Blue Moon Metals Inc. (BMM) company history: the story so far

History

Blue Moon Metals, a Toronto-based explorer, used 2026 to buy Springer and Apex in the US, raise C$156.25 million, and push Nussir in Norway toward Q4 2027 production.

2026: Building a US base

The record opens in early 2026 with Blue Moon Metals moving into the United States. From January 26 its shares traded on Nasdaq under "BMM", alongside the TSXV, and no longer on the OTCQX. Peter Madsen joined the board. In California, the company's own Blue Moon Mine decline (an angled tunnel for exploration) had reached 128 meters, part of a US$16.5M first-phase program.

On February 11 it closed the purchase of the Springer tungsten mine and processing plant in Nevada from GOODS LG LLC, paying a US$500,000 deposit and a final US$18 million in cash. On March 2 it agreed to buy the past-producing Apex germanium, gallium and copper mine in Utah from a Teck Resources subsidiary. Part of the payment was 7,031,959 new shares to Teck, equal to 8.0% of the shares then outstanding, and the mine carried a royalty capped at US$1M. The company described the two purchases as the start of a US hub-and-spoke plan built around the Springer plant.

2026: Money and progress

In March a small raise from LNS and Hartree brought in about C$1.3 million. The larger step came on May 6, when Blue Moon closed a C$156.25 million raise at C$10.00 a share: 10,625,000 shares sold publicly and 5,000,000 privately, adding 15,625,000 shares. Underwriters took C$7,756,250 in commissions. The money was meant for construction at Nussir and Blue Moon, development at Springer and Apex, exploration and working capital. The offerings remained subject to final TSXV approval.

In Norway, a feasibility study on the Nussir copper project was furnished on April 21. By late June Norway's Environment Agency had approved the mine waste plan and amended the discharge permit, which the company said cleared the last regulatory condition before mining. Underground development passed 2,000 meters, MOMEK Services AS won the plant construction contract, and production was targeted for Q4 2027.

At Apex, a 100 kg selected sample assayed 0.180% germanium, 0.0273% gallium and 1.96% copper. The company cautioned it was not necessarily representative, and targeted permitting in Q2 2027.

In July it set out a 67,000-meter drill program at Springer, starting in August. On August 10 it signed a binding letter of intent for 33 tungsten and antimony projects, for 2.8 million shares at US$5.55, US$5.0M cash and further payments, with closing expected in October and TSXV approval needed. On August 21 Nevada permits for Springer moved into the company's name, a reclamation bond was posted and the tailings dam was approved. The company said construction could start, with startup still targeted for late 2027.

Written from the 9 story beats below (2026 to 21 Aug 2026), which come from the company's own announcements and filings.

Beat by beat

The events that changed the company's story, in plain English, each written against everything known about the company at the time. The dot shows whether it was good, bad or neutral for shareholders.

2026

21 Aug
Nevada regulators transferred the Water Pollution Control Permit and Reclamation Permit for Springer into Blue Moon's name, the reclamation bond was approved and posted, and the tailings dam Notice of Construction was approved on August 18, 2026. The company says this authorizes it to start construction, including refurbishing the mill, and it remains on track for a late-2027 startup, consistent with the Q4-2027 target in the Springer drilling update. The filing does not state the bond amount.
regulatory community update
11 Aug
Blue Moon agreed (by binding LOI signed August 10, 2026) to buy 33 tungsten and antimony projects in the western US from a private owner, mostly for potential ore shipments to Springer and a first move into antimony. Payment is 2.8 million shares at US$5.55 (about US$15.5M), US$5.0M cash (half at closing, half a year later), a 1.0% NSR on each project, and capped development and monetization payments (up to US$8.5M per project). Closing is expected in October 2026 and needs TSXV approval; holding costs are about US$162,000/yr. The deal adds new shares and ongoing payment obligations, and the historical grades cited are unverified.
business combination
7 July
Blue Moon laid out its 2026 plan for the Springer tungsten project in Nevada, bought from GOODS LG in February: a 67,000-metre diamond drill program (7,000 m in phase 1, about 60,000 m in phase 2) with Geotech Drilling Services, starting in the first half of August with two rigs and finishing by Q1 2027. It is also re-logging 18,000 m of old General Electric core (7,154 m done) and says early logging suggests skarn may be only 12% of the mineralized material, with a granodiorite hosting extra veins; assays are pending and an intrusion-related gold system is only a possibility. The company links the work to its Q4-2027 production target; the filing gives no cost figure for the program.
drilling progress report
29 June
A 100 kg bulk sample from the Apex mine in Utah, acquired from Teck in March, assayed 0.180% germanium, 0.0273% gallium and 1.96% copper. The company says the sample is selective and not necessarily representative of the average grade. It is exploring direct shipping ore sales, with mine permitting targeted for Q2-2027 and possible DSO start as soon as Q3-2027, and says it has received unsolicited interest from several users and producers. The company notes recent price increases for germanium and gallium and cites Fastmarkets spot prices of $10,500/kg and $2,650/kg as of June 26, 2026. Metallurgical testing continues, and the historical resource estimates remain unvalidated.
drilling result
24 June
For Nussir in Norway, Blue Moon awarded MOMEK Services AS an EPC contract for the civil, structural, mechanical and piping work on the processing plant. Norway's Environment Agency approved the mine waste management plan and amended the discharge permit, which the company says satisfies the last outstanding regulatory condition before mining operations can begin. The Directorate of Mines approved the updated operating plan on June 18. The company says underground development passed 2,000m in early June and targets production in Q4 2027. This builds on the March raise for Nussir underground development and the April feasibility study.
regulatory community update
6 May
Blue Moon closed a C$156.25 million equity raise: 10,625,000 shares in a public offering (including a partial over-allotment) and 5,000,000 in a private placement, both at C$10.00. Underwriters received C$7,756,250 in commissions. Proceeds are intended for construction capital at Nussir and Blue Moon, development capital for Springer and Apex, exploration, working capital and U.S. growth activities. This is far larger than the C$1.3 million LNS/Hartree raise in March and adds 15,625,000 new shares for existing holders to absorb. The offerings remain subject to final TSX Venture Exchange approval.
capital raising announcement
21 Apr
Blue Moon furnished an NI 43-101 feasibility study technical report on the Nussir project in Norway, dated April 16, 2026. The cover filing contains no figures or conclusions from the study; the later June 24 release refers to it as the 'April 2026 Feasibility Study'.
resource reserve update
2 Mar
Blue Moon agreed to acquire 100% of the past-producing Apex germanium, gallium and copper mine in Utah from a Teck Resources subsidiary. Part of the payment is 7,031,959 new common shares to Teck, equal to 8.0% of shares outstanding before issuance, and the mine is subject to a royalty capped at US$1M. This extends the US 'hub and spoke' plan built around the Springer plant just bought, and adds new shares for existing holders to absorb; the rest of the terms were cut off in the filing text provided.
business combination
11 Feb
Blue Moon closed its previously announced purchase of the Springer tungsten mine and processing plant in Nevada from GOODS LG LLC, paying a US$500,000 initial deposit and a final US$18 million in cash. The same filing also carries a January 23, 2026 notice that the shares would start trading on Nasdaq under 'BMM' on January 26 (alongside the TSXV, and no longer on the OTCQX) and that Peter Madsen joined the board. It also reports the Blue Moon Mine decline in California at 128 meters, part of a US$16.5M phase 1 program.
business combination