Announcement • Apr 17
Bluebird Mining Ventures Ltd has completed a Follow-on Equity Offering in the amount of £0.75 million. Bluebird Mining Ventures Ltd has completed a Follow-on Equity Offering in the amount of £0.75 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 750,000,000
Price\Range: £0.001
Transaction Features: Subsequent Direct Listing New Risk • Feb 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 54% per year over the past 5 years. Shareholders have been substantially diluted in the past year (163% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£2.82m market cap, or US$3.83m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Announcement • Jan 20
Bluebird Mining Ventures Ltd has completed a Follow-on Equity Offering in the amount of £0.019728 million. Bluebird Mining Ventures Ltd has completed a Follow-on Equity Offering in the amount of £0.019728 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 13,151,989
Price\Range: £0.0015 Announcement • Jan 17
Bluebird Mining Ventures Ltd has filed a Follow-on Equity Offering in the amount of £0.13 million. Bluebird Mining Ventures Ltd has filed a Follow-on Equity Offering in the amount of £0.13 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 86,666,666
Price\Range: £0.0015
Transaction Features: Subsequent Direct Listing New Risk • Jan 13
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 66% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 54% per year over the past 5 years. Shareholders have been substantially diluted in the past year (66% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (UK£2.17m market cap, or US$2.91m). Announcement • Dec 18
Bluebird Mining Ventures Ltd has completed a Follow-on Equity Offering in the amount of £0.62745 million. Bluebird Mining Ventures Ltd has completed a Follow-on Equity Offering in the amount of £0.62745 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 418,300,000
Price\Range: £0.0015
Transaction Features: Subsequent Direct Listing Announcement • Nov 27
Bluebird Mining Ventures Ltd Announces Step Down of Jonathan Morley-Kirk from the Board, Effective from 25 November 2025 Bluebird Mining Ventures Ltd. announced that Jonathan Morley-Kirk, a non-executive director of BMV since October 2014, has informed the Company of his decision to step down from the Board with effective from 25 November 2025. New Risk • Sep 26
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£7.06m (US$9.47m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$601k free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 54% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£7.06m market cap, or US$9.47m). Minor Risk Shareholders have been diluted in the past year (20% increase in shares outstanding). Announcement • Aug 25
Bluebird Mining Ventures Ltd, Annual General Meeting, Sep 09, 2025 Bluebird Mining Ventures Ltd, Annual General Meeting, Sep 09, 2025. Location: 7 castle street, st helier, je2 3bd, Jersey New Risk • Jul 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 21% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$522k free cash flow). Share price has been highly volatile over the past 3 months (36% average weekly change). Earnings have declined by 22% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (21% increase in shares outstanding). Market cap is less than US$100m (UK£12.0m market cap, or US$16.1m). Announcement • Jun 25
Bluebird Mining Ventures Ltd Announces Sath Ganesarajah Will Join the Board of Directors, Effective June 30, 2025 Bluebird Mining Ventures Ltd. Mr. Sath Ganesarajah shall join the Board of Directors of Bluebird on 30 June 2025 as Non-Executive Chairman. Sath Ganesarajah, 43, British: Sath is a seasoned entrepreneur and investor with deep expertise in crypto assets and institutional capital markets. He first bought Bitcoin in 2017 and has since advised several global hedge funds and institutional investors on crypto strategy, digital asset fund structuring, and large-scale infrastructure deployment-supporting mandates totaling over US$1 billion in Assets Under Management (AUM). He is the founder and CEO of The BE Company, a clean energy and AI infrastructure business with operations in the UK, US, and Canada. Across multiple ventures, he has developed and operated over 50MW of digital infrastructure, including immersion-cooled compute and modular clean energy projects. Earlier in his career, Sath held senior trading and structuring roles at Morgan Stanley, Citi, and Credit Suisse, specialising in structured credit and emerging markets. Sath holds a BSc in Management from the London School of Economics and a Postgraduate Certificate in Mathematics from Birkbeck. He has also completed executive programmes in Blockchain Strategy (University of Oxford) and Data Science. Announcement • Jun 24
