Blue Moon Metals Inc. (NASDAQ: BMM) announced completion of a feasibility study for its Nussir copper-gold-silver project in northern Norway. The study shows average annual free cash flow of $77 million using consensus commodity prices and $125 million at spot prices.

The feasibility study, conducted by Worley Europe Limited with an effective date of April 14, 2026, outlines a 13-year mine life with daily mill throughput of 6,000 tonnes. The project shows total measured and indicated resources of 28.72 million tonnes at 1.20% copper equivalent grade and proven and probable reserves of 24.98 million tonnes at 0.99% copper equivalent grade.

Key economics include an after-tax net present value of $235 million at an 8% discount rate using consensus pricing of $4.78 per pound copper, $3,515 per ounce gold and $45.26 per ounce silver. The internal rate of return reaches 19% for consensus pricing and 31% at spot pricing. Initial capital expenditures are estimated at $184 million.

Life of mine production averages 19,000 tonnes annually of copper equivalent, including 3,600 ounces of gold and 546,000 ounces of silver. Total cash costs net of by-products equal $0.95 per pound of copper, with all-in sustaining costs of $2.05 per pound.

Blue Moon has spent approximately $46.7 million on the project, with decline advance reaching 1,548 meters as of April 15, 2026. The company has placed purchase orders for long-lead equipment including SAG mill, ball mill and thickeners, and purchased the main power transformer.

The project timeline targets construction completion by October 2027, hot commissioning starting August 2027 and production beginning December 2027. Blue Moon expects to employ approximately 200 personnel during peak construction and 100 during operations.

An opportunity case incorporating 50% of inferred resources could extend mine life to 17 years, increasing the after-tax net present value by 52% to $358 million using consensus pricing.