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Blue Moon Metals is a multi-asset developer with five brownfield polymetallic projects spanning two continents: Nussir (copper-gold-silver, Norway), NSG (copper-zinc-gold-silver, Norway), Blue Moon (zinc-gold-silver-copper, California), Springer (tungsten-molybdenum, Nevada), and the newly acquired Apex (germanium-gallium-copper, Utah). This interview covers two recent US acquisitions and what they mean for the company’s hub-and-spoke processing strategy at the Springer complex in Nevada, as well as the Nussir construction timeline, capital position, and near-term catalysts.
TL;DR
CEO Kargl-Simard is targeting first production at both Nussir (August 2027) and the Springer tungsten mine (end of 2026 or early 2027), with a combined EBITDA run-rate of roughly US$400M per year by full-year 2028 at current commodity prices. The company holds approximately US$50M in cash. Tungsten prices have moved from roughly US$500/tonne when Springer was optioned to over US$3,000/tonne at the time of this interview, a move that management says took the project’s NPV (8% discount, 10-year mine life, 4Mt basis) from roughly US$70M to over US$1 billion. Three of the four analyst groups covering Blue Moon (Canaccord, Cormark, Scotiabank) had not yet updated their models to reflect Springer or Apex at the time of this interview and Haywood launched coverage with a C$15 target (6x P/NAV, 12% discount rate). Teck Resources holds sub-8% of Blue Moon after vending in the Apex mine and has been granted pro-rata participation rights up to 10%.
What have they done for shareholders lately?
In the three months prior to this interview, the company closed the Springer acquisition, announced and executed the Apex mine acquisition from Teck Resources, picked up the adjacent Gauge district from Liberty Gold to fill out the Utah land package, and listed on the NASDAQ under the ticker BMM. A 40,000-metre drill program across all assets was announced. At Nussir, the underground decline is reportedly past 1,500 metres and closing in on the ore body, long-lead process plant items have been ordered, and the plant building has been cleared out. An updated NI 43-101 feasibility study for Nussir was not out during the interview but has now been published. The company also hosted a site visit by 13 US investors at Springer the day before the interview.
How much money do they have and what are they spending it on?
The company holds approximately US$50M in cash, supplemented by an existing finance facility with Oaktree Capital and Hartree Partners. For future finacings, Christian talked about 4 potential groups: US government strategic financing tied to critical minerals supply, royalty or streaming deals (for example, a potential gold stream on the Blue Moon project, or royalties across the US portfolio), off-take or marketing-rights agreements for gallium, germanium, and ammonium paratungstate, noting that confidentiality agreements have already been signed with several unnamed large companies, and public equity markets.
Upcoming catalysts
On the technical and operational side, Nussir deep and infill drill results are imminent, the updated NI 43-101 feasibility study for Nussir has just been published (though it wasn’t out yet at the time of recording), Blue Moon underground drill results (first three holes) are expected in the next few weeks, Apex metallurgical bulk sample and test work is targeted to start later this quarter, and Springer tungsten drilling is planned to ramp to three rigs later in 2026, with initial results expected as the program progresses. On the corporate side, a formal public announcement of a fast-track production decision at Springer tungsten is expected, a final investment decision on Nussir is coming, at least one additional M&A add-on transaction to support the Springer hub-and-spoke complex is possible, and management guided to at least one “interesting financing transaction”.
Risks
Tungsten, gallium, and germanium are “translucent to opaque” markets as there is no reliable public pricing mechanism, and China controls the dominant share of global supply. A policy reversal or price correction would materially reduce the project economics that are currently driving the share price. The Apex project’s path to production is explicitly gated by metallurgical test work rather than permitting, meaning a failed or delayed flowsheet would push out any production timeline. The company has scaled from six employees a year ago to 200+ staff and contractors today and is still actively hiring, which creates both execution risk and rising G&A. Running four concurrent development programs across two continents simultaneously is a heavy operational load for any company.
Blue Moon Metals CEO Interview
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