Overview
Nussir, Norway
Nussir consists of 100% – owned Nussir and Ulveryggen deposits and infrastructure at the brownfield Øyen industrial site; adjacent to a year-round ice-free port. Construction on the ~2,500m exploration decline at Nussir commenced in June 2025 and full mine construction started in April 2026.
- Underground brownfield copper mine
- Maiden Feasibility Study1 published and final investment decision declared in April 2026
- Mineral Reserves: 2.6 Mt Proven and 22.3 Mt Probable1
- Mineral Resources: 2.7 Mt Measured, 26 Mt Indicated, and 32 Mt Inferred1
The Nussir Property is a previously producing copper-silver-gold mine located in Finnmark, Norway. Open pit mining occurred near the project during the 1970s in 4 shear-hosted open pits targeting high grade copper mineralization. The property had been owned by a private company, Nussir ASA, that was focused on advancing a sedimentary hosted copper deposit with analysis, study work and permits granted over a 20-year period. Blue Moon Metals acquired 100% of the Nussir Property in February 2025. Following this acquisition, in March 2025, Blue Moon acquired ship loading equipment and infrastructure related to aggregate mining, port area and adjacent properties with access to a year-round ice-free port at Øyen as well as commercial ports in Hammerfest (45 km away by national highway). Further, the location has access to water and low-cost, high-voltage renewable power.
2026 Feasibility Study Highlights1
- Total Measured and Indicated resource estimate is 28.72 Mt at 1.20% CuEq grade.
- Total Proven and Probable reserve estimate is 24.98 Mt at 0.99% CuEq grade.
- Life of mine is 13 years with nominal mill throughput of 6,000 tonnes per day.
- Life of Mine (LOM) average annual production of 19 kt of CuEq including an average of 3,600 ounces of gold and 546,000 ounces of silver in the consensus price scenario.
- LOM total cash costs (net of by-products) of $0.95 per pound of copper and all-in sustaining costs of $2.05 per pound of copper resulting in an all-in sustaining cost cashflow margin of 43% utilizing consensus pricing.
- After-tax Net Present Value of $235 million (8% discount rate) at 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.
- After-tax Internal Rate of Return of 19% for the 13 year mine life and consensus pricing and 31% at spot pricing.
- Initial capital expenditures of $184 million.
Geology
Nussir is considered to be a stratabound sediment hosted copper deposit. The Nussir Cu mineralized zone is an almost continuous layer over a strike length of 9 km, which is dolomite dominated in the west and mostly calcite-dominated sandstone-limestone, along with medium dark schist with chalcocite/bornite dissemination in the east. This mineralized zone is within the Gorohatjohca sedimentary formation, which consists of claystone and is 200- 400m thick in the west, thinning out to a few meters wide in the east. The Gorohatjohca overlies the Stangvatn conglomerate formation and underlies the Nussir volcanic formation
The Nussir Deposit has NI 43-101 Reserves of 2.6 Mt Proven and 22.3 Mt Probable1 and Resources of 2.7 Mt Measured, 26 Mt Indicated and 32.0 Mt Inferred.2,3 The Nussir deposit is open to the west and to depth. In particular, the current limit of Inferred resources excludes the influence of three deep drillhole intersections, because they are excessively distant to the grid of holes above. The block of material around these deeper intersections therefore represents an exploration target, with a tonnage between 8.5 Mt and 16.5 Mt, and a Cu grade between 0.7 and 1.3% Cu, between 9 and 17g/t Ag, and 0.1 to 0.15 g/t Au.2,3,4
There are also a number of mineralized targets occuring both downdip and along strike of the mineralized exploration target that has been defined. This mineral potential has not been properly tested by drilling. Additionally, a number of mineral targets currently outside of the resource area of the Nussir and Ulveryggen deposits are supported by geological mapping and limited drilling. This means that additional infill and exploration drilling is warranted to more fully test favourable stratigraphy both regionally and directly at Nussir and Ulveryggen deposits. The Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects, dated January 20, 2025 (as amended and restated on September 12, 2025) with an effective date of January 20, 2025 may be viewed, below along with Mineral Resource Tables for the Constrained Resource Evaluation Statement – Nussir Deposit and the Nussir Resource Estimation Summary4.
High Potential to Increase Global Resources Through:
- Upgrading undrilled areas of the ~10 km resource trend and infilling high-grade resource (+2% CuEq) areas that have seen limited drill density.
- Defining the parallel zone at the Nussir Property, which does not currently have any resources, and could have meaningful strike length.
- Drilling underneath the historical open pit production through the existing 2.5 km underground tunnel, and expanding resources that are open.
- Drilling a geochemical anomaly between the historical open pits and the Nussir Property.
Notes
- See: NI 43-101 Technical Report on the Feasibility Study of the Nussir Project, dated April 16, 2026 with an effective date of April 14, 2026, by Worley Europe Limited
- See: Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects, Norway, dated January 24, 2025 (as amended and restated on September 12, 2025) with an effective date of January 20, 2025, by Qualified Person: Adam Wheeler, B.Sc, M.Sc, C. Eng., Eur Ing
- Mineral Resources are not Mineral Reserves and do not demonstrate economic viability. Inferred resources are too speculative to have economic considerations applied
- The potential quantity and grade of the exploration target are conceptual in nature, there has been insufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource