Mr. Patrick McGrath reports

BLUE MOON METALS INITIATES PRELIMINARY ECONOMIC ASSESSMENT FOR THE BLUE MOON PROJECT

Blue Moon Metals Inc. has awarded Micon International Ltd. the contract to complete a preliminary economic assessment (PEA) for its 100-per-cent-owned Blue Moon project, located in central California. With zinc and copper designated as critical metals by the U.S. Geological Survey, the company is eager to advance the project.

The project hosts the largest known polymetallic volcanogenic massive sulphide (VMS) deposit of its type within the Foothills massive sulphide belt of California, with an indicated resource of 3.51 million tonnes grading 11.07 per cent zinc equivalent and an inferred resource of 3.83 million tonnes grading 10.71 per cent zinc equivalent using a cut-off grade of 4.0 per cent zinc equivalent (see Nov. 28, 2023, news release).

Micon was selected as the lead consultant on the study due to its experienced team and proven successful record conducting studies for and designing similar projects of this scope and size. The PEA will commence immediately and is slated for completion in Q1 2025 financed by the proceeds of a recent private placement (see Aug. 30, 2024, news release). Blue Moon will also re-engage Resource Development Associates for mineral resource work.

Patrick McGrath, chief executive officer, stated: "The PEA is the next key step in advancing the Blue Moon project, which last had a prefeasibility study completed in 1989 (pre-NI [National Instrument] 43-101) by Westmin Mines Ltd. Building on the significant resource improvements in 2023, we plan to leverage historical work from the 1980s as a foundation, and, pending a positive PEA result, we aim to fast-track development of the project. The project has several similarities in terms of resource size, grade and potential project scope as Adriatic Metals PLC's Vares deposit and mine located in Bosnia that went into production in 2024 on a fast track. We are also pleased to announce Dustin Small, PEng, will be overseeing this PEA on behalf of the company. Dustin recently managed the feasibility study and detailed engineering for Adventus Mining Corp.'s Curipamba/El Domo project in Ecuador."

The PEA will explore a preliminary ramp design for underground access, replacing the earlier Westmin shaft concept. The company believes that this will allow for accelerated development at a potentially lower cost and significantly reduce the cost and risk of an infill exploration program to upgrade the resources to reserves in due course. Trade-off studies will assess the potential for additional saleable byproducts such as barite, gypsum and pyrite concentrate to determine economic viability.

Qualified person

The technical information of this news release has been reviewed and verified as accurate by Mr. Small, a non-independent qualified person, as defined by NI 43-101.

About Blue Moon Metals Inc.

Blue Moon Metals is advancing its Blue Moon polymetallic deposit, which contains zinc, gold, silver and copper. The property is well located with existing local infrastructure, including paved highways three miles from site, a hydroelectric power generation facility a few miles from the site, a three-hour drive to the Oakland port and a four-hour drive to the service centre of Reno. Zinc and copper are currently on the U.S. Geological Survey list of metals critical to the U.S. economy and national security.

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