Bluebird Mining Ventures Ltd. Provides Update on Gold Project in the Philippines Bluebird Mining Ventures Ltd. announced that the agreement over its gold project in the Philippines is substantially now in final form being only subject to final reviews before execution. The Company expects the agreement to conclude imminently. The key terms, subject to execution, are as follows: Bluebird will receive a 10% profit share from the Philippine gold project in perpetuity over the life of the mine with the implementation of a transparent dividend policy to ensure cash receipts. Furthermore, Bluebird will receive additional bonus royalty payments of USD 250,000 at every gold sales milestone of 5,000 oz subject to the average gold price over the period being over $3,000/oz. The Philippine project has a JORC compliant resource estimate of 440,000 oz of gold over the total area of the licenses. Bluebird will incur no further expenditure but will retain certain rights of inspection of production plans and records. As announced on the 5 June 2025, the Company intends to convert cash receipts that it will receive in the future from streaming revenues into bitcoin. This is in line with the Company's strategy (that we believe is a first in the UK) to convert physical gold to "digital gold" i.e. bitcoin. The Company further confirms that it has received the proceeds from the Direct Subscription that was announced on 16 June 2025 and will make a further announcement in due course regarding the issuance of the shares and Admission to trading. Announcement • Jun 09
Bluebird Mining Ventures Ltd. Announces Further Progress Regarding the Monetisation of the Company's Philippine Project Bluebird Mining Ventures Ltd. announced further progress regarding the monetisation of the Company's Philippine project. The Company announced on the 6 May 2025 the renewal of the permit of the Company's Philippine project and further, on 15 May 2025, regarding the potential realization of value from this project. Furthermore, the Company announced on 5 June 2025 that "disc discussions have now progressed meaningfully with the Philippine partner to an advanced stage whereby the Company now expects to conclude an agreement within a matter of weeks". The framework of an agreement has now been given to the Company's lawyers to draft ready for execution expected on or around the week commencing 16 June 2025. This framework will allow for the company to retain a meaningful net profit interest as well being able to capture 'bonus revenues' based on certain prevailing gold prices at the time. If successfully concluded, the Company will have no further expenditure commitments in the development of the project. Whilst the Company is confident that an agreement will be concluded there can be no guarantee of such. The Company expects to make further announcements in due course related to the complementary "digital gold" strategy that was announced last week. This first transaction in the Philippines, when concluded, will be the template for the gold "streaming" avenue that the Company is now to pursue married with the Bitcoin in Treasury strategy. New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 17% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£4.60m market cap, or US$6.12m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). New Risk • Dec 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of British stocks, typically moving 7.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 17% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£4.03m market cap, or US$5.06m). Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Shareholders have been diluted in the past year (7.6% increase in shares outstanding). New Risk • Nov 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 17% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£4.79m market cap, or US$6.06m). Minor Risk Shareholders have been diluted in the past year (7.6% increase in shares outstanding). New Risk • Oct 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$638k This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$638k free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Earnings have declined by 17% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (UK£6.24m market cap, or US$8.28m). New Risk • Jul 31
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£7.66m (US$9.85m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (UK£7.66m market cap, or US$9.85m). Minor Risk Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Announcement • Jul 11
Bluebird Merchant Ventures Limited, Annual General Meeting, Aug 02, 2024 Bluebird Merchant Ventures Limited, Annual General Meeting, Aug 02, 2024. Location: 7 castle street, st helier, je2 3bd, Jersey Announcement • Jun 13
Bluebird Merchant Ventures Limited Provides South Korea Update Regarding Plans to Bring Two South Korean Gold Mines Back into Production Bluebird Merchant Ventures Limited announced an update on South Korea with regards to advancing the Gubong Gold Mine ('Gubong') and the Kochang Gold and Silver Mine ('Kochang'). The company and its new local JV partner, which is investing USD 5 million into Gubong. The two parties discussed the optimal path to advancing the project, the relevant community programmes that need to be initiated and discussed land area for mine access as well as meeting with the relevant local landowner. With regards to Kochang, discussions regarding a potential JV with the same consortium that invested in Gubong are at an advanced stage, and the team is confident of a positive conclusion in the near future with legal drafting underway. Kochang is recognised as the easier of Bluebird's two projects in South Korea to bring into production. It is an 8.3 sq km epithermal high grade vein deposit with a c.2.5km strike of which 600m between the two mines has not been exploited. It produced c.110,000 oz Au (19.6g/t) and 5.9Moz Ag (1,000g/t) from 1961-1975 and has a Non JORC estimate 550-700Kt, grading between 5.2-6.6 g/t Au and 27.3-34.8 g/t Ag. The team has an estimated production target of c.10-15koz pa and believes there is significant potential to expand operations laterally and at depth as well as exploit already mined areas. Announcement • May 16
