Mr. Christian Kargl-Simard reports

BLUE MOON CONSOLIDATES APEX GERMANIUM AND GALLIUM DISTRICT WITH ACQUISITION OF GAGE PROPERTIES FROM LIBERTY GOLD

Blue Moon Metals Inc. has entered into an agreement to acquire the Gage project, located in Washington county, southern Utah, United States, from a subsidiary of Liberty Gold Corp. for consideration of 420,935 common shares of Blue Moon and a 2.0-per-cent net smelter return royalty on certain concessions.

Christian Kargl-Simard, chief executive officer of Blue Moon, stated: "Post the acquisition of the Apex mine from Teck Resources that closed on March 16, 2026 (see press releases from Feb. 27 and March 16), this acquisition bolsters our land position around the mine and control of what we believe to be the most important germanium and gallium district in North America. The Gage project contains similar style breccia pipes as at the Apex mine, which hosts the only historic primary germanium and gallium mine in the Western world."

The Gage project

The Gage project consists of 181 unpatented mining claims located on Bureau of Land Management lands and two Utah School and Institutional Trust Lands Administration leases for a total area of 5,916 hectares. The lands are located along a northwest-trending critical metal belt greater than five kilometres in length (covering five historic mines and over 20 previously identified critical mineral prospects) and surround the Apex mine.

The district is considered highly prospective for modern exploration and discovery, including alteration mapping, regional geophysical surveys and drill testing at depth. No modern exploration has been conducted on the other mapped breccia pipes (10 mapped) or regional prospects (nine mapped), in addition to numerous other areas not yet discovered. Previous drilling (1980, Musto) was focused on only a 600-foot vertical section of a single breccia pipe, and it is estimated that up to 10 pipes may be present, with many more regionally.

Transaction terms

Blue Moon is acquiring 100 per cent of the Gage project free and clear of all other encumbrances, except for a 4-per-cent royalty in respect of the SITLA leases, for the following consideration:

• The issuance by Blue Moon to Liberty Gold of 420,935 common shares of Blue Moon; and
• A 2.0-per-cent net smelter royalty, payable on mineral production on the Gage project, excluding land subject to SITLA leases, and subject to an option in favour of Blue Moon to repurchase 1.0 per cent of the NSR at any time prior to achieving commercial production for a cash payment of $2-million (U.S.).

Key condition precedent to completion of the acquisition is TSX Venture Exchange approval. A purchase and sale agreement was executed by Liberty Gold and Blue Moon on March 18, 2026, and completion is expected to happen by the end of March. No finders' fees are being paid on this acquisition.

Qualified person and technical information

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 National Instrument 43-101. This news release references projects which are nearby or adjacent to the Gage project. Mineralization on such nearby or adjacent projects is not necessarily indicative of mineralization on the Gage project.

About Blue Moon Metals Inc.

Blue Moon is advancing five 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, the Springer tungsten-molybdenum project in the United States and the Apex germanium-gallium-copper project in the United States. All five projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc, copper and tungsten are currently on the United States Geological Survey and European Union list of metals critical to the global economy and national security, and germanium and gallium are also on the USGS list of critical metals. Major shareholders include Teck Resources Ltd., 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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