HIGHLIGHTS

1) HISTORICAL CORE RE-ASSAY PROGRAM

The Company has undertaken a thorough re-examination and re-assay campaign of previously drilled core located on the property. To date, approximately 64% of the 18,000 meters of historical core has been relogged, including 18% of the historical meterage received as final assay results. Some of the best results include:

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- Surface drillhole NM-13 confirmed a 7.00 m interval grading 1.28% WO₃ and 0.01% Mo from 160 m;

- Surface drillhole NM-44 confirmed a 24.25 m (13.72 m true width) interval grading 0.22% WO₃ and 0.03% Mo from 249 m, including 9.55 m (5.40 m true width) grading 0.53% WO₃ and 0.12% Mo; and

- Underground drillhole SU-27 confirmed an 8.24 m (6.34 m true width) interval grading 0.64% WO₃ and 0.01% Mo from 59 m, including 3.09 m grading 1.19% WO₃ and 0.02% Mo.

2) STOCKPILE SAMPLING UPDATE

The Company has completed a field program to sample and assay previously defined stockpiles on the property, resulting in 499 unique samples. These samples will be used to ascertain the grade and determine viability for processing the stockpiles through the Springer mill. This sampling is being combined with a LiDAR survey completed in August to estimate the tonnage of material available.

3) BLM APPROVAL OF EXPLORATION NOTICE

The Bureau of Land Management has approved the submitted Exploration Notice to perform selected works on public land. Five acres of disturbance is included in the notice, including drilling and drill roads in the southwest quadrant of the near mine area, access to private land in the northwest quadrant, and auger tailings sampling to the southeast of the main gate.

Theodore Veligrakis, VP Exploration, stated, ''The results from the historical core re-assay program are very encouraging and continue to validate the quality and scale of the mineralized system at Springer. In particular, the higher-grade intervals demonstrate the potential for meaningful grade continuity within the broader tungsten system. Combined with the ongoing geological relogging, stockpile sampling and our expanding exploration program, we are building a much stronger understanding of Springer's overall resource potential and how we can best advance and expand it.''

1) HISTORICAL DRILLING ASSAY HIGHLIGHTS

The Company has access to approximately 18,000 meters of historical diamond drill core for re-logging. The archive includes SU underground drillholes and NM surface drillholes completed by General Electric in the late 1970s and early 1980s. It also includes select holes from the 2007 campaign by Golden Predator before RC drilling was introduced. To date, 11,670 meters of historical core have been re-logged as part of the Company's ongoing validation and geological reinterpretation program. Historical sampling covered only ~5% of the available core, was limited to tungsten assays, and had no documented QA/QC procedures, despite pXRF and visual confirmation of other economic mineralization, including but not limited to copper, molybdenum, and silver.

The current sampling program shown in Figure 1 includes quarter-core sampling of previously assayed intervals as well as substantial volumes of previously untested mineralized rock. Historical mining and tungsten pricing led to selective "high-grading" of the drill core, focused mainly on the richest portions of the scheelite-bearing units, instead of a true statistical representation of the geological host of the mineralization. The expanded assay program now includes buffers around high-grade mineralization, lower-grade material, and mineralization outside the main skarn lenses, including the Granodiorite Springer Stock, a significant secondary target not previously evaluated. The historical drillhole NM-49 reaches a true depth of 880 m below surface- twice the depth of other drilling on the property.  It was originally drilled as an investigatory hole before sinking the Sutton 3 Shaft and returned favorable grades in the granodiorite. This intrusive hosts extensive quartz veining, variable molybdenite, chalcopyrite, and tungsten mineralization, along with evidence of elevated bismuth-bearing minerals. This deep hole offers a glimpse into the potential of a larger driving system at depth, warranting further follow-up and interpretation.

The following 2 tables outline the initial results of the re-assaying program and Figure 2 is a section of re-assayed results at Sutton 2.

