1.   Executive Summary

Worley Europe Limited was commissioned by Blue Moon Metals Inc. (“Blue Moon, BMM or Company”) to perform a Feasibility Study (FS) on the Nussir Project (the Project).

The FS was completed in accordance with the requirements set forth in the National Instrument 43-101 Standards of Disclosure for Mineral Project (NI 43-101) with inputs from technical studies completed by other specialist consultants.

The quality of the information, conclusions and estimates contained herein is consistent with the level of effort, as based on the following:

•       Information available at the time of preparation

•       Data supplied by outside sources

•       The assumptions, conditions and qualifications set forth in this report

•       Monetary units expressed in United States dollars (USD).

This technical report, entitled “NI 43-101 Technical Report on the Nussir Project – Feasibility Study” and with an effective date of 14 April 2026, was prepared by the Company and the following Qualified Persons (QPs):

•       Chris Hughes-Narborough – C Eng, MIMMM, Principal Process Engineer, Worley.

•       Martin Prior – M Eng, FSAIMM, Senior Project Manager.

•       Roy Levesque – P.Eng, Principal Mining Engineer.

•       Lumin Ma – Principal Geotechnical Engineer.

•       Susan Abell – SACNASP, Principal Environmental Scientist.

•       Adam Wheeler – C. Eng, Eur Ing., FIMMM, Mining Consultant.

1.1      Principal Outcomes

The Nussir FS updates an internal assessment completed in 2023 and relies on the NI 43-101 Resource Statement Report for the Nussir and Ulveryggen Projects (published January 24, 2025; amended and restated in September 12, 2025); however, the FS focuses solely on the Nussir deposit. The FS confirms that the Project is economically viable, with significant improvements over the previous version, and provides the foundation for a production and final investment decision (FID).

The highlights of this report are as follows:

Effective Date: April 14, 2026

23

•       Total measured and indicated resource for Project is 28.72 Mt at 1.20% CuEq grade.

•       Total proven and probable reserve estimate is 24.98 Mt at 0.99% CuEq grade.

•       Life of Mine (LOM) is 13 years with nominal mill throughput of 6,000 tonnes per day.

•       LOM average annual production of 19 kt of CuEq, including an average of

3,600 ounces of gold and 546,000 ounces of silver in the consensus price scenario.

•       Initial capital expenditures of 184 MUSD.

•       LOM total cash costs (net of by-products) of 0.95 USD per pound of copper and all-in sustaining costs of 2.05 USD per pound of copper.

•       After-tax Net Present Value (NPV) of 235 million USD (MUSD) (8% discount rate) at long term copper price of 4.78 USD, gold price of 3,515 USD per ounce, and silver price of 45.26 USD per ounce.

•       After-tax Internal Rate of Return of 19.0%.

1.2     Property Description and Ownership

The Nussir deposit is located about 1.5 km north of the Øyen industrial area, in Repparfjord, Kvalsund, Hammerfest Municipality, which is in the western part of Finnmark county in northern Norway. The Ulveryggen deposit is located approximately 3 km south of Nussir and does not form part of this FS. It is envisaged that an industrial area with a mineral processing plant and related facilities will be located at the established industrial area at Øyen. The area, zoned for mining and industrial activity, is about 5,000 acres.

Access to the underground is available throughout the year. However, surface exploration is not permitted between May 1 and June 15 each year to facilitate the legally protected reindeer calving season. This means that all work that is planned and budgeted for the Project can be undertaken on tenure.

1.2.1  License Areas and Operating Status

The principal licence areas for both Nussir and Ulveryggen are currently held by BMM. Both of these areas have valid extraction status and the extraction licences themselves remain in force for as long as the underlying operating licence is valid. Both the extraction and operating licences are retained by BMM, ensuring ongoing rights to mineral extraction within these areas.

The Nussir Project is at an advanced exploration stage. An exploration decline is advancing to directly access the deposit. Exploration drilling both underground and on

Effective Date: April 14, 2026

24

surface are continuing on site. Early surface works has commenced in preparation for construction with two distinct phases of early works already completed. Procurement of long lead processing equipment has also commenced and high voltage transformer and mills have been purchased.

1.2.2  Operating License Applications and Extensions

Blue Moon submitted an application for an operating licence that covers an area encompassed by 25 extraction licences. The operating licence was successfully granted in 2019. In 2024, Blue Moon sought an extension of the operating licence for an additional three years in accordance with the Norwegian Minerals Act. The Mining Directorate of Norway approved this extension in 2024.

1.3     Geology and Mineralisation

1.3.1  Lithology

The Nussir project area is situated within the Repparfjord-Komagfjord lithological package, a Precambrian tectonic window that was uplifted and exposed due to erosion of the overlying Caledonian nappes. The volcano-sedimentary rocks that make up the geology of the Repparfjord Tectonic Window (RTW) can be divided into four main groups and 11 formations. The groups can be summarised (from the bottom to top) as follows:

•       The Holmvatn Group is comprised of a sequence of immature metasediments that is at least 3 km thick and interbedded with metavolcanic horizons of basic and intermediate composition, including tholeiitic to calc-alkaline basaltic, andesitic and rhyolitic volcanic and volcaniclastic rocks.

•       The Saltvatn Group is made up of coarse-grained arkosic sandstones of the Ulveryggen Formation that form the lowermost part of the group and hosts the Ulveryggen deposit.

•       The Nussir Group is composed of tholeiitic basaltic tuffs and lavas and can be subdivided into Krokvatn Formation (green tuffs and tuffites) and the Svartfjellet Formation, with massive, pillowed and amygdaloidal lavas. The Nussir deposit is hosted in thin, laterally extensive dolarenite beds in the lower part of the Krokvatn Formation. U–Pb dating of zircons from mafic tuffs yielded a maximum formation age of 2073 +23/-12 Ma (Perelló et al., 2015).

•       The Porsa Group is divided into three formations (the Vargsund, Kvalsund and Bierajávri formations) in the Repparfjord volcano-sedimentary succession The contact with the underlying Nussir Group is tectonic, characterised by bedding-parallel thrusting and transposition along large fold limbs.

