Blue Moon Metals Reports Significant Development Momentum on its Norwegian Projects

Rhea-AI Summary

Blue Moon Metals (OTCQX: BMOOF) provided a Norway operations update on Dec 1, 2025, covering progress at the Nussir copper-gold-silver project and the NSG copper-zinc project.

Key points: the Nussir underground decline has advanced 656 metres to Nov 27; the main high-voltage transformer is secured; Phase 1 early works complete and Phase 2 underway; a 4,000 m surface directional drilling campaign (deepest ~1,250 m) targets a 650 m gap and a conceptual 8.5–16.5 Mt exploration target; the feasibility study remains on track for publication in February 2026 and a final investment decision is on track for March 2026. At NSG, portal upgrades are complete and a 10,000 m underground program is expected shortly.

Positive

• Nussir underground decline advanced 656 metres to Nov 27
• Secured main high-voltage transformer, reducing schedule risk
• 4,000 m directional drilling campaign targeting deep extensions
• Feasibility study on track for February 2026 publication and FID March 2026
• NSG to begin 10,000 m underground exploration at Rupsi

Negative

• Exploration target of 8.5–16.5 Mt is conceptual and may not become a resource
• Current Nussir MRE includes large inferred component: 32.0 Mt inferred
• Feasibility and FID timelines remain subject to study and construction risks

News Market Reaction

-3.74%

1 alert

-3.74% News Effect

On the day this news was published, BMOOF declined 3.74%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Nussir decline advance: 656 metres Nussir MRE indicated: 28.72 Mt @ 1.02% Cu, 0.12 g/t Au, 12.3 g/t Ag Nussir MRE inferred: 32.0 Mt @ 1.01% Cu, 0.14 g/t Au, 14.6 g/t Ag +5 more

8 metrics

Nussir decline advance 656 metres Underground decline progress as of November 27, 2025

Nussir MRE indicated 28.72 Mt @ 1.02% Cu, 0.12 g/t Au, 12.3 g/t Ag Current indicated mineral resource estimate at Nussir

Nussir MRE inferred 32.0 Mt @ 1.01% Cu, 0.14 g/t Au, 14.6 g/t Ag Current inferred mineral resource estimate at Nussir

Directional drilling program 4,000 metres (deepest ~1,250 metres) Surface directional drilling campaign at Nussir

Exploration target range 8.5–16.5 Mt @ 0.7–1.3% Cu, 9–17 g/t Ag, 0.1–0.15 g/t Au Conceptual exploration target near deeper intersections at Nussir

NSG Rupsi inferred resource 9.23 Mt @ 1.19% Cu, 0.31% Zn Inferred resource at Rupsi deposit, NSG project

NSG underground drilling 10,000 metres Planned underground exploration program at Rupsi deposit

RSUs granted 385,415 RSUs Restricted share units awarded to certain officers, vesting over two years

Market Reality Check

Price: $4.23 Vol: Volume 5,050 is 0.53x the...

low vol

$4.23 Last Close

Volume Volume 5,050 is 0.53x the 20-day average of 9,601, indicating subdued trading interest pre-announcement. low

Technical Shares at 3.21 are trading above the 200-day MA of 2.42, reflecting a pre-news uptrend.

Peers on Argus

Peers showed mixed moves: AMERICAN RARE EARTHS (ARRNF/AMRRY) down 1.92%/2.96%, N...

Peers showed mixed moves: AMERICAN RARE EARTHS (ARRNF/AMRRY) down 1.92%/2.96%, NICOLA MINING (HUSIF) down 1.67%, while TITAN MINING (TIMCF) and XTRA ENERGY (XTPT) were up 0.78% and 2.27%. This mixed backdrop suggests BMOOF’s action was more stock-specific than sector-driven.

Historical Context

5 past events · Latest: Dec 01 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 01	Norway ops update	Positive	-3.7%	Detailed progress on Nussir and NSG development and drilling plans.
Nov 13	AGM voting results	Neutral	-1.1%	Strong shareholder support for all matters and refreshed Norwegian board.
Oct 28	Executive appointment	Positive	-0.5%	Hiring SVP HR & Sustainability with sector experience and open-market share buy.
Oct 14	Acquisition & listing	Positive	+22.1%	MOU to acquire Springer mine/mill and intent to list on Nasdaq in Q1 2026.
Oct 06	Construction start	Positive	+0.0%	Start of Blue Moon exploration decline and new investor relations agreement.

