TORONTO, June 26, 2026 /CNW/ - Blue Moon Metals Inc. ("Blue Moon" or the "Company") (TSXV: MOON) (NASDAQ: BMM) and Alpha Future Funds S.C.S. ("AFF") are pleased to announce that, further to the announcement of April 26, 2026, AFF's wholly-owned subsidiary, VMS Explorations AS ("VMS") and Blue Moon's wholly-owned subsidiary, Nye Sulitjelma Gruver AS ("NSG") have entered into a binding share purchase agreement ("SPA") to combine the two subsidiaries into a single entity. AFF is a private fund based in Luxembourg investing in innovative technologies and mining projects.
NSG and VMS hold extraction and exploration permits over the historic Sulitjelma mining district in the Fauske municipality of Norway. The Sulitjelma mine produced over 470 kt copper and 130 koz gold over a 100-year life and benefits from excellent existing surface and underground infrastructure ready to be refurbished, including connection to abundant clean hydropower. Combining NSG and VMS is expected to allow for an integrated development opportunity, prioritizing mining of targeted high-grade zones and centralized haulage, and processing to strengthen project economics and streamline advancement toward production.
Christian Kargl-Simard, CEO of Blue Moon states, "We are delighted that this transaction gives Blue Moon shareholders continued exposure to a highly prospective brownfield asset, which can now be developed independently with a strong strategic partner. Sulitjelma was a cornerstone of Norwegian mining, and we are delighted to be a part of the regeneration of this historically important project."
Benedikt Sobotka, Principal of AFF commented, "Uniting NSG and VMS unlocks the potential of Sulitjelma to become Europe's next operational copper-gold mine. The listing of the combined entity and concurrent fundraising should allow us to accelerate our feasibility study program and advance the project towards production in conjunction with a targeted exploration campaign to expand the high-grade zones and test drill targets in the wider district."
Under the terms of the SPA, VMS will acquire 100% of the shares in NSG from Blue Moon's wholly-owned subsidiary, Blue Moon Norway AS (the "Acquisition") for a total consideration of US$15 million payable in new shares of VMS, giving Blue Moon a 30% holding in the combined company. A total of 1,285 shares of VMS will be issued to Blue Moon, at a deemed price of US$11,666.67 per share. Completion of the Acquisition is subject to satisfaction of certain conditions, including raising of a minimum of C$10 million in new capital and listing of VMS on a recognized stock exchange ("Listing") within 18 months of closing of the transaction, which period may be extended by successive periods of 6 months. In the event that any additional shares are issued in VMS prior to completion of the Acquisition and Listing, Blue Moon shall be issued such additional new shares in VMS to maintain its 30% interest prior to the Listing.