Nussir Feasibility Study: $150M Capex Over a 17-Year Mine Life
Blue Moon Metals Inc.'s Nussir in Norway has a Feasibility Study outlining initial capital of $150M. The mine plan runs 17 years at about 21000 tpa CuEq per year.
Blue Moon Metals Inc.'s Nussir has reported Feasibility Study results for the copper project in Norway. It reflects Blue Moon Metals Inc.'s (MOON.V) latest disclosed economics for the asset.
Economics. Initial capital expenditure is estimated at $150M. Economics are based on Consensus pricing: 2028 $5.22/lb Cu, $4,207/oz Au, $61.15/oz Ag; 2029 $5.23/lb Cu, $3,971/oz Au, $55.07/oz Ag; LT $4.78/lb Cu, $3,515/oz Au, $45.26/oz Ag. Spot: $5.84/lb Cu, $5,171/oz Au, $84.61/oz Ag. CuEq deck: $4.20/lb Cu, $2,200/oz Au, $27/oz Ag, $1,100/oz Pd and Pt..
Production and mine plan. The project envisions an underground operation. Life of mine is 17 years. Average annual production is approximately 21000 tpa CuEq. Average head grade is 0.81% Cu. Metallurgical recovery averages 96%.
Resources and ownership. The company holds a 94.52% interest in the project. Royalties and streams: 0.75% NSR to the government and Sámi communities.
These figures are extracted from Blue Moon Metals Inc.'s technical disclosures and reflect the most recent Feasibility Study on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Proven & Probable | 24,980,000 t | 0.99% CuEq, 0.81% Cu, 0.09 g/t Au, 10.34 g/t Ag | — |
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Measured & Indicated | 28,720,000 t | 1.20% CuEq, 1.02% Cu, 0.12 g/t Au, 12.3 g/t Ag | — |
| Inferred | 31,990,000 t | 1.23% CuEq, 1.01% Cu, 0.14 g/t Au, 14.6 g/t Ag | — |
Our Analysis
- Initial capex
- $150M
costlier than 15% of 40 projects we track
- Mine life
- 17yrs
- Study price assumption
- Consensus pricing: 2028 $5.22/lb Cu, $4,207/oz Au, $61.15/oz Ag; 2029 $5.23/lb Cu, $3,971/oz Au, $55.07/oz Ag; LT $4.78/lb Cu, $3,515/oz Au, $45.26/oz Ag. Spot: $5.84/lb Cu, $5,171/oz Au, $84.61/oz Ag. CuEq deck: $4.20/lb Cu, $2,200/oz Au, $27/oz Ag, $1,100/oz Pd and Pt.
- Spot copper today
- $6.55/lb
A 17-year mine life places this asset in the upper tier of the copper projects we track, where the median hovers closer to a decade. That durability is the first thing an investor should weigh: it means the project can absorb a full commodity cycle and still pay back its build, which is rare among the 40 projects in our universe. The rank is not an outlier, but it is comfortably above the pack, and for a small-cap that is a meaningful differentiator.
The financing picture is where this project separates itself from the peer set. Initial capex of $150M is lower than 85% of the 40 copper projects we track, and the build cost sits at roughly 0.3x the company's US$566M market cap. That is the sharpest funding-risk signal available: a company can finance a build this size without the dilutive equity raise or project-level debt that typically caps small-cap upside. The fact that this is one of seven projects in the company's portfolio also spreads technical and execution risk, though it does mean management attention is divided.
At feasibility level, the numbers carry the most weight, a plus or minus 15% band is the build-ready estimate. The study's copper price deck, with long-term consensus at $4.78/lb, sits well below today's spot of $6.55/lb, so the returns are not leaning on a bullish price case; if anything, the market is already pricing in a pullback. Norway is a stable, mining-friendly jurisdiction, which removes the permitting and sovereign-risk discount that often applies to comparable deposits elsewhere. The single question that decides whether this works is execution: can a small-cap with a diversified portfolio deliver a 17-year asset on schedule and on budget, when the market has already given it credit for a modest build cost?
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.