Mr. Christian Kargl-Simard reports

BLUE MOON TO ACQUIRE THE APEX GERMANIUM AND GALLIUM MINE FROM TECK TO ADVANCE US CRITICAL MINERAL PROJECTS TO SECURE NORTH AMERICAN SUPPLY

Teck American Inc., a subsidiary of Teck Resources Ltd., has agreed to vend 100 per cent of the past-producing Apex germanium, gallium and copper mine located in Utah into Blue Moon Metals Inc., becoming a key stakeholder to support an integrated pipeline of U.S. critical mineral projects to secure North American supply. The transaction adds to an already strong working relationship with key shareholder Hartree Partners LP, an important partner with the U.S. government, on its recently announced $12-billion (U.S.) critical metal stockpile. Immediate synergies from the transaction include:

• The ability to process zinc concentrates from Blue Moon's Blue Moon mine in California, where underground development commenced last year, at Teck's Trail operations, providing the final piece to solidify a fully integrated North American sourced value chain;
• A path to redevelop the Apex mine in Utah to potentially unlock an important onshore source of Ge and Ga;
• Possible restart of the permitted Springer tungsten mine in Nevada with the potential to supply a sizable portion of U.S. domestic requirements; and
• Redevelopment of the larger Springer complex to build critical mineral processing capacity to support the Blue Moon mine and other mines in the western United States, with logistical connections to Trail as required.

Christian Kargl-Simard, chief executive officer of Blue Moon, stated: "Underground development at the Blue Moon mine is advancing well, which, together with the acquisition of the Apex mine and our redevelopment of the Springer metallurgical complex and Springer tungsten mine, provides a unique hub and spoke platform for U.S. critical metals growth. Teck and Blue Moon are logical partners, combining Blue Moon's U.S. project pipeline and processing capacity at Teck's Trail operations. We are excited to leverage our combined infrastructure, industry-leading technical know-how and financing depth to advance our U.S. domestic copper, zinc, tungsten, and now germanium and gallium projects to provide long-term feed for our Springer complex."

Ian Anderson, Teck executive vice-president and chief commercial officer, commented: "Following our cornerstone investments to rebuild zinc, lead and silver capacity in Idaho's Silver Valley, revitalizing the long-standing connection between U.S. miners, and our smelting and refining complex in Trail, this transaction with Blue Moon marks another important step to develop new U.S. sources of critical minerals. As a supportive stakeholder, we look forward to working with Blue Moon as they advance their mines and processing complex in California, Utah and Nevada, as well as to exploring other ways to strengthen North American supply chains together."

Blue Moon mine, California (gold, zinc, silver, copper, lead and barite)

Blue Moon's advanced-stage 100-per-cent-owned Blue Moon zinc-copper-gold-silver project is located in east-central California in Mariposa county, with direct access to roads and power. Originally mined by Hecla Mining Company from 1943 to 1945, the mine produced 55,656 tons grading 12.3 per cent zinc, 0.36 per cent copper, 0.48 per cent lead, 3.75 ounces per ton silver and 0.062 oz/ton gold. The property was later actively explored and advanced during 1980s and 1990s by Imperial Metals, Boliden and Lac Minerals (now Barrick).

Since the new management team and board started in November, 2024, Blue Moon has completed a modern review, verification and analysis of the historical data, and, in March, 2025, published a National Instrument 43-101-compliant resource estimate and a preliminary economic assessment to support a mine restart, demonstrating potential for annual average production of 22,566 oz gold, 62.3 million pounds of zinc, 681,784 oz silver and 7.2 million lb copper over a 10-plus-year mine life (see press release dated March 3, 2025).

The company received permits in April, 2025, and began construction of an exploration decline on Oct. 6, 2025. The decline is progressing well with over 140 metres advanced to date and underground diamond drilling is under way in an effort to upgrade resources to reserves. Production is forecasted to begin in 2028, and technical work is continuing to support processing the material at Blue Moon's Springer complex in Nevada to produce copper and zinc concentrates with appreciable gold and silver byproduct credits, as well as potentially a lead concentrate and clean pyrite and barite products.

By combining the Blue Moon mine in California, with processing at the Springer complex in Nevada and smelting of the zinc concentrate at Teck's Trail operations in Canada, Blue Moon and Teck are building a fully integrated North American value chain.

Apex mine, Utah (germanium, gallium and copper)

Apex is a historic underground mine in southwestern Utah, which was previously mined for copper oxide and later for Ge and Ga. This underground mine became the primary producer of gallium and germanium in the United States when Musto Explorations Ltd. brought it into production in the mid-1980s and again with Hecla Mining Company in the 1990s. During its peak year of operations, Apex produced 10,270 tons yielding 1,645 lb Ga, 5,634 lb of Ge and 224,800 lb of Cu.

Hecla completed a feasibility study in 1989, reporting a reserve of 230,200 tons of 0.100 per cent Ge, 0.046 per cent Ga and 1.6 per cent Cu. A historical reserve estimate by Ken Krahulec in 2018 estimated one million tonnes of 0.087 per cent Ge, 0.033 per cent Ga, 1.8 per cent Cu and 41 g/t Ag. The Ge and Ga are 10 to 100 times higher grade than most Ge and Ga deposits, with in situ value per ton similar to 0.5 oz/ton gold ores. Beyond the historical reserves, Hecla also identified several additional breccia bodies as prospective exploration targets, including the Paymaster, Cavern and 500 North pipes, along with further oxide zones in the immediate mine area.

