Perseverance Metals has closed the second and final tranche of a non-brokered private placement, raising C$4.7 million in gross proceeds. Combined with the first tranche closed on 10 March 2026, the company has raised total gross proceeds of C$8.2 million. The second tranche attracted investments from Teck Resources, NQ Investissement Minier, and Altius Minerals, among others. The financing was upsized twice and oversubscribed by more than C$5 million. The offering comprised 4.6 million Québec flow-through units priced at C$1.02 per unit. Each unit consists of one common share and one-half of one warrant, with each full warrant exercisable at C$0.95 for 36 months. President John Foulkes said the funds will support drilling programmes at the company's North American critical minerals assets.

Blue Moon buys former gallium-germanium mine in Utah from Teck. Home / industry news / Blue Moon buys former gallium-germanium mine in Utah from Teck. Cantact Us * March 4, 2026 The acquisition adds another US critical minerals project to Blue Moon's pipeline. Credit: Blue Moon Metals Blue Moon Metals (TSXV: MOON) (NASDAQ: BMM) has acquired a former gallium-germanium mine in Utah from a subsidiary of Teck Resources (TSX: TECK.A/TECK.B), a move that furthers its push into US-based critical minerals assets with potential synergies. In a statement on Monday, Blue Moon said it will acquire the past-producing Apex mine from Teck American. As consideration, the Vancouver-based explorer will issue approximately 7 million common shares, representing 8% of its total shares outstanding. The transaction, said the company, makes Teck a "key stakeholder" to support an integrated pipeline of US critical mineral projects to secure North American supply. The deal also adds to an already strong working relationship with key shareholder Hartree Partners LP, an important partner with the US government on their recently announced $12 billion critical metals stockpile, Blue Moon said. Blue Moon Metals soared an all-time high of C$7.94 in Toronto on the announcement, taking its market capitalization above C$630 million ($460 million). The stock has risen by 60% on the year. Primary ga-ge producer. The Apex mine was once a primary US producer of gallium and germanium, when Musto Explorations brought it into production in the mid 1980s and again with Hecla Mining Company (NYSE: HL) in the 1990s. During its peak year of operations, the mine produced 10,270 tonnes yielding 1,645 lb. of gallium, 5,634 lb. of germanium and 224,800 lb. of copper. In 1989, Hecla completed a feasibility study for the project, reporting a reserve of 230,200 tonnes grading 0.1% germanium, 0.046% gallium and 1.6% copper. A historical reserve estimate by Ken Krahulec in 2018 estimated 1 million tonnes at 0.087% germanium, 0.033% gallium, 1.8% copper and 41 g/t silver. According to Blue Moon, its germanium and gallium grades are 10-100x higher than most comparable deposits. Beyond the historical reserves, Hecla also identified several additional breccia bodies as prospective exploration targets, along with further oxide zones in the immediate mine area. Subject to renewed permits, the company said it plans to fast-track efforts to advance the technical studies, metallurgical testing, process flowsheets, permitting and community engagement to support a final investment decision. 'Immediate synergies' Acquiring the Apex mine, said Blue Moon, would add several immediate synergies, including the ability to process zinc concentrates from its underground mine in California at Teck's Trail operations in British Columbia to solidify a fully integrated North American-sourced value chain. "Teck and Blue Moon are logical partners, combining Blue Moon's US project pipeline and processing capacity at Teck's Trail Operations," Blue Moon Metals' CEO Christian Kargl-Simard said in a news release. "Following our cornerstone investments to rebuild zinc, lead, and silver capacity in Idaho's Silver Valley, revitalizing the long-standing connection between US miners and our smelting and refining complex in Trail, this transaction with Blue Moon marks another important step to develop new US sources of critical minerals," Ian Anderson, Teck executive vice president and chief commercial officer, added. Located in Mariposa County, the Blue Moon site was originally mined for zinc, copper, lead, silver and gold during World War II by Hecla, producing over 55,000 tons of high-grade ore over a two-year period. After decades of inactivity, exploration picked up during the 1980s and 1990s under Imperial Metals, Boliden and Lac Minerals (now Barrick). Blue Moon took on the project in the modern era, initially under the previous executive team led by former CEO Patrick McGrath. Since a management shakeup in late 2024, the company has completed a modern review and analysis of the historical data, and in March 2025 published an NI 41-101 resource totalling 3.65 million indicated tonnes with a grade of 13.46% zinc equivalent and 4.43 million inferred tonnes at 12.12% zinc equivalent. Based on the resource, the company also released a preliminary economic assessment that demonstrated the potential for annual average production of 62.3 million lb. of zinc, 22,566 oz. of gold, 681,784 oz. of silver and 7.2 million lb. of copper over a 10-plus-year mine life. Blue Moon subsequently received mine permits and began construction of an exploration decline in October. First production is forecasted to begin in 2028. Tungsten build-out. In addition to the California operation, the company has also identified potential synergies with its recently acquired Springer tungsten complex in Nevada's Pershing County. Like Apex and Blue Moon, the property is host to a past-producing mine that operated between 1918 and 1958. General Electric Company, interested in securing long-term tungsten supply assets to support its lighting and industrial tools businesses, acquired the property in the 1970s. The current mine and mill were constructed by Utah International (later became BHP Minerals Group) for GE, and subsequently commissioned and operated by GE for eight months in 1982. The property has not been actively mined since. In 2006, EMC Metals acquired the Springer project from GE and has since completed the refurbishment and upgrades to the milling facility. Blue Moon purchased the site in February 2026 to provide processing capacity to support the development of its California zinc mine and to establish a regional processing hub. Sitting on a large land package, Blue Moon said "there is significant room" to expand the mill layout and add additional buildings to process multiple ore types and "improve economies of scale to unlock and maximize the value of resources" that would otherwise not support stand-alone processing facilities. Based on data prepared by GE and Utah International, the Springer project has a historical resource estimate of 10.7 million tonnes at 0.45% tungsten that has yet to be verified. The company said it intends to initiate a drill program this year to update the resource model.