Bluebird Merchant Ventures Limited Announces Mining Project Feasibility Work Commencing at the Batangas Gold Project in the Philippines Bluebird Merchant Ventures Limited announced that the work required for the submission for the grant of a Declaration of Mining Project Feasibility ('the DMPF') for an operating gold mine at the Lobo high-grade gold mining target, within the Batangas project area in the Philippines ('Lobo' or 'the Project'), has commenced. Lobo, in line with the Company's free carry JV model, is being developed in tandem with the Company's local JV partner which is fully funding the Project's advancement to a production decision. The DMPF together with the Environmental Compliance Certificate are the two key outstanding compliance permissions for the Project. In order to coordinate and submit a Philippine Mineral Reporting Code 2020 compliant technical report for the grant of a DMPF, local external contractors have been appointed to complete the multiple workstreams and studies required. These include but are not limited to: Validation of the existing resource and the development of a 'Final Exploration Report' on the resource potential of Lobo along the 15km of identified mineralised structures and the surrounding nine identified targets. Produce a 'Metallurgical Engineering Study' to define the metallurgical process. Prepare the mine design and mill processing sheet with associated CAPEX & OPEX modelling based on the minimum 10-year Life of the Mine. Production of Financial Statements including the IRR and the NPV calculations. Research study for the formulation of Social Development and Management Program (SDMP) based on the needs assessment to the host and neighbouring communities. Government liaison and submission of the final DMPF resulting in approval. This is anticipated to take 6-9 months. The Lobo licence covers 1,164-hectares. Multiple high grade target areas have been identified and include the South West Breccia ('SWB'), West Drift, Japanese Tunnel, historic Lobo copper mine, Camo, Acacia, Pica, Balisong and Ulupong prospects. Lobo has an initial Probable JORC Compliant Ore Reserves of 171,000 tons at 6.6 g/t for 36,000 ounces of gold excluding silver credits based primarily on the South West Breccia ('SWB') area of the licence that can be mined in the first 18 months of any operation. There is an Indicated resource of 82,000 oz Au that is perceived as easily convertible. Additionally, the Lobo licence area has multiple epithermal and high-grade targets already identified for resource expansion with 15km of identified mineralised structures with results across the nine identified targets yielding excellent results. These include 2.1m @14.4g/t Au and 3m at 12.1g/t at West Drift, which already has an Indicated and Inferred resource of 350,000t at 3 g/t Au, 8.35m at 18.3 g/t Au and 6.0m at 31.2 g/t Au located immediately west of the SWB Extension, 19m surface channel sample with intersections of 19m grading 9.8 g/t Au at Ulupong and trenching at Limestone Target yielded 3.5m at 25.9 g/t Au including 1.5m at 56.8 g/t Au. New Risk • Mar 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (UK£4.10m market cap, or US$5.22m). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (9.3% increase in shares outstanding). Announcement • Mar 05
Bluebird Merchant Ventures Limited Announces Environmental Impact Study At Batangas Gold Project to Commence Bluebird Merchant Ventures Ltd. announced E-Green Management & Environmental Consultancy Corporation ('E-Green') has been appointed to undertake the Preparation of the Environmental Impact Study ('EIS') and Application of an Environmental Compliance Certificate ('ECC') for the Lobo high-grade gold mining opportunity within the Batangas project area in the Philippines ('Lobo' or 'the Project'). The Project is being developed in tandem with the company's local Joint Venture partner which is fully funding the Projects advancement to production decision, including the EIS. The JV has already received the Certificate of Approval from the Mines and Geosciences Bureau ('MGB') for its Two-Year Community Development Plan and the Project has two 25-year Mineral Production Sharing Agreements ('MPSA') in place. The EIS, along with a Declaration of Mining Project Feasibility are the two key outstanding compliance permissions for the Project. The Lobo licence area covers 1,164-hectare. The mineral resources are associated with a linear, steeply dipping, epithermal lode with high grade 'shoots' of mineralization. Multiple high