Blue Moon Metals (TSX-V:MOON) has agreed to sell its Norwegian subsidiary to ACG Metals (LSE:ACG) in an all-share transaction valued at US$220 million ($315 million).
ACG will acquire all outstanding shares in Blue Moon Norway, whose portfolio includes the construction-stage Nussir Copper Mine and the exploration-stage NSG property.
Blue Moon expects to receive approximately 8.85 million ACG shares, representing 27.6% of the buyer on an undiluted basis and 21.8% on a fully diluted basis. The valuation remains subject to adjustments for debt, working capital, and other items at closing.
The shares will be subject to a six-month lock-up. The companies intend to distribute them to Blue Moon shareholders within 12 months after the transaction closes.
Nussir is an underground copper–gold-silver development in Finnmark, northern Norway. Construction began in 2026, with production previously targeted for 2027. NSG holds copper-zinc-gold-silver exploration ground in the historic Sulitjelma mining district.
Following the proposed sale, Blue Moon plans to focus on its US portfolio, which includes the Springer tungsten-molybdenum complex in Nevada, the Apex germanium-gallium-copper project in Utah, and the Blue Moon polymetallic project in California.
The divestment follows Blue Moon’s C$35 million placement with Elmet Group to support Springer, as previously reported by Mining.com.au.
ACG operates the Gediktepe copper-zinc-gold-silver mine in Türkiye, where it achieved first copper concentrate production in September and began ramping up towards full production, as reported by Mining.com.au.
Blue Moon will repay amounts drawn under the Nussir financing package provided by Hartree Partners and funds managed by Oaktree Capital Management when the transaction closes.
Closing remains subject to ACG shareholder approval, TSX Venture Exchange approval, and other customary conditions. Investors holding 80.7% of ACG’s shares have agreed to support the transaction, exceeding the 75% approval threshold.
The companies expect the transaction to close by 30 November.
Write to France Pinzon at Mining.com.au
Main image: Blue Moon Metals
