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Blue Moon Metals defends Nussir project after Viceroy short-seller report
Haywood Securities kept a buy rating and $15 target, citing Norway’s reaffirmation of Nussir and plans for mill commissioning in Q3 2027 and commercial production in Q1 2028.
Blue Moon Metals is rebutting claims from activist short seller Viceroy Research that challenged the legal standing of permits, financing arrangements, and elements of its Nussir copper project development in Norway, according to Mining.com. An analyst firm says the company remains on track after management addressed the allegations on a conference call.
Haywood Securities maintained its buy rating and $15 target price after noting that Norway’s government has publicly reaffirmed Nussir as a strategic project. The broker also pointed to Blue Moon’s timeline, including mill commissioning in the third quarter of 2027 and commercial production in the first quarter of 2028.
Mining.com reported that Viceroy’s report, published a day earlier, coincided with Blue Moon shares falling 11% to close at $6.85 on Thursday. Viceroy questioned the submarine tailings permit for Nussir, as well as financing, the Springer tungsten acquisition, and corporate governance.
Blue Moon said the concerns are unfounded and that no regulator has indicated Nussir would face a permit reassessment similar to another Norwegian mining project. Haywood also said balance-sheet worries were overstated, citing that Blue Moon has drawn only half of its $25 million Hartree-Oaktree bridge facility and held C$159 million in cash at the end of the second quarter.
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