Effective Date: April 14, 2026

25

1.3.2  Structure

Field structural analysis and qualitative interpretation of an airborne geophysical survey of the area suggests a revised structural scheme for this part of the window and for the genesis of the copper mineralisation. It is proposed that the structural framework of the area is largely controlled by thrusts with top-to-the-SE transport direction (of unknown age) and a set of NE-SW striking ductile and brittle-ductile shear zones that bound a broad, copper (Cu)-mineralised shear corridor. It has also been suggested that the Nussir Copper deposit may continue westward, although more information is required to verify the validity of this model. A top-to-the-SE thrust is inferred at the base of the Nussir Group, thus forming a tectonic contact between the Nussir greenstones and the overridden Saltvatn Group, which contains the Nussir deposit.

1.3.3  Mineralisation

The Nussir deposit mineralisation is hosted by yellowish to greenish grey, banded, fine-grained sandstones and siltstones with common carbonate-rich layers. The major ore minerals in the eastern part of Nussir are bornite and chalcocite. Accessory sulphide minerals include chalcopyrite, covellite, wittichenite, carollite and cinnabar. Gold (Au) and silver (Ag) are closely associated with the Copper mineralisation.

1.4     Mineral Processing and Metallurgical Testing

Extensive metallurgical test work was completed on samples from the Nussir Copper deposit to support the FS. The work program included historical studies (2011 and 2016), a comprehensive feasibility-level campaign undertaken by SGS Lakefield in 2019 and subsequent supplementary testing. The objective of the program was to characterise the metallurgical response of the Nussir ore, confirm process flowsheet selection, quantify recoveries and concentrate quality and evaluate variability and potential operational risks.

1.4.1  Ore Characteristics and Mineralogy

The Nussir ore is characterized by a high proportion of secondary copper sulphides, predominantly bornite with lesser chalcocite, and variable but generally lower proportions of chalcopyrite. Mineralogical investigations, including sequential copper analysis and QEMSCAN, indicate that most of the copper (>70–90%) occurs as secondary sulphides, with minimal oxidized copper species. Liberation characteristics are favourable, with over 70% of bornite occurring as free or liberated particles at a primary grind size of approximately P80 = 95–105 µm. Gangue minerals are dominated by calcite, quartz, feldspar and mica, with negligible quantities of deleterious sulphides.

Effective Date: April 14, 2026

26

1.4.2  Comminution Characteristics

The comminution test work included SAG Power Index (SPI®), Bond Ball Mill Work Index (BWI), Modified Bond, Comminution Economic Evaluation Tool (CEET) and abrasion testing. Results indicate that Nussir ore ranges from soft to moderately hard, with typical BWIs of approximately 11–13 kWh/t (75th percentile 12.2 kWh/t) and SPI® values spanning the soft to hard range. Abrasion indices classify the ore as slightly abrasive to abrasive. Variability testing confirms manageable geometallurgical variability across the drill core samples tested.

1.4.3  Flotation Performance

The flotation test work demonstrates fast kinetics and robust performance across a range of grind sizes. Rougher flotation achieves copper recoveries more than 95% at primary grind sizes between P80 = 65–100 µm. Sodium isobutyl xanthate (SIBX), with lime addition to control pH, was identified as an effective reagent scheme.

The cleaner flotation testing shows that regrinding the rougher concentrate to P80 of 25–30 µm produces a significant upgrade in concentrate grade with minimal loss of recovery. Two stages of cleaning, including a scavenger stage, were found to be sufficient to achieve target concentrate specifications.

Two stages of cleaning, including locked cycle and variability testing and locked cycle flotation tests (LCTs) performed on three representative composites and an additional selected variability sample confirm stable operation and reproducible metallurgical performance. The LCT results consistently achieved copper recoveries of approximately 95–97% at concentrate grades ranging from 35% to over 60% copper, depending on mineralogical composition and grind size. Comparison of open-circuit batch and locked cycle results indicates an improvement in copper recovery of approximately 2–4% under simulated continuous operation. Gold and silver report predominantly to the copper concentrate. The LCT results indicate gold recoveries in the range of approximately 79–87% and silver recoveries of approximately 93–96% for the Nussir composites.

1.4.4  Concentrate Quality

The expected copper concentrate is high grade, with a conservative design basis of approximately 45% copper, supported by laboratory results indicating higher achievable grades. Concentrate analyses demonstrate low levels of deleterious or penalty elements, with arsenic, bismuth, lead and zinc consistently below levels of commercial concern. Precious metals (gold, silver and minor platinum group elements) are present at potentially payable levels.

Effective Date: April 14, 2026

27

1.4.5  Tailings Thickening

Settling and thickening tests on flotation tailings show favourable settling characteristics. A suitable anionic flocculant was identified, producing clear overflow and acceptable underflow densities.

1.4.6  Metallurgical Basis for Design

Based on the collective test work, a conventional sulphide flotation flowsheet was selected that includes primary grinding, rougher flotation, concentrate regrinding and two stages of cleaner flotation. A primary grind size of approximately P80 of 100 µm and regrind size of P80 equal to 25–30 µm form the basis of design. A conservative metallurgical balance using ~96% copper recovery at a concentrate grade of approximately 45% copper was adopted for the FS.

1.4.7  Risks and Opportunities

The principal metallurgical risks are related to feed grade variability and the need to mitigate this by blending, as well as the requirement for confirmatory dewatering testing at project scale. Opportunities include consistently high recoveries, excellent concentrate quality, rapid flotation kinetics and limited sensitivity to grind size within the selected operating range.

1.5      Mineral Resource Estimates

The mineral resource model for the Nussir deposit considers 211 diamond drill holes and 10 lines of surface channel data. In the opinion of the QP (Adam Wheeler), the resource evaluation reported herein is a sound representation of the copper mineral resources found at the Nussir project at the current level of sampling. The resource estimation was prepared in compliance with Canadian NI 43-101, and the mineral resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council May 2014.

The resource database used to estimate the Nussir mineral resource was reviewed and verified for internal consistency by the relevant QP. The relevant QP checked various assayed grades against examples of the original certificates.

