Blue Moon Metals Completes Feasibility Study for Nussir Project in Norway

Blue Moon Metals announced the completion of a feasibility study for its Nussir project, located in northern Norway. The Feasibility Study results are supported by an independent technical report prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects. The Feasibility Study was commissioned by Blue Moon and carried out by Worley Europe Limited with an effective date of April 14, 2026. The Feasibility Study provides an update to certain previously prepared studies on the Project, including a 2023 study of feasibility prepared in accordance with the Joint Ore Reserves Committee Code, and the technical report titled "Report 43-101 Technical Report On The Mineral Resources Of The Nussir And Ulveryggen Projects, Norway", dated January 24, 2025 with an effective date of January 20, 2025, prepared by Adam Wheeler. This Feasibility Study considers only the underground resource estimate in the Nussir deposit and not the Ulveryggen deposit. The Company believes the results of the Feasibility Study confirm the Project's potential as a robust, long-life asset with strong economics, including base case average annual free cash flow of $77 million. The FS outlines a 13-year mine life, while the deposit remains open to the west and at depth, providing significant upside potential for future resource growth and mine life extension. The opportunities section as outlined below, shows the economics of adding 5 years to the mine life utilizing 50% of the inferred resources adds 52% to the base case consensus pricing after-tax NPV 8%. The Feasibility Study provides strong support to allow Blue Moon to make a final investment decision and it confirms the timeline to hot commissioning of the process plant is Q3 2027. Highlights: Total measured and indicated resource for Project is 28.72 Mt at 1.20% CuEq grade. Total proven and probable reserve estimate is 24.98 Mt at 0.99% CuEq grade. Life of mine is 13 years with nominal mill throughput of 6,000 tonnes per day. Life of Mine average annual production of 19 kt of CuEq including an average of 3,600 ounces of gold and 546,000 ounces of silver in the consensus price scenario. LOM total cash costs of $0.95 per pound of copper and all-in sustaining costs of $2.05 per pound of copper resulting in an all-in sustaining cost cashflow margin of 43% utilizing consensus pricing. After-tax Net Present Value of $235 million at a long-term copper price of $4.78 per pound, gold price of $3,515 per ounce and silver price of $45.26 per ounce. At consensus pricing the payable metal mix breakdown is 77% copper, 6% gold and 13% silver. After-tax Internal Rate of Return of 19% for the 13 year mine life and consensus pricing and 31% at spot pricing. Initial capital expenditures of $184 million. Additionally, the Company has advanced the basic engineering for the Project and has placed purchase orders for the long lead equipment required for the process plant. The Company has also purchased the main power transformer for the project to de-risk Project execution schedule. So far, approximately $46.7 million has been spent by Blue Moon on the Project; the decline advance is 1,548 meters as of April 15, 2026, and is expected to be in proximity to the target mineralized material in mid-2026.