue Moon common shares at the expense of its long-term shareholders. Viceroy itself has disclosed that it may benefit from a decline in the price of the Company's securities. Shareholders should consider Viceroy's direct financial interest in a decline in the price of the Company's securities when assessing the credibility, objectivity and reliability of the Viceroy Report. The Company reiterates that its disclosure record remains complete and current, including properly identifying risks to an investment in the Company, and such disclosure will be promptly updated as developments occur in the future.

Nussir's Permits and Construction – All Permits in Good Standing and Construction on Track

The Viceroy Report claims that that the June 17, 2026, decision of the Supreme Court of Norway (the "Engebø Judgment"), which concerned the environmental permit of an unrelated mining project approximately 1,300 km away, may have implications for the Company's brownfield Nussir copper-silver-gold project ("Nussir" or the "Project").  All permits at Nussir are in good standing. The Company is fully aware of developments in Norway and remains in regular contact with the relevant permitting authorities and ministries, including the Norwegian Environment Agency.

"This project has all the necessary permits. Nussir is an important project, not least because it involves the extraction of copper—a critical and strategic raw material. The fact that the EU Commission has also designated Nussir as a strategic project for Europe demonstrates the project's importance," says Minister of Trade and Industry Cecilie Myrseth. "This government places a high priority on the minerals industry, and we want to realize more high-quality mineral projects that create jobs and generate value," Myrseth emphasizes.

The assertion that the Project's tailings disposal permit "will be revoked" as a result of the Engebø Judgment is blatantly unfounded and inaccurate. The Engebø Judgment does not (i) involve or apply to Nussir ASA, the subsidiary of Blue Moon which holds the extraction licences and exploration licences associated with the Project, or (ii) stand for a blanket prohibition on the sea disposal of tailings as posited in the Viceroy Report. The Supreme Court of Norway narrowly found only that the justification underlying the 2016 Engebø permit issued to that project's owner, Nordic Mining ASA ("Nordic Mining"), did not satisfy the requirements of the EU Water Framework Directive and required the Government of Norway to reassess that permit; that reassessment is now underway. Nordic Mining continues to operate the Engebø project during this period of reassessment. As part of this reassessment, the Government of Norway has indicated that it will consider whether the judgment has any significance for the Nussir permit and expressly declined to treat the Engebø and Nussir permits as automatically equivalent. Blue Moon has received no indications that it will do so.

The Company has not received any notification or indication that Nussir ASA will be the subject of any such analogous challenge that could result in a judgment similar to the Engebø Judgment. In Q2 2026, the Norwegian Environment Agency approved the Nussir Project's Mine Waste Management Plan following a public comment period and issued an amendment to the Discharge Permit incorporating the latest Mine Waste Management Plan. The Minister of Climate and Environment of Norway has stated publicly that the Engebø Judgment does not make sea disposal generally unlawful and the Supreme Court of Norway expressly did not rule that a similar permit could not be issued today on a different basis.

Norwegian administrative practice further demonstrates that a judicial finding of a permitting defect does not automatically require operations to cease, and, as mentioned above, Nordic Mining continues to operate at Engebø subsequent to the Engebø Judgment. Blue Moon notes that a number of other examples of resource or infrastructure projects in Norway that were the subject of permitting challenge judgments Norwegian courts in recent years, including the Fosen wind-farm judgment in 2021 and the 2024 judgments concerning the Breidablikk, Tyrving and Yggdrasil petroleum developments, continued to operate while the Government of Norway addressed the identified legal defects to the challenged permits, and each of those projects remain in operation today. 

The Nussir Project is a designated Strategic Project under the EU Critical Raw Materials Act—the only non-EU primary copper project so designated—a status the European Commission confers on projects it considers to be of public interest for the security of supply of strategic raw materials. Nordic Mining's Engebø project is not the subject of a similar designation. Increased domestic mineral production is also a stated objective of Norway's 2023 mineral strategy. The Supreme Court of Norway did not hold that sea disposal is unlawful, nor did it preclude the issue of a new permit providing for sea disposition on an updated basis. In any reassessment, Nussir's designation as a Strategic Project under the EU Critical Raw Materials Act is directly relevant to the Nussir Project's contribution to the security of supply of critical raw materials—an interest the EFTA Court has previously recognized as capable of constituting an overriding public interest under the EU Water Framework Directive.

