CAD 18 Price Target: This commodities story is being re-evaluated!

Advertisement – This article is published on behalf of Blue Moon Metals Inc.!· Paid Relationship: SRC swiss resource capital AG has a paid IR advisory agreement with Blue Moon Metals · Producer: JS Research GmbH, Olsberg · Author: Jörg Schulte (Managing Director, JS Research GmbH) · Compensation provided by SRC · First published: April 25, 2026, 9:04 a.m. Europe/Berlin ·

Dear Readers,

At Blue Moon Metals (WKN: A413T9), the capital market narrative is currently being redefined. While individual projects were viewed more in isolation in earlier phases, a clearer structure is now emerging: ‘Springer’ is coming more to the fore, ‘Apex’ strategically complements the U.S. platform, ‘Gage’ primarily serves to round out the portfolio, and ‘Nussir’ forms the operational second axis outside the U.S.

CAD 18: The market is suddenly looking at Blue Moon differently!

The picture is thus becoming increasingly clear at Blue Moon Metals (WKN: A413T9). While the focus was long on individual projects, the picture is now coalescing into a clearer hierarchy. It is precisely this new weighting that makes things more exciting for investors and analysts. Accordingly, analysts’ price targets are being raised. Canaccord, for example, is raising its price target to CAD 18!

Source: Canaccord Genuity; Own representation

ATB Capital Markets is also raising its price target by around 12.5% to a solid CAD 13.50. The price targets are thus less just numbers and more an expression of a changed perception of the company.

Source: ATB Capital Markets; Own representation

From today’s perspective, the story is increasingly being viewed not through the lens of individual properties, but as a tiered platform.

"Springer" is now the core of the US story!

The key linchpin is ‘Springer’. Although Blue Moon Metals (WKN: A413T9) did not complete the acquisition of the ‘Springer’ mine and mill complex until February 10, 2026, the overall package is brilliant. This includes: a historically mined tungsten deposit, a former flotation mill, and an APT circuit, all of which were acquired for a modest $500,000 down payment and a $18 million final payment.

At the same time, the company has launched a logistics study and a conversion study. This positions ‘Springer’ not just as a project, but as a potential processing anchor for a broader U.S. strategy.

Tungsten is gaining strategic importance!

The tungsten component deserves special attention. Tungsten is on the lists of critical metals in both the U.S. and the EU. This is precisely what makes the capital market story so compelling: ‘Springer’ combines metal, processing, and geopolitical relevance in a single asset. And on top of that…

‘Apex’ – The strategic second building block!

Right behind ‘Springer’ comes the ‘Apex’ project. The acquisition of the ‘Apex’ germanium and gallium mine from Teck gives Blue Moon (WKN: A413T9) access to the important and strategic raw materials germanium and gallium. Teck received 7,031,959 shares and thus holds 8.0% of the outstanding Blue Moon Metals shares on an undiluted basis. A 0.5% NSR, a 3.0% NSR, and investor rights round out the structure. Strategically, this creates a clear framework: ‘Springer’ is the foundation, and ‘Apex’ significantly enhances the platform’s quality.

Perhaps the most interesting point is the synergy. From an analyst’s perspective, ‘Springer’ and ‘Apex’ are viewed as ‘brownfield assets’ with strategic relevance. ‘Springer’ brings the processing perspective and the tungsten story, while ‘Apex’ complements the platform with valuable gallium and germanium. Thus, what began as two separate projects is evolving into a U.S.-centered platform for critical metals.

‘Gage’ further rounds out the US platform!

‘Gage’ also fits perfectly into the US narrative, even if it is not yet a dominant value driver. This transaction adds 181 unpatented claims, two SITLA leases, and a value-driving 5,916 hectares to Blue Moon’s (WKN: A413T9) US story! Above all, this increases spatial control within the district and makes the platform in Utah more cohesive and strategically sound.

The story hierarchy – ‘Springer’ first, ‘Nussir’ as the second axis. Source: Own representation

Nevertheless, the order remains clear when it comes to the story’s weighting: ‘Springer’ is at the center, ‘Apex’ elevates the platform’s quality, and ‘Gage’ provides a valuable, meaningful rounding out.

