Blue Moon Metals, Part 4: The Price Floor Never Came

Part 3 underwrote a Section 232 price floor that never arrived. Norway finished permitting, Springer is finally being drilled, and there are 8 percent more shares than I modelled.

I am long BMM at an average basis of approximately $6.80 per common share. The position is roughly 29 percent of the Shawarma Capital book against a 35 percent target. As of today, August 7, 2026, the print is $5.94. That is 12.6 percent below my basis, 11 percent below where Part 3 was written, and 31 percent below the 52-week high of $8.63. This post is research synthesis, not investment advice.