While the Government of Norway received a Letter of Formal Notice of Enforcement from the EFTA Surveillance Authority ("ESA") in relation to the Engebø Judgment, which letter mentions Nussir, it is important to note that such letter is not a final court ruling and does not revoke the permit. The notice gives the Norwegian state an opportunity to respond, clarify, defend, amend, or remedy the alleged breach. In its July 3, 2026, response to the ESA, the Ministry of Climate and Environment stated that the Engebø Judgment requires the State to reassess the justification underlying the permit and that this reassessment is now underway. With respect to Repparfjord, the Ministry stated that, as part of that follow-up, it will consider whether the Engebø Judgment has any significance for the Nussir permit and expressly declined to treat the Engebø and Nussir permits as automatically equivalent.  

There are a total of five mines in Norway that deposit tailings subaqueously and further sea deposits are approved for operations in the near future. Blue Moon is engaged with Norwegian authorities on these matters and is confident in the robustness of the Project's permits, which reflect current environmental documentation and were most recently amended in Q2 2026.

Construction is advancing on schedule to meet the production start date under the operating license: underground development commenced in June 2025, the EPC contract for the processing plant has been awarded, and production is targeted for 2027.

Hartree/Oaktree Credit Facility and Project Financing Package – Strong Financial Position and No Default Risk

The Project's permits remain in force, and the Nussir permit has not been invalidated. The permitting matters raised in the Viceroy Report do not trigger the covenants described.

The Company remains very well capitalized with ample liquidity and continues to explore multiple alternatives to fund the development of its U.S. assets. The Company holds sufficient cash on its balance sheet to repay the US$12.5 million drawn portion of the credit facility or the full US$25 million facility. Repayment capacity is not contingent on the permitting matters raised in the Viceroy Report. The credit facility is not secured against its U.S. assets in Springer and Apex, which are debt free. Further technical disclosure will be made available for each asset as work progresses.

The Hartree copper concentrate offtake from Nussir holds no connection to Hartree's separate participation as a global commodities company in Project Vault, with the copper concentrate expected to be processed at European smelters.

As of the current date, no precious metals streaming agreement has been closed or drawn under the previously announced memorandum of understanding with Hartree and Oaktree.

North American Portfolio –Strategic US Assets Including an APT Plant for Tungsten

In the second half of 2025, the Company had been looking for mill facilities in the western U.S. to allow for a direct-ship-ore arrangement for the ore coming out of the Blue Moon project in the U.S. (the "Blue Moon Project"). A large number of sites had been studied, the Springer complex being one of them. By the fall of 2025, the Springer complex looked to be the most promising. It has a processing plant and other ancillary facilities, is located near good roads and rail for transport and has good proximity to the Blue Moon Project. Full technical due diligence was done at the level of the mill, with multiple visits by both Blue Moon and consultants. The mining assets, being a less significant part of the complex, relied more on the historical resource information to make the investment decision. Since the Company's October 2025 announcement of the MoU to acquire Springer, the cif Rotterdam / Baltimore tungsten price has increased from approximately $600/mtu APT to over $3,000/mtu APT, as quoted by Fastmarkets. This materially changes the economics of the tungsten mine restart, and highlights the importance of the APT plant at site, which is currently a strategic asset in the western world.

As to U.S. activities, far from being a "knee-jerk" move, the acquisitions are the product of a deliberate strategy to develop a hub-and-spoke business system around the well-located Springer metallurgical complex, being fed from various high-value critical minerals deposits in the western U.S. The execution of this strategy remains ongoing, but management and the board strongly believe that it can lead to significant creation for the benefit of Company shareholders. The value of delivering tungsten and germanium to the U.S. is mission-critical, and Springer and Apex are uniquely placed to deliver these metals over the coming years. The Company has received interest from significant strategic parties, several of which have completed site visits, with the view of completing one or more material commercialization transactions during 2027. Note that receiving such interest may or may not lead to concluding any outcome or agreement.

