Mergers & Acquisitions ·
Blue Moon Metals Inc., The Elmet Group (TEG), and EQ Resources announced a binding letter agreement for strategic…
BMMBlue Moon Metals Inc.
Blue Moon Metals Inc., The Elmet Group (TEG), and EQ Resources announced a binding letter agreement for strategic transactions totaling US$150-$175 million to redevelop the Springer Tungsten Complex in Nevada. TEG will provide a US$50 million prepayment facility, subscribe for US$25 million of new equity in Blue Moon at C$10.00 per unit (a 31.8% premium), and contribute US$75 million to a joint venture entity owning the APT plant, where TEG will hold 70%, Blue Moon 20%, and EQ 10%. The transactions include an eight-year offtake agreement for 4,000 tonnes of contained WO3 from EQ and secure U.S. tungsten supply chain support backed by the Department of War. Production is targeted to restart in Q4-2027 with APT plant operations expected in H2-2028. Blue Moon Metals Inc. operates in the mining industry, focusing on the exploration and development of critical metals projects including tungsten, copper, zinc, and germanium.