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    Blue Moon’s Nussir and Springer funding: capex and production lens for mine planners

    April 29, 2026|

    Reviewed by Joe Ashwell

    Blue Moon’s Nussir and Springer funding: capex and production lens for mine planners

    First reported on MINING.com

    30 Second Briefing

    Blue Moon Metals has approved construction of the US$184 million Nussir underground copper-gold-silver mine in northern Norway, designed for 6,000 tonnes per day over a 13-year life, with first concentrate production targeted in Q3 2027 and supported by existing 132‑kV renewable power and an ice-free port at the Øyen industrial site. A C$150 million equity raise and a US$140 million project finance package will fund Nussir, expected to produce about 19,000 tonnes of copper in concentrate annually and generate US$77–125 million in free cash flow per year. In parallel, the company plans a roughly US$50 million restart of the Springer tungsten mine, mill and ammonium paratungstate circuit in Nevada by Q4 2027, aiming to produce 107,000–124,000 tonnes of concentrate despite relying on historical (2012) tungsten trioxide resource estimates.

    Technical Brief

    • Nussir feasibility study defines 28.72 Mt measured/indicated at 1.02% Cu, 0.12 g/t Au, 12.3 g/t Ag.
    • Average grade equates to 1.2% Cu-equivalent, with payable revenue split 77% Cu, 6% Au, 13% Ag.
    • Economic case gives after-tax NPV8 of US$235 million and 19% internal rate of return.
    • Long-term price deck assumes US$4.78/lb Cu, US$3,515/oz Au and US$45.26/oz Ag.
    • Nussir will use existing 132‑kV grid connection, brownfield Øyen processing site and an ice-free export port.
    • All key Norwegian permits are already in place: operating licence, tailings permit and zoning plan.
    • Springer carries historical resources of 322,050 t indicated at 0.537% WO₃ and 1.75 Mt inferred at 0.493% WO₃.
    • Restart plan covers mine, mill and ammonium paratungstate circuit, but lacks current feasibility and reserve statements.
    • Tungsten price escalation from US$500/t to US$3,000/t in seven months underpins the Springer restart rationale.

    Our Take

    With Nussir’s 13‑year mine life and a copper‑equivalent grade of 1.2%, Blue Moon Metals is positioning this Norway asset as its cash‑flow anchor, while Springer’s tungsten exposure directly targets the structural supply concentration in China, Russia and North Korea that our database shows is driving most recent tungsten‑market risk commentary.

    The earlier piece on Blue Moon’s acquisition of the Apex gallium‑germanium mine in Utah means the company now spans copper, tungsten, gallium and germanium across Norway and the USA, giving it a diversified critical‑minerals portfolio that few TSXV‑listed juniors in our coverage match in terms of commodity spread.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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