Blue Moon Metals Closes Previously Announced Acquisition of the Gage Project Located in Washington County, Southern Utah and Appoints Reza Ehsani as Senior Vice President, Projects

Rhea-AI Summary

Blue Moon Metals (NASDAQ: BMM) closed its acquisition of the Gage Project in Washington County, southern Utah on April 2, 2026, acquiring 181 unpatented claims plus two SITLA leases totaling 5,916 hectares. Blue Moon issued 420,935 common shares to Liberty Gold and assumed royalties.

The deal includes a 4.0% production royalty on SITLA leases (rising to 8.0% for fissionable materials), a 2.0% NSR on other claims, and a company option to repurchase 1.0% NSR for US$2.0 million. Blue Moon also appointed Reza Ehsani as Senior Vice President, Projects.

Positive

• Acquired 5,916 hectares across 181 claims and two SITLA leases
• Issued 420,935 common shares as purchase consideration
• Retains option to repurchase 1.0% NSR for US$2.0 million
• Appointed Reza Ehsani, with 29 years of project delivery experience

Negative

• Assumed 4.0% SITLA production royalty increasing to 8.0% for fissionable materials
• Granted 2.0% NSR on non‑SITLA claims to Liberty Gold USA
• Share issuance of 420,935 common shares may dilute existing holders

News Market Reaction – BMM

+0.78%

1 alert

+0.78% Session close to close

$519.01M Market Cap

0.1x Rel. Volume

In the Apr 2 session, BMM gained 0.78%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement confirms closing of the Gage Project acquisition, adding 181 unpatented claims and...

Analysis

This announcement confirms closing of the Gage Project acquisition, adding 181 unpatented claims and 5,916 hectares, plus royalty and NSR structures, while issuing 420,935 shares to Liberty Gold. The appointment of an experienced Senior Vice President, Projects, underscores a build-out of internal execution capacity. Investors may track how the enlarged Utah portfolio advances toward studies and construction, how royalty burdens affect economics, and whether management delivers on development milestones across assets.

Key Figures

Unpatented claims: 181 claims SITLA leases: 2 leases Project area: 5,916 hectares +5 more

8 metrics

Unpatented claims 181 claims Gage Project land package

SITLA leases 2 leases Gage Project land package

Project area 5,916 hectares Total area of Gage Project

Share consideration 420,935 common shares Issued to Liberty Gold for Gage acquisition

SITLA royalty non-fissionable 4.0% royalty Production royalty on SITLA leases for non-fissionable materials

SITLA royalty fissionable 8.0% royalty Production royalty on SITLA leases for fissionable materials

NSR royalty 2.0% NSR Net smelter returns royalty in favour of Liberty Gold USA

NSR buyback option US$2 million Cash to repurchase 1.0% of NSR before commercial production

Previous Acquisition Reports

4 past events · Latest: Mar 18 (Positive)

Same Type Pattern 4 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 18	Gage acquisition deal	Positive	-6.2%	Agreed to acquire Gage Project with share consideration and 2.0% NSR.
Mar 02	Apex mine agreement	Positive	+21.5%	Agreement to acquire Apex germanium and gallium mine from Teck.
Feb 27	Apex mine agreement	Positive	+21.5%	Announced plan to acquire historic Apex mine, building critical metals platform.
Feb 10	Springer mine closing	Positive	+6.3%	Closed purchase of Springer tungsten mine and plant for US$18.5M.

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

Pattern Detected

Acquisition headlines have generally been received positively, though the Gage announcement on Mar 18 showed a notable negative divergence.

Recent Company History

Over recent months, Blue Moon has focused on expanding its US critical minerals footprint and funding development. Prior acquisition agreements for the Apex mine and the Gage Project triggered mixed price reactions, with some days up over 20% and one Gage-related announcement down 6.17%. The Springer mine acquisition on Feb 10 followed this buildup. Today’s closing of the Gage deal and senior project appointment fits into this broader build-out of a multi-asset portfolio.

Key Terms

unpatented mining claims, net smelter returns royalty, fissionable materials, EPCM

4 terms

unpatented mining claims technical

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

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.

net smelter returns royalty financial

"Blue Moon granted a 2.0% net smelter returns royalty on mineral production from the claims"

A net smelter returns (NSR) royalty is a contractual right to receive a percentage of the revenue generated from mined minerals after the ore has been processed and sold, with common deductions for refining, smelting and transport costs. Think of it like a landlord taking a slice of a tenant’s monthly sales after the tenant pays basic operating bills. Investors care because an NSR affects the future cash flow and valuation of a mining project and shifts some upside and downside risk away from the operator to the royalty holder.

fissionable materials technical

"royalty in respect of the SITLA leases for non-fissionable materials mined which increases to 8.0% for fissionable materials."

Materials whose atomic nuclei can be split to release large amounts of energy; examples include certain forms of uranium and plutonium. Investors care because these substances drive nuclear power and defense programs but are tightly regulated, expensive to secure and transport, and can create long-term cleanup and liability costs—think of them like high‑energy fuel that powers a plant but requires strict permits, security and oversight.

