Blue Moon Metals Inc.

Notes:

1. CIM definitions were followed for resource estimate.

2. A minimum mining width of 2.0 m was applied in making the resource estimate constraint wireframes. These wireframes were generated using a preliminary MSO.

3. Density values for Nussir were estimated from density sample values or assigned default average values where insufficient samples occur nearby.

4. MRE constraint wireframes were generated for a cut-off grade of 0.30%Cu, related to potential underground mining.

5. Metal prices assumed for this MRE were US$4.20/lb Cu, US$27.00/oz Ag and US$2,200/oz Au, which represent reasonable long-term consensus metal pricing.

6. CuEq Grade=Cu Grade+0.00781Ag Grade+0.740Au Grade

7. Metallurgy recovery assumptions were 96% Cu, 80% Ag and 93% Au, which stem from SGS metallurgical testwork completed in 2022.

8. The cut-off grade of 0.30% Cu was derived from the price and recovery values above, as well as a smelter payability of 97.3% and an assumed total operating cost of US$26.20/t of ore.

9. Rounding may result in apparent summation differences between tonnes, grades and metal content; not considered material.

10. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. CIM Definition Standards were followed for classification of Mineral Resources.

11. Mineral Resources shown are inclusive of Mineral Reserves.

Blue Moon Metals Inc.

Management’s Discussion and Analysis For the year ended December 31, 2025