Mr. Christian Kargl-Simard reports

BLUE MOON METALS REPORTS SIGNIFICANT DEVELOPMENT MOMENTUM ON ITS NORWEGIAN PROJECTS

Blue Moon Metals Inc. has provided an update on its activities in Norway, including progress at its flagship Nussir copper-gold-silver project and exploration drilling and development work under way at the NSG copper-zinc project in advance of exploration drilling.

Nussir project update

The Nussir underground decline continues to advance steadily. The company's mining contractor, Leonhard Nilsen & Sonner AS (LNS), which began construction in June, has advanced a total of 656 metres as of Nov. 27. This steady progress marks a major step toward establishing underground access for future mine development, infill drilling and early-stage infrastructure installation.

The company has secured the main high-voltage transformer, one of the project's key long-lead items, which reduces schedule risk and supports the planned construction sequence.

Early works construction: Phase 1 has been successfully completed, establishing the initial construction areas and enabling subsequent development activities. Phase 2 is now under way and includes preparation of additional surface areas required for construction and the pad for the main substation and the incoming transformer.

Upgrades of the administration building, housing and process plant building are under way, ensuring that essential on-site facilities progress in co-ordination with underground development.

Engineering update

The feasibility study is progressing on schedule, with major design reviews now completed. The company remains on track to publish the full National Instrument 43-101-compliant feasibility study results in February. This study will be an update of the May, 2023, JORC-compliant (Joint Ore Reserves Committee) feasibility study on the project and is primarily an update on operating and capital costs, capital spent to date, and commodity prices.

Long-lead equipment packages have been issued to the market for formal tender to maintain alignment with procurement timelines and support the overall construction schedule.

Additionally, the geotechnical investigation program for the process facility has now been completed, providing important data to support coming engineering activities. A final investment decision is still on track for March, 2026.

Nussir exploration -- directional drilling program under way

A surface directional drilling campaign at Nussir started in October. The program is designed to significantly expand the current mineral resource estimate (MRE) while testing for extensions of high-grade mineralization at depth. The Nussir geological system is the oldest sediment copper deposit in the world. The current MRE at Nussir is an indicated resource of 28.72 million tonnes of 1.02 per cent copper, 0.12 gram per tonne gold and 12.3 grams per tonne silver and an inferred resource of 32.0 million tonnes of 1.01 per cent copper, 0.14 gram per tonne gold and 14.6 grams per tonne silver starting from surface. See the technical report entitled "Report 43-101 Technical Report On The Mineral Resources Of The Nussir And Ulveryggen Projects, Norway," dated Jan. 24, 2025 (as amended and restated on Sept. 12, 2025), with an effective date of Jan. 20, 2025, prepared by Adam Wheeler, BSc, MSc, CEng, EurIng, FIMMM.

The initial 4,000-metre directional drilling campaign is being conducted from one mother drill hole, with the deepest extending to approximately 1,250 metres depth. The goal is to infill a 650-metre gap between the current MRE and a historical high-grade intersection recorded in drill hole NUS-DD-14-001, which returned 9.7 metres at 0.93 per cent copper, 1.35 grams per tonne palladium, 0.28 gram per tonne gold, 0.61 gram per tonne platinum and 11.5 grams per tonne silver.

The drilling will utilize advanced directional techniques to efficiently test the western extent of the deposit while minimizing surface disturbance and total drilled metres. Six daughter holes will be drilled from the existing mother hole (NUS-DD-14-001; 1,101 metres deep), with wedge points placed between 400 and 700 metres. Drill spacing of approximately 200 metres is expected to support potential conversion to inferred resources under CIM (Canadian Institute of Mining, Metallurgy and Petroleum) guidelines.

This targeted campaign is designed to:

• Test the block of material surrounding the deeper intersections, which represents an exploration target with an estimated tonnage between 8.5 million tonnes and 16.5 million tonnes, grading between 0.7 per cent and 1.3 per cent copper, nine to 17 grams per tonne silver and 0.1 to 0.15 gram per tonne gold; this potential quantity and grade range is based on a geological model incorporating previous drill results that defined the approximate length, thickness, depth and grade of the portion of the mineral resource estimate; it is conceptual in nature, and it is uncertain if further exploration will result in the target being delineated as a mineral resource (Section 1.7.1 of Nussir technical report);
• Investigate elevated platinum and palladium levels at depth and potentially include in the MRE;
• Expand mineralization from the lower limit of the current resource (460 metres) to a depth of over 1,000 metres;
• Testing downdip extensions to depths of over 1,000 metres, with stepout capacity to 1,250 metres;
• Collecting geotechnical and metallurgical data to support future study phases, including for platinum and palladium.

NSG project update

At the NSG copper-zinc project, activities continue to ramp up. The company's mining contractor, Fauskebygg AS, mobilized to site in September and has since completed the necessary improvements to the portal face and entrance. Fauskebygg is currently performing slashing of the first 50 metres of the tunnel to correct irregularities in the existing cross-section. This work is required to ensure equipment can transit in the tunnel safely and efficiently as development progresses.

On the exploration front, the technical team is reviewing and relogging historic Rupsi drill core at the NGU (Geological Survey of Norway) national core archive in Lokken. In parallel, the company has recently completed detailed geological mapping across all mine permit areas. This work has significantly advanced the geological understanding of the district and has resulted in the identification of additional exploration targets for follow-up.

A 10,000-metre underground exploration program at the Rupsi deposit from underground is expected to start shortly. The program is focused on infill drilling and expansion drilling at the 9.23-million-tonne inferred resource of 1.19 per cent copper and 0.31 per cent zinc. See the technical report entitled "Report 43-101 Technical Report On The Mineral Resources Of The Sulitjelma Project, Norway," dated Feb. 20, 2025 (as amended and restated on Sept. 12, 2025), with an effective date of May 20, 2025, prepared by Mr. Wheeler.

There is strong potential to add gold, silver, sulphur and cobalt in the resource.

Restricted share unit (RSU) award

The company has also granted an aggregate of 385,415 RSUs under the company's share compensation plan to certain officers. Each RSU represents a right to receive one common share of the company, following the vesting of such RSUs over a two-year period.

Qualified person

The technical and scientific information of this news release has been reviewed and approved by Boi Linh Doig, PEng, a Blue Moon officer and a non-independent qualified person, as defined by NI 43-101.

About Blue Moon Metals Inc.

Blue Moon is advancing three brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway, the NSG copper-zinc-gold-silver project in Norway and the Blue Moon zinc-gold-silver-copper project in the United States. All three projects are well located with existing local infrastructure, including roads, power and historical infrastructure. Zinc and copper are currently on the USGS (U.S. Geological Survey) and EU (European Union) lists of metals critical to the global economy and national security. Major shareholders include Oaktree Capital Management, Hartree Partners LP, Wheaton Precious Metals, Altius Minerals Corp., Baker Steel Resources Trust, LNS and Monial.

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