Blue Moon Metals (TSXV: MOON) is selling its Norwegian copper portfolio for $220 million in shares as prospective buyer ACG Metals adopts a later production timetable for the Nussir mine, with first output now projected after the project’s existing operating licence expires.
ACG said Tuesday it expects Nussir’s first copper concentrate in the first half of 2028, compared with the December 2027 production target outlined in Blue Moon’s April feasibility study.
The revised timetable places initial production beyond September 26, 2027, when Nussir’s operating licence is due to expire, according to ACG’s November 3 regulatory announcement.
Sponsored · Cambria Gold Mines
ACG maintains that all existing Nussir permits remain valid. The company estimates approximately $84 million of Nussir’s initial construction capital will have been spent by completion, leaving another $126 million to fund.
However, its production and financial forecasts assume the operating licence and other approvals are renewed or maintained on their existing terms.
The company is reviewing financing proposals for the remaining expenditure, potentially alongside refinancing existing bonds.
ACG also disclosed more conservative capital assumptions than those previously presented for Nussir. Its adjusted feasibility estimates incorporate a 27% contingency applied to Blue Moon’s latest approximately $210 million capital budget, which ACG said had increased from an original approximately $198 million.
Sponsored · Selkirk Copper Mines
The buyer has not established that the revised production date reflects an actual construction delay rather than a change in planning assumptions.
Nussir is expected to produce approximately 18,400 tonnes of copper-equivalent annually between 2029 and 2033 on a 100% project basis. ACG would initially hold 94.52% of the mine, with plans to consolidate ownership to 100% within 12 months.
Under the agreement, Blue Moon will receive approximately 8.85 million ACG shares valued at £18.70 each, representing 27.6% of the enlarged company, or 21.8% on a fully diluted basis.
The shares carry a six-month lockup, with distribution to Blue Moon shareholders planned within 12 months after closing.
Blue Moon CEO Christian Kargl-Simard said the transaction would allow the company to retain exposure to its Norwegian assets without adding further debt or precious-metal streaming obligations to finance their development.
The Canadian miner intends to concentrate on its US critical-metals portfolio, including the Springer and Apex mines, both targeted for production by the end of 2027.
The transaction remains subject to shareholder, regulatory, and financing-related conditions. ACG expects closing by November 30, with voting support commitments representing approximately 80.7% of its existing shares.
Blue Moon shareholders will not be required to approve the sale.
