ACG Metals Limited (LSE: ACG, ACGW) has announced a transformational acquisition of 100% of Blue Moon Norway AS from Blue Moon Metals Inc. for US$220 million payable entirely in new ACG class A ordinary shares. The deal brings the construction-stage Nussir underground copper mine in Finnmark, northern Norway, into ACG's portfolio alongside its existing Gediktepe operation in Türkiye. The transaction is expected to close by 30 November 2026, pending ACG shareholder approval and other conditions, with a long-stop date of 15 December 2026.

Key Points

  • ACG Metals Limited (LSE: ACG, ACGW) is acquiring 100% of Blue Moon Norway AS
  • Consideration of US$220 million payable in new ACG shares at £18.70 per share, representing approximately 27.6% of enlarged issued ordinary share capital
  • Nussir targets first copper concentrate in H1 2028; combined group production expected to exceed 50,000 tonnes of copper-equivalent per annum
  • Investors should watch the shareholder general meeting expected on or around 25 November 2026 and subsequent financing announcements covering US$126 million of remaining Nussir capex

Nussir Underground Copper Mine in Finnmark Anchors the Norwegian Portfolio

Nussir is an underground copper project with gold and silver by-products located near Hammerfest in Finnmark, northern Norway, and represents the centrepiece of the acquisition. Its feasibility study, dated April 2026, reports Proven and Probable Ore Reserves of 24.98 million tonnes at 0.81% copper and Measured and Indicated Mineral Resources of 28.72 million tonnes at 1.02% copper, with a mine life of approximately 13 years from 2028 to 2041. The project holds full permits, benefits from existing roads, an ice-free deep-water port, and a planned renewable grid connection, and has been designated an EU Strategic Project under the Critical Raw Materials Act.

Combined Gediktepe and Nussir Assets Projected to Average US$370 Million EBITDA Per Annum Over 2029–2033

ACG's announcement states that over 2029–2033, Gediktepe and 100% of Nussir are projected to generate combined asset-level EBITDA averaging approximately US$370 million per annum and combined asset-level free cash flow averaging approximately US$267 million per annum, using consensus commodity prices and excluding group corporate costs and financing. These are asset-level estimates, have not been audited, and are subject to material assumptions including future commodity prices, production rates, and permitting outcomes. Gediktepe in Türkiye is separately targeting full commercial production in Q1 2027.

Approximately US$126 Million of Nussir Remaining Capex Still to Be Funded at Completion

The announcement discloses that approximately US$84 million of Nussir's initial capital expenditure will have been spent by the time the acquisition closes, leaving approximately US$126 million outstanding. ACG states it is assessing several proposals to fund this remaining capex, which may include refinancing its existing Nordic bonds alongside cash flows from Gediktepe. The company has applied a 27% contingency to Blue Moon's latest total capex budget of approximately US$210 million, adjusting it from the original feasibility study figure of approximately US$198 million. Financing updates will be provided as soon as practicable.

ACG Plans North American Listing and FTSE 250 Eligibility Transfer Within 12 Months of Completion

Following the acquisition, ACG intends to seek an additional North American listing within 12 months of completion and to transfer from the equity shares (transition) category to the equity shares (commercial companies) category of the FCA's Official List in H1 2027, subject to regulatory approvals. The ESCC transfer is intended to enable eligibility for the FTSE UK Index Series, including the FTSE 250, subject to FTSE Russell's nationality, free-float, and liquidity requirements. The company also confirmed that irrevocable support undertakings representing approximately 80.7% of issued share capital have been received ahead of the general meeting expected on or around 25 November 2026.