Subject to renewed permits and with the intent to reopen the mine, the company plans to fast-track efforts to advance the technical studies, metallurgical testing, process flow sheets, permitting and community engagement to support a final investment decision. In parallel, Blue Moon is evaluating options for a new processing line at the company's Springer complex to process the Apex material and provide an integrated U.S. Ge and Ga value chain.

Springer complex, Nevada (multicommodity processing hub)

The Springer property is located on the east flank of the Eugene Mountains, approximately 25 miles southwest of the city of Winnemucca and 125 miles northeast of the city of Reno in Pershing county, Nevada. The mine site is approximately eight miles from Interstate 80, serviced by paved/gravel road, over owned land. The Springer tungsten milling facility is located entirely on private fee lands.

Springer is a former tungsten production facility consisting of a 1,360-foot vertical shaft and underground workings, a 1,200-ton-per-day mill with automated rod/ball mill grinding and flotation circuits, plus all water rights, and most permits necessary for operation of the facility.

The Springer tungsten property was the site of continuous underground tungsten mining between 1918 and 1958, much of that time controlled first by the Segerstrom family and later by the Nevada-Massachusetts Mining Company. The General Electric Company acquired the property in the 1970s, interested in securing long-term tungsten supply assets to support its lighting and industrial tool businesses. The current mine and mill were constructed by Utah International Inc. (later became BHP Minerals Group) for GE in the mid-1970s, and were subsequently commissioned and operated by GE for eight months in 1982. The property has not been actively mined since October, 1982, and the underground workings are currently flooded to a depth of approximately 375 feet. EMC Metals Corp. acquired the Springer mine and associated properties from GE in 2006. Between that purchase date and today, considerable refurbishment and renewal have been undertaken to the mill, control systems, hoist house and an uprating of the mill throughput from a nominal 950-tonne-per-day to a current 1,350-tonne-per-day capacity, and an estimated 1,200-tonne-per-day throughput after availabilities (89 per cent).

Centrally located with access to diverse mineral sources and existing road and rail infrastructure, the Springer mine and mill are well situated to become a regional metallurgical complex. With established tailings and water management systems, the brownfield site provides significant opportunities to reduce capital and permitting timelines compared with a greenfield development.

The company purchased the site in February, 2026, to provide processing capacity to support the development of the Blue Moon mine and to establish a regional processing hub. Sitting on a large land package, Blue Moon believes there is significant room to expand the mill layout and add additional buildings to process multiple ore types and improve economies of scale to unlock and maximize the value of resources that would otherwise not support stand-alone processing facilities. Located only a few miles from both Interstate 80 and the Union Pacific rail line, the Springer complex is well connected to the transportation and logistics infrastructure to integrate with other operations, including Teck's Trail operations.

The company is currently advancing analysis and engineering to process the Blue Moon mine material, including updating permitting requirements and changes required to the mill and tailings management system.

Springer mine, Nevada (tungsten)

Located on the larger Springer complex, the Springer mine as discussed above was one of the most important mines for United States-sourced tungsten production. A historic resource estimate was in place at the time of construction and ownership by GE/Utah International Inc.

A historical resource estimate of 10.7 million tonnes at 0.45 per cent tungsten is based on data and reports prepared by the previous operators General Electric and Utah International in 1984. The company has not completed the work necessary to have the historical estimate verified by a qualified person. The company is not treating the estimate as a current National Instrument 43-101 defined resource, and the historical estimate should not be relied upon.

The company intends on initiating a drill program in 2026 to update the resource model and assess the conditions underground to help further additional technical studies going forward. The company also sees potential to assay for molybdenum, copper, silver and gold, which was not done historically.

Transaction terms

Blue Moon is acquiring 100 per cent of the Apex mine, consisting of 26 patented and nine unpatented claims for a total 250 hectares, all subject to a royalty capped at $1-million (U.S.) free and clear of all other encumbrances for the following consideration:

• The issuance by Blue Moon to Teck of 7,031,959 common shares representing 8.0 per cent of Blue Moon's issued and outstanding common shares on an undiluted basis on the date of this announcement;
• A 0.5-per-cent net smelter return royalty in favour of Teck on the property;
• Life-of-mine zinc concentrate offtake rights in favour of Teck for the Blue Moon mine; this offtake is on what Blue Moon believes to be preferential market terms due to the proximal location to Teck's Trail operations;
• Marketing rights in favour of Teck in respect of products produced from Apex or the area extending one kilometre from the outermost boundary of the property; and
• Investor rights in favour of Teck, including, without limitation, equity participation rights, top-up rights and information rights.

Key conditions precedent to completion of the transaction is TSX Venture Exchange approval, negotiated definitive agreements acceptable to both parties and other customary items customary to an asset sale transaction. A purchase and sale agreement was executed by Teck and Blue Moon on Feb. 27, 2026, and completion is expected to happen in March. No finders' fees are being paid on this transaction.

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, a non-independent qualified person as defined by NI 43-101.

About Blue Moon Metals Inc.

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

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