2) STOCKPILE SAMPLING

The grab sampling program of pre-existing stockpiles was completed on September 6, 2026 (Figure 3). The purpose of this sampling is to test for grade distribution and material characteristics for all previously mined material that remains stockpiled on surface, to assess the viability of processing this previously mined material through the Springer mill. Samples were taken at approximately ten-meter intervals around the base of defined stockpiles, containing representative lithologies of the material. In total, twenty-eight stockpiles were sampled, with 499 grab samples and 79 Quality Control samples shipped to ALS Labs in Reno, NV. Assays for this resampling program remain pending.

In August, a LiDAR survey was also completed to generate accurate volume estimates for each stockpile, providing the basis for estimating tonnage. This stockpiled material is expected to form the initial mill feed in 2027.

3) BLM EXPLORATION NOTICE APPROVAL

Blue Moon's application to the United States Bureau of Land Management (BLM Exploration Notice NVNV106841534) in support of exploration activities on public lands was conditionally accepted on August 26, 2026, and fully approved on September 10, 2026, following payment of the associated reclamation bond. The approval of this application grants Blue Moon permission to conduct new exploration diamond drilling on 13 pads on public lands in support of the 67,000 m drilling campaign (Figure 4). The application also provided Blue Moon approval to conduct mechanized auger sampling of existing tailings material (see Blue Moon news release, July 7, 2026).

PRICING AND ISSUANCE OF THE ELMET GROUP CO. WARRANTS TO BLUE MOON

On September 21, 2026, as required by the binding letter agreement entered into between The Elmet Group Co. ("Elmet") and Blue Moon announced on September 14, 2026 regarding a series of strategic transactions intended to unlock the value of Blue Moon's Springer Tungsten Complex, Elmet issued to Blue Moon warrants to purchase 1,166,970 shares of Elmet common stock at an exercise price of US$21.423 per share.

SAMPLING AND QA/QC

The Springer Mine hosts historical drill core from multiple previous owners of the property, in core diameters of BQ, NQ, and HQ sizes.

The ongoing re-logging and sampling program has increased sampling coverage to approximately 44% of the available core. Final assay results from ALS Labs in Reno, Nevada, have been received for 18% of the historical core. Samples are being analyzed by ALS Geochemistry using analytical packages that include XRF analysis for WO₃, a 48-element multi-element suite, and selective fire assay for gold. Comprehensive QA/QC protocols have been implemented in accordance with CIM Best Practice Guidelines, with QA/QC samples representing approximately 12.5% of all assays, or a 1:8 ratio. These protocols support a robust dataset for future exploration targeting and resource evaluation.

The current sampling program includes quartering of previously assayed material and a large volume of previously untested, but mineralized rock. Due to the historical mining methods and tungsten prices, the drill core was "high-graded", with focus only on skarn hosted scheelite rich zones. New assaying includes buffers to high grade mineralization, lower grade material, ore hosted outside the main skarn lenses including a major secondary source not considered previously – the Granodiorite Springer Stock. This intrusive hosts significant quartz veining, variable molybdenite, chalcopyrite, and tungsten mineralization and evidence of elevated bismuth bearing minerals.

QUALIFIED PERSONS

The technical and scientific information of this news release has been reviewed and approved by Mr. Lazaros Dalampiras, MAusIMM, CP(Geo), Blue Moon's Head of Mineral Resources, and a non-Independent Qualified Person, as defined by NI 43-101.

About Blue Moon

Blue Moon is advancing 5 brownfield polymetallic projects, including the Nussir copper-gold-silver 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. All 5 projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc, copper and tungsten are currently on the USGS and EU list of metals critical to the global economy and national security, and germanium and gallium are also on the USGS list of critical metals. Major shareholders include Teck Resources Limited, funds managed by Oaktree Capital Management, Hartree Partners LP, Wheaton Precious Metals, Altius Minerals Corporation, Baker Steel Resources Trust, LNS and Monial. More information is available on the Company's website (www.bluemoonmetals.com).

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable Canadian and United States securities laws.