Merger and Acquisition
ACG Metals to acquire 100% of Blue Moon Norway, including the Nussir copper mine, for US$220m in shares
Headline consideration
US$220 million in shares
Cash-free and debt-free, per the company
Interest acquired
100% of Blue Moon Norway AS
Includes 94.52% of Nussir
Mineral resource
28.72 million tonnes at 1.02% copper
Nussir Measured and Indicated, inclusive of reserves, 100% project basis
Expected completion
By 30 November 2026
Long-stop date 15 December 2026
Summary
ACG Metals Limited has agreed to acquire 100% of Blue Moon Norway AS from Blue Moon Metals Inc. for US$220 million in shares. The company states the acquisition includes Blue Moon Norway’s 94.52% interest in the construction-stage Nussir copper mine and other Norwegian development interests. ACG states that Nussir targets first copper concentrate in H1 2028 and that the acquisition combines Nussir with Gediktepe in Türkiye. Completion is subject to conditions including ACG shareholder approval, and closing is anticipated by 30 November 2026.
Consideration
| Component | Terms |
|---|---|
| Headline consideration | US$220 million cash-free and debt-free, payable in new ACG class A ordinary shares (the Consideration Shares) |
| Issue price | £18.70 per share, the 30-trading-day volume-weighted average price as of 30 October 2026 |
| Consideration Shares | Approximately 8.85 million to be issued to Blue Moon, representing approximately 27.6% of ACG’s enlarged issued ordinary share capital and 21.8% on a fully diluted basis |
| Exchange rate used | £1 = US$1.3288, the 30-day average of the daily spot exchange rate published by Bloomberg as of 30 October 2026, used to calculate the number of Consideration Shares |
| Portfolio | 94.52% of Nussir ASA (Nussir and Ulveryggen) and either 100% of Nye Sulitjelma Gruver AS or an interest in VMS Explorations AS, depending on completion of the Sulitjelma combination |
| Distribution to Blue Moon shareholders | Blue Moon is obliged to distribute the Consideration Shares to its shareholders six to 12 months after completion |
| Board observer | Blue Moon will have the right to appoint an observer to ACG’s Board for so long as it holds more than a 10% interest in ACG |
Conditions
- ACG shareholder approval to issue the Consideration Shares without pre-emption rights (irrevocable support undertakings represent approximately 80.7 per cent of issued share capital)
- Relevant in-country regulatory approvals
- Repayment of the Hartree loan
- Transfer of the Hartree offtake parent guarantee
- Release of other credit support
- The TSX Venture Exchange has confirmed Blue Moon shareholder approval is not required
Timetable
| 3 November 2026 | Webcast for analyst and investor questions at 15:00 GMT / 10:00 ET |
|---|---|
| On or around 25 November 2026 | ACG general meeting expected |
| 30 November 2026 | Closing anticipated |
| 15 December 2026 | Long-stop date under the acquisition share purchase agreement |
Project snapshot
| Item | Detail |
|---|---|
| Source | Nussir feasibility study, Technical Report dated 14 April 2026, completed in accordance with NI 43-101 |
| Basis | 100% project basis, ACG’s completion interest would be 94.52% |
| Measured and Indicated Mineral Resources | 28.72 million tonnes at 1.02% copper, inclusive of reserves |
| Inferred Mineral Resources | 31.99 million tonnes at 1.01% copper |
| Proven and Probable Ore Reserves | 24.98 million tonnes at 0.81% copper, with gold and silver by-products |
Source: ACG Metals announcement dated 3 November 2026. This page summarises information from the company's public announcement and is provided for general information only. It is not financial product advice, a recommendation or an offer, and it does not take into account any person's objectives, financial situation or needs. Figures and terms are taken from the announcement and may be incomplete or may have changed since publication. Refer to the original announcement for full details. Kamoa Capital has not independently verified the information.
