Blue Moon Metals faces pressure following Viceroy Research report

Blue Moon Metals is facing market pressure following a short seller report from Viceroy Research. The report claims that the Nussir project in Norway may lose its permit to deposit processing tailings in the Repparfjord.

However, analysts note that while the report highlights significant environmental, implementation, and permitting risks, the central negative legal consequence—the loss of the permit—has not yet occurred. There is a distinction between existing regulatory risks and actual project stoppages.

The report reportedly conflates different legal matters. For instance, a June 2026 ruling by the Norwegian Supreme Court concerned the Engebø project rather than Nussir, meaning it does not automatically invalidate the Nussir permit. Additionally, while the EFTA Surveillance Authority (ESA) has criticized Norway’s application of the European Water Framework Directive regarding the Repparfjord, the specific legal implications for the Nussir project remain a matter of ongoing risk rather than a confirmed revocation.