grade target areas have been identified and include the South West Breccia ('SWB'), West Drift, Japanese Tunnel, historic Lobo copper mine, Camo, Acacia, Pica, Balisong and Ulupong prospects. Lobo has an initial Probable JORC Compliant Ore Reserves of 171,000 tons at 6.6 g/t for 36,000 ounces of gold excluding silver credits based primarily on the South West Breccia ('SWB') area of the licence that can be mined in the first 18 months of any operation. There is an Indicated resource of 82,000 oz au that is perceived as easily convertible. Additionally, the Lobo licence area has multiple epithermal and high-grade targets already identified for resource expansion with 15km of identified mineralized structures with results across the nine identified targets yielding excellent results. These include 2.1m at 14.4g/t Au and 3m at 12.1g/t at West Drift, which already has an Indicated and Inferred resource of 350,000t at 3 g/t Au, 8.35m at 18.3 g/t Au and 6.0m at 31.2 g/t Au located immediately west of the SWB Extension, 19m surface channel sample with intersections of 19m grading 9.8 g/t Au at Ulupong and trenching at Limestone Target yielded 3.5m at 25.9 g/t Au including 1.5m at 56.8 g/t Au. Announcement • Feb 02
Bluebird Merchant Ventures Limited, Annual General Meeting, Feb 23, 2024 Bluebird Merchant Ventures Limited, Annual General Meeting, Feb 23, 2024, at 09:00 Coordinated Universal Time. Location: 7 Castle Street, St Helier Jersey Agenda: To receive and consider the financial statements of the Company for the period ended 31 December 2022. The next set of audited financial statements will be for the 12 month period ending on 31 December 2023; to re-appoint PKF Littlejohn as auditors of the Company; to authorize the Directors to determine the auditor's remuneration; and to re-appoint Mr. Jonathan Morley-Kirk as a director of the Company. Announcement • Sep 28
Bluebird Merchant Ventures Ltd Announces High Grade Lobo Gold Prospect to Be Drilled in the Philippines Bluebird Merchant Ventures Ltd. announced a fully funded 5,666m drill programme at the Lobo prospect of the Batangas Gold Project in the Philippines. The 34-hole three phase programme is aimed at further delineating the Project's identified high-grade targets, upgrading the current mining inventory, and providing data to develop an underground mine plan. Lobo is a high-grade gold mining opportunity within the Batangas project area being developed in tandem with a local highly experienced JV partner in the Philippines. The three-phase drill programme will be initially focused on the South West Breccia target, which has not been tested at depth or along known extensions; this is just one of nine targets in the system, which has a current 15km strike. SWB has only been drilled to 80-100m but produced the majority of the initial Probable JORC Compliant Ore Reserves of 171,000 tons at 6.6 g/t for 36,000 oz Au excluding silver credits that can be mined in the first 18 months of any operation - Indicated Resource of 82,000 oz Au. Results at SWB extensions included: 6.7m at 11.6 g/t Au from 9.3m. o 18m at 6.85 g/t Au from 31 m down hole. 6m at 7.16 g/t Au from 43 m including 3m at 11.5 g/t Au. SWB is likely to be the first area to be mined by the JV - drill data will be used for a mine plan and included in the Definitive Feasibility Study ('DFS'). Lobo licence area is highly prospective with results across the nine identified targets including: 2.1m @14.4g/t Au and 3m at 12.1g/t at West Drift, which already has an Indicated and Inferred resource of 350,000t at 3 g/t Au. 8.35m at 18.3 g/t Au and 6.0m at 31.2 g/t Au located immediately west of the SWB Extension. 19m surface channel sample with intersections of 19m grading 9.8 g/t Au at Ulupong. Limestone Target trenching yielded 3.5m at 25.9 g/t Au including 1.5m at 56.8 g/t Au. To put this into context, it is open at depth and there are nine other identified high-grade gold zones. "The fully funded three-phase drill programme will test the most prospective and upper parts (below the current identified resource) first and then, if the results are as expected, progressively test deeper extensions and less well-known areas downdip of SWB. There is evidence that mineralisation grade may increase at depth and the aim is to dramatically expand the resource inventory and develop a mine plan for the submission of a DFS and final permitting. Details Three-Phase Drill Programme at Lobo The Lobo licence area covers 1,164-hectare. The main target is the SWB deposit where 38 holes identified five sub-parallel vein systems developed on northeast trending structures, spaced 500-1,000m apart and covering an area of approximately 3km by 1.5km. For example, diamond drilling and trenching previously tested the northern extent and at depth below the previous SWB resource. Eight drill holes for 530m were completed and results included 6.7m at11.3m and 18m at 6. 85 g/t Au from 31m, and down hole 6m at 7.16g/t Au from 43m including 3m at 11. 5 g/t Au. 15 diamond drill holes at West Drift totaling 3,111m identified generally increasing gold grades with depth. With the appointment of drilling contractors being finalised, the planned drilling campaign is expected to be completed. Announcement • Jul 12
