Blue Moon Metals Inc. (CVE: MOON) (NASDAQ: BMM) has closed its acquisition of the Springer tungsten and critical metals mine and processing plant in Nevada, strengthening its push to build a U.S.-based supply chain for strategic minerals.
The company paid an initial deposit of USD$500,000 and a final cash payment of USD$18 million to complete the deal. Additionally, the assets include fee lands and mineral claims tied to a historically mined tungsten deposit. The purchase also includes a flotation mill previously used to process tungsten ore.
The mill features an Ammonium Paratungstate, or APT, circuit equipped with an autoclave and supporting reagent systems. Consequently, Blue Moon now controls both mining and processing infrastructure at the site. The transaction closed after the parties satisfied customary conditions.
Blue Moon said the acquisition supports its long-term strategy to build a “hub and spoke” critical metals model in the United States. Furthermore, management pointed to recent price moves in tungsten as a key factor. Since mid-October 2025, tungsten prices have more than doubled, according to the company.
Chief executive Christian Kargl-Simard described the deal as a pivotal step in advancing the company’s U.S. ambitions. He said the permitted facility and processing plant give Blue Moon a platform to accelerate redevelopment plans. In addition, he noted that the company intends to fast-track confirmatory drilling to update historical resource estimates at Springer.
The Springer Mine could potentially supply a meaningful share of U.S. tungsten demand, he said. Meanwhile, Blue Moon continues to advance development at its Blue Moon mine in California. The company began constructing an underground exploration decline there in early October 2025.
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Acquisition aligned with recent US policy initiatives
Underground work remains on schedule as part of a USD$16.5 million Phase 1 development program. The program includes site establishment and 762 metres, or 2,500 feet, of decline development. Consequently, crews have advanced the decline 128 metres, or 422 feet, from surface.
The team has excavated a maintenance bay and sump and installed the first drill bay. Additionally, underground drilling has started, with the first 379-metre, or 1,244-foot, drill hole completed on Feb. 6, 2026.
Blue Moon said it has also launched a logistics study tied to the Nevada acquisition. Furthermore, it is evaluating how to convert part of the Springer complex to process material from the California Blue Moon mine. The move would connect the two projects under a single operating strategy.
The company framed the acquisition as aligned with recent U.S. policy initiatives. Specifically, it referenced Section 232 of the Trade Expansion Act, which aims to strengthen domestic and allied supply chains for critical minerals. However, Blue Moon said the main bottleneck is not mining alone.
Instead, it pointed to a shortage of domestic processing capacity in the United States. Consequently, the addition of the Springer Mine and Mill gives the company both mining and refining capabilities under one roof.
Hartree Partners LP, a major shareholder, voiced support for the transaction. The firm said the deal positions Blue Moon to unlock value at its California property while reinforcing U.S. mining and processing capacity. Additionally, Hartree said the speed of execution reflects confidence in the management team and asset base.
Scott Potolsky, head of mine finance and investments at Hartree, indicated that the firm plans to continue backing Blue Moon’s broader critical minerals strategy.
