TORONTO, March 10, 2025 (GLOBE NEWSWIRE) — Blue Moon Metals Inc. (“Blue Moon” or the “Company“) (TSXV:MOON) is pleased to announce the acquisition of all the shares in Repparfjord Eiendom AS (“REAS“) from Wergeland Eigedom AS (“WG“), a private Norwegian Company, along with associated ship loading equipment and infrastructure related to aggregate mining, port area and adjacent properties to Blue Moon’s Nussir Project in Norway (the “Nussir Project“) (together the “Transaction“). Through a series of transactions, Blue Moon has paid 180 million NOK (~US$16 million) as consideration, comprised of 42.1 million common shares of Blue Moon (the “Consideration Shares“) (at C$0.30 per Consideration Share) and approximately US$7.2M in cash. WG now owns approximately 8% of the issued and outstanding common shares of Blue Moon (the “Blue Moon Shares“). REAS has a ground lease agreement with the Finnmark Estate, a legal entity established by law in Norway, for the use of the Oyen Industrial Land. Under the terms of an agreement between Blue Moon and WG dated March 6, 2025 (the “Agreement“), WG will continue to be able to sublease part of the land for aggregate production, in consideration for annual sublease payment fees. Pursuant to the Agreement, WG has also agreed to acquire agreed upon waste rock volumes from the Nussir Project for a minimum price of 15 NOK / tonne.
This is a transformational transaction providing the Nussir Project with the majority of the required infrastructure for the project to be built. Key highlights of the acquired infrastructure include:
- Quay for aggregate logistics including a modern ship-loading and conveyer system that is in active use by WG
- Port facility for large ships
- Fully permitted and operating aggregate mine
- Barracks for construction and operations at the Nussir Project
- Administrative and storage building
- Full process plant building in good condition and of sufficient size to install a 6,000 tpd flotation plant
- Large silo and conveyer systems
- License to utilize fresh water from a reservoir
- Ancillary land to the project (the “Ancillary Lands“)
- Zoning in place for an industrial site including for mining and processing
The below image shows the mill building, silo and office administration area taken in January 2025. The deep-water fjord is ice-free year-round. The portal for the mine will be immediately beside the mill building and two powerlines cross the property right behind the mill building. Power costs for industrial use are ~US$0.04/kWh. The Transaction has closed, but some filings, registrations and legal perfection, in particular related to the Ancillary Lands, will be concluded as soon as possible.
The Consideration Shares were deposited into escrow pursuant to the TSX Venture Exchange (the “TSXV“)’s escrow policies, and are subject to a statutory hold period of four months and one day from the date of issue. Currently the Consideration Shares are subject to the TSXV Tier 2 escrow release schedule, with 10% being released from escrow commencing on the date of the TSXV bulletin, and thereafter in 15% increments on each of the six, twelve, eighteen, twenty-four, thirty and thirty-six months …
