Blue Moon Metals has announced the acquisition of two brownfield copper properties in Norway, the Nussir and NSG projects, in separate deals totaling US$67.3 million. The acquisitions are intended to diversify the company’s portfolio and emphasize near-term copper production. Both deals will be financed through the issuance of common shares priced at $0.30 each.
The Nussir project, located in northern Norway, is the more advanced asset, with existing infrastructure including access, power, and a port. It hosts a historic copper deposit mined during the 1970s and has been the focus of extensive study and permitting work over the last two decades. The updated feasibility study from SRK Consulting (2023) outlines a historic resource of 1.7 million tonnes at 1.16% copper, with significant opportunities for resource expansion through further drilling.
Blue Moon plans to focus on exploring these opportunities over the next 18 months, with an underground decline construction expected to begin in Q1 2025. The company aims to complete a full feasibility study and make a construction decision soon after.
The NSG property, located in northern Norway, has historic significance as the site of the country’s largest mining operation. Although there is no NI 43-101-compliant resource, the property holds a historical estimate of 29.4 million tonnes at 0.9% copper, with additional exploration potential. Regional exploration will target expanding known mineral deposits and adding new resources.
Alongside these acquisitions, Blue Moon continues to advance its Blue Moon polymetallic project in California, which has an NI 43-101 resource of 3.5 million tonnes at 11.07% zinc equivalent. A preliminary economic assessment for this project is expected by Q1 2025.
To fund the planned work at Nussir and NSG, Blue Moon will raise between $30 million and $50 million through new equity, with the funds primarily directed towards the Nussir project. The acquisitions and financing are expected to increase Blue Moon’s equity value to approximately US$100 million to US$115 million on a fully diluted in-the-money basis.
