Blue Moon Metals (MOON.V) was at last look up 4% in US premarket trade after it completed a feasibility study for the Nussir project in Norway, outlining an after-tax net present value of US$235 million based on an 8% discount rate.
The company in a statement said that, in turn, was based on 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.
Among other highlights, Blue Moon Metals cited an after-tax Internal Rate of Return of 19% for the 13 year mine life and consensus pricing and 31% at spot pricing; and initial capital expenditures of $184 million.
The project is expected to produce 19,000 tonnes per year of copper equivalent over the 13-year mine life. It hosts measured and indicated resources of 28.72 million tonnes grading 1.20% copper equivalent, and proven and probable reserves of 24.98 million tonnes at 0.99% copper equivalent.
Additionally, the company said it 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.
"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," Chief Executive Officer Christian Kargl-Simard said.
Blue Moon plans to start hot commissioning of the process plant in the third quarter of 2027.
Shares in the company edged up in Canada yesterday.