Blue Moon Group Holdings Ltd

Blue Moon Metals, the Elmet Group and EQ Resources have agreed to invest between $150m and $175m in the Springer Tungsten Complex in Imlay, Nevada, under a binding letter agreement aimed at strengthening the US tungsten supply chain. TEG plans to invest a total of $150m, split between a direct investment in Blue Moon's activities at Springer and an equity injection into a new joint venture that will own and operate the ammonium paratungstate plant, while Blue Moon retains control of the mine and mill. The package also includes a $50m tungsten prepayment facility from TEG to Blue Moon, repaid through sales credits against concentrate output, and a further $25m in standby funding from TEG and EQ for the APT plant's restart if needed. The JV will receive a $75m capital injection from TEG, leaving TEG with 70% equity, Blue Moon 20% and EQ 10%, with TEG operating the APT plant. Springer's mine and plant are expected to return to operation in the fourth quarter of 2027, with the APT restart projected for the second half of 2028, and the parties expect to finalise a $50m initial investment within 45 days, subject to regulatory approvals and due diligence.