ACG Metals to Acquire Blue Moon Norway for $220 Million in Shares, Closing by November 30

ACG Metals agreed to acquire Blue Moon Norway from Blue Moon Metals for $220 million in shares, with closing anticipated by November 30, 2026. PR Newswire carried the announcement on November 3, 2026.

ACG Metals is a London-listed mining company consolidating the copper sector and operating the Gediktepe Mine in western Türkiye. Blue Moon Metals is advancing six brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway and four U.S. critical metals mines.

ACG Metals' $220 Million Share Purchase of Blue Moon Norway

Under the agreement, ACG will acquire Blue Moon Norway for $220 million in shares, subject to post-closing net debt, working capital, intercompany and other customary adjustments, with any closing adjustments settled in cash. Blue Moon expects to receive approximately 8,853,632 ACG shares, representing 27.6% and 21.8% of ACG on a basic and fully diluted basis, respectively.

Blue Moon has agreed to a six-month lockup during which it will not sell ACG shares unless mutually agreed, and the parties will work to distribute the shares to Blue Moon shareholders within 12 months of closing. Blue Moon will repay amounts drawn under the Nussir project finance package with Hartree Partners and Oaktree Capital Management at closing. Existing cash resources and undrawn funding commitments from The Elmet Group are currently approximately $125 million.

"The sale of Blue Moon Norway for equity consideration in ACG maintains our exposure to our assets while simultaneously streamlining our portfolio and eliminating the need to add debt or precious metal streams to our balance sheet," said Christian Kargl-Simard, Blue Moon's Chief Executive Officer. Artem Volynets, ACG's Chairman and Chief Executive Officer, said: "ACG is very pleased to build upon Blue Moon's progress and excited to take the Nussir mine into its next phase - production."

Closing remains subject to customary conditions, including ACG shareholder approval, approval of the TSX Venture Exchange for Blue Moon and other customary approvals. ACG shareholders holding 80.7% have entered into irrevocable voting support agreements for the required resolutions, against a 75.0% threshold. Blue Moon shareholder approval will not be required. Skott Mealer, Blue Moon's President and COO, is expected to join the ACG board as an observer upon closing.

Blue Moon's October 30, 2026 announcement, as covered by TradingView, said it had terminated its proposed acquisition of 33 tungsten and antimony projects in the western US and completed its corporate continuance from British Columbia to Ontario on October 23, 2026.

ACG Metals' Copper Expansion Record

According to akta.pro company records, ACG publicly approached Anglo Asian Mining Plc regarding a possible offer in November 2025, part of a copper consolidation pipeline targeting 200–300 ktpa CuEq production within 3–5 years. The same records list a $200 million post-IPO debt round in May 2025 and a $16 million post-IPO equity round in November 2025.

Gediktepe Output Before the Blue Moon Norway Deal

ACG Metals' Gediktepe mine in Türkiye produced its first copper concentrate on August 31, 2026, completing commissioning for the Sulphide Expansion Project, Shanghai Metals Market reported on September 2, 2026. On October 20, 2026, Advfn reported that ACG published its 2026 Competent Person's Report for Gediktepe, effective July 31, 2026, showing a total asset post-tax NPV of about $1.2 billion and average annual production of c.36 kt CuEq, up from 20-25 kt CuEq. Advfn reported on October 29, 2026 that ACG's Q3 2026 oxide production of 22,717 oz AuEq exceeded its full-year target of 17,500 oz AuEq, with full commercial sulphide production targeted for Q1 2027.

Blue Moon Norway Closing Date

The transaction is anticipated to close by November 30, 2026, subject to the stated conditions. Blue Moon said it aims to put the Springer and Apex Mines into production by the end of 2027.