Distributed on behalf of Blue Moon Metals
Used in everything from electric vehicles and data centers to power grids and defense systems, copper prices are exploding with massive supply-demand issues. It’s just part of the reason why copper ran from about $4.25/lb. to more than $6 – with more upside likely. All of which is creating big opportunity for copper companies, such as Blue Moon Metals (TSXV: MOON) (NASDAQ: BMM), Rio Tinto (OTC: RTNTF), Freeport-McMoRan (NYSE: FCX), BHP Group (NYSE: BHP), and Teck Resources (NYSE: TECK) (TSX: TECK).
For one, we have to remember that "Copper is the connective artery linking physical machinery, digital intelligence, mobility, infrastructure, communication and security systems; the future availability of copper has become a matter of strategic importance,” notes S&P Global.
Two, data centers require significant amounts of copper for their construction, most notably for their power networks, circuit boards, and cooling systems. According to BHP, “A study of Microsoft’s US$500 million data center facility in Chicago found it used 2,177 tonnes of copper, equivalent to 27 tonnes of copper for every megawatt (MW) of applied power.” In addition, according to the International Energy Agency (IEA), hyperscale data centers have power demand of 100 MW or more, an annual electricity consumption equivalent to that used by around 350,000 to 400,000 electric cars, as also noted by BHP.
Three, as also noted by S&P Global, the “’accelerating pace of electrification’ is projected to swell copper demand to 42 million metric tons by 2040, a 50% increase from current levels. Yet, existing supply is currently poised to decrease in coming years as the mining sector faces challenges across the copper value chain.”
Look at Blue Moon Metals (TSXV: MOON) (NASDAQ: BMM), For Example
Blue Moon Metals announced new drilling results from its ongoing surface infill program at the Company’s Nussir Project, currently under construction in Finnmark, Norway. The infill program, initiated in March, aims to increase confidence in the Project’s reserves, and particularly the proven category. The program is ongoing, having originally started closest to initial planned mining locations, and progressing westwards. Also included in this release are further results from the 1.2 km deep exploration campaign.
INFILL DRILLING ASSAY HIGHLIGHTS
This news release includes assays from 12 surface infill holes. The HQ diamond drill (DD) holes total 2,628.6 m with starting depths ranging from 146.8 m to 459.8 m.
The 12 holes listed below test a strike length of over 700 m of the current Indicated Resource nearest the initial planned production areas, confirming mineralization continuity in areas with previously sparse intersections and with structural complexity. The intersections aim to upgrade the area to a Measured Resource while providing structural and geotechnical data that strengthen the understanding of structural controls on mineralization and the mine design.
The complete list of assay results, including true thickness estimates, are presented in Table 1. In addition to the grades listed below, NUS-DD-26-08 intersected 0.6 m at 0.69 g/t Pt and 0.42 g/t Pt. This provides additional insight to previous showings of palladium and platinum previously encountered in hole NUS-DD-14-001.
The sections and plan view shown in Figures 2, 3 and 4 provide a reference to the current Measured and Indicated Resource. Section A-A’ shows a fan patterned that was aimed at a previous corridor of sparse drilling close to the area of earliest planned mine development and production. Holes such as GT-DD-26-05 were extended to assess ground conditions in areas of planned underground infrastructure. The fan confirms the presence of thicker mineralization in this area of the mineralized horizon, with intersects of up to 3.16 m in hole NUS-DD-26-04 returning copper grades above the cut-off grade of 0.3%.
The infill drilling seen in Sections B-B’, C-C’, E-E’ and F-F’ targeted shallow areas that were not tested in previous drilling, leaving this mineralized horizon unsampled and poorly defined, particularly the diabase intrusive that runs parallel to the mineralization. Holes such as NUS-DD-26-01 and NUS-DD-26-02 alleviate such issues and have subsequently yielded strong results.
Section D-D’ shows a portion of the mineralized horizon that is affected by the presence of a large fault. Consequently, previous Mineral Resource Estimates have been very conservative in this area which resulted in a break in the existing mine design. The analysis of these results constrains the fault boundaries and indicates additional tonnages extending from the known Measured Resource. Based on these findings, the Mineral Resource Estimate (MRE) will be updated, leading to an optimized mine design.
DEEP EXPLORATION DRILLING PROGRAM
Blue Moon continues to expand the high-grade, deep mineralization in the western limb of the Nussir project, following up on the recommendations outlined in the NI 43-101 Technical Report by Adam Wheeler where a high-grade intercept of 9.7 meters at 1.22% CuEq in hole NUS-DD-14-001 was identified at a depth of 1.2 km.
The Company previously announced results from this zone in its April 15, 2026 news release, showcasing 2 successful intercepts of this high-grade zone returning 1.75% Cu, 0.16 g/t Au and 27.91 g/t Ag (2.08% CuEq) over 6.7 meters (NUS-DD-1401-02 at 1,166.5 meters) and 0.86% Cu, 0.16 g/t Au and 27.75 g/t Ag (1.19% CuEq) over 3.0 meters (NUS-DD-1401-03A at 1,120.7 meters).
This additional intersection is not only encouraging for the continuity of mineralization but also its thickness between the deeper intersections from April’s press release and the existing resource defined in the 2025 Mineral Resource Estimate. Observations such as those shown in Figure 4 and the section in Figure 5, as well as those from beyond the mineralized horizon, are key to understanding the mineralization variability and zonation within the deposit. Hypotheses generated during continued studies of vein paragenesis and structural mapping strengthen the geological model and will guide further exploration programs.
