Blue Moon Metals: The Complete Series

Two parts. The only permitted US tungsten hub plus a fully-funded Norwegian copper play Hartree just bought at a 15 percent premium

The complete Blue Moon Metals thesis.

Blue Moon Metals (BMM) is the only permitted US tungsten hub the Pentagon can buy from, paired with Nussir, a fully-funded Norwegian copper project Hartree just bought at a 15% premium four days before the FID. Two scarcity assets, one balance sheet, sized for a critical-minerals re-rate. This page tracks every post, in order.

Last updated: May 17th, 2026

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CORE THESIS

Part 1 — The Only Permitted US Tungsten Hub the Pentagon Can Actually Buy From

The setup. Why the only domestically permitted tungsten asset matters when Section 232 tariffs land and the Pentagon's stockpiling mandate moves into procurement.

Part 2 — Blue Moon Metals, Part 2: Nussir is funded, Springer is next, and the scenario tree just shifted

Hartree pays a 15% premium four days before FID, Springer moves into engineering, the scenario tree resets. Updated NAV math and the catalyst sequence into year-end.

Part 3 — The Tape Sold the Q1 Headline, the EU Already Validated Nussir, and the Bought Deal Closed at C$156 Million

The Q1 loss was 83 percent exploration spend, not burn. The reported cash line was a pre-financing snapshot. Nussir's EU Critical Raw Materials Act Strategic Project status, the C$156.3M bought deal close, the Almonty revenue comp, and the catalyst calendar into the Section 232 deadline.

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ONGOING COVERAGE

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PORTFOLIO UPDATES MENTIONING BMM

April 16, 2026 — Portfolio Update

May 14, 2026 — Portfolio Update

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Read Part 1 first if you are new.

Read the most recent ongoing coverage post if you are caught up.