Pattern Detected

Recent history shows strong positive reaction to strategic transactions (Nevada acquisition/Nasdaq plan) but muted or negative reactions to operational and corporate updates.

Recent Company History

Over the last six months, Blue Moon Metals has advanced multiple assets and corporate initiatives. On Oct 5, 2025, it commenced an exploration decline at the Blue Moon VMS project. An MOU to acquire the Springer Mine and plans to list on Nasdaq in Q1 2026 on Oct 10, 2025 drew the strongest reaction (+22.08%). Subsequent management, governance, and Norwegian project updates, including today’s release, have generally seen flat to mildly negative price moves.

Market Pulse Summary

This announcement details meaningful progress at the Nussir copper-gold-silver and NSG copper-zinc p...

Analysis

This announcement details meaningful progress at the Nussir copper-gold-silver and NSG copper-zinc projects, including a 656 metre decline advance, a 4,000 metre directional drilling campaign, and a planned 10,000 metre underground program at Rupsi. It also reiterates the NI 43-101 feasibility timeline and outlines an RSU grant of 385,415 units. Investors may track drilling results, updated resource estimates, and the February feasibility release for future context.

Key Terms

ni 43-101, jorc, mineral resource estimate, inferred resource, +4 more

8 terms

ni 43-101 regulatory

"publish the full NI 43-101 compliant feasibility study results in February."

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.

jorc regulatory

"update of the May 2023 JORC compliant feasibility study on the project"

An internationally recognized reporting standard for mining that sets rules on how companies must estimate and disclose the amount and quality of mineral resources and ore reserves. Think of it as a recipe and safety checklist that forces consistent, independently verifiable estimates about what is in the ground; investors use JORC-compliant reports to compare projects, judge how reliable the numbers are, and assess the financial and operational risk of a mining investment.

mineral resource estimate technical

"expand the current mineral resource estimate ("MRE"), while testing for extensions"

A mineral resource estimate is a calculated approximation of how much metal or mineral material likely exists in a particular deposit and where it sits underground, similar to estimating how many cookies are in a jar by peeking at the layers. It matters to investors because it provides a data-based starting point for judging a project's potential value, future production and risks, while not guaranteeing recoverable or profitable amounts.

inferred resource technical

"an inferred resource of 32.0 Mt of 1.01% Cu, 0.14 g/t Au and 14.6 g/t Ag"

An inferred resource is an early-stage estimate of how much mineral material may be present and its likely quality, based on limited sampling and basic geological patterns rather than detailed data. It matters to investors because it indicates potential upside but carries high uncertainty—like a rough hand-drawn map that hints at treasure but needs much more surveying and testing before anyone can count on its value for planning or valuation.

directional drilling technical

"The drilling will utilize advanced directional techniques to efficiently test"

Directional drilling is a method of guiding a drill to follow a specific path underground, rather than drilling straight down. This technique allows companies to reach oil and gas deposits that are not located directly beneath the surface, often avoiding obstacles or reaching multiple targets from a single surface point. For investors, it means more efficient resource extraction and potentially lower costs, which can impact the profitability of energy companies.

geotechnical technical

"Collecting geotechnical and metallurgical data to support future study phases"

"Geotechnical" relates to the study of Earth's materials and how they behave, especially soil and rock, to assess how stable and suitable land is for construction or development. For investors, understanding geotechnical conditions helps evaluate the safety, feasibility, and potential costs of building projects or infrastructure, influencing the value and risk associated with real estate and development ventures.

metallurgical technical

"Collecting geotechnical and metallurgical data to support future study phases"

Metallurgical describes the processes and techniques used to extract, separate, refine and test metals from ore or recycled material, including crushing, melting, chemical separation and quality assays. For investors, metallurgical performance determines how much saleable metal a project yields, how costly and risky production will be, and whether a mine or plant can meet product and environmental standards—like the recipe and kitchen that turn raw ingredients into a marketable product.

restricted share units financial

"The Company has also granted an aggregate of 385,415 RSUs ... Restricted Share Units"

Restricted share units (RSUs) are a promise from a company to give an employee or service provider actual shares or cash equal to the shares after certain conditions are met, typically staying with the company for a set time or hitting performance targets. Think of them like a time-locked gift card that becomes usable only after you’ve earned it. For investors, RSUs matter because they align employee incentives with company performance and can increase the number of shares outstanding over time, diluting existing ownership and affecting earnings per share.

