08:49 AM EDT, 03/18/2025 (MT Newswires) -- Blue Moon Metals (MOON.V) said Tuesday that the Norwegian government upheld the company's operating license and extended the deadline to start up operations at the Nussir mine in the last possible appeal.

The decision by the Norwegian Ministry of Trade, Industry and Fisheries allows the license to remain in place as long as mining activities have commenced by September 2027.

Blue Moon said its Nussir subsidiary in Norway has all of its required primary permits required for construction and operations, with challenges to each having been exhausted in third party appeals processes. The company said secondary permits have either been granted or are in the application process as only required closer to operations. Blue Moon expects pre-construction activities to begin later this year with an expected budget of US$30 million.

The company is also reviewing the technical aspects of a 2023 JORC-compliant feasibility study on the project. An updated feasibility study is expected in the first half of 2026.

Blue Moon's share price dropped 6.6% on Monday to $2.80 on the TSXV.