Blue Moon Metals has secured financing of up to $140m from Hartree Partners and funds managed by Oaktree Capital Management for the Nussir Copper Project in Norway.
In this regard, Blue Moon Metals has signed a memorandum of understanding with the parties.
The financing arrangement is subject to certain milestones and approvals.
It comprises a $50m senior secured term loan, a $70m redeemable precious metals stream agreement, and an equity investment capped at $20m.
The arrangement includes a previously agreed bridge loan, where Nussir is the borrower, while Keystone Mines, Blue Moon Norway, and Repparfjord Eiendom serve as guarantors.
Nussir is the holding company for the Nussir Copper Project.
A definitive bridge loan agreement has been signed, and funds are anticipated to be released following the completion of customary security arrangements. Additionally, a subscription agreement for a $5m equity investment has been finalised, with closure expected around 25 August 2025.
Both the bridge loan and equity investment await TSX Venture Exchange approval.
Established in 2005 and incorporated under Norwegian law, Nussir focuses on developing copper-silver-gold resources in Finnmark. Historical open-pit mining occurred nearby in the 1970s.
The company continues to advance its sedimentary-hosted copper deposit through extensive analysis and regulatory compliance over two decades.
The initial capital injection will enable Blue Moon Metals to conduct early works such as detailed engineering and underground development. These efforts ensure operational readiness ahead of finalising the larger project financing package by 31 March 2026, contingent upon fulfilling specific conditions like submitting a feasibility study.
Blue Moon Metals CEO Christian Kargl-Simard said: “The Bridge Loan and equity provide us with $30m in available capital needed to ensure development momentum, while the broader financing package establishes a clear path to full project funding in a well-balanced approach in a manner that aligns with long-term shareholder interests.
“This partnership reflects the strength of our project, the ongoing support of our strategic partners, and the confidence in our team’s ability to deliver across the asset base. We expect to announce at least one additional strategic financing package over the next 2 months covering investment over Blue Moon’s portfolio of assets.”
In June 2025, the European Union recognised the Nussir project as a Strategic Critical Raw Material Project under the 2023 EU Critical Raw Materials Act. This designation supports diversifying critical mineral supplies and reducing reliance on China.
