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

Key Figures

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

8 metrics

Share consideration 420,935 shares Blue Moon shares issued to acquire the Gage Project

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

NSR buyback option 1.0% for US$2 million Option to repurchase half of the NSR before commercial production

SITLA royalty 4% royalty Royalty on production from SITLA lease areas

Mining claims 181 claims Unpatented mining claims in the Gage Project

Project area 5,916 hectares Total area of Gage Project including SITLA leases

Critical metals belt length >5 kilometers Length of north-west trending critical metals belt

Historic operations 5 mines, >20 prospects Historic mines and previously identified critical minerals prospects in district

Market Reality Check

Price: $4.39 Vol: Volume 75,909 is 4.85x th...

high vol

$4.39 Last Close

Volume Volume 75,909 is 4.85x the 20-day average of 15,650 shares. high

Technical Price 4.39 is trading above the 200-day MA at 2.67, reflecting a strong pre-news uptrend.

Peers on Argus

BMOOF was up 2.81% while key peers were mostly negative: ARRNF -10.01%, XTPT -14...

BMOOF was up 2.81% while key peers were mostly negative: ARRNF -10.01%, XTPT -14.39%, HUSIF -1.87%, AMRRY -0.78%, with only TIMCF slightly positive at 0.78%, indicating stock-specific strength rather than a sector-wide move.

Previous Acquisition Reports

4 past events · Latest: Oct 14 (Positive)

Same Type Pattern 4 events

Date	Event	Sentiment	Move	Catalyst
Oct 14	Springer mine MOU	Positive	+22.1%	MOU to acquire Springer Mine and Mill plus planned Nasdaq listing.
Apr 14	Norway assets milestone	Positive	+12.4%	OTCQB quotation reinstatement following transformational Norwegian project acquisitions.
Mar 13	Tier upgrade & funding	Positive	-0.2%	Completion of major acquisitions, $35.4M financing and TSXV Tier 1 graduation.
Mar 10	Nussir infra deal	Positive	-0.2%	Acquisition of Repparfjord Eiendom AS infrastructure and follow-on Hartree equity.

Pattern Detected

Acquisition-related announcements have often triggered sizeable moves, with several strong positive reactions but also instances where shares barely moved or slipped modestly.

Recent Company History

Over the past year, Blue Moon has pursued a growth-by-acquisition strategy. It completed transformational acquisitions in Norway (Nussir and Nye Sulitjelma Gruver) and related infrastructure via Repparfjord Eiendom AS, raising $35.4 million equity and implementing a 10:1 consolidation to about 51.1 million shares. It then advanced U.S. expansion with an MOU to acquire the Springer Mine and Mill in Nevada, which drew a 22.08% move. The new Gage Project deal in Utah continues this pattern of building a diversified critical-metals and infrastructure portfolio.

Historical Comparison

+8.5% avg move · In the past year, Blue Moon issued 4 acquisition-related releases with an average 8.5% move, showing...

acquisition

+8.5%

Average Historical Move acquisition

In the past year, Blue Moon issued 4 acquisition-related releases with an average 8.5% move, showing that M&A updates have been meaningful trading catalysts.

Acquisition activity progressed from Norwegian mining projects and adjacent infrastructure, to the Springer critical metals mine and processing plant in Nevada, and now to consolidating the Apex-area germanium and gallium district via the Gage Project in Utah.

Market Pulse Summary

This announcement extends Blue Moon’s critical-metals footprint by adding the Gage Project around th...

Analysis

This announcement extends Blue Moon’s critical-metals footprint by adding the Gage Project around the recently acquired Apex Mine, consolidating a germanium and gallium district in southern Utah. The deal involves 420,935 shares and a 2.0% NSR, with a buyback option on half for US$2 million. In light of prior acquisitions in Norway and Nevada, investors may watch how management prioritizes capital, advances modern exploration across the 5,916-hectare land package, and manages royalty obligations.

Key Terms

net smelter return royalty, nsr, unpatented mining claims, bureau of land management, +4 more

8 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

"and 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 technical

"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.

bureau of land management regulatory

"181 unpatented mining claims located on Bureau of Land Management lands"

A federal agency that acts like the landlord for large swaths of public land, overseeing uses such as mining, energy development, grazing, recreation and conservation. Its decisions on permits, leases, access and restrictions directly affect the timeline, cost and legal risk of projects that depend on public land, so investors watch its actions for signals about future revenue, permitting delays or regulatory limits on resource-based businesses.

sitla leases regulatory

"and two Utah School and Institutional Trust Lands Administration ("SITLA") leases"

SITLA leases are long-term agreements that let a private party use land owned by a state trust lands agency (commonly the Utah School and Institutional Trust Lands Administration) for activities like development, farming, mining or commercial projects. For investors, these leases are important because they give extended, predictable rights and potential income from a property without buying it outright—think of renting a house for decades instead of owning it—which affects project costs, timelines, revenue stability and regulatory risk.

commercial production technical

"option in favour of Blue Moon to repurchase 1.0% of the NSR at any time prior to achieving commercial production"

Commercial production is the full-scale manufacturing and release of a product for sale to customers after development and any required approvals. It matters to investors because it signals a shift from testing and one-off batches to steady revenue, larger costs for facilities and supplies, and risks around meeting demand and quality standards — like turning a home-cooked recipe into a restaurant menu that must be produced consistently and profitably.

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.

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.

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.