Blue Moon Metals is expanding its portfolio with the acquisition of two former copper-producing properties in Norway to diversify beyond its U.S.-based zinc project and focus on near-term production opportunities. The company, headquartered in Vancouver, announced two deals to acquire the Nussir and NSG properties for $55.3 million and $12 million, respectively, funded through the issuance of common shares priced at C$0.30 each.
Shares of Blue Moon traded at C$0.355 on Thursday, giving the company a market capitalization of C$18.9 million. The acquisitions are part of a broader plan to raise C$30 million to C$50 million in equity, with the majority allocated to advancing the Nussir project.
Newly appointed CEO Christian Kargl-Simard described the move as an opportunity to establish a copper-zinc development company in Tier 1 jurisdictions. The Nussir property, with existing infrastructure like roads, power, and port access, hosted mining operations until 1979. The project is supported by an updated feasibility study from SRK Consulting, estimating an initial capital cost of $101 million.
The NSG property, located in northern Norway, is notable as it could become the first new copper mine in the country in over 50 years. This site, rich in historic copper deposits, holds a historical estimate of 29.4 million tonnes at 0.9% copper and 0.17% zinc. Blue Moon plans to expand on the project’s resource base with regional exploration.
Meanwhile, the company continues to advance its Blue Moon polymetallic project in California, which has a resource estimate of 3.5 million indicated tonnes at a zinc-equivalent grade of 11.07%. A preliminary economic assessment is expected in early 2025.
These initiatives aim to balance the company’s historic copper assets in Norway with its zinc-silver resource in the U.S., marking a new phase in its growth trajectory.
