Professional
Added to YB: 2026-08-26
Pitch date: 2026-08-20
MOON.V [bearish]
Blue Moon Metals Inc.
-13.48%
current return
Author Info
Viceroy Research is an independent investigative research group. Since 2016, we’ve published in-depth reports on companies around the world, identifying signs of financial misrepresentation, mismanagement, and corporate misconduct. Sign up for the newsletter.
Company Info
Blue Moon Metals Inc. engages in the exploration and development of mineral resource properties in Norway and the United States.
Market Cap
CAD 797.0M
Pitch Price
CAD 7.05
Price Target
N/A
Dividend
N/A
EV/EBITDA
-7.32
P/E
-6.94
EV/Sales
N/A
Sector
Metals and Mining
Category
special_situation
Blue Moon Metals – The NEA’s Decision is the Death of Nussir
MOON.V (short): Market misreads NEA's temporary-permit recommendation for Nordic Mining's Engebø as positive for Blue Moon's Nussir; Viceroy argues the opposite. The permit only works because Engebø cut tailings disposal ~62.5% to avoid the WFD 'deterioration' test the Supreme Court used to void its original permit (HR-2026-1360-A). Applying the same math to Repparfjord requires 79-97% disposal cuts — fatal given Nussir needs $184m initial/$680m life-of-mine capex and full throughput for just a $235m NPV. Nussir also fails the EEA-supply test (copper concentrate contracted to Hartree/US, not Europe), triggers Sámi consultation duty (post-Fosen) with 14 years of 'no,' and faces ESA revocation. License dies 26 Sep 2027—too soon to consult, litigate, and survive. Viceroy flags Scotiabank (BMM underwriter/analyst) 'buy' call as conflicted.
Read full article (14 min)