AI-generated analysis. Not financial advice.

12/01/2025 - 06:45 AM

TORONTO, Dec. 1, 2025 /PRNewswire/ - Blue Moon Metals Inc. ("Blue Moon" or the "Company") (TSXV: MOON) (OTCQX: BMOOF), is pleased to provide an update on its activities in Norway, including progress at its flagship Nussir Copper-Gold-Silver Project and exploration drilling and development work underway at the NSG Copper-Zinc Project in advance of exploration drilling.

NUSSIR PROJECT UPDATE

The Nussir underground decline continues to advance steadily. The Company's mining contractor, Leonhard Nilsen & Sønner AS ("LNS"), which began construction in June has advanced a total of 656 metres as of November 27th. This steady progress marks a major step toward establishing underground access for future mine development, infill drilling, and early-stage infrastructure installation.

The Company has secured the main high-voltage transformer, one of the project's key long-lead items, which reduces schedule risk and supports the planned construction sequence.

Early Works Construction – Phase 1 has been successfully completed, establishing the initial construction areas and enabling subsequent development activities. Phase 2 is now underway and includes preparation of additional surface areas required for construction and the pad for the main substation and the incoming transformer.

Upgrades of the administration building, housing, and process plant building are underway, ensuring that essential on-site facilities progress in coordination with underground development.

Engineering Update

The feasibility study is progressing on schedule, with major design reviews now completed. The Company remains on track to publish the full NI 43-101 compliant feasibility study results in February. This study will be an update of the May 2023 JORC compliant feasibility study on the project and is primarily an update on operating and capital costs, capital spent to date and commodity prices.

Long-lead equipment packages have been issued to the market for formal tender to maintain alignment with procurement timelines and support the overall construction schedule.

Additionally, the geotechnical investigation program for the process facility has now been completed, providing important data to support upcoming engineering activities. A final investment decision is still on track for March 2026.

Nussir Exploration: Directional Drilling Program Underway

A surface directional drilling campaign at Nussir started in October. The program is designed to significantly expand the current mineral resource estimate ("MRE"), while testing for extensions of high-grade mineralization at depth. The Nussir geological system is the oldest sediment copper deposit in the world. The current MRE at Nussir is an indicated resource of 28.72 Mt of 1.02% Cu, 0.12 g/t Au and 12.3 g/t Ag and an inferred resource of 32.0 Mt of 1.01% Cu, 0.14 g/t Au and 14.6 g/t Ag starting from surface. See the technical report entitled "Report 43-101 Technical Report On The Mineral Resources Of The Nussir And Ulveryggen Projects, Norway, dated January 24, 2025 (as amended and restated on September 12, 2025) with an effective date of January 20, 2025 (the "Nussir Technical Report"), prepared by Adam Wheeler, B.Sc., M.Sc., C.Eng., Eur Ing., FIMMM.

The initial 4,000 metre directional drilling campaign is being conducted from one mother drill hole, with the deepest extending to approximately 1,250 metres depth. The goal is to infill a 650 metre gap between the current MRE and a historical high-grade intersection recorded in drillhole NUS-DD-14-001, which returned 9.7 metres at 0.93% Cu, 1.35 g/t Pd, 0.28 g/t Au, 0.61 g/t Pt and 11.5 g/t Ag.

The drilling will utilize advanced directional techniques to efficiently test the western extent of the deposit while minimizing surface disturbance and total drilled metres. Six daughter holes will be drilled from the existing mother hole (NUS-DD-14-001, 1,101 m deep), with wedge points placed between 400–700 metres. Drill spacing of approximately 200 metres is expected to support potential conversion to inferred resources under CIM guidelines.

