Blue Moon Consolidates Apex Germanium and Gallium District with Acquisition of Gage Properties from Liberty Gold

Rhea-AI Summary

Blue Moon (BMM) agreed to acquire the Gage Project from a Liberty Gold subsidiary for 420,935 common shares and a 2.0% NSR, subject to TSXV approval and closing expected by end of March 2026.

The Gage Project comprises 181 unpatented claims plus two SITLA leases (total 5,916 hectares), surrounds the Apex Mine and lies along a >5 km critical metals belt with multiple mapped breccia pipes.

Positive

• Consolidates land around Apex Mine, strengthening district control
• Acquisition covers 5,916 hectares and 181 claims
• Consideration structured as 420,935 shares plus NSR, preserving cash
• Gage lies on a >5 km critical metals belt near Apex

Negative

• Transaction subject to TSXV approval before completion
• Acquisition includes a 2.0% NSR (with partial repurchase option)
• SITLA lands carry a separate 4% royalty
• Major portions have no modern exploration, increasing discovery uncertainty

News Market Reaction – BMM

-6.17%

4 alerts

-6.17% News Effect

+10.2% Peak Tracked

-7.5% Trough Tracked

-$28M Valuation Impact

$430M Market Cap

0.9x Rel. Volume

On the day this news was published, BMM declined 6.17%, reflecting a notable negative market reaction. Argus tracked a peak move of +10.2% during that session. Argus tracked a trough of -7.5% from its starting point during tracking. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $28M from the company's valuation, bringing the market cap to $430M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Share consideration: 420,935 shares NSR royalty: 2.0% NSR NSR buyback option: 1.0% for US$2,000,000 +5 more

8 metrics

Share consideration 420,935 shares Blue Moon shares issued to Liberty Gold for Gage Project

NSR royalty 2.0% NSR Net smelter return royalty on Gage Project (excluding SITLA leases)

NSR buyback option 1.0% for US$2,000,000 Option to repurchase 1.0% NSR before commercial production

SITLA royalty 4% royalty Existing royalty on SITLA leases within Gage Project

Unpatented claims 181 claims Unpatented mining claims in the Gage Project

Project area 5,916 hectares Total area of the Gage Project

Historic mines 5 mines Historic mines along the critical metals belt

Mapped breccia pipes 10 pipes Mapped breccia pipes on which no modern exploration conducted

Market Reality Check

Price: $4.92 Vol: Volume 28,744 is below th...

low vol

$4.92 Last Close

Volume Volume 28,744 is below the 20-day average of 117,515, suggesting a relatively muted pre-news trading session. low

Technical Shares at $5.67 are trading above the 200-day MA of $4.70 and about 13.57% below the 52-week high.

Peers on Argus

No peers from the Basic Materials / Other Industrial Metals & Mining group were ...

No peers from the Basic Materials / Other Industrial Metals & Mining group were flagged in the momentum scanner, indicating the move appears stock-specific rather than sector-driven.

Previous Acquisition Reports

3 past events · Latest: Mar 02 (Positive)

Same Type Pattern 3 events

Date	Event	Sentiment	Move	Catalyst
Mar 02	Apex mine acquisition	Positive	+21.5%	Agreed to acquire 100% of Apex germanium and gallium mine from Teck.
Feb 27	Apex deal announcement	Positive	+21.5%	Announced Apex mine acquisition creating integrated North American critical metals platform.
Feb 10	Springer mine closing	Positive	+6.3%	Closed US$18.5M purchase of Springer tungsten mine and processing plant in Nevada.

Pattern Detected

Acquisition-related announcements have previously coincided with positive one-day moves, suggesting investors have tended to reward portfolio expansion news.

Recent Company History

Over recent months, Blue Moon has focused on acquisitions and financing. Notably, the Feb 10, 2026 closing of the Springer tungsten and critical metals mine for US$18.5 million and the Apex germanium and gallium mine agreements on Feb 27 and Mar 2, 2026 each saw positive price reactions. Those Apex deals involved share issuance and NSR terms but still produced double‑digit percentage gains. Today’s Gage Project acquisition further extends this consolidation trend around the Apex district.

Historical Comparison

+16.5% avg move · In the past months, Blue Moon reported 3 acquisition updates with an average one‑day move of 16.47%,...

acquisition

+16.5%

Average Historical Move acquisition

In the past months, Blue Moon reported 3 acquisition updates with an average one‑day move of 16.47%, showing investors have historically reacted strongly to similar expansion deals.

Recent history shows a build-out of a critical metals platform: closing the Springer tungsten mine, then announcing and advancing the Apex germanium and gallium mine acquisition, with the current Gage Project deal further consolidating the Utah district.

Market Pulse Summary

The stock moved -6.2% in the session following this news. A negative reaction despite expansion news...

