Blue Moon closes $24.8M placement to fund Nevada tungsten restart
What's the deal? Blue Moon MetalsDealroom has a profile for this one. Try Dealroom → has closed a US$25.7M private placement with The Elmet GroupDealroom has a profile for this one. Try Dealroom →, the sole subscriber. The company issued 3,500,000 units at US$7.33 each, with net proceeds earmarked solely for developing its Springer tungsten complex in Nevada.
The fine print: Each unit bundles one common share and one warrant exercisable at $10.80 for three years. The post-IPO equity deal still needs final approval from the TSX Venture Exchange; no finder's fees were paid, and no new insiders or control persons were created.
Why now? The placement closes the equity leg of a larger Springer financing plan announced in September. Elmet's wider package includes a $50 million prepayment facility and investment in a processing-plant joint venture, giving the restart a strategic buyer and a route toward domestic US tungsten processing.
The new hire: Elmet gained a board nomination right through an investor rights agreement, and Blue Moon appointed William Jacob Homiller as a director, effective October 16. Homiller led carbon-removal firm CarbiCrete from 2024 to early 2026 and ran H.C. Starck Solutions before that, formalizing Elmet's strategic role.
What could go wrong? The mine and mill are not yet producing, with output targeted for late 2027. Tungsten prices have also pulled back sharply from their 2026 peaks, leaving the project's economics as a bigger test than the raise.
The signal: The timing reflects US efforts to diversify tungsten supply ahead of tighter defense-procurement limits on Chinese-origin material from 2027. At roughly $24.8 million, the round is modest, but it anchors a project aimed squarely at critical-mineral security.
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Image credit: James St. John
