Key Highlights
- Blue Moon Metals and Alpha Future Funds have signed a binding agreement to combine their Sulitjelma mining holdings.
- The combined entity will focus on advancing copper and gold development in Norway.
- Blue Moon will retain a 30% stake in the merged company through a $15 million share deal.
Blue Moon Metals and Alpha Future Funds have entered into a binding agreement to combine their mining assets in Norway’s historic Sulitjelma district, a move both companies say could speed up development of the copper-gold project.
The agreement brings together Blue Moon’s subsidiary Nye Sulitjelma Gruver AS (NSG) and Alpha Future Funds’ subsidiary VMS Explorations AS (VMS) into one combined entity.
Both companies currently hold exploration and extraction permits across the Sulitjelma mining district in Fauske municipality, Norway, an area with a long mining history.
The Sulitjelma mine previously produced more than 470,000 tonnes of copper and 130,000 ounces of gold over a century of operation.
The site also has existing underground and surface infrastructure, including access to hydropower, which could support future development.
Deal Gives Blue Moon 30% Stake in Combined Company
Under the terms of the agreement, VMS will acquire 100% of NSG from Blue Moon Norway AS in exchange for $15 million worth of newly issued shares.
That transaction will leave Blue Moon holding a 30% stake in the combined company.
The companies said the goal is to create a more integrated mining plan by combining exploration and extraction assets, which could improve project economics and simplify the path toward production.
“We are delighted that this transaction gives Blue Moon shareholders continued exposure to a highly prospective brownfield asset,” said Christian Kargl-Simard, CEO of Blue Moon Metals.
He said Sulitjelma remains an important historic mining asset and that the company sees strong long-term value in helping bring it back into production.
Sulitjelma Seen As Future Copper-Gold Project
Benedikt Sobotka said bringing the two assets together could position Sulitjelma as one of Europe’s next operating copper-gold mines.
He added that a planned stock exchange listing and fresh fundraising would help move feasibility studies forward and support new exploration work.
The deal remains subject to conditions, including raising at least C$10 million in new capital and listing VMS on a recognized stock exchange within 18 months.
The companies expect the transaction to close by November 30, 2026.
The move comes as Europe continues to increase its focus on securing domestic supplies of critical minerals like copper, which are seen as key for clean energy and industrial growth.
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