EPCM technical

"from early-stage studies through EPCM and construction, managing large, multidisciplinary teams."

EPCM stands for engineering, procurement and construction management, a contract model where a firm designs a project, buys major equipment and manages contractors rather than doing the actual building work itself. For investors, an EPCM arrangement matters because it usually keeps the project owner more directly responsible for contractor costs, schedules and on-site risks, which can affect budget certainty, timelines and the likelihood of delays or cost overruns. Think of it as hiring an architect and general manager who arranges and oversees the builders rather than having a single company deliver the whole job.

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TORONTO, April 2, 2026 /PRNewswire/ - Blue Moon Metals Inc. ("Blue Moon" or the "Company") (TSXV: MOON) (NASDAQ: BMM) successfully closed its previously announced acquisition of the Gage Project (the "Gage Project"), located in Washington County, Southern Utah, USA, from Liberty Gold USA Inc. ("Liberty Gold USA") a subsidiary of Liberty Gold Corp. ("Liberty Gold") as described in the press release on March 18, 2026 (the "Acquisition").

In connection with the closing of the Acquisition, Blue Moon wishes to highlight the following:

• The Acquisition is at arms' length between the Company and Liberty Gold USA with no finders fees being paid on the Acquisition.
• 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.
• As part of the Acquisition, Blue Moon issued 420,935 common shares of Blue Moon to Liberty Gold.
• As part of the Acquisition, Blue Moon assumes a 4.0% production royalty in respect of the SITLA leases for non-fissionable materials mined which increases to 8.0% for fissionable materials.
• As part of the Acquisition, Blue Moon granted a 2.0% net smelter returns royalty on mineral production from the claims in the Gage Project, excluding the land subject to SITLA leases, in favour of Liberty Gold USA, with an option in favour of the Company to repurchase 1.0% of the NSR at any time prior to achieving commercial production for a cash payment of US$2 million.

Appointment of Reza Ehsani to Senior Vice President, Projects

The Company is pleased to announce the appointment of Reza Ehsani as Senior Vice President, Projects. Mr. Ehsani has been with the Company over the past year, where he has played a key role in advancing the Company's project portfolio and supporting critical development initiatives. Mr. Ehsani is a seasoned project executive with over 29 years of experience across the mining and metals, oil and gas, and infrastructure sectors. He has led the delivery of complex projects from early-stage studies through EPCM and construction, managing large, multidisciplinary teams. His experience spans project execution, contract negotiation, stakeholder and regulatory engagement, and full lifecycle cost and risk management.

"We are pleased to announce Mr. Ehsani's appointment to Senior Vice President, Projects," said Christian Kargl-Simard, CEO of Blue Moon. "Over the past year, Reza has been instrumental in advancing our project pipeline, and this appointment reflects both his contributions to date and the critical role he will continue to play as we move into the next phase of development. His technical expertise and execution-focused approach will be key as we progress our projects toward construction and operations."

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 Corp, Altius Minerals Corporation, Baker Steel Resources Trust, LNS and Monial AS. 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 expected benefits and synergies from the Acquisition; the potential of the Gage Project; the continued testing, exploration, mining and advancement of Blue Moon's operations across multiple jurisdictions; the contributions of the executive team of the Company 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: risks associated with the integration of the Gage 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 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 did Blue Moon (BMM) acquire with the Gage Project closing on April 2, 2026?

Blue Moon acquired 181 unpatented mining claims and two SITLA leases totaling 5,916 hectares. According to Blue Moon, the package includes Bureau of Land Management claims and two Utah School and Institutional Trust Lands Administration leases in southern Utah.

How much consideration did Blue Moon (BMM) issue to Liberty Gold for the Gage Project?

Blue Moon issued 420,935 common shares to Liberty Gold as consideration. According to Blue Moon, the share issuance completed the acquisition and was part of the agreed closing terms between the parties.

What royalties did Blue Moon (BMM) assume with the Gage Project acquisition?

Blue Moon assumed a 4.0% production royalty on SITLA leases, rising to 8.0% for fissionable materials, plus a 2.0% NSR on other claims. According to Blue Moon, these royalty terms apply to future mineral production.

Can Blue Moon (BMM) reduce the NSR granted to Liberty Gold USA and how?

Yes. Blue Moon retains an option to repurchase 1.0% of the 2.0% NSR for US$2.0 million before commercial production. According to Blue Moon, this provides a one-time repurchase pathway to lower ongoing royalty costs.

What is the investor impact of the management change at Blue Moon (BMM) announced April 2, 2026?

Blue Moon promoted Reza Ehsani to Senior Vice President, Projects; he has 29 years of project and construction experience. According to Blue Moon, his appointment aims to strengthen execution as projects advance toward construction and operations.

Were any finders' fees paid in Blue Moon's (BMM) Gage Project acquisition?

No finders' fees were paid in connection with the acquisition. According to Blue Moon, the transaction was completed on an arms' length basis between the company and Liberty Gold USA.