Blue Moon tables feasibility results for Norwegian copper-gold project
Blue Moon Metals Inc. [MOON-TSXV, BMM-NASDAQ] has announced the completion of a feasibility study for its Nussir project in northern Norway.
Blue Moon is advancing five brownfield polymetallic projects, including the Nussir copper-gold-silver project, the NSG copper-zinc-gold silver project in Norway and the Blue Moon zinc-gold-silver copper project in in central California. The portfolio also includes the Springer tungsten-molybdenum and Apex gallium, copper and silver project which are also located in the U.S. The company’s major shareholders include Wheaton Precious Metals Corp. (WPM-TSX, WPM-NYSE) and Altius Minerals Corp. [ALS-TSX, ATUSF-OTCQX].
The company said the Nussir feasibility study considers only the underground resource estimate at the Nussir deposit and not the Ulveryggen deposit. It also said the 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 in the third quarter of 2027. The study envisages a life of mine of 13 years with nominal mill throughput of 6,000 tonnes per day. Life of mine average annual production is forecast at 19,000 tonnes of Copper equivalent (CuEq), including an average of 3,500 ounces of gold and 546,000 ounces of silver in the consensus price scenario. Initial capital expenditures are pegged at $184 million.
The study is based on a total measured and indicated resource of 28.72 million tonnes at 1.20% CuEq. Total proven and probable reserves are estimated at 24.98 million tonnes at 0.99% CuEq.
The study envisages life of mine total cash costs (net of by-products) of US$0.95 per pound of copper and all-in sustaining costs of US$2.05 per pound of copper resulting in an all-in-sustaining cash flow margin of 43% utilizing consensus pricing.
In addition, the study forsees an after-tax net present value of $235 million (8.0% discount rate) at a long-term copper price of US$4.78 per pound, a gold price of US$3,515 an ounce and a silver price of US$45.26 per ounce. At consensus pricing the payable metal mix breakdown is 77% copper, 6.0% gold and 13% silver.
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 (SAG mill, Ball mill and thickeners). The company has also purchased the main power transformer for the project to de-risk. So far, approximately $46.7 million has been spent by Blue Moon on the project. The decline advance is 1,546 metres as of April 15, 2026, and is expected to be in proximity to the target mineralized material in mid-2026. Blue Moon shares advanced on the news, rising 2.9% or 31 cents to $11.12. The shares trade in a 52-week range of $11.80 and $2.70.
Back in October 2025, the company said it had begun construction of the exploration decline at its Blue Moon volcanogenic massive sulphide (VMS) project.