Blue Moon Metals Inc. (TSX-V: MOON) (NASDAQ: BMM) is pleased to announce 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, which is expected to be filed on SEDAR+ at www.sedarplus.ca within 45 days. 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 (as amended and restated on September 12, 2025) with an effective date of January 20, 2025, prepared by Adam Wheeler, B.Sc., M.Sc., C.Eng., Eur Ing., FIMMM. This Feasibility Study considers only the underground resource estimate in the Nussir deposit and not the Ulveryggen deposit. All financial figures herein are presented in United States dollars.

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 (and approximately $125 million at spot prices on March 4^th, 2026). 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 (see notes in Table 2).
• Total proven and probable reserve estimate is 24.98 Mt at 0.99% CuEq grade (see notes Table 3).
• Life of mine is 13 years with nominal mill throughput of 6,000 tonnes per day.
• Life of Mine (LOM) 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 (net of by-products) 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 (8% discount rate) 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 (SAG mill, Ball Mill and thickeners). 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.

The FS was completed by Worley Europe Limited with inputs from technical studies completed by other specialist consultants. The FS represents a comprehensive study of the technical and economic viability of the selected development option that demonstrates the extraction of the defined Mineral Reserves is economically viable and can support a positive production decision by the Company.

⁽¹⁾ Consensus pricing assumes: 2028 $5.22/lb Cu, $4,207/oz Au, $61.15/oz Ag; 2029 $5.23/lb Cu, $3,971/oz Au, $55.07/oz Ag; LT $4.78 Cu, $3,515/oz Au, $45.26/oz Ag.

⁽²⁾ Spot prices are based on March 4^th, 2026: $5.84/lb Cu, $5,171/oz Au, $84.61/oz Ag

⁽³⁾ The average values are based on average of the years with full production

Christian Kargl-Simard, CEO of Blue Moon states, “The completion of this Feasibility Study update marks yet another significant milestone for our Nussir project and re-affirms the strength and value of this asset and resource. Through our ongoing exploration efforts at Nussir, including 200 m step out holes at over 1 km depth, we believe this will be a generational copper mine, so we believe these results are just the beginning. In addition, due to the strong free cashflow generation of this asset and the equity spent on the Nussir Project to date, there is significant financing flexibility on the types of sources for the remaining capital costs.”

MINERAL RESOURCES ESTIMATE 

The Mineral Resources used as the basis for the FS study are summarized below.

Notes:

1. CIM 2014 Definitions Standards were followed for classification of Mineral Resources.
2. A minimum mining width of 2.0 m was applied in making the resource estimate constraint wireframes. These wireframes were generated using a preliminary MSO.
3. Density values for Nussir were estimated from density sample values or assigned default average values where insufficient samples occur nearby.
4. MRE constraint wireframes were generated for a cut-off grade of 0.30% Cu, related to potential underground mining.
5. Metal prices assumed for this MRE were US$4.20/lb Cu, US$27.00/oz Ag and US$2,200/oz Au, which are consistent with long-term consensus metal pricing.
6. CuEq Grade=Cu Grade+0.00781*Ag_Grade+0.740*Au Grade
7. Metallurgy recovery assumptions were 96% Cu, 80% Ag and 93% Au, which stem from SGS metallurgical test work completed in 2022.
8. The cut-off grade of 0.30% Cu was derived from the price and recovery values above, as well as a smelter payability of 97.3% and an assumed total operating cost $26.20/t of ore.
9. Rounding may result in apparent summation differences between tonnes, grades and metal content; not considered material.
10. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. CIM Definition Standards were followed for classification of Mineral Resources.
11. Mineral Resources shown are inclusive of Mineral Reserves.
12. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

MINERAL RESERVES ESTIMATE

The tonnage, grades, and classification of the Total Mineral Reserves captured within the FS Mine Plan are summarized below.

Notes:

1. Above Reserves estimate follows CIM (2019) MRMR Best Practice Guidelines including CIM Definition Standards for classification.
2. Mining methodology is long hole open stope with minimum mining width of 3 m and mining recovery of 95% applied.
3. Dilution applied to stopes using ELOS method correlated with geotechnical conditions.
4. Reserves are based on copper price of $9,034 per tonne, gold price of $2,487/oz and silver price of $26.58/oz.
5. In-Situ NSR Cut off is $35.43/t with an incremental cut-off value of $21.03/t.
6. Copper recovery is 96%, gold is 84% and silver is 95%.
7. Concentrate treatment cost is $75 per dry metric tonne.
8. Refining costs are $0.075/lb for copper, $5.00/oz for gold and $0.45 /oz for silver.
9. Freight is $54.50 per wet metric tonne and zero emission premium of $2.50 per wet metric tonne.
10. Numbers presented in this table may not add up to the totals provided due to rounding.

MINING AND PROCESSING

The mining method used for the FS is Long Hole Open Stoping (LHOS) method with ribs and sill pillars to consistently sustain the production and mill throughput design rate. Required infrastructure to support the mine operation have been included in the design, including materials handling equipment. Trucking and mobile equipment have been optimized in the mine design along with implementation of conveyors for both crushed ore and waste.

Figure 1: Long Section of Mine Design at Nussir

Underground mobile crushers are utilized followed by a grinding circuit including a semi-autogenous grinding (SAG) mill and a ball mill located on surface prior to flotation. The flotation concentrate is filtered using a plate and frame pressure filter and stored in a storage warehouse prior to shipping through the existing and operational port and ship loaders. The mine and process facility will be powered by an existing 132 kV power line. Fresh water requirements for the process plant and the mine will be provided from an existing water dam using an existing buried pipeline. A water treatment plant has been included to treat the underground mine water to a quality suitable for reuse within the processing plant, thereby reducing demand for freshwater abstraction from the water reservoir and to treat the excess mine water to a quality suitable for controlled discharge during upset conditions (e.g. processing plant shutdowns or maintenance), in accordance with applicable Norwegian and EU environmental standards.