Leapfrog Geo software was used to interpret the resource mineralisation envelopes. Datamine software was used for sample data processing, geostatistical analysis, block model generation, estimation of metal grades and evaluation of the mineral resources for the Nussir deposits.

Effective Date: April 14, 2026

28

The comparison analysis determined that top down LHOS was the most suitable mining method for the Nussir deposit. This selection was based on several advantages, including the following:

•       Widely used method with substantial real-world performance data

•       Reduced dilution and increased recovery

•       Minimized broken ore inventory within stopes

•       Lower risk of broken material bridging in stopes

•       Operational simplicity

•       Lower operating costs for development.

Consequently, top down LHOS was selected as the mining method for the Nussir mine design.

1.7.2  Main Decline Access

The main decline functions as the central entryway to the underground mine, designed to facilitate both long-term haulage operations and the installation of essential services, including a conveyor system. Its alignment is carefully planned to remain entirely within the footwall stratigraphy, thereby enhancing excavation stability and reducing the likelihood of encountering weaker mineralised horizons.

The construction process for the main decline will consist of creating a large-cross section development opening. This opening is intended to be operational for the entire life of mine (LOM), ensuring it meets both current advancement demands and future stability requirements. These requirements are particularly important for conveyor installation and maintaining consistent access for ongoing operations.

Initially, infrastructure development will rely on truck haulage. As the decline advances, the permanent conveyor system will be installed in stages. Ground support strategies will be tailored to observed conditions, with adjustments made as structural zones or lithological contacts are encountered. The ground support required along the decline is expected to vary, with extra support provided in locations affected by structural discontinuities or changes between rock types. Throughout the development phase, exhaust air will be vented to the surface through the main portal.

1.7.3  Ramp Design

The Nussir underground mine will use eight ramps to access its distinct mining zones. These ramps will connect to the transport drive and will be constructed in a spiralling oval configuration. Ramp excavation will be carried out progressively, which will ensure

Effective Date: April 14, 2026

32

that access to each mining zone and production level is established in line with the mine’s planned production profile. Additionally, the ramps will connect to the fresh air level located near the top of the deposit, which will provide access to an escapeway and the secondary means of egress for personnel.

Ramp excavation conditions are anticipated to be generally favourable when the ramps remain within the footwall sequence. However, as ramp alignments approach or cross the mineralised dolomite horizon or adjacent schistose units, the quality of ground conditions may decline. This deterioration is attributed to greater fracturing, sheared contacts or the presence of weaker mica-rich lithologies.

The ramp design addresses these challenges by including plans for localized ground support enhancements and adjusting excavation spans where necessary. In addition, the design considers depth-related stress factors to maintain stability and safety throughout ramp development.

1.8     Geotechnical Considerations

1.8.1  Rock Mass Characterization Along Ore Strike

A comprehensive characterization of the rock mass at the Nussir deposit has been undertaken through a combination of laboratory testing, core logging, empirical index calculations, and in-situ stress measurements, forming a key component of the FS. The synthesis of these investigations reveals a rock mass that is generally of good quality but exhibits significant heterogeneity along the strike of the orebody. This variability is primarily driven by lithological changes, structural complexity and the localized presence of fault and shear zones.

1.8.2  Summary of Geotechnical Conditions

The rock mass at the Nussir deposit is characterized by a strong, anisotropic rock with a well-developed foliation that controls stability. While large strike-extensive sections (Zones A and B) as shown in Figure 1-2 are classified as "Good" to "Very Good" quality, significant variability exists. A critical area of lower quality ("Fair" to "Poor") is identified in Zone C, where faulting, shearing and the presence of a diabase dike have created a more fractured and weaker rock mass. This spatial heterogeneity in rock mass quality, coupled with the anisotropic strength behaviour, represents a primary geotechnical consideration for mine design.

Effective Date: April 14, 2026

33

ventilation scenarios. Each scenario was designed to compare how different configurations of surface connections and airflow pathways would affect system capacity, air distribution, and operational flexibility.

19.2     Ventilation Options Considered

The following ventilation options were considered:

•       Option 1: This option features a configuration where both fresh air intakes and exhaust raises connect to the surface only at the far eastern extent of the mine. This setup represents the most consolidated breakthrough arrangement.

•       Option 2: This scenario introduces an additional breakthrough point near the central portion of the orebody, supplementing the eastern surface connections. The intention is to improve airflow distribution as mining progresses deeper and further from the singular eastern intake.

•       Option 3: This option evaluates more distributed systems, with surface breakthroughs at each ramp location. This scenario offers greater redundancy and enhanced capacity for isolating ventilation districts, thereby improving airflow control and operational flexibility throughout the mine life.

Option 3 was selected as the optimal ventilation setup and the overall system was designed accordingly. This configuration allows each production ramp to be isolated and ventilated separately through ventilation raises that connect to the surface at the top of each ramp system.

1.9.3  Ventilation Demand Analysis

The ventilation requirements for three distinct scenarios were calculated. For the decline development phase, auxiliary ventilation methods were used until the first ventilation raise to the surface could be established. The next scenario involved the development of the first ramp, which required an airflow of 125 m3/s to support multiple faces necessary for mining and infrastructure development. The final scenario represented steady-state production, for which an estimated 375 m3/s of airflow would be needed to sustain the mining sequence. It is also important to note that a minimum ventilation velocity of

0.5 m/s is required at each working face.

1.10     Underground Infrastructure Overview

The essential infrastructure planned for the Project encompasses a comprehensive suite of underground facilities. These include material handling systems, maintenance facilities, fuel bay, an explosives magazine, ventilation infrastructure, electrical and communications facilities, underground water supply and dewatering installations. These

Effective Date: April 14, 2026

35

components are designed to support efficient operations, safety and reliability throughout the LOM.

1.10.1  Underground Mine Dewatering System

The purpose of the underground mine dewatering system is to collect and remove groundwater inflow and the mine service water used for drilling and dust suppression (collectively referred to as mine water).

This system was designed as a dirty water system, although some primary solids settling will occur in the underground sumps prior to pumping to the surface water treatment plant (WTP).

The system incorporates some redundancy in pumping and sumps to allow maintenance and contingency response without interrupting mining operations.

