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Viceroy

@viceroyresearch

A group of individuals that see the world differently. Read our disclaimer on each report.

viceroyresearch.org/
Joined December 2016
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Photo by Viceroy (@viceroyresearch)Photo by Viceroy (@viceroyresearch)Photo by Viceroy (@viceroyresearch)Photo by Viceroy (@viceroyresearch)Photo by Viceroy (@viceroyresearch)Photo by Viceroy (@viceroyresearch)Photo by Viceroy (@viceroyresearch)Photo by Viceroy (@viceroyresearch)Photo by Viceroy (@viceroyresearch)Photo by Viceroy (@viceroyresearch)
Blue Moon Metals – License to Shill We believe BMM’s Nussir mine will lose its permit to pump and dump in the fjord. Its remaining portfolio is a hastily acquired pipe-dream, shilled to investors by infamous stock promoters. Viceroy is short. $BMM $MOON.V 1/
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$MOON.V $BMM Blue Moon’s CEO + four insiders traded their own shares on Friday. Results land this week. Their own policy BANS trading 14 days before results. Can’t grasp their own trading rules, but we’re supposed to trust their grasp of European water law?
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$ABXX.TO The "near-audit-level forensic" audit committee, who had to re-issue its Q2 twice due to material misstatements and apparent lack of calculators, investigated itself and found nothing?
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𝗕𝗹𝘂𝗲 𝗠𝗼𝗼𝗻 𝗠𝗲𝘁𝗮𝗹𝘀 - 𝗙𝗹𝗮𝗴𝘀𝗵𝗶𝗽 𝘁𝗼 𝗙𝗶𝗿𝗲𝘀𝗮𝗹𝗲 $BMM announces it is selling Blue Moon Norway to ACG for $220m shares. BMM spent months bragging to shareholders that Nussir was the company's flagship... Now, they're throwing it overboard in exchange for confetti 1/
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Image from Viceroy (@viceroyresearch)
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Report link: viceroyresearch.org/publicat… 2/

Blue Moon Metals - Flagship to Firesale

The sale of Nussir is being marketed as a feat. Instead, it's an admission BMM can no longer fund one of its central projects.

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Blue Moon Metals: The Houdini Files Shareholders are watching deals disappear as BMM file after-market announcements reversing the purchase of 33 “hub-and-spoke” mines in the US. $BMM 1/
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Report now live $BMM 2/ viceroyresearch.org/publicat…

Blue Moon Metals - The Houdini Files

Blue Moon Metals (TSXV: MOON) announced – via a Friday after-market ‘nobody is watching o’clock’ press release – that its acquisition of “33 tungsten and antimony projects in the western US” was dead.

