Blue Moon Metals pushes back on short-seller claims as Nussir advances toward 2027 production

Blue Moon Metals has issued a detailed response to a short-seller report from Viceroy Research Group concerning its portfolio and, most importantly, the Nussir copper-silver-gold project in Norway. Blue Moon categorically rejects the report’s conclusions, describing the publication as a “short-and-distort” campaign based on speculation rather than a complete assessment of the company and its assets.

At the center of the debate is whether a recent Norwegian Supreme Court judgment concerning another mining operation could affect Nussir’s permitting framework.

Nussir permits remain in force

Blue Moon states unequivocally that all permits at Nussir are in good standing and that the company remains in regular contact with Norwegian authorities, including the Norwegian Environment Agency.

The issue stems from the June 2026 Supreme Court judgment concerning Nordic Mining’s Engebø project, located approximately 1,300 km from Nussir. Blue Moon argues that the ruling neither applies directly to Nussir nor establishes a general prohibition on the marine disposal of mine tailings. Instead, the judgment requires Norwegian authorities to reassess the justification underlying the Engebø permit.

Norway’s Minister of Trade and Industry, Cecilie Myrseth, has publicly reinforced the strategic importance of Nussir: “This project has all the necessary permits. Nussir is an important project, not least because it involves the extraction of copper, a critical and strategic raw material.”

She added that Nussir’s design ation by the European Commission as a strategic project demonstrates its importance to Europe.

Europe’s critical minerals strategy adds another dimension

It has been designated a Strategic Project under the EU Critical Raw Materials Act and is the only non-EU primary copper project to receive that status. The designation reflects the project’s potential contribution to securing supplies of a metal fundamental to electrification, renewable energy infrastructure and industrial development. Meanwhile, development continues. Underground work began in June 2025, the EPC contract for the processing plant has been awarded, and Blue Moon says construction remains on schedule, with production targeted for 2027.

Building a critical minerals platform

The company’s response also highlights a broader strategy extending into the United States.

Blue Moon is developing a hub-and-spoke model around the Springer metallurgical complex, intended to connect existing processing infrastructure with high-value critical mineral deposits across the western U.S. Springer’s importance has increased sharply as tungsten prices have risen: according to the company, the quoted cif Rotterdam/Baltimore APT price increased from approximately US$600/mtu to more than US$3,000/mtu between October 2025 and the date of the release.

Alongside Springer, Blue Moon’s portfolio includes the Apex germanium-gallium-copper project and Blue Moon zinc-gold-silver-copper project in the U.S., together with Nussir and NSG in Norway, five brownfield polymetallic projects supported by existing regional infrastructure.

Permitting, supply security and execution

The dispute surrounding Nussir illustrates a much wider challenge facing the global mining industry.

Europe wants greater strategic autonomy in critical raw materials, while copper demand is expected to expand alongside electrification and energy infrastructure. Yet translating mineral potential into production increasingly depends on the intersection of environmental regulation, permitting certainty, financing and public acceptance.

For Nussir, the next phase will therefore be watched closely. Blue Moon’s position is clear: its permits remain valid, construction is progressing and the project continues toward its targeted 2027 production start.

The ultimate measure, however, will be execution, turning one of Europe’s strategically recognized copper projects from development into production at a time when secure supplies of critical minerals have become an economic and geopolitical priority.