LONDON: Baker Steel Resources Trust Limited has announced that, along with the three other main shareholders, it has agreed to sell its shares in Nussir ASA to Blue Moon Metals Inc, a company listed on the TSX-V stock exchange.

This sale represents 70.8% of Nussir’s issued share capital, valuing Nussir at $55.3 million.

The transaction is contingent on Blue Moon raising between $21.4 million and $35.7 million from new equity issues, signing definitive agreements, and securing approval from over 90% of Nussir shareholders and the TSX.

Nussir, which owns a copper project in northern Norway, completed an update to its Definitive Feasibility Study in 2023, shifting to a fully electrified mining operation. This update projected the mine to produce about 14,000 tonnes of copper annually over 14 years, with an NPV of $191 million and an IRR of 22% based on a copper price of $8,000 per tonne.

The sale is expected to finalize around the end of February 2025. The Company currently holds 21.6% of Nussir’s issued share capital, with a carrying value of £3.6 million, representing approximately 4.1% of the Company’s net asset value. Post-transaction, the Company is expected to hold between 10-12% of the enlarged Blue Moon share capital.