Blue Moon Metals and Alpha Future Funds Announce Signing of Binding Agreement to Combine Holdings in the Sulitjelma Mining District, Norway

Blue Moon Metals Inc. and Alpha Future Funds S.C.S. have entered into a binding share purchase agreement to merge their respective subsidiaries, Nye Sulitjelma Gruver AS and VMS Explorations AS, into a single entity focused on the Sulitjelma mining district in Norway. This consolidation aims to create an integrated development opportunity for the historic copper-gold district, leveraging existing infrastructure and hydropower to streamline the path back to production. The transaction marks a significant step in revitalizing a brownfield asset that historically produced over 470,000 tonnes of copper and 130,000 ounces of gold.

Under the terms of the binding share purchase agreement, Alpha Future Funds’ subsidiary, VMS Explorations AS, will acquire 100% of Blue Moon’s subsidiary, Nye Sulitjelma Gruver AS (NSG), for a total consideration of US$15 million. This payment will be made through the issuance of 1,285 new VMS shares at a deemed price of US$11,666.67 per share, resulting in Blue Moon holding a 30% stake in the combined entity. The deal is contingent upon several conditions, including a minimum capital raise of C$10 million and the listing of VMS on a recognized stock exchange within 18 months of closing, which is currently targeted for November 30, 2026.

The Sulitjelma mining district, located in Norway's Fauske municipality, represents a significant brownfield opportunity with a century-long production history of copper and gold. The project benefits from substantial existing surface and underground infrastructure that is ready for refurbishment, as well as access to abundant clean hydropower. By uniting the NSG and VMS holdings, the partners intend to prioritize the mining of high-grade zones and implement centralized haulage and processing systems to optimize project economics and accelerate the development timeline toward active production.

Leadership from both companies emphasized the strategic importance of the merger for the European mining landscape. Christian Kargl-Simard, CEO of Blue Moon, noted that the deal allows shareholders to maintain exposure to a prospective asset while partnering with a strong strategic entity to regenerate a cornerstone of Norwegian mining. Benedikt Sobotka, Principal of Alpha Future Funds, highlighted the potential for Sulitjelma to become Europe’s next operational copper-gold mine, noting that the combined entity will use concurrent fundraising to accelerate feasibility studies and launch exploration campaigns to expand high-grade zones and test district-wide drill targets.