This targeted campaign is designed to:

• Test the block of material surrounding the deeper intersections, which represents an exploration target with an estimated tonnage between 8.5 Mt and 16.5 Mt, grading between 0.7% and 1.3% Cu, 9 to 17 g/t Ag, and 0.1 to 0.15 g/t Au. This potential quantity and grade range is based on a geological model incorporating previous drill results that defined the approximate length, thickness, depth and grade of the portion of the mineral resource estimate.  It is conceptual in nature, and it is uncertain if further exploration will result in the target being delineated as a mineral resource (Section 1.7.1 of Nussir Technical Report).
• Investigate elevated platinum and palladium levels at depth and potentially include in the MRE
• Expand mineralization from the lower limit of the current resource (460 m) to a depth of over 1,000 metres
• Testing down-dip extensions to depths of over 1,000 metres, with step-out capacity to 1,250 metres
• Collecting geotechnical and metallurgical data to support future study phases, including for platinum and palladium

NSG PROJECT UPDATE

At the NSG Copper-Zinc project, activities continue to ramp up. The Company's mining contractor, Fauskebygg AS ("Fauskebygg"), mobilized to site in September and has since completed the necessary improvements to the portal face and entrance. Fauskebygg is currently performing slashing of the first 50 metres of the tunnel to correct irregularities in the existing cross-section. This work is required to ensure equipment can transit in the tunnel safely and efficiently as development progresses.

On the exploration front, the technical team is reviewing and relogging historic Rupsi drill core at the NGU National Core Archive in Løkken. In parallel, the Company has recently completed detailed geological mapping across all mine permit areas. This work has significantly advanced the geological understanding of the district and has resulted in the identification of additional exploration targets for follow-up.

A 10,000 metre underground exploration program at the Rupsi deposit from underground is expected to start shortly. The program is focused on infill drilling and expansion drilling at the 9.23 Mt inferred resource of 1.19% Cu and 0.31% Zn. See the technical report entitled "Report 43-101 Technical Report On The Mineral Resources Of The Sulitjelma Project, Norway, dated February 20, 2025 (as amended and restated on September 12, 2025) with an effective date of May 20, 2025 (the "NSG Technical Report"), prepared by Adam Wheeler, B.Sc., M.Sc., C.Eng., Eur Ing., FIMMM.

There is strong potential to add gold, silver, sulfur and cobalt in the resource. Figure 2 outlines the existing 400 metre long tunnel that is in the process of being extended, and the location of the mineralization at the Rupsi deposit.

RESTRICTED SHARE UNITS ("RSU") AWARD

The Company has also granted an aggregate of 385,415 RSUs under the Company's share compensation plan to certain officers. Each RSU represents a right to receive one common share of the Company, following the vesting of such RSUs over a two-year period.

Qualified Persons

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.

About Blue Moon

Blue Moon is advancing 3 brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway, the NSG copper-zinc-gold-silver project in Norway and the Blue Moon zinc-gold-silver-copper project in the United States. All 3 projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc and copper are currently on the USGS and EU list of metals critical to the global economy and national security. Major shareholders include 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 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.

This news release contains forward-looking information, pertaining to, among other things, the advancement by the Company of multiple projects across jurisdictions. The Company cautions that all forward-looking information is inherently subject to change and uncertainty and that actual events, results and performance may differ materially from those expressed or implied by the forward-looking information. 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. 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.

Any forward-looking information contained in this news release represents management's current expectations and are based on information currently available to management, and are 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.

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SOURCE Blue Moon Metals

FAQ

What progress did Blue Moon Metals (BMOOF) report on the Nussir decline as of Nov 27, 2025?

The Nussir underground decline has advanced 656 metres as of Nov 27, 2025.

When will Blue Moon publish the Nussir feasibility study and target a final investment decision for BMOOF?

The company is on track to publish the NI 43-101 feasibility study in February 2026 and target an FID in March 2026.

What is the size and purpose of the Nussir directional drilling campaign by BMOOF?

A 4,000 metre surface directional program (deepest ~1,250 m) aims to test a 650 m gap and expand the mineral resource estimate.

What are the current Nussir mineral resource figures referenced by BMOOF (BMOOF OTCQX)?

The Nussir MRE cited an indicated 28.72 Mt at 1.02% Cu and an inferred 32.0 Mt at 1.01% Cu (effective Jan 20, 2025).

What exploration program is planned at the NSG Rupsi deposit for BMOOF?

A 10,000 metre underground exploration program at Rupsi, focused on infill and expansion of a 9.23 Mt inferred resource, is expected to start shortly.

Did Blue Moon Metals take steps to reduce construction schedule risk for BMOOF projects?

Yes—Blue Moon secured the main high-voltage transformer and issued long-lead equipment packages to align procurement with the construction schedule.