Groundwater inflows were estimated as part of the previous FS and confirmed as reasonable by Worley. Inflow rates are projected to increase as mining areas expand and additional zones are developed.

Key design inflow estimates are summarised below:

•       Peak groundwater inflow at completion of ramps 1-3: 34 L/s (122 m³/h)

•       Peak life-of-mine inflow: 113 L/s (407 m³/h)

•       Peak service/utility water inflow: 20 m³/h

•       Water losses via wet muck and entrainment: 6 m³/h

•       Maximum total inflow at peak: 421 m³/h

•       The dewatering system was designed to handle the peak projected inflows plus a contingency margin of at least 20%.

1.10.2  Material Handling System

The selected material handling system (MHS) for the Project is based on a network of seven muck passes that connect the production levels to conveyors located in the crosscuts. The crosscut conveyors are designed to transfer material to the conveyors within the transport drive, which then deliver ore and waste to the main decline conveyor. At the terminus, the main conveyor will feed a diverter situated in the silo tunnel, directing material to either the silo or the surface storage area, as required.

Construction and commissioning of sub-vertical raises at each ramp will be necessary to establish muck passes throughout the LOM.

Effective Date: April 14, 2026

36

1.10.3  Interim Haulage and Mucking Operations

During the ramp-up phase, and before the conveyor system is installed, all development ore and waste will be transported to surface by haul truck. This method will be employed until the initial sections of the conveyor system have been commissioned.

Blasted material will be loaded at the mining face by a load-haul-dump (LHD) unit with a capacity of 14 tonne. The material will then be transported to the nearest remuck, level access or, when available, the first operational muck pass. The earliest muck pass will be situated at the base of Ramp 1, which is approximately 1,900 m from the portal. From the remucks or pass, material will be reloaded into mine trucks for surface haulage, where it will be crushed and temporarily stockpiled prior to processing or sale. Crushed waste will be marketed as aggregate, while crushed ore will be sent to the mill via a reloading facility near the stockpile.

1.10.4  Permanent Conveyor System Implementation

Upon completion and commissioning of the main conveyors, the system will move the broken material from underground to the surface. Over the LOM, seven muck passes will be developed along the orebody's strike, extending vertically from the Transport Drive up to the uppermost level at each ramp location.

Ore mucking at each production level will be carried out by LHDs. These vehicles will dump ore into the pass through a finger raise equipped with a sizer (grizzly screen) to prevent oversized material from entering the system. The pass locations on each level were carefully selected to minimize haul distances and ensure that production rates are maintained. Passes will be temporarily assigned for either ore or waste depending on the activities in the mining area, with strict segregation of material types.

1.10.5  Crushing and Material Transfer

A dedicated crushing chamber will be built at the base of each pass to house a mobile crusher, which will be directly fed through a gate installed at the bottom of the pass. Crushed material will be transferred onto a short conveyor in the crosscut that connects to the transport drive conveyors.

Up to three mobile crushers will operate simultaneously beneath separate passes, processing waste, development ore and production ore. As mining advances along the orebody, the crushers will be relocated among the seven rock passes to optimise material handling.

Effective Date: April 14, 2026

37

1.10.6  Expansion of Crushing and Conveyor Systems

As new mining areas are developed, mobile crushers will be installed and the conveyor system will be progressively extended. Material conveyed via the transport drive conveyor will be routed to the main decline conveyor, and subsequently to the ore/waste rock conveyor and silo conveyor for final handling.

1.11     Recovery Methods

The processing facilities at Øyen are designed as a conventional crushing–grinding–flotation operation that produces a saleable copper concentrate for shipment by bulk carrier, with thickened tailings conveyed by pipeline for sub-sea deposition in the adjacent fjord. The FS process design updates prior work completed over several years and is represented by a developing 3D plant model and the associated engineering deliverables.

1.11.1   Design Basis and Throughput

The process plant is designed to treat 2.0 million tonnes per annum (Mtpa) of ore, operating 8,000 hours per year at an overall availability/utilisation of 91.5%, which corresponds to a nominal treatment rate of 250 t/h (dry feed). The design feed grade is

~1.0% copper, with an average LOM grade of ~0.81% Copper. The plant will be configured with underground crushing and conveying to an existing ore silo, supplemented by an external ore stockpile for operational flexibility.

1.11.2  Recovery Flowsheet

The recovery flowsheet includes the following:

•       Underground primary crushing to P80 of 110 mm, followed by conveying to the exiting storage silo.

•       A two-stage wet grinding circuit (semi-autogenous grinding (SAG) mill and ball mill with recycle of SAG mill trommel oversize product and closed circuit hydrocyclone classification to produce a primary grind product of P80 ~100 µm feeding the flotation cells.

•       Conventional mechanically agitated tank flotation cells, including rougher flotation, regrind of rougher/cleaner-scavenger concentrate, and two stages of cleaner flotation plus a cleaner scavenger.

•       Concentrate thickening and pressure filtration to produce filter cake for shipment, with onsite concentrate storage sized to match shipping parcels.

Effective Date: April 14, 2026

38

•       Tailings thickening followed by pumping via a long-distance pipeline for deep fjord deposition, with clarified water recycled as process water.

1.11.3  Grinding Circuit and Sizing Basis

The grinding circuit is a conventional SAG and ball mill system with external recycle of SAG mill trommel oversize product. The circuit design allows the addition of a pebble crusher in the future, if required.

The grinding circuit product is classified in hydrocyclones to an 80% passing size of 100 μm as flotation feed.

1.11.4  Flotation Circuit and Sizing

The flotation circuit consists of a single rougher bank followed by two cleaning stages and a cleaner-scavenger bank. The flotation sizing and scale-up assumptions are conservatively selected.

1.11.5  Regrind and Cleaner Circuit Basis

Rougher concentrate and cleaner-scavenger concentrate is combined and classified in a regrind cyclone circuit to produce overflow at P80 ~25–30 µm, with underflow reground in a stirred mill (vertical mill) using ceramic media. This regrind product is conditioned and upgraded in the cleaner flotation stages. The regrind duty is based on a conservative benchmark specific energy assumption.