Analysis

The stock moved -6.2% in the session following this news. A negative reaction despite expansion news would fit a pattern where markets reassess dilution, royalty burdens, or execution risk after the initial announcement. While past acquisitions showed average one-day moves of 16.47%, continued deal-making and added NSR obligations could raise concerns about future returns on capital, particularly if integration or permitting timelines extend, leaving the stock vulnerable to reassessment after early optimism.

Key Terms

net smelter return royalty, nsr, unpatented mining claims, breccia pipes, +3 more

7 terms

net smelter return royalty financial

"for consideration of 420,935 common shares of Blue Moon and a 2.0% net smelter return royalty"

A net smelter return (NSR) royalty is a contractual right to receive a percentage of the revenue from minerals sold after they are processed and refined, with common deductions for transportation and refining fees. Investors care because an NSR provides a predictable slice of mining project income without owning the mine, so it affects expected cash flow, risk exposure to commodity prices, and the valuation of both the royalty and the operating project—similar to collecting a portion of rent after paying building maintenance costs.

nsr financial

"a 2.0% net smelter return royalty ("NSR") on certain concessions"

NSR, or Net Service Revenue, is the total income a company earns from its core services after subtracting any discounts, refunds, or allowances. It reflects the actual money coming in from the main operations, similar to how a store’s sales revenue shows what it gains from selling products, minus returns or discounts. For investors, NSR provides a clearer picture of a company's true earning power from its primary business activities.

unpatented mining claims regulatory

"The Gage Project consists of 181 unpatented mining claims located on Bureau of Land Management lands"

A claim to minerals on public land where the holder has the right to explore and extract resources but does not own the surface or the underlying land title. Like renting a plot to dig for treasure while the government still owns the ground, these claims give producers potential access to valuable ore but carry extra risks — they can require permits, be contested or lost, and often complicate financing and company valuation for investors.

breccia pipes technical

"The Gage Project contains similar style breccia pipes as at the Apex Mine"

A breccia pipe is a vertical, pipe-shaped body of broken rock where fragments have been cemented together, often formed by collapsing rock or fluid-driven explosions underground. They can act like concentrated treasure chests for minerals because fluids that carry metals tend to flow and deposit in these open, fractured zones; for investors, that means breccia pipes can host high-grade, compact deposits that may offer attractive exploration targets but also carry geological and permitting risks.

tsxv financial

"Key condition precedent to completion of the Acquisition is TSXV approval."

TSXV (TSX Venture Exchange) is a public stock exchange that lists smaller, early-stage companies, often in natural resources, technology, and other growth sectors. Think of it as a marketplace for startups where investors can find higher-risk, higher-upside opportunities; listing there signals lighter regulatory requirements and thinner trading volume than major exchanges, so price swings and the ability to buy or sell shares can be larger factors for investors to consider.

ni 43-101 regulatory

"a non-Independent Qualified Person, as defined by NI 43-101."

A Canadian regulatory standard that sets the rules for how mining and exploration companies must report mineral resources and reserves, requiring technical reports prepared or signed off by an independent, certified expert. It matters to investors because it creates a consistent, transparent “inspection report” for mining projects, making it easier to compare prospects, judge the reliability of claims, and assess geological and financial risk before investing.

qualified person regulatory

"reviewed and approved by Mrs. Boi Linh Doig, P.Eng., a Blue Moon Officer, and a non-Independent Qualified Person"

A qualified person is someone with specialized knowledge, experience, and training in a particular field, allowing them to accurately assess and verify information or work. Their expertise helps ensure that reports, evaluations, or decisions are trustworthy and meet required standards. For investors, a qualified person provides confidence that the information they rely on is credible and properly validated.

AI-generated analysis. Not financial advice.

TORONTO, March 18, 2026 /PRNewswire/ - Blue Moon Metals Inc. ("Blue Moon" or the "Company") (TSXV: MOON) (NASDAQ: BMM) is pleased to announce that it has entered into an agreement to acquire the Gage Project (the "Gage Project"), located in Washington County, Southern Utah, USA, from a subsidiary of Liberty Gold Corp. ("Liberty Gold") for consideration of 420,935 common shares of Blue Moon and a 2.0% net smelter return royalty ("NSR") on certain concessions (the "Acquisition").

Christian Kargl-Simard, CEO of Blue Moon states, "Post the acquisition of the Apex Mine from Teck Resources that closed on March 16, 2026 (see press releases from February 27 and March 16), this Acquisition bolsters our land position around the mine and control of what we believe to be the most important germanium and gallium district in North America. The Gage Project contains similar style breccia pipes as at the Apex Mine, which hosts the only historic primary germanium and gallium mine in the western world."

