Mr. Christian Kargl-Simard reports

BLUE MOON METALS AND ALPHA FUTURE FUNDS ANNOUNCE SIGNING OF BINDING AGREEMENT TO COMBINE HOLDINGS IN THE SULITJELMA MINING DISTRICT, NORWAY

Blue Moon Metals Inc., further to the announcement of April 26, 2026, Alpha Future Funds' wholly owned subsidiary, VMS Explorations AS and Blue Moon's wholly owned subsidiary, Nye Sulitjelma Gruver AS (NSG), have entered into a binding share purchase agreement (SPA) to combine the two subsidiaries into a single entity. AFF is a private fund based in Luxembourg investing in innovative technologies and mining projects.

NSG and VMS hold extraction and exploration permits over the historic Sulitjelma mining district in the Fauske municipality of Norway. The Sulitjelma mine produced over 470 kilotonnes copper and 130,000 ounces gold over a 100-year life and benefits from excellent existing surface and underground infrastructure ready to be refurbished, including connection to abundant clean hydropower. Combining NSG and VMS is expected to allow for an integrated development opportunity, prioritizing mining of targeted high-grade zones and centralized haulage, and processing to strengthen project economics and streamline advancement toward production.

Christian Kargl-Simard, chief executive officer of Blue Moon, states: "We are delighted that this transaction gives Blue Moon shareholders continued exposure to a highly prospective brownfield asset, which can now be developed independently with a strong strategic partner. Sulitjelma was a cornerstone of Norwegian mining, and we are delighted to be a part of the regeneration of this historically important project."

Benedikt Sobotka, principal of AFF commented, "Uniting NSG and VMS unlocks the potential of Sulitjelma to become Europe's next operational copper-gold mine. The listing of the combined entity and concurrent fundraising should allow us to accelerate our feasibility study program and advance the project towards production in conjunction with a targeted exploration campaign to expand the high-grade zones and test drill targets in the wider district."

Under the terms of the SPA, VMS will acquire 100 per cent of the shares in NSG from Blue Moon's wholly owned subsidiary, Blue Moon Norway AS, for a total consideration of $15-million (U.S.) payable in new shares of VMS, giving Blue Moon a 30-per-cent holding in the combined company. A total of 1,285 shares of VMS will be issued to Blue Moon, at a deemed price of $11,666.67 (U.S.) per share. Completion of the acquisition is subject to satisfaction of certain conditions, including raising of a minimum of $10-million (Canadian) in new capital and listing of VMS on a recognized stock exchange within 18 months of closing of the transaction, which period may be extended by successive periods of six months. In the event that any additional shares are issued in VMS prior to completion of the acquisition and listing, Blue Moon shall be issued such additional new shares in VMS to maintain its 30-per-cent interest prior to the Listing.

The acquisition is being conducted at arm's length and no related parties have an interest in the acquisition. No finder's fee, commission, bonus, advisory fee or other compensation is payable as a result of the acquisition. The acquisition is expected to close on or about Nov. 30, 2026.

Qualified persons

The technical and scientific information of this news release has been reviewed and approved by Shawn Crispin, an employee of Orefinder Mining Consultants LLC FZ, and an independent qualified person as defined by NI 43-101. This news release references the combined NSG and VMS holdings of the Sulitjelma project.

About Blue Moon Metals Inc.

Blue Moon is advancing five brownfield polymetallic projects, including the Nussir copper-silver-gold project in Norway, the NSG copper-zinc-gold-silver project in Norway, the Blue Moon zinc-gold-silver-copper project in the United States, the Springer tungsten-molybdenum project in the United States and the Apex germanium-gallium-copper project in the United States.

About AFF

Alpha Future Funds is a regulated Luxembourg-based investment vehicle pursuing a dual technology and mining investment strategy focused on driving innovation across the critical raw materials value chains.

We seek Safe Harbor.