1.11.6  Concentrate Dewatering, Storage and Load-Out

Final concentrate is thickened and filtered to a target cake moisture of 8–10% w/w and conveyed to a concentrate storage building with 5,000 tonne capacity to match the expected bulk carrier shipment size. A 6 m diameter high rate concentrate thickener is selected using benchmark comparisons. Pressure filtration is specified as an automatic plate-and-frame pressure filter sized to process the daily concentrate tonnage over two shifts, with a stated cycle time of approximately 12–13 minutes. Concentrate load-out is via conveyors to an existing ship loading conveyor system, with falling-stream sampling at load-out.

1.11.7  Tailing Thickening, Pipeline Transport, and Sub-Sea Disposal

Flotation tailings is thickened in a 25 m diameter high-rate thickener, producing an underflow at 50–55% w/w solids, with overflow reclaimed as process water. The tailings thickener selection is supported by limited test work and benchmark comparisons.

Effective Date: April 14, 2026

39

Thickened tailings is pumped through a pipeline to the permitted sub-sea discharge point. The pipeline length is planned to increase from approximately 3.3 km early in the mine life to approximately 3.8 km later in life as deposition advances. The discharge permit requires tailings to be discharged within 30 m of the seafloor, and the tailings slurry density is controlled by seawater dilution at the pump suction. A seawater intake and flushing system is included in the design to support dilution control and pipeline flushing for shutdowns.

1.11.8  Reagent, Water, Air and Control Systems

The recovery methods include reagent preparation and dosing systems for the following:

•       Sodium Isobutyl Xanthate (SIBX) collector, Methyl Isobutyl Carbinol (MIBC) frother, and lime for pH control.

•       Flocculant systems for concentrate and tailings thickeners and mine water clarification.

Process water is primarily sourced from reclaimed thickener overflows and supplemented by mine water clarifier overflow and/or freshwater reservoir supply. Flotation air is supplied by duty/standby centrifugal blowers, and compressed and instrument air systems, which support filtration, maintenance, and plant controls.

The plant incorporates a high level of automation, including in-stream sampling systems and an X-ray fluorescence (XRF) analyser for metallurgical control.

The summary process flowsheet is included in Figure 1-3.

Effective Date: April 14, 2026

40

1.12     Project Infrastructure

The project infrastructure was developed to support safe, reliable and economically viable underground mining and mineral processing operations in compliance with Norwegian regulatory requirements, CIM Definition Standards and NI 43-101 disclosure expectations. The infrastructure scope focuses on elements that are material to the technical and economic viability of the Project and appropriate for an FS level assessment.

The Project benefits significantly from the availability of existing infrastructure associated with historic mining and aggregate operations at the Øyen site. Where practical, existing access roads, buildings, utilities, port facilities and power corridors will be reused or refurbished, which will reduce the CAPEX, environmental disturbances and construction risks.

1.21.1  Site Access and Surface Facilities

The Project is accessed year-round via National Highway R94, which provides reliable regional connectivity to Hammerfest and the E6 highway. Existing internal site roads are largely retained with minor upgrades, supplemented by limited new road construction to service key facilities, including the 132 kV electrical switchyard and the east side of the process plant building.

The surface infrastructure includes refurbished historic process and administration buildings, a new mill building to accommodate increased throughput, concentrate handling and storage facilities, warehouses, workshops, offices, laydown areas and both temporary and permanent accommodations. The building layouts and traffic arrangements are designed to support both construction and operational requirements.

1.12.2  Materials Handling, Aggregate Operations, and Port Infrastructure

Ore and waste rock are managed via a combination of underground crushing, conveyor transport and surface stockpiling. A combined ore stockpile and waste rock storage area will be located adjacent to the process plant, which will provide operational flexibility.Waste rock handling will be integrated with ongoing aggregate production, which is expected to consume a significant proportion of mined waste rock, thereby reducing long-term storage requirements.

Effective Date: April 14, 2026

42

An existing deep-water port at Repparfjord will be retained for concentrate export, aggregate sales and receipt of supplies. The port is ice-free year-round and capable of servicing vessels up to approximately 20,000–30,000 Deadweight Tonnage (DWT). Minor refurbishment is planned to support LOM operations, including dedicated conveyor and ship loading systems for concentrate and aggregate.

1.12.3  Tailings Deposition

Tailings from the processing plant will be managed via a sea tailings placement (STP) system. Thickened tailings will be pumped through a dedicated high-density polyethylene (HDPE) pipeline to an offshore discharge point at a controlled depth within a sheltered fjord. Seawater dilution and flushing systems will be incorporated to maintain non-settling flow conditions and to minimise density and temperature contrasts at the discharge point, which will ensure appropriate plume behaviour in accordance with the environmental requirements.

1.12.4  Water Management and Water Balance

Water management is a critical aspect of the Project due to climatic conditions and environmental sensitivity. Site-wide water management will involve controlling surface water, groundwater inflows, contact water and non-contact runoff during construction, operation and closure. Key components include the Dypelva Reservoir for freshwater supply, mine dewatering systems, a permanent water treatment plant, stockpile drainage collection and controlled discharge via the tailings system.

A site-wide water balance model was developed using long-term historical climate data to assess system performance under a range of operating and climatic conditions. The assessment indicates that, while early years of operation are most sensitive to water availability, the risk to the overall long-term water supply is low, particularly under more recent and projected climatic conditions.

1.12.5  Water Treatment

A permanent water treatment plant was included to treat mine dewatering and other contact water streams. The plant is designed to supply treated water for reuse in the processing plant under normal operating conditions and to meet environmental discharge requirements during upset conditions. The treatment process is based on conventional clarification and chemical conditioning methods suitable for variable and potentially high suspended solids loads.

Effective Date: April 14, 2026

43

Figure 1-4: Commodity Pricing Forecast

1.13.2  Copper

Recent high Copper prices are supported by weaker US dollar and low global inflation. Global refined copper demand growth to slow to 2.9% in 2026 amid softer year on year growth in China. Declining China electric vehicles subsidies in 2026 may reduce the sector's copper demand. Sluggish fixed-asset and real estate investment dampen construction sector copper demand. US copper demand growth projected at 4.5% in 2026, surpassing that of China. The Chinese market remains the largest market for copper while the demand for copper with new AI data centers fueling the market growth in the US.