The Gage Project

The Gage Project consists of 181 unpatented mining claims located on Bureau of Land Management lands and two Utah School and Institutional Trust Lands Administration ("SITLA") leases, for a total area of 5,916 hectares. The lands are located along a north-west trending critical metals belt greater than 5 kilometers in length (covering 5 historic mines and over 20 previously identified critical minerals prospects) and surround the Apex Mine.

The district is considered highly prospective for modern exploration and discovery, including alteration mapping, regional geophysical surveys and drill-testing at depth. No modern exploration has been conducted on the other mapped breccia pipes (10 mapped) or regional prospects (9 mapped), in addition to numerous other areas not yet discovered. Previous drilling (1980, Musto) was focused on only a 600-foot vertical section of a single breccia pipe, and it is estimated that up to 10 pipes may be present, with many more regionally.

Transaction Terms

Blue Moon is acquiring 100% of the Gage Project free and clear of all other encumbrances, except for a 4% royalty in respect of the SITLA leases, for the following consideration:

• the issuance by Blue Moon to Liberty Gold of 420,935 common shares of Blue Moon; and
• a 2.0% NSR, payable on mineral production on the Gage Project, excluding land subject to SITLA leases, and subject to an option in favour of Blue Moon to repurchase 1.0% of the NSR at any time prior to achieving commercial production for a cash payment of US$2 million.

Key condition precedent to completion of the Acquisition is TSXV approval. A purchase and sale agreement has been executed by Liberty Gold and Blue Moon on March 18, 2026, and completion is expected to happen by the end of March. No finders' fees are being paid on this Acquisition.

Qualified Persons and Technical Information

The technical and scientific information of this news release has been reviewed and approved by Mrs. Boi Linh Doig, P.Eng., a Blue Moon Officer, and a non-Independent Qualified Person, as defined by NI 43-101. This news release references projects which are nearby or adjacent to the Gage Project. Mineralization on such nearby or adjacent projects is not necessarily indicative of mineralization on the Gage Project.

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 include 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.

Without limiting the generality of the foregoing, this news release contains forward-looking information pertaining to the following: the completion of the Acquisition, the expected benefits and synergies from the Acquisition; the potential of the Gage Project; successful exploration, testing and advancement of the Gage Project; the continued testing, exploration, mining and advancement of Blue Moon's operations across multiple jurisdictions; mineral price expectations; and other matters ancillary or incidental to the foregoing.

A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause the Company's current objectives, strategies and intentions to change. These risks and uncertainties include but are not limited to: the inability of Blue Moon to complete and integrate the Acquisition; risks associated with the integration of Apex project operations; risks associated with mining operations in Utah; regulatory and permitting risks at the state and federal level including with respect to the development of the Gage Project; and management's ability to anticipate and manage the factors and risks referred to herein. A comprehensive discussion of other risks that impact Blue Moon can also be found in its public reports and filings which are available at www.sedarplus.ca and on the website of the U.S. Securities and Exchange Commission at www.sec.gov. 

The forward-looking information is based on certain key expectations and assumptions made by Blue Moon's management, including but not limited to: expectations concerning prevailing commodity prices; the ability to obtain, renew and extend permits as required; estimates of reserves and resources at various sites; and the integration of the Gage Project and Apex project operations.

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

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SOURCE Blue Moon Metals

FAQ

What is Blue Moon's (BMM) purchase price for the Gage Project?

Blue Moon will issue 420,935 common shares and grant a 2.0% NSR on certain concessions. According to the company, the NSR can be partly repurchased for US$2 million prior to commercial production.

How large is the Gage Project acquired by Blue Moon (BMM)?

The Gage Project totals 5,916 hectares including 181 unpatented mining claims and two SITLA leases. According to the company, the land surrounds the Apex Mine along a critical metals belt over 5 kilometers long.

Does the Gage Project acquisition change Blue Moon's (BMM) district control?

Yes, the acquisition consolidates Blue Moon's land position around the Apex Mine and expands control of the germanium-gallium district. According to the company, the Gage lands surround Apex and cover multiple historic mines and prospects.

Are there royalties or other encumbrances on the Gage Project acquired by Blue Moon (BMM)?

Blue Moon acquires the project free and clear except for a 4% SITLA royalty and a 2.0% NSR on certain concessions. According to the company, the NSR excludes SITLA lands and is partly repurchasable for US$2 million.

When will the Gage Project acquisition by Blue Moon (BMM) close?

Completion is expected by the end of March 2026, subject to TSXV approval. According to the company, a purchase and sale agreement was executed on March 18, 2026, with closing dependent on the exchange's approval.

What exploration history exists on the Gage Project acquired by Blue Moon (BMM)?

Previous drilling was limited, focused on a single breccia pipe's 600-foot section in 1980. According to the company, no modern exploration has tested many mapped breccia pipes or regional prospects, leaving discovery potential open.