SAMPLING AND QA/QC
Drill core currently produced at Nussir are in both NQ and HQ diameters; the 2026 winter-spring infill program was drilled in HQ for greater sample yield for ongoing metallurgical test work. This HQ drill core was sampled with half sawn core for metallurgical test work and quarter core for multi-element analysis. The NQ drill core, produced from all other programs, will use half core samples for multi-element analysis. The remaining half and quarter core will be retained by Blue Moon for future reference.
Starting in March 2026, Blue Moon’s samples from Q1 drilling have been shipped and delivered to ALS Piteå in Sweden. Such material has also been complemented by previously unsampled, mineralized material, from historical drill cores stored at The Geological Survey of Norway’s drill core archive at Løkken. Samples are prepared at ALS Piteå before being shipped to ALS’s facility in Ireland where they are subjected to fire assay and multi-element analysis (currently ME-ICP61 & PGM-ICP24). The ALS laboratory in Piteå maintains ISO 17025 accreditation via SWEDAC.
Sample size is stipulated to be 1 meter, while acknowledging boundaries such as lithological contacts. The current procedure is to sample 15 meters to either side of known and visual mineralization. QA/QC samples, in the form of sample blanks, duplicates and certified reference materials are currently inserted every 8th sample, equating to an insertion rate of 12.5%. Duplicates are quarter core whilst CRM material, closely matched to the Nussir mineralization, is supplied from OREAS.
Other related developments from around the markets include:
Rio Tinto Chief Executive Simon Trott said: "We achieved a step-change in performance in the first half, which, alongside favourable commodity prices, delivered a 28 per cent increase in underlying EBITDA and a 75 per cent rise in free cash flow. "Our continued investment in growth drove a 3 per cent increase in copper equivalent production¹ and further strengthened our portfolio diversification, with Copper, Aluminium and Lithium contributing more than 50 per cent of underlying EBITDA. Our strong performance is underpinned by accelerating productivity across the business. We have already banked $870 million of productivity benefits and are on track to reach an annualised run-rate of $1.8 billion by year-end, with significantly more to come as our multi-year program continues to scale. Our strong cash flow and balance sheet allow us to declare a $3.4 billion interim ordinary dividend, up 43 per cent, as we continue to invest in high-returning growth."
Freeport-McMoRan reported second-quarter 2026 net income attributable to common stock of $984 million, $0.68 per share, and adjusted net income attributable to common stock of $1.1 billion, $0.74 per share, after excluding after-tax net charges totaling $96 million, $0.06 per share, primarily for idle facility and restoration costs associated with PTFI’s September 2025 external mud rush incident. Kathleen Quirk, President and Chief Executive Officer, said, “The Freeport team achieved strong results in the second quarter, supported by solid execution of our operating plans and favorable pricing for our products. We made steady progress with our Grasberg ramp-up and our Americas operations delivered excellent performance, which resulted in year-over-year improvements to bottom-line results, demonstrating the strength of our diversified portfolio. As we look forward, we remain focused on restoring full operations at Grasberg safely and sustainably and continuing to build momentum on initiatives across our global footprint to grow margins, cash flow and earnings. Freeport is firmly positioned as “America’s Copper Champion” and as a global leader in copper with large-scale, geographically diverse operations and a pipeline of attractive growth options to support a growing market and build value for stockholders.”
BHP Group’s CEO Brandon Craig noted, ““We finished the year strongly, delivering safe and reliable operations while setting several performance records across the business. For the second consecutive year, we produced around 2 Mt of copper and delivered record iron ore production, demonstrating the power of a disciplined operating system and world-class assets. We achieved this against a backdrop of stronger realised prices for both copper and iron ore, with copper prices around 35 per cent higher than a year ago. Cost control was particularly strong, with every asset expected to be within unit cost guidance despite headwinds from inflation, higher diesel prices and global supply chain disruptions. Importantly, we delivered these results while continuing to build the next phase of growth. During the year we progressed applications to restart Cerro Colorado in Chile, defined development pathways for Copper South Australia, Escondida and Spence, and expanded our future copper options in the US through progress at Resolution and our investment in Faraday, while Vicuña received RIGI approval. In Canada, Jansen is on track to begin potash production next year, adding a new commodity and further diversifying our portfolio. We enter the new year with momentum and significant opportunities to accelerate improvements in safety, productivity and reliability through our operating system and the adoption of technology.”
Teck Resources announced that its Board of Directors has declared an eligible dividend of $0.125 per share on its outstanding Class A common shares and Class B subordinate voting shares, to be paid on September 29, 2026 to shareholders of record at the close of business on September 15, 2026. In addition, Jonathan Price, President and CEO noted, “We delivered another quarter of strong operational and financial performance, generating significant earnings and robust cash flow, supported by continued strong copper sales volumes, a favourable commodity price environment and disciplined execution across our operations. At QB, we achieved our third consecutive quarter of stable operating performance, demonstrating the progress we have made in strengthening reliability and consistency at one of the world’s most important new copper operations. These results reinforce the strength of our business and position us well to advance the planned merger with Anglo American to create a global critical minerals champion with the financial strength, operational capability and portfolio quality to deliver significant value for shareholders.”
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