Copper prices expected to rise amid persistent tightness in mine supply, supporting a bullish market outlook. shows a summary of global Mine, Smelter and Refined output with year-on-year changes as well as Refined use, Refined balance and price forecast.

Effective Date: April 14, 2026

45

Table 1-3 shows a summary of global Mine, Smelter and Refined output with year-on-year changes as well as Refined use, Refined balance and price forecast.

Effective Date: April 14, 2026

46

1.17    Interpretations and Conclusions

Based on the positive economics presented in this report, the QPs recommend proceeding with the Project. The project is most sensitive to changes in copper price. Refer to Section 26 for additional information.

1.18     Recommendations

Given the stated assumptions and work completed for this technical report, Worley recommends continuing to advance the Project as described herein. Additional work, including detailed engineering, drill programs and studies, are recommended to further develop the Project. The recommendations are outlined as follows:

•       Conduct geotechnical and hydrological drill programs to develop the respective models.

•       Detailed engineering, procurement and construction of site infrastructure.

•       Evaluation of the Ulveryggen mineral resource.

•       Conduct additional variability and geometallurgical testing, including locked cycle flotation and concentrate dewatering tests.

•       Continue the ongoing environmental studies and permitting applications necessary for commercial production.

Refer to Section 27 for additional information.

Effective Date: April 14, 2026

58

2.     Introduction

2.1     Issuer

This report was compiled for Blue Moon Metals Inc. (“Blue Moon”, “BMM” or the “Company”) an exploration stage company which is focused on the exploration and development of mineral resource properties.

The Company was incorporated on January 15, 2007 under British Columbia’s Business Corporations Act. Its registered office is at Unit 2500 Park Place, 666 Burrard Street, Vancouver V6C 2X8 and its head office is at 550-220 Bay Street, Toronto, Ontario, M5J 2W4.

The Company is advancing five brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway.

2.2     Terms of Reference and Purpose of this Report

Blue Moon has prepared the National Instrument NI43-101 Feasibility Study report (“Report”) providing the project information for the Nussir project, (“Project”) containing the Nussir Cu-Ag-Au deposits located in the north of Norway.

This report was prepared in accordance with the requirements set forth in the National Instrument 43-101 Standards of Disclosure for Mineral Project (NI 43-101).

The quality of information, conclusions, and estimates contained herein is consistent with the level of effort based on:

•       Information available at the time of preparation

•       Data supplied by outside sources

•       The assumptions, conditions, and qualifications set forth in this report.

Monetary units are expressed in United States dollars (USD).

The Resource and Reserve Estimates completed in this report were completed within the guidelines of the Standards of Disclosure for Mineral Projects Code for Reporting of Exploration Results, Mineral Resources and Mineral Reserves.

The intentions of the report are as follows:

•       To inform investors and shareholders of the progress of the project;

Effective Date: April 14, 2026

59

•       To make public and detail the Mineral Resource and Reserve Estimation for the project.

2.3     Sources of Information

Reports and documents listed in Section 3 of the Nussir Project FS were used to support preparation of the Report. Additional information was provided by Blue Moon as supporting information for the QPs.

The Independent Author/Qualified Person (“QP”) of this report has used the data provided by the representative and internal experts of Blue Moon. This data has been derived from historical records for the area as well as information currently compiled by Blue Moon.

2.4     Specific Areas of Responsibility

The QPs accept overall responsibility for the entire report. The QPs were reliant, with due diligence, on the information provided by Blue Moon internal and non-independent experts. The QPs have also relied upon the inputs of the Blue Moon personnel in compiling this filing.

The following individuals, by virtue of their education, experience and professional association, are considered QPs as defined in the NI 43-101, and are members in good standing of appropriate professional institutions:

•       Roy Levesque is a Principal Consultant - Mining Engineering with the firm Worley Canada Inc. of 69 Young St., Sudbury, ON, P3E 3G5. He is a co-author of this report and is responsible for sections in Table 2-1.

•       Christopher Hughes-Narborough is a Principal Process Engineer employed by Worley Europe Limited with business address at Building 6, Chiswick Park, 566 Chiswick High Road, Chiswick, W4 5HR, United Kingdom. He is a co-author of this report and is responsible for the Sections shown in Table 2-1.

•       Lumin Ma is a Principal Geotechnical Engineer at 2296 Pheasant Bend Circle, South Jordan, Utah 84095, USA. He is a co-author of this report and is responsible for sections in Table 2-1.

•       Adam Wheeler is an Independent Mining Consultant and has been involved with the Nussir Project since 2007. He is a co-author of this report and is responsible for the Sections shown in Table 2-1

•       Martin Prior is a Project Manager with the firm Worley Europe, 27 Great West Road Brentford TW8. He is a co-author of this report and is responsible for sections in Table 2-1.

Effective Date: April 14, 2026

60

3.   Reliance On Other Experts

This report was prepared in the format of the Canadian NI 43-101 Technical Report by the QPs as listed in Section 2.4.

These individuals are considered Qualified Persons under NI43-101 definitions. The QPs have reported and made conclusions within this report with the sole purpose of providing information for Blue Moon use subject to the terms and conditions of the contract between the QPs and Blue Moon.

The QPs were reliant on the information provided by Blue Moon internal and non-independent experts. The sources of information were subjected to a reasonable level of inquiry and review. The QPs have been granted access to all information. The QPs conclusion, based on diligence and investigation, is that the information is representative and accurate.

The following were provided by Blue Moon:

•       Marketing and Contracts for the Nussir Project;

•       Ownership and Permitting status;

•       Legal tenure specialists, royalty and taxes assumptions for royalties and taxes;

•       Geological and assay information;

•       Test work analytical and survey data;

•       Mineral Resource Estimation was compiled by Adam Wheeler from information derived and supplied by Blue Moon;

•       Previous technical studies and reports by other persons and organizations as referenced in specific sections.

