Blue Moon Metals is a Canadian mineral exploration and development company with no current production or revenue. Blue Moon is advancing two core polymetallic deposits: the Nussir copper-gold-silver deposit in northern Norway, and the Blue Moon zinc-copper-gold-silver deposit in Mariposa County, California. Nussir is the flagship asset — fully permitted, with underground construction underway and first production targeted for 2028. The project has a completed feasibility study outlining a 13-year mine life producing an average of 19 kt of copper equivalent per year, with initial CAPEX of US$184M. The Blue Moon property in California is at an earlier stage, with a completed preliminary economic assessment and an exploration decline under construction, but still requires a feasibility study before a construction decision. Beyond these two core assets, Blue Moon holds several earlier-stage U.S. properties, including the Springer mill in Nevada — which the company is positioning as a centralized processing hub for its U.S. assets. Blue Moon's business model is to spend capital on exploration, engineering, permitting, and construction to advance properties toward production, then sell metal concentrates to smelters and traders. The company funds itself primarily through equity issuances and project-level debt and streaming arrangements. For Nussir, Blue Moon has secured a financing package from Hartree and Oaktree totaling up to US$140M, and has pre-agreed copper concentrate offtake with Hartree. Wheaton Precious Metals holds a right of first refusal on precious metals streams across the company's properties.