Blue Moon Metals and Alpha Future Funds S.C.S. Announce Non-Binding Agreement to Combine Holdings in the Sulitjelma Mining District, Norway

Blue Moon Metals (NASDAQ: BMM) and Alpha Future Funds entered a non-binding LOI on April 2, 2026 to combine subsidiaries Nye Sulitjelma Gruver AS and VMS Explorations AS into a single entity covering the Sulitjelma mining district in Norway.

Rhea-AI Summary

Blue Moon Metals (NASDAQ: BMM) and Alpha Future Funds entered a non-binding LOI on April 2, 2026 to combine subsidiaries Nye Sulitjelma Gruver AS and VMS Explorations AS into a single entity covering the Sulitjelma mining district in Norway.

The agreement contemplates a up-to-four-month due diligence period to negotiate definitive terms. The combined holdings include historic production of 470 kt copper and 120 koz gold, two new copper-gold discoveries from a 2025 campaign, 18 additional drill targets, and existing surface and underground infrastructure with access to clean hydropower.

Positive

• Historic production of 470 kt copper and 120 koz gold
• Two new copper-gold discoveries from the 2025 exploration campaign
• 18 additional drill targets identified by district-scale AEM survey
• Existing infrastructure and connection to abundant clean hydropower

Negative

• LOI is non-binding, leaving transaction terms uncertain
• Up to four-month due diligence period delays definitive agreement
• Refurbishment required of surface and underground infrastructure (capex risk)

Market Context

This announcement outlines a non-binding LOI, dated April 2, 2026, to combine Blue Moon’s NSG and AF...

Analysis

This announcement outlines a non-binding LOI, dated April 2, 2026, to combine Blue Moon’s NSG and AFF’s VMS assets in Norway’s historic Sulitjelma district, which produced over 470 kt copper and 120 koz gold. A 2025 campaign identified two new discoveries and 18 drill targets, highlighting district potential. In recent months, the company also advanced listings, governance, and Norwegian project work. Investors may watch for completion of due diligence, a definitive agreement, and future technical updates on the combined project.

Key Figures

Historic copper output: over 470 kt copper Historic gold output: 120 koz gold Mine life: 100 year life +5 more

Historic copper output

over 470 kt copper

Sulitjelma mine lifetime production until 1991

Historic gold output

120 koz gold

Sulitjelma mine lifetime production until 1991

Mine life

100 year life

Operating history of Sulitjelma mine until 1991

New discoveries

two copper-gold discoveries

2025 exploration campaign by VMS

Drill targets

18 drill targets

Identified from district-scale AEM survey

Due diligence window

up to four months

Period to complete due diligence and definitive agreement under LOI

LOI date

April 2, 2026

Date parties entered the non-binding LOI

Exploration campaign year

2025 exploration campaign

VMS work leading to discoveries and targets

Historical Context

4 past events · Latest: Jan 23

4 events

1. Jan 23

   Nasdaq listing, board

   24h Move

   +2.8%

   Nasdaq uplisting under BMM and addition of Peter Madsen to board.

2. Dec 01

   Norway projects update

   24h Move

   -3.7%

   Detailed progress at Nussir and NSG including development and drilling plans.

3. Nov 13

   AGM results, board

   24h Move

   -1.1%

   Strong AGM voting support and addition of Norwegian-based directors.

4. Oct 28

   SVP HR & ESG hire

   24h Move

   -0.5%

   Appointment of Katy Grant to lead global HR and sustainability efforts.

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

Key Terms

non-binding letter of intent, LOI, extraction and exploration permits, AEM survey, +2 more

6 terms

non-binding letter of intent financial

"they have entered into a non-binding letter of intent ("LOI") on April 2, 2026"

A non-binding letter of intent is a preliminary document that outlines the main terms and expectations of a proposed transaction—such as a merger, acquisition, investment or partnership—without creating a legally enforceable obligation to complete the deal. Think of it as a written handshake or shopping list: it signals serious interest and sets the framework for negotiations and due diligence, which can move markets, but it does not guarantee the transaction will happen until a final, binding agreement is signed.

LOI financial

"non-binding letter of intent ("LOI") on April 2, 2026, to combine their wholly-owned"

A letter of intent (LOI) is a short, nonbinding written note that outlines the basic terms two parties expect to follow when pursuing a deal such as an acquisition, partnership, or major contract. Like a handshake that records the main points before lawyers write the formal agreement, an LOI signals deal intent, timelines and key conditions — information investors use to gauge potential changes to a company’s value, while remembering the agreement can still change.

extraction and exploration permits technical

"NSG and VMS hold extraction and exploration permits over the historic Sulitjelma"

Extraction and exploration permits are government-issued approvals that allow a company to search for mineral, oil, gas, or other subsurface resources (exploration) and to remove or produce those resources commercially (extraction). Think of exploration like a permission to scout and test a plot of land for valuables, and extraction like the license to dig them up and sell them; investors care because these permits determine whether and when a resource can become revenue, and they carry costs, timelines, and regulatory or environmental risks that affect a project's value.

AEM survey technical

"identified a further 18 drill targets based on a district scale AEM survey."

An AEM survey is an airborne electromagnetic survey that uses instruments carried by aircraft to map underground rock and soil by sending and measuring electromagnetic signals from the air. Think of it like a metal detector on a plane that reveals hidden structures and mineral deposits without digging; for investors, AEM results help estimate where valuable resources might be, reduce exploration risk, and guide where to spend drilling money.

