Blue Moon Metals Inc.  (TSX-V: MOON) (NASDAQ: BMM), is pleased to announce that it has closed its previously announced non-brokered private placement with The Elmet Group (NASDAQ: ELMT). The Equity Subscription was made in connection with TEG’s investment in the Springer Tungsten Complex as announced on September 14, 2026. Under the Equity Subscription, the Company issued 3,500,000 units of the Company  at a price of C$10.00 per Unit, for aggregate gross proceeds of C$35,000,000.

Each Unit consists of one common share of the Company and one common share purchase warrant. Each Warrant entitles the holder thereof to purchase one additional common share of Company at an exercise price of $10.80 for a period of three years following the closing of the Equity Subscription.

The net proceeds of the Equity Subscription will be used solely to fund the development of the Springer Project.

The Unit Shares and Warrants issued pursuant to the Equity Subscription are subject to a hold period in Canada expiring four months and one day from the date of issuance, in accordance with applicable Canadian securities laws. The Equity Subscription remains subject to the final approval of the TSX Venture Exchange. No new insiders or control persons of the Company were created as a result of the Equity Subscription. No finder’s fees were paid in connection with the Equity Subscription.

Investor Rights Agreement and Board Appointment

In connection with the Equity Subscription, the Company and TEG entered into an investor rights agreement. Among other things, the TEG IRA grants Elmet a board nomination right, equity participation rights, top-up rights and information rights. Under the TEG IRA, the Company has appointed William Jacob Homiller to the board of directors, effective October 16, 2026.

William Jacob Homiller

Mr. Homiller served as the Chief Executive Officer of CarbiCrete Inc., a Montreal-based carbon removal technology company from February 2024 through early 2026.  Prior to CarbiCrete, Mr. Homiller served as President and Chief Executive Officer of H.C. Starck Solutions from April 2020 through January 2024. Mr. Homiller also served in senior global leadership roles with A.W. Chesterton Company as Senior Vice President of Global Business Management and Chief Sales Officer from September 2015 to April 2020, as well as with Cabot Corporation from April 2004 to July 2015. Mr. Homiller received a Master of Business Administration from The Wharton School, a Master of International Studies from The University of Pennsylvania and a Bachelor of Arts in Economics from Tufts University.

The securities described in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws. They may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons unless they are registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available. This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in any jurisdiction.

About Blue Moon

Blue Moon is advancing 6 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, the Apex germanium-gallium-copper project in the United States and the Turner gold-copper-zinc-silver project in the United States. All 6 projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc, copper and tungsten are currently on the USGS and EU list of metals critical to the global economy and national security and germanium and gallium are also on the USGS list of critical metals. Major shareholders include Teck Resources Limited, funds managed by Oaktree Capital Management, Hartree Partners LP, Wheaton Precious Metals, Altius Minerals Corporation, Baker Steel Resources Trust, LNS and Monial.

About The Elmet Group

The Elmet Group is a U.S.-based provider of precision-engineered components and advanced high-energy systems for the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries. TEG operates through three segments, Critical Materials Components (CMC), Engineered Microwave Products (EMP), and Elmet Refining & Trading (ERT), leveraging materials science and precision engineering expertise to deliver high-performance solutions. TEG is dedicated to strengthening domestic manufacturing capabilities to support the U.S. and its allies’ needs in both critical materials and advanced high-power microwave systems.