Bluebird Merchant Ventures Ltd Provides an Update on the Gubong Gold Mine and Kochang Gold and Silver Mine in South Korea Bluebird Merchant Ventures Ltd. provided an update on the Gubong Gold Mine ("Gubong") and Kochang Gold and Silver Mine ("Kochang") in South Korea. As shareholders will be aware, the issuance of the Mountain Temporary Use Permits ("MTUPs"), small parcels of land needed to allow commencement of surface work at the two historic mines to stockpile ore, store equipment and machinery and for general logistic, are the last part of the legal requirements needed to commence bringing the historic high grade Gubong and Kochang mines back into production. The grant of these has taken far longer than anticipated, particularly in light of the fact that both projects have already received extraction licences. However, the Board, in tandem with its lawyers and planning consultants, remain positive that these will be granted, and the Company will be able to bring both Gubong and Kochang back into production. The potential value of the two projects is clear, as highlighted in the Scoping Study. This was conducted on a USD 1,750 per oz gold price, and reported a post-tax NPV of USD 181 million, free cash of USD 50 million per annum, an IRR of 111% and a USD 630 per oz All in Sustaining Cost. The Board remains totally committed to achieving the grant of the respective licences. Kochang: The issuance of the MTUP at Kochang has been referred to the Board of Audit and Inspection, Korea ('BAI Korea'). The BAI, which is a constitutional agency established under the President, but retains an independent status in terms of its duties and functions, inspects the work performed by local government to ensure that they followed the correct processes and law. Their adjudication is mandated to take 60 days but this is not guaranteed. Since the Kochang licence has already been awarded an extraction licence by the Ministry of Mines, has the support from the local landowners and community and the submission covered all the legal requirements, the Company remains in a strong position. The Company's lawyers and permitting consultants have again emphasized that all legal and regulatory requirements had been covered in Bluebird's initial c.800-page submission and that the additional actions requested re community engagement have been successfully completed, and the requested measures to reduce the risk of environmental impact of the development of Kochang, submitted. The Company believes that the issue of the MTUP has become regionally political and therefore welcomes the audit procedure. Gubong: On receiving the further questions from the local government at Kochang, the Board decided that the best course of action re the advancement of Gubong, was to pause the submission and identify a local partner to jointly develop the larger of its two projects. This has been successful in regard to the Company's high grade Batangas gold project in the Philippines, where its local joint venture partner has been instrumental in securing the recently announcedCertificate of Approval from the Mines and Geosciences Bureau (MGB) for its Two-Year Community Development Plan. The Company announced that it is in advanced negotiations with a local Korean entity to form a Joint Venture to advance Gubong. As part of the JV, where each party will be net contributors to the project, Bluebird's team will supply technical know-how and the Korean partner, permitting and in-country expertise. Gubong was historically the second largest gold mine in South Korea estimated 2.34M tonnes at some 7.3g/t Au garnered from 57 drill holes over 17,715.3 metres. The Board believe it has a geological potential of 1 million + oz Au in-situ, plus an estimated additional 300,000 oz Au from satellite ore bodies. The initial production opportunity is the 25 levels already developed with all the remnants and unmined areas left by the original miners. The 25 levels extend over 120km in total length which indicates the size of the opportunity. New Risk • Jul 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (11% average weekly change). Revenue is less than US$1m. Market cap is less than US$10m (UK£5.88m market cap, or US$7.47m). Minor Risk Shareholders have been diluted in the past year (12% increase in shares outstanding). Announcement • Jun 15
Bluebird Merchant Ventures Limited Receives Approval to Advance Batangas Gold Project Bluebird Merchant Ventures Limited announce that it has received the Certificate of Approval from the Mines and Geosciences Bureau (MGB) for its Two-Year Community Development Plan at its Batangas Gold Project ('Batangas' or 'the Project') in the Philippines. This represents a significant step forward and underlines the importance of the Company's local development partner in navigating the regulatory environment to allow the key project area at Batangas, the Lobo underground mine, to be advanced to a production decision. Importantly the Company already has two 25 year Mineral Production Sharing Agreements ("MPSA") covering the Lobo Project area. Overview: Community Plan Approval allows for groundwork including