Mr. Christian Kargl-Simard reports

BLUE MOON METALS CLOSES C$35 MILLION PRIVATE PLACEMENT WITH THE ELMET GROUP AND BOARD APPOINTMENT

Blue Moon Metals Inc. has closed its previously announced non-brokered private placement with The Elmet Group (TEG) (Nasdaq: ELMT). The equity subscription was made in connection with TEG's investment in the Springer tungsten complex, as announced on Sept. 14, 2026. Under the equity subscription, the company issued 3.5 million units of the company at a price of $10.00 per unit, for aggregate gross proceeds of $35-million.

Each unit consists of one common share of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one additional common share of company at an exercise price of $10.80 for a period of three years following the closing of the equity subscription.

The net proceeds of the equity subscription will be used solely to finance the development of the Springer project.

The unit shares and warrants issued pursuant to the equity subscription are subject to a hold period in Canada expiring four months and one day from the date of issuance, in accordance with applicable Canadian securities laws. The equity subscription remains subject to the final approval of the TSX Venture Exchange. No new insiders or control persons of the company were created as a result of the equity subscription. No finders' fees were paid in connection with the equity subscription.

Investor rights agreement and board appointment

In connection with the equity subscription, the company and TEG entered into an investor rights agreement. Among other things, the TEG IRA grants Elmet a board nomination right, equity participation rights, top-up rights and information rights. Under the TEG IRA, the company has appointed William Jacob Homiller to the board of directors, effective Oct. 16, 2026.

William Jacob Homiller

Mr. Homiller served as the chief executive officer of CarbiCrete Inc., a Montreal-based carbon removal technology company from February, 2024, through early 2026. Prior to CarbiCrete, Mr. Homiller served as president and chief executive officer of H.C. Starck Solutions from April, 2020, through January, 2024. Mr. Homiller also served in senior global leadership roles with A.W. Chesterton Company as senior vice-president of global business management and chief sales officer from September, 2015, to April, 2020, as well as with Cabot Corp. from April, 2004, to July, 2015. Mr. Homiller received a master of business administration from The Wharton School, a master of international studies from the University of Pennsylvania and a bachelor of arts in economics from Tufts University.

About Blue Moon Metals Inc.

Blue Moon is advancing six 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, the Apex germanium-gallium-copper project in the United States and the Turner gold-copper-zinc-silver project in the United States. All six projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc, copper and tungsten are currently on the USGS 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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