Eric Sprott joins Teck and South32 as strategic investor in TSXV copper-gold explorer American Eagle. Canadian billionaire backs American Eagle Gold with C$23M investment, joining Teck Resources and South32 as cornerstone shareholders. Eric Sprott, the Canadian billionaire known for his early-stage investments in high-potential exploration plays, has added another name to his portfolio - American Eagle Gold Corp. (TSXV: AE), a British Columbia-focused copper-gold explorer. The company announced Friday that Sprott, through a corporation beneficially owned and controlled by him, has acquired 19.2 million common shares on a premium flow-through basis at C$1.20 per share, representing a total investment of C$23 million (US$16.8 million). The transaction will give Sprott an approximate 9.9% equity stake in the Toronto-based explorer, making him the third strategic investor alongside Teck Resources Ltd. and Australia's South32. Suggested opportunity. Following the announcement, American Eagle's shares surged 22% to close at C$0.94 apiece on Friday, pushing the company's market capitalization to nearly C$163 million (US$119 million). "We're very pleased to welcome Eric Sprott as another strategic, long-term investor on the register," said Anthony Moreau, CEO of American Eagle, in a statement. "What makes his participation particularly notable is that it's rare for him to back copper stories." Sprott himself offered high praise for the company's flagship asset. "NAK has truly caught my attention," he said. "I believe the grade and length of the intervals are exceptional, and the gold grade is the icing on the cake. I believe this is one of the best undeveloped porphyrys in Canada." To accommodate existing investor rights held by Teck and South32 to maintain their ownership positions, American Eagle has arranged a concurrent financing of approximately 14.93 million common shares at C$0.77 per share, targeting additional proceeds of C$11.5 million. Together, the two financings are expected to raise aggregate gross proceeds of C$34.54 million. Upon closing of both offerings, the company will have over C$50 million in cash on its balance sheet, providing full funding for substantially expanded drill programs in 2026 and 2027 at its NAK copper-gold porphyry project in central British Columbia. The NAK property, located in the Babine copper-gold porphyry district near Smithers, B.C., hosts a large 1.5 km by 1.5 km mineralized system that was only tested at shallow depths during initial exploration in the 1960s. Since taking over the project in 2022, American Eagle has conducted multiple drill programs confirming significant, continuous mineralization at depth. The company released its most recent assay results concurrently with the Sprott investment announcement, highlighted by a 618-metre interval grading 0.77% copper equivalent. This intercept successfully links high-grade, near-surface gold-rich mineralization to the high-grade core at depth, supporting the concept of a large, coherent mineralized body extending from surface to significant depth. NAK is currently undergoing a 31,500-metre drill program aimed at further expanding and improving the mineral footprint, with additional assay results expected as they become available. The addition of Sprott strengthens an already impressive shareholder registry that includes diversified global miner South32 and Canadian mining major Teck Resources. For a junior exploration company, this lineup of strategic backers provides significant capital backing and industry validation for the technical merits of the NAK project. The financings are structured without warrants, and the company will pay a commission or finder's fee of up to 1% in connection with the offerings. The flow-through shares will qualify as "Canadian exploration expenses" and "BC flow-through mining expenditures" for tax purposes, with qualifying expenditures to be incurred by December 31, 2027, and renounced to purchasers effective no later than December 31, 2026. Closing of the offerings is expected to occur on or about March 20, 2026, subject to receipt of all necessary regulatory approvals including acceptance by the TSX Venture Exchange. All securities issued will be subject to a statutory hold period of four months plus one day from the closing date.