supplementary drilling to commence at the highly prospective Lobo project area; Demonstrates that the JV is proving successful, and the Project development plan adheres to the relevant protocols required by the new Philippine Government for mining development; Lobo has a JORC Compliant Ore Reserves of 171,000 tons at 6.6 g/t for 36,000 oz Au, an 82,000 oz Au inferred resource plus multiple epithermal and high-grade targets identified over 14km of identified mineralised structures; Grades include high-grade surface trench intersections of 8.35m @ 18.4 g/t Au, 2.6m @ 28.6 g/t Au and 3m @ 22.2 g/t Au; The JV will now implement plans to commence a new drilling campaign to increase the resource and develop potential underground mine planand work with its environmental consultancy for the application of the Environmental Compliance Certificate; JV structure provides Bluebird with a free carry to production decision in return for 60% of the project equity. The highly prospective Batangas Gold Exploration Project in the Philippines is being advanced within a joint venture with a Philippine company, which has decades of experience in mining (see RNS dated 7 February 2023). The JV covers the entire Batangas Project area, which has a current JORC compliant resource of 440,000 ounces, including a maiden ore reserve of 128,000 ounces (including silver credits). The current focus of the JV and the two-year Community Development Plan is the Lobo underground mining operation. The Project has an initial Probable JORC Compliant Ore Reserves of 171,000 tons at 6.6 g/t for 36,000 ounces of gold excluding silver credits based primarily on the South West Breccia ('SWB') area of the licence that can be mined in the first 18 months of any operation. There is an Indicated resource of 82,000 oz au that is perceived as easily convertible. Additionally, the Lobo licence area has multiple epithermal and high-grade targets already identified for resource expansion with 14km of identified mineralised structures with grades including high-grade surface trench intersections yielded 8.35m @ 18.4 g/t Au, 2.6m @ 28.6 g/t Au and 3m @ 22.2 g/t Au. The Lobo underground mining operation is similar to Medusa Mining's Philippine project. Accordingly, a drill programme is being planned at Lobo and discussions are underway with drilling contractors. Furthermore, the Company's environmental consultancy is undertaking groundwork for the application of the Environmental Compliance Certificate, which is a key step towards obtaining a Mineral Production Sharing Agreement ('MPSA') with the Philippine National Government. The granting of the Community Plan Approval is a significant step in the development plans for Batangas. The Administration of President Ferdinand R. Marcos, Jr. is focussing on improving mining standards in country. The Company's local JV partner understand the regulatory framework and is working closely with Bluebird to ensure that all Environmental, Social and Governance standards are adhered to, and the Project is developed for the benefit of all stakeholders. Announcement • Jan 10
Bluebird Merchant Ventures Limited, Annual General Meeting, Jan 30, 2023 Bluebird Merchant Ventures Limited, Annual General Meeting, Jan 30, 2023, at 09:00 Coordinated Universal Time. Location: 7 Castle Street, St Helier Jersey United Kingdom Agenda: To consider and approve the Receiving and Considering the Accounts; to consider and approve the Appointment of Auditors; to consider and approve the Authorization of Auditor's Remuneration; and to consider and approve the Re-appointment of Director. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. No independent directors (5 non-independent directors). COO & Executive Director Charles Alexander Barclay was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. No independent directors (5 non-independent directors). COO & Executive Director Charles Alexander Barclay was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Nov 06
Auric Network and Bluebird Merchant Ventures Partner to Provide Gold at a Discounted Price Auric Network Limited announced a partnership with Bluebird Merchant Ventures Limited to give public access to gold ownership at 15% below market price. BMV’s goldmines, located in South Korea, have been inactive since the 1970s largely due to policy directions adopted by the Korean government that triggered the nation’s industrial revolution. According to the Korean government, the mines contain nearly 800,000 ounces (or over $1.5 billion USD) of ready-to-mine gold, with a geological upside defined in the millions of ounces. In the post-COVID world, where global economies are characterized by uncertainty, the public has seen unprecedented levels of demand and interest in gold as a more stable investment asset. However, the lowest market prices of gold are generally unattainable to the general public. Auric operates a blockchain protocol with its native token, AUSCM, which was conceived in partnership with BMV and Mine Foundation, a commodities investment marketplace. It can soon be exchanged for physical gold at a discounted price. The prerequisite to accessing this opportunity is holding a minimum balance of AUSCMs. 