Toronto-based Blue Moon Metals
I’m looking at the geography and the logistics are clean. You’ve got mines in California and Utah feeding a centrally located processing hub in Nevada. It’s the kind of play that makes sense in a market where “sovereign supply” is the only thing that matters.
The Apex Acquisition: Germanium and Gallium
The Apex Mine is unique. In its prime, it was the primary US producer of Germanium (Ge) and Gallium (Ga)—specialty metals essential for semiconductors, fiber optics, and advanced defense tech.
- Exceptional Grades: Historical data from the USGS shows Ge and Ga grades roughly 10x to 100x higher than most global deposits.
- The Resource: A 2018 estimate pegged the site at roughly 1 million tonnes at 0.087% Ge and 0.033% Ga, with significant copper and silver kickers.
- The Structure: Teck is taking an 8.0% equity stake in Blue Moon and securing life-of-mine offtake rights for zinc from the California operations.
Springer: The Nevada Nerve Center
The Springer Complex in Nevada is the real engine here. Blue Moon closed the acquisition of this site on February 10, 2026, for $18.5 million. It’s a massive brownfield advantage: a 1,350 ton-per-day mill on private land, complete with a vertical shaft and water rights.
I’ve seen too many junior miners stall for years in “permitting purgatory.” Blue Moon bypassed that. By refurbishing an existing facility equipped with an Ammonium Paratungstate (APT) circuit, they’re cutting years off the traditional development timeline.
- Tungsten Potential: Springer was a General Electric asset in the ’80s and holds a historical resource of 10.7 million tonnes of tungsten.
- The Synergy: The complex will process ore from the Blue Moon Mine (California) and the Apex Mine (Utah).
- Infrastructure: Located miles from the I-80 and Union Pacific rail lines, it’s built for efficient regional distribution.
The North American Value Chain
The final link is Teck’s Trail Operations in British Columbia. Blue Moon will ship its zinc concentrates north to Teck’s world-class smelting and refining complex. This completes a fully integrated, North American-sourced value chain.
I’m tracking the institutional weight here. Hartree Partners, a major Blue Moon shareholder, was recently named as a procurement manager for the US government’s $12B “Project Vault”—a strategic critical metals stockpile launched in February 2026. This isn’t just a mining acquisition; it’s a strategic alignment with federal security priorities.
| Project | Primary Minerals | Status | Role in Hub |
| Blue Moon (CA) | Zinc, Gold, Copper | Decline in progress | Spoke (Feed) |
| Apex (UT) | Ge, Ga, Copper | Acquisition pending | Spoke (Critical Feed) |
| Springer (NV) | Tungsten, Processing | Refurbishment | The Hub (Processing) |
| Trail (BC) | Smelting / Refining | Operational (Teck) | Final Refinement |
Market Insight: The Pricing Super-Cycle
The timing is precise. As of late February 2026, Germanium prices have surged to $8,597/kg, while Gallium has jumped to $2,101/kg. These are “super-cycle” numbers, driven by extreme supply tightness and high-tech demand.
I’m watching the “Hub and Spoke” model closely. By consolidating processing at Springer, Blue Moon lowers the capital hurdle for its satellite mines. It’s a “Plug-and-Play” mining strategy. If they can execute the restart at Apex and the scale-up at Springer, they’ll be one of the few Western names actually delivering on the promise of a secure supply chain.
“Teck and Blue Moon are logical partners… creating a unique hub and spoke platform for US critical metals growth.” — Christian Kargl-Simard, CEO of Blue Moon Metals
Editorial Disclosure: This report is for informational purposes only. It is based on a press release from Blue Moon Metals dated February 27, 2026, and verified market data from February 2026. This content does not constitute financial or investment advice. Mining involves significant risk, and historical resource estimates for Apex and Springer have not been verified as current NI 43-101 compliant reserves. Please read our full Disclaimer.