The QPs are not qualified to offer legal opinion on title and offer no opinion as to the validity of the titles claimed. The description of the properties and ownership is provided for general purposes only and was supplied by Blue Moon. The QPs were satisfied with the title to the extent required for the statement of Resources and Reserves and this report.

For details of references refer to Section 27.

Effective Date: April 14, 2026

63

The Ásavággi river is located in the valley between the two mountain ridges. From

Ásajávri the water flows to Dypelva (Ciekŋalisjohka) further out in the Repparfjord.

A series of small and medium-sized lakes are located along the mountain ridge to Nussir and Ulveryggen, among them Nedre Saltvatnet, Langvatnet, Rundvatnet, Ásajávri, Svartfjellvatnet and Fiskevatna (which includes the Dypelva dam). About 750 m southeast of Dypelva the Geresjohka River runs down from small lakes on the Ulveryggen ridge, and outflows at Oyen. These lakes contain stationary brown trout and Arctic charr populations.

The Repparfjord River (Repparfjordelva) and its delta is a significant water body discharging into the Repparfjord. Salmon fishing takes place in the river. Other rivers discharging into the Repparfjord also carry sea trout and anadromous Artic charr. Nussir plans to collaborate with the western Finnmark fishermen who already monitor the fish in these rivers of interest to the Project, to identify any change or other impact.

4.2    Mineral Deposit

Nussir is considered to be a stratabound sediment hosted copper deposit. The Nussir Cu-mineralised zone is an almost continuous layer over a strike length of 9 km, which is dolomite-dominated in the west and mostly calcite-dominated sandstone-limestone, along with medium dark schist with chalcocite/bornite dissemination in the east. This mineralised zone is within the Gorohatjohca sedimentary formation, which consists of claystone and is 200- 400m thick in the west, thinning out to a few meters wide in the east. The Gorohatjohca overlies the Stangvatn conglomerate formation and underlies the Nussir volcanic formation.

The Ulveryggen prospect area is comprised of folded Precambrian sedimentary rocks, that are exposed in the Caledonian mountain belt of western Finnmark. Sediments in the general prospect area are typically described as sandstones and quartzites, trending to what have been previously described as conglomeratic beds in the immediate area of the old Ulveryggen Mine.

The Ulveryggen sedimentary units are fault-bounded to the south by older greenstones and to the north by younger sedimentary units.

The main Ulveryggen deposit area is dominated by two sub-parallel ENE-trending faults, dipping steeply towards each other. Known mineralisation occurs in several pods along a 2-kilometer trend between the two main faults and along a fan of smaller faults located in between.

It is considered that the mineralisation is most likely of shear zone origin, rather than sedimentary, primarily in the form of chalcopyrite, bornite, and lesser chalcocite and

Effective Date: April 14, 2026

66

secondary malachite. The thickness of mineralisation appears to diminish with depth as the two main faults coalesce. However, there is potential for more, heretofore undiscovered, copper mineralisation along strike of the main system, both to the east and west.

4.3     Licenses

Nussir ASA owns 25 extraction licences and 4 exploration licences covering the Nussir and Ulveryggen deposit areas within the Kvalsund district. There are no protected areas (national park, nature reserve, landscape conservation) in the area.

Blue Moon entered into a definitive agreement with Nussir ASA, a private Norwegian Company, on December 19, 2024, to which Blue Moon has agreed to acquire 99.5% of the issued and outstanding shares of Nussir. The consideration is being satisfied through the issuance of common shares of Blue Moon. Closing of such transaction is subject to TSX-V approval, and therefore acceptance of this NI 43-101 technical report.

The main license areas held by Nussir ASA, a subsidiary of Blue Moon, are shown in Figure 4-3, and are summarised in Table 4-1 for Nussir and in Table 4-2 for Ulveryggen. These areas all have valid extraction status and are held by Blue Moon. These extraction licences areas do not expire as the operating licence on top of these is valid and is held by Blue Moon. Blue Moon applied for an operating license for the area covered by the 25 extraction licences, and the operating licence was awarded in 2019. In 2024, it applied for extension of the operating licence for further 3 years according to the Minerals Act of Norway and has been awarded an extension till September 2027. Other than the fees described in section 4.4, there are no other obligations that must be met to retain the permit.

Nussir ASA holds various mineral extraction and exploration permits necessary for its mining operations. According to the title and legal opinion provided by Simonsen Vogt Wiig AS, Nussir ASA is duly incorporated and in good standing under Norwegian law, with no ongoing bankruptcy proceedings as of December 19th, 2024, and has valid title to all licences listed in Table 4-1 and Table 4-2. The company has entered into an agreement with the public landowner Finnmark Estate for mining activities. Blue Moon is given access by the state to the land covered by the extraction permits which allows Blue Moon to access the surface rights both for the Nussir and Ulveryggen properties, and to carry out the required exploration and development activities. In addition, Blue Moon needs to submit application to the Municipality for use of vehicles for such activities, typically once a year. At this time Blue Moon is in good legal standing with all its licenses and access arrangements with the different governing entities for the current stage of project.

Effective Date: April 14, 2026

67

4.4     Royalties and Related Information

Under the Norwegian Minerals Act, metals with a specific gravity of 5 g/cm³ or higher, including copper, silver, and gold, are classified as state-owned minerals. These metals, which are of primary economic interest at both Nussir and Ulveryggen, require compensation to the state through payment of yearly fees in order to uphold the extraction and exploration permits. These fees are calculated based on the size of the areas in question and must be paid within 15th January each year. Nussir ASA has made payment of NOK 107,000 in total for all extraction and exploration permits for 2025.

Further, all extraction of state-owned minerals requires payment of a 0.5% net smelter royalty of the sales value of the extracted minerals to the landowner, who is Finnmarkseiendommen (FeFo). In addition, an increased landowner royalty of 0.25% net smelter royalty is mandated for projects in Finnmark as is the case for Blue Moon, which is also paid to Finnmarkseiendommen (FeFo).

Blue Moon must therefore pay a 0.75% net smelter royalty on all extracted minerals. This royalty will be due for payment by March 31 of the following year. There are no back-in rights, payments or other encumbrances to which both Nussir and Ulveryggen permits are subject to.