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$BMM - a Friday night announcement when nobody's watching. Blue Moon's CEO @AdventusCEO pumped the acquisition of 33 US tungsten & antimony projects. High grades, Springer synergies & Production nonsense... $MOON.V now the entire deal is DEAD
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$ABR - Q3 2026: The dividend is gone but the credit crisis is getting much worse. You can't say you weren't warned! Will the management stop extend & pretending?
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$BMM Norway's sea-tailings experiment is unravelling. Nordic suspended operations at Engebø indefinitely as creditor talks stall & operations were scaled back Yet, Blue Moon is betting a further c.$120m at Nussir while the permits are in jeopardy. What could go wrong? $MOON.V
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Like clockwork: @Truecaller delivers dogshit results once more, & is now priming investors for a SEK 900m tax fine & higher ongoing transfer pricing tax rates. We were the first to flag these tax issues, & $TRUE was subsequently raided. More to come...
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$BMM - Norway just tightened its WFD guidance. Temporary deterioration counts & damage to one quality element can trigger §12. Nussir's defective permit faces a clearer legal test. The Engebø workaround just got harder. Where is $MOON.V's disclosure? Govt link in 3rd post 1/3
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All the while Nordic Mining admits the reality of the situation & possible bankruptcy, BUT $BMM remains silent on the impact. 2/3
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Viceroy welcome investigation into short selling practices by the @SECGov. We have received no correspondence in this regard, but we have assisted the #SEC with their investigations which would also trigger B7A exemptions.
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$BMM - Blue Moon / Nussir met TWO Norwegian ministries last month & not a word from management. If it were good news @AdventusCEO would be pumping it. Remember the $140m financing? Only months later after we exposed it did $MOON.V admit it wasn't executed.
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$BMM - Blue Moon is promoting history again. After relogging 77% of 18,000m of old core, its 'NEW' intercept is a 1ft interval in a hole drilled in 1977. How much has actually been assayed? Unsaid. Results from its 67,000m campaign due to start in August? Unsaid. $MOON.V 1/3
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$BMM can't even be consistent! Typical hype from a company that failed to disclose it's financing wasn't even in place. 150,000 options were granted to two unnamed 'consultants' for...typo or just made up numbers? 2/3
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🚨BREAKING $BMM - Norway has just done exactly what we predicted. They suspended Engebø's invalid permits & replaced them with a three-year permit materially cutting annual sea dumping by 62.5%. Applied to Nussir, that cripples its economics. $MOON.V 1/3
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$MOON.V - Norway cut Engebø's permitted dumping from 4Mt to 1.5Mt a year while it considers any long-term permit. $BMM Management's denials have aged badly. Norway has shown how it treats a defective sea-tailings permit. Worse, Nussir has no replacement permit. 2/3
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🚨 Blue Moon told investors on 13 August it had received “no notification or indication” that Nussir faced an Engebo-style challenge. 𝗧𝗵𝗮𝘁 𝘄𝗮𝘀 𝗳𝗮𝗹𝘀𝗲.  Norway’s regulator says it warned Nussir on 24 June that its permit would be assessed because of Engebo. 1/ $MOON.V $BMM
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The 24 June warning was delivered directly at a meeting in Oslo. Nussir CEO Oystein Rushfeldt was in the room. Seven weeks later, Blue Moon CEO @AdventusCEO told investors the company had received no notification or indication. Management lied. 2/
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$ABR - A lesson for the anti-short-seller crowd. Read our @Arbor1 reports, then ask AI how management drove Arbor into the ground (or do the manual work like we did). NO "short & distort" nonsense. Just mgmt intent on keeping the party going & getting paid in cash.
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𝐁𝐥𝐮𝐞 𝐌𝐨𝐨𝐧 𝐌𝐞𝐭𝐚𝐥𝐬: 𝐍𝐨𝐫𝐰𝐚𝐲 𝐌𝐨𝐯𝐞𝐬 𝐓𝐨 𝐑𝐞𝐯𝐞𝐫𝐬𝐞 𝐓𝐡𝐞 𝐏𝐞𝐫𝐦𝐢𝐭𝐬 On September 25, Norway delegated authority to Ministry of Climate and Environment to formally reverse the 2016 decree that permitted Engebø 1/ $BMM
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That 2016 decree rejected an appeal and finalised Nordic Mining's permit to dump tailings in Førdefjorden. Now Norway is using its power to reverse a decision that "must be considered invalid" to formally undo it 2/
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$MOON $BMM paid US$38.7M today for the Turner deposit in Oregon. Price history of the same asset: - General Moly optioned it out for US$2.0M in 2009. - Insiders of the optionee bought 79% of the holding company for US$1.6Mm in 2013. - Today: US$38.7M, US$27M of it in $MOON shares 1/
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Blue Moon calls Turner a "past producing" deposit. The USGS lists it as a prospect with no recorded production. The seller's filings describe a deposit "discovered in the early 1900s" and "no further work since 2014". Nobody has ever mined it 2/
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Nordic Mining announce restructuring of Nussir sister fjord-dumping mine, Engebo. A tragic glimpse into the future for $BMM and Nussir, who have admitted they have not "secured" financing. NM shares plummet. Down ~47% today, and 95% YTD. The writing is on the wall for $BMM.
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Viceroy (@viceroyresearch) profile pictureViceroy
@viceroyresearchSep 22
Replying to @viceroyresearch
Blue Moon told investors it was "fully financed" while raising C$156m. @AdventusCEO admitted otherwise: "Prior to this deal we have not signed the final agreement with Hartree and Oaktree for our Nussir project financing… if we did, we would be fully financed." 2/ viceroyresearch.org/publicat…

Blue Moon Metals - Letter to USC - Sep 22, 2026

Blue Moon raised C$156.25 million of equity in May 2026, after telling investors that Nussir’s remaining capital requirement would be met partly from “available undrawn amounts” under a US$140...

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$BMM - Anyone else speaking with @AdventusCEO or mgmt at the Precious Metals Summit in Beaver Creek feel free to also record what they say & send it to us. We're compiling his biggest whoppers, they are getting wilder. #PreciousSummitBC2026
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