Qualified Person regulatory

"and an independent Qualified Person as defined by NI 43-101."

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

"an 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. How Rhea-AI works. Not financial advice.

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TORONTO, April 21, 2026 /PRNewswire/ - Blue Moon Metals Inc. ("Blue Moon" or the "Company") (TSXV: MOON) (NASDAQ: BMM) and Alpha Future Funds S.C.S. ("AFF") are pleased to announce that they have entered into a non-binding letter of intent ("LOI") on April 2, 2026, to combine their wholly-owned subsidiaries, Nye Sulitjelma Gruver AS ("NSG") and VMS Explorations AS ("VMS") into a single entity. AFF is a private fund based in Luxembourg investing in innovative technologies and mining projects.

NSG and VMS hold extraction and exploration permits over the historic Sulitjelma mining district in the Fauske municipality of Norway. The Sulitjelma mine produced over 470 kt copper and 120 koz gold over a 100 year life until 1991 and benefits from excellent existing surface and underground infrastructure ready to be refurbished, including connection to abundant clean hydropower. A 2025 exploration campaign undertaken by VMS also made two new copper-gold discoveries and identified a further 18 drill targets based on a district scale AEM survey.

Combining NSG and VMS is expected to allow for an integrated development opportunity prioritizing mining of targeted high-grade zones and centralized haulage and processing to strengthening project economics and streamline advancement toward production.

The LOI contemplates up to a four-month period to complete due diligence and negotiate a definitive agreement. Blue Moon and AFF are committed to restart the historic Sulitjelma mining district and re-establish Norway as a hub for metals and mining in Europe.

QUALIFIED PERSONS

The technical and scientific information of this news release has been reviewed and approved by Mr. Shawn Crispin, an employee of Orefinder Mining Consultants LLC FZ, and an independent Qualified Person as defined by NI 43-101. This news release references the combined NSG and VMS holdings of the Sultijelma 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 lists 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).

About AFF

Alpha Future Funds is a regulated Luxembourg-based investment vehicle pursuing a dual technology and mining investment strategy focused on driving innovation across the critical raw materials value chains. The Company invests in a diverse portfolio of mining projects and backs emerging technologies that enhance exploration efficiency, processing recovery and operational sustainability in mining. Alpha Future Funds' owner-operator mining portfolio includes a mix of brownfield and greenfield projects across Norway, Sweden and Finland, spanning copper, zinc, nickel, cobalt, gold, silver and rare earth elements. The Fund has interests in mining projects in the USA, Australia and Argentina. Alpha Future Funds aims to accelerate responsible development, reduce environmental footprint and deliver long-term value to its partners and shareholders. More information is available on the Company's website (www.alphafuturefunds.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, including, without limitation, statements relating to: the proposed transaction contemplated by the non-binding LOI (the "Transaction"); the completion of due diligence; the negotiation and execution of a definitive agreement; the formation of a combined entity; the anticipated structure, timing and terms of the Transaction; the potential benefits of combining the NSG and VMS assets; the ability to advance development and restart mining activities in the Sulitjelma mining district; and future plans, objectives and expectations of the parties constitute 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", "target", "intend", "could", "might", "should", "believe" and similar expressions.

Forward-looking information contained in this news release is based on management's current expectations, assumptions and estimates as of the date hereof and involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: the ability of the parties to complete due diligence and negotiate a definitive agreement on acceptable terms or at all;  the non-binding nature of the LOI and the absence of any obligation on the parties to consummate the Transaction; failure to satisfy conditions precedent to the completion of the Transaction; changes in market or economic conditions; regulatory, permitting and approval risks; operational and technical risks; and other risks described in the Company's public disclosure documents. There can be no assurance that the Transaction will be completed as contemplated, or at all, or that the anticipated benefits of the Transaction will be realized. 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Blue Moon Metals (BMM) announce about combining its Sulitjelma holdings on April 21, 2026?

They announced a non-binding LOI to combine Nye Sulitjelma Gruver AS and VMS Explorations AS into one entity. According to the company, the LOI was signed April 2, 2026 and starts a due diligence period of up to four months toward a definitive agreement.

How much historic copper and gold did the Sulitjelma mine produce according to Blue Moon Metals?

The Sulitjelma mine produced about 470 kt of copper and 120 koz of gold historically. According to the company, this output occurred over a roughly 100-year operating history ending in 1991, underpinning the district's metal endowment.

What exploration results did VMS report at Sulitjelma that affect BMM investors?

VMS reported two new copper-gold discoveries and identified 18 further drill targets in 2025. According to the company, these outcomes derive from a district-scale AEM survey and a 2025 exploration campaign that prioritized follow-up drilling.

What are the key timeline and next steps for the BMM and Alpha Future Funds combination?

The LOI contemplates up to a four-month period for due diligence and negotiation of a definitive agreement. According to the company, that timeline begins from the April 2, 2026 LOI signing and could extend if parties agree.

How could combining NSG and VMS affect project economics for BMM shareholders?

Combining the subsidiaries aims to centralize haulage and processing and prioritize high-grade zones to strengthen economics. According to the company, the integrated approach is expected to streamline advancement toward production, subject to due diligence and definitive terms.