4.5     Environmental Liabilities

The Nussir project faces minimal environmental liability, as any consequences arising from previous mining activities—particularly at the Ulveryggen deposit—are the responsibility of the State, specifically the Norwegian Government.

4.6     Permits

The primary approvals required for mining projects in Norway are outlined in Table 4-4. The listed approvals must be obtained sequentially. For each approval there is a process of consultation and decision-making that must be followed. The consultation processes extend beyond the lead authorities – the local municipality, the Directorate for Minerals Management and the Norwegian Environment Agency (NEA) – to other interested regulatory authorities, the Sami Parliament, Sami people, other users of land, and interested members of the public.

As shown in Table 4-4, the primary approvals required to proceed with the Project have been obtained. An operating license for the Project was granted by the Directorate for Minerals Management on 19 February 2019. Several approvals were pre-requisites to the granting of this approval. These include extraction permits, zoning plan approval and a discharge permit. An environmental impact assessment (EIA) was used to inform the zoning plan approval.

Effective Date: April 14, 2026

70

5.   Accessibility, Climate, Local Resources And Infrastructure

5.1     Accessibility

The Øyen area is located on the coast just southeast of the Nussir deposit, along National Highway 94 (R94). This highway heads northwest to Hammerfest, a city known for its significant oil infrastructure. The major E6 road is only a few kilometres from Skaidi, linking the former mining area to Alta, the largest city in Finnmark. Alta lies about 70 km southwest of the deposits and features an international airport. Repparfjord remains ice-free throughout winter, which enables year-round shipping of supplies and concentrate directly to and from the site by sea.

5.2     Site Description

The topography surrounding the Nussir deposit is characterized by an unspoiled Arctic environment, extending westward from the port area at Øyen. The area directly above the Nussir deposit remains relatively flat over the initial 8 km inland from the coast, traversing several small, shallow post-glacial lakes at an approximate elevation of 200 meters. Just north of the Nussir outcrop, hills ascend sharply to approximately 500 meters, while about 800 meters southeast of the deposit, the landscape rises again to elevations between 400 and 500 meters. The westernmost portion of the Nussir deposit lies beneath these ascending hills.

Vegetation within the project area is predominantly alpine and rare, though it varies considerably. Birch trees are found near the fjord, transitioning to sparse, tundra-like vegetation at higher altitudes. Dwarf birch is present near bog ecosystems.

The Ulveryggen deposit is located roughly 3 km southeast of the Nussir deposit and 2 km southwest of the coastline. It contains four former open pits that were mined between 1972 and 1979. Existing surface infrastructure connects to a historical underground haulage tunnel measuring 2.5 km in length and 36 m² (6x6 meters), which remains in good condition. There are also 4.5 km of surface haul roads linking the Øyen industrial area directly to the open pits at 450 meters above sea level. An inactive workshop facility for trucks and other vehicles is situated adjacent to the historical tunnel portal. The current strike length of the Ulveryggen deposit is significantly smaller than that of Nussir, extending approximately 2 km from west to east. The Ulveryggen deposit is not a part of this feasibility study.

Effective Date: April 14, 2026

73

5.3     Climate

The climate and landscape of the Kvalsund Municipality is typical of Arctic and Sub-Arctic Zones. There is midnight sun in the summers and 24 hours without sun in the winter. Precipitation is typically over 1 mm for 10-15 days/month throughout the year, and over 10 mm for 1-2 days/month throughout the year. Wind speeds are typically over 10 m/s (Force 5) from December through to April, and otherwise much lower for the other months. Winter temperatures are generally below freezing for November through till April, typically around -5o C. The lowest temperatures can be down to around -10o C. Summer temperatures are typically around 7-10o C, and can get up to 16o C.

5.4     Local Resources

Kvalsund was a municipality located on the western coast of Finnmark, covering an area of 1,846 km². The region is notable for its pristine and rugged landscapes. Situated approximately 20 km from the western boundary of various projects, Kvalsund benefits from well-maintained roads that facilitate adequate transportation. The majority of the municipality’s territory was on the mainland, with 125 km² on Kvaløya Island and 85 km² on Seiland Island. The population numbered around 1,000, predominantly residing in the village of Kvalsund, which served as the administrative center, and in the Sami village of Kokelv, located in the inner Revsbotn Fjord.

Since 1950, the population of Kvalsund has experienced a decline of 43% by 2004, primarily due to reduced employment in the fisheries sector. On January 1st, 2020, Kvalsund Municipality merged with Hammerfest Municipality. Local businesses are mainly composed of small enterprises across diverse trades. In recent years, primary industries have diminished in importance, while tourism, transport, aquaculture, construction, and service sectors have taken prominence. Notably, 37% of the working population are employed outside the Kvalsund area, primarily in Hammerfest.

5.5     Infrastructure

Repparfjord Eiendom AS, a subsidiary of Blue Moon, manages the industrial area and former processing plant. The Nussir deposit is easily accessible due to its fjord location with a year-round deep-water harbour. New construction, such as processing facilities or roads, can be situated within the regulated Øyen industrial area. Historically, the Øyen site supported mining at Ulveryggen in the 1970s, using an open pit and underground tunnel for ore transport. More recently, the industrial area partially serves a local quarry, using harbour loading facilities. The quay, built in 1971, accommodates vessels up to 30,000 tonnes and features two Ship Loader with a 1,000–1,500 tph capacity, operated by Repparfjord Eiendom.

Effective Date: April 14, 2026

74

5.6     Power Supply

The municipality operates two hydroelectric power plants in Porsaelva on the east side of Vargsundet, with a combined average annual output of 65 GWh. Currently, Northern Norway has an excess supply of green hydroelectric power, resulting in relatively low electricity prices and making energy readily available for future industrial development.

5.7     Water Supply

The area has ample freshwater resources. Repparfjord Eiendom owns the dam and an existing 280mm pipeline and holds water usage rights from FEFO. A study was launched to review the security of the water supply. There might be requirements to reinforce the dam at 170 m or sourcing water from the Geresjohka River. The road to the dam is steep and can be accessed using ATV.

Effective Date: April 14, 2026

75