Figure 2: Life of Mine Production

ENVIRONMENTAL AND PERMITTING

The primary permits required for mining projects in Norway have been obtained. These permits include an Extraction Permit for state-owned minerals (under the Minerals Act 2009), an approved Zoning Plan revision of the municipal land use plan to include the proposed mining area (under the Planning and Building Act), a Discharge Permit (under the Pollution Control Act) and an Operating License (under the Minerals Act). The Project has also obtained certain secondary approvals, including an approved Mine Waste Management Plan for the exploration decline development and a Baseline Marine Monitoring Plan that allows for further marine baseline studies in Repparfjord. Additional secondary permits are in progress and are proceeding in the normal course.

PROJECT TIMELINE

A project execution plan and target schedule have been developed as part of the Feasibility Study to outline the durations and key activities for achieving commercial production at the Project. The Project schedule defined the construction completion of October 2027, hot commissioning starting August 2027 and start of production December 2027.

ECONOMIC IMPACT

The Company expects the Project to generate significant economic benefits at both the local and national levels. At peak construction, the Company expects to employ, directly or indirectly, approximately 200 personnel, and approximately 100 personnel during commercial production operations, with indirect employment estimated at two to three times these levels through supporting industries and services.

The Company is implementing strategies to maximize the number of long-term employees residing locally, which is expected to provide a sustained boost to the regional economy and support the creation of additional long-term indirect employment associated with population growth.

Based on the assumptions used in the Feasibility Study and applying current Norwegian fiscal regimes, the Project is expected to generate substantial government revenues over its life. Using long-term consensus commodity prices, life-of-mine Norwegian government royalties are estimated at approximately $18 million, with corporate taxes of approximately $275 million, for total government revenues of approximately $293 million.

At spot commodity prices, life-of-mine Norwegian government royalties are estimated at approximately $25 million, with corporate taxes increasing to approximately $365 million, for total government revenues of approximately $390 million over the life of the Project.

Opportunity Case

The FS reserve estimate excludes inferred material from the resource estimate. The potential conversion of this inferred material supports the opportunity case and showcases the potential of the life of mine extension to 17 years, considering the same production throughput.

⁽¹⁾ Opportunity case includes additional inferred resources (using 50% conversion rate) that are considered too speculative geologically to have been categorized as reserves.

 ⁽²⁾ Consensus pricing assumes: 2028 $5.22/lb Cu, $4,207/oz Au, $61.15/oz Ag, 2029 $5.23/lb Cu, $3,971/oz Au, $55.07/oz Ag, LT $4.78 Cu, $3,515/oz Au, $45.26/oz Ag.

⁽³⁾ Spot prices are based on March 3^rd, 2026: $5.84/lb Cu, $5,171/oz Au, $84.61/oz Ag

⁽⁴⁾ The average values are based on average of the years with full production

QUALIFIED PERSONS

The FS was prepared by both Worley Europe Limited Qualified Persons, and Mr. Adam Wheeler. Worley’s Qualified Persons and Mr. Adam Wheeler are independent of Blue Moon Metals and have reviewed and approved this news release. Chris Hughes-Narborough, Martin Prior, Roy R. Levesque, Susan Abell and Lumin Ma were engaged by Worley and are independent of the Company. The affiliation and areas of responsibility for each Qualified Person involved in preparing the FS, upon which the technical report will be based, are provided below.

• Chris Hughes-Narborough (Worley QP), Institute of Materials, Minerals and Mining (IMMM) – Chapters 13 and 17
  • Martin Prior (Worley QP), Fellow (FSAIMM), ECSA – Chapters 1-5, 18, 19, 21,22, 24, 25, 26, and 27
  • Roy R. Levesque (Worley QP), P.Eng. –  Chapters 15 and 16
  • Lumin Ma (Worley QP), Ph.D, P.Eng – Sections 1.8, 16.3, 26.4, and Chapter 27
  • Adam Wheeler (independent contractor), Mining Consultant, C. Eng, Eur Ing, FIMMM, Exploration, geological setting, deposit – Chapters 6-12, 14, and 23
  • Susan Abell (Worley QP), Professional Scientist registered with the South African Council for Natural Scientific Professions – Chapter 20

The technical and scientific information of this news release has also been reviewed and approved by Mr. Reza Ehsani, P.Eng., a Blue Moon Officer, and a non-Independent Qualified Person, as defined by NI 43-101.

About Blue Moon

Blue Moon is advancing 5 brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway, the NSG copper-zinc-gold-silver project in Norway, the Blue Moon zinc-gold-silver-copper project in the United States, the Springer tungsten-molybdenum project in the United States, and the Apex gallium, germanium, copper, and silver project in United Staes. All 5 projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc, copper, tungsten, gallium, and germanium are currently on the USGS and EU list of metals critical to the global economy and national security. Major shareholders include funds managed by Oaktree Capital Management, Hartree Partners LP, Wheaton Precious Metals, Altius Minerals Corporation, Baker Steel Resources Trust, LNS and Monial. More information is available on the Company’s website (www.bluemoonmetals.com).

For further information:

Blue Moon Metals Inc.

Christian Kargl-Simard

CEO and Director

Phone: (416) 230 3440

Email: christian@bluemoonmetals.com