‘Nussir’ brings operational weight to the story!

While Blue Moon Metals (WKN: A413T9) is strategically expanding its position in critical metals in the U.S., "Nussir" in Norway provides the operational foundation. The feasibility study presented for the project shows an average annual free cash flow of $77 million, a planned mine life of 13 years, an after-tax NPV (8%) of $235 million, an IRR of 19%, and an initial capital requirement of $184 million.

Key figures from the ‘Nussir’ feasibility study. Source: Blue Moon Metals; own representation

Added to this is a clearly defined timeline: The company remains committed to its goal of achieving “hot commissioning” of the plant in the third quarter of 2027.

New drilling data gives ‘Nussir’ an extra boost!

Just recently, Blue Moon (WKN: A413T9) reported new “step-out” drilling data from “Nussir,” including 6.7 m with a high 2.08% CuEq and 3.0 m with an equally excellent 1.19% CuEq. This supports the view that ‘Nussir’ is not merely an ancillary project, but represents a second, operationally viable axis with its own value potential.

Source: https://www.youtube.com/watch?v=H0Tlgt2k2sg&t=2393s

Conclusion: Why Blue Moon needs to be re-evaluated now!

Blue Moon’s (WKN: A413T9) capital market narrative currently appears to be more clearly structured and organized than it was just a few weeks ago. “Springer” forms the core of the U.S. revaluation, “Apex” expands the platform to include additional critical specialty metals, “Gage” rounds out the district structure, and “Nussir” provides the economically grounded operationalsecond pillar.

Blue Moon (WKN: A413T9) thus remains a developer with the usual risks regarding financing, permits, technical implementation, project integration, and timelines; however, the current structure demonstrates why market participants now view the company more as a tiered project platform and less as a pure single-asset story. This is also reflected in the significant price target increases!

Best regards,

Yours,

Jörg Schulte

Key risks: Commodity price, financing, permitting, construction, integration, and technical verification risks; historical estimates for ‘Apex’ and ‘Springer’ should not be interpreted as current mineral resources or reserves. Key opportunities: Successful district consolidation, utilization of existing infrastructure, technical verification, and establishment of an integrated North American supply chain.

Sources: Blue Moon Metals Inc.: Press releases dated February 27, 2026, March 10, 2026, March 16, 2026, March 18, 2026, and April 2, 2026; Corporate Presentation. USGS: Final 2025 List of Critical Minerals; European Commission: Fifth list 2023 of critical raw materials for the EU, Canaccord Genuity, ATB Capital Markets, BaFin/ESMA: Information on investment strategies and recommendations or MAR.

Image sources: Blue Moon Metals Inc. Illustrations and cover images used: partially AI-generated and editorially edited; original artwork.

Methodology/Assumptions: Comparison with current company announcements and official sources; no proprietary price targets, valuations, or buy recommendations.

This promotional article was created on April 22, 2026, by Jörg Schulte, Managing Director of JS Research GmbH. The activities of JS Research GmbH are registered with BaFin in accordance with Section 86(1) of the German Securities Trading Act (WpHG).

Risk Disclosures and Disclaimer: This publication is an advertisement or paid marketing communication and not an independent financial analysis. It was prepared on behalf of Blue Moon Metals Inc. Blue Moon Metals Inc. and SRC swiss resource capital AG have entered into a paid IR advisory agreement; JS Research GmbH receives compensation for this publication through SRC. This publication is for informational purposes only and does not take into account individual investment objectives, financial situations, or risk tolerance of individual investors.

This article is based on company disclosures and other sources that were considered reliable at the time of preparation. Despite careful review, no warranty is provided regarding the timeliness, accuracy, completeness, or appropriateness of the information. Statements regarding opportunities, plans, timelines, synergies, commencement of production, drilling programs, permits, studies, or potential economic results are wholly or partially forward-looking and subject to significant uncertainties.

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