Given the scarcity of such brownfield tungsten assets associated with existing processing infrastructure in the current macroeconomic environment, significant value has been ascribed to Springer by third-party research analysts. The Company believes the replacement value of the Springer complex to be greater than its current enterprise value. The Company has since synergistically acquired other high-value projects in the western U.S. with a view to reducing development timelines and initial capital costs by leveraging the existing infrastructure at the Springer complex, targeting a hub-and-spoke business model.

About Blue Moon

Blue Moon is advancing 5 brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway, the NSG copper-zinc-gold-silver project in Norway, the Blue Moon zinc-gold-silver-copper project in the United States, the Springer tungsten-molybdenum project in the United States and the Apex germanium-gallium-copper project in the United States. All 5 projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc, copper and tungsten are currently on the USGS and EU list of metals critical to the global economy and national security and germanium and gallium are also on the USGS list of critical metals. Major shareholders including Teck Resources Limited, funds managed by Oaktree Capital Management, Hartree Partners LP, Wheaton Precious Metals, Altius Minerals Corporation, Baker Steel Resources Trust, LNS and Monial. More information is available on the Company's website (www.bluemoonmetals.com).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable Canadian and United States securities laws. All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions.

Any forward-looking information contained in this news release represents management's current expectations and is based on information currently available to management and is subject to change after the date of this news release. Accordingly, the Company warns investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding the Company's future results or plans. The Company cannot guarantee that any forward-looking information will materialize and readers are cautioned not to place undue reliance on this forward-looking information.

The Company is under no obligation (and expressly disclaims any intention or obligation) to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.

View original content to download multimedia:https://www.prnewswire.com/news-releases/blue-moon-clarifies-state-of-nussir-project-302851048.html

SOURCE Blue Moon Metals

FAQ

What is the current status of Blue Moon (BMM) Nussir project permits after the Engebø judgment?

According to Blue Moon, all Nussir project permits remain in force and in good standing. The Norwegian government is reassessing another project’s permit, but Nussir’s permit has not been revoked, and recent approvals in Q2 2026 incorporated the updated Mine Waste Management Plan.

When is Blue Moon (BMM) expecting Nussir project production to start?

According to Blue Moon, construction at Nussir is advancing on schedule toward its operating license production start date. Underground development began in June 2025, major processing-plant contracts are awarded, and the company is targeting initial production from the project in 2027, subject to ongoing execution.

How strong is Blue Moon (BMM) liquidity under the Hartree/Oaktree credit facility?

According to Blue Moon, the company holds enough cash to repay the US$12.5 million drawn or the full US$25 million facility. Management states repayment capacity is not contingent on permitting matters and emphasizes that its U.S. Springer and Apex assets are debt free.

Are Blue Moon (BMM) Springer and Apex U.S. assets pledged as security for the credit facility?

According to Blue Moon, the Hartree/Oaktree credit facility is not secured against the company’s U.S. Springer and Apex assets. These critical minerals projects are described as debt free, with further technical disclosure expected as work programs advance on each asset.

Has Blue Moon (BMM) closed a precious metals streaming deal with Hartree and Oaktree?

According to Blue Moon, no precious metals streaming agreement has been closed or drawn under the previously announced memorandum of understanding. The company indicates that, as of the announcement date, the streaming arrangement remains unexecuted and provides no current funding or offtake obligations.

How do higher tungsten prices affect Blue Moon (BMM) Springer complex economics?

According to Blue Moon, cif Rotterdam/Baltimore tungsten prices rose from about $600/mtu APT to over $3,000/mtu APT since late 2025. The company states this materially improves the economics of restarting the Springer tungsten mine and underpins the strategic value of its on-site APT plant.

What is Blue Moon (BMM) hub-and-spoke strategy around the Springer metallurgical complex?

According to Blue Moon, its U.S. acquisitions support a deliberate hub-and-spoke model centered on the Springer complex. The plant would process ore from multiple high-value critical minerals deposits in the western U.S., aiming to reduce development timelines and capital by leveraging existing infrastructure.