Bluebird
Mining Ventures Ltd / EPIC: BMV.L / Market: FTSE / Sector:
Mining
3 October 2024
Bluebird Mining Ventures
Ltd
('Bluebird' or 'the
Company')
Funding
Update
&
Investor Meet
at 09:00 BST on 07 Oct
2024
Bluebird Mining Ventures Ltd, a gold
project development company, is pleased to announce an update on
the Company's £350,000 loan ('the Loan') following the announcement
of 30 September 2024 with regards to the binding term sheet that
had been signed.
The Company has now signed a
definitive loan agreement with Catalyse Capital. The loan
will be disbursed in 12 equal monthly tranches commencing on the 10
October 2024. The Board believes that the Company is
materially undervalued and as such, the Loan allows Bluebird to
receive capital without having to utilise the equity capital
markets, where it believes a potential funding would be at a
significant discount to the current price and therefore
unnecessarily dilutive.
As announced, to enable shareholders
and new investors to participate alongside the Directors who are
converting fees totalling £286,076 owed into equity, the Company is
conducting an equity raise ("the Placing"), whereby any net cash
sums received will be netted on a pro rata basis against the loan
capital to be drawn, reducing the total loan commitment. This
ensures that the Company will receive funding of at least £350,000
which will provide sufficient working capital through to the last
quarter of 2025 and anticipated progress at both the Company's
Korean projects and Batangas in the Philippines.
The Placing is being conducted at a
price of 1p per share through a book building exercise that will
now conclude close of business on 9 October 2024. The Placing has
an attached one-for-one warrant with an exercise price of 1.25p per
share and a 12-month life. These warrants carry an
accelerator clause whereby, if the 10-day Volume Weighted Average
Price (VWAP) is above 1.5p per share for 10 consecutive days, then
the holder must either exercise the warrant or it becomes
void.
Due to the complexity of the placing
and inclusion of warrants, the Company has decided it would not be
appropriate to include a retail offer. Accordingly, the Placing is
being solely and fully coordinated by the Company's broker SI
Capital. To subscribe for the Placing Shares, existing
shareholders and other qualified investors should communicate their
interest to SI Capital via their stockbroker as SI Capital cannot
take direct orders from individual private investors who are not
existing clients. Each bid should state the number of Placing
Shares they wish to subscribe for at the 1p per share Placing
Price. SI Capital's contact details are as
follows:
Sam Lomanto: Tel: 01483
41500
Nick Emerson: Tel: 01483
41500
Shareholders can view the Company's
most recent presentation via the following link.
https://bluebirdmv.com/wp-content/uploads/2024/06/Investor-Meet-Presentaion-June-24.pdf
Investor Meet:
Bluebird Executive Director and
Interim CEO Aidan Bishop said, will provide a live presentation via
Investor Meet Company on 07 October 2024, 09:00 BST. The
presentation is open to all existing and potential shareholders.
Questions can be submitted pre-event via your Investor Meet Company
dashboard up until 06 October 2024, 09:00 BST, or at any time
during the live presentation.
Investors can sign up to Investor
Meet Company for free and add to meet Bluebird Mining Ventures Ltd
via:
https://www.investormeetcompany.com/bluebird-mining-ventures-ltd/register-investor
Investors who already follow
Bluebird Mining Ventures Ltd on the Investor Meet Company platform
will automatically be invited.
Bluebird Executive Director and Interim CEO Aidan Bishop
said, "We have secured the £350,000
loan to provide ongoing working capital as we believe the value of
our portfolio is not reflected in the price. The loan funding
commitment effectively underwrites the funding requirements of the
Company for the upcoming 12 months. I would like to thank
both past and present management for their continued commitment to
the Company demonstrated by their agreement to converting fees,
which have accrued over the past few years, on the same terms as
the Placing."
"We hope that progress on the ground
will provide a rerating for our stock price for the benefit of all
stakeholders and look forward to updating the market on positive
developments as they materialise."
This announcement contains inside
information for the purposes of article 7 of the market abuse
regulation EU 596/2014 ("MAR").
**ENDS**
For
further information please visit https://bluebirdmv.com or
contact:
Jonathan
Morley-Kirk Bluebird Mining Ventures Ltd
Email: jmk@bluebirdmv.com
Nick Emerson
SI Capital
Tel: 01483413500
About Bluebird
London listed Bluebird Mining
Ventures Ltd is focused on developing high grade, low capex gold
projects. With a cumulative estimated 1.8M oz Au across three
projects, including two historic mines in South Korea and a
development project in the Philippines, the Company looks to JV its
assets with local partners to provide free carry structures to
advance its assets to production.
Bluebird recognised the most
effective strategy to develop projects in South Korea and the
Philippines involved adopting a Joint Venture model; by securing
local partners with in-country operational knowledge and investment
capital at the project level, assets can be advanced to production
on a de-risked basis.
The Company has three JV's providing
a cumulative c.US$9m investment: US$5m for the development of the
historic Gubong Gold Mine and US$2m for the Kochang Gold and Silver
Mine, in South Korea and c.US$2m (funding to a production decision)
for the Batangas Gold Project in the Philippines. With committed
development capital at the project level, the Company has free
carries to production/mine construction on all its projects, which
reduces its reliance on the international capital
markets.
Bluebird continues to provide
technical assistance to these projects, utilising its
internationally experienced mining team, which has a track record
of bringing gold projects into production across Southeast
Asia. Both JV parties recognise each sides competencies and
the mutual belief that together they can bring the projects into
production and generate significant value for all stakeholders.
Importantly the management team has personally invested cUS$2
million into the Company, highlighting their belief in the quality
of the portfolio.
Gubong, which was historically the
second largest gold mine in South Korea has 9 granted tenements
covering c.25 sq km. Gubong is moderately dipping with 9
veins extending 500m below surface and known to extend at least a
further 250m. However, the production opportunity for Bluebird
prior to looking at deepening the mine 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. The Korea
Resources Corporation ('KORES') estimated 2.34M tonnes at some
7.3g/t Au garnered from 57 drill holes over 17,715.3 metres.
With additional sampling, mapping, pit modelling and grade
analysis, plus the fact that Gubong is an orogenic deposit, which
typically have a depth of 2km compared to the current depth of
500m, 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.
Kochang is an epithermal vein
deposit with parallel vertical ore bodies covering 8.3 sq km that
reportedly produced 110,000 oz of gold and 5.9 million oz of silver
between 1961 and 1975. Consisting of a gold and silver mine,
there are currently four main veins and several parallel subsidiary
veins vein which have been identified, as well as a newly
identified cross-cutting vein. Historic drilling indicates the
veins continue to depth below the current 150m mine and mapping
shows the veins on surface providing potential above and below the
old workings. The veins extend to the NE providing a strike length
of 2.5km with 600m between the two mines not exploited. There
is potential to expand operations to the southwest/northeast and to
depth, as well as exploit the already mined areas. The total
resource potential is between 550,000 and 700,000 tonnes, with a
range of grades between 5.2 g/t to 6.6 g/t gold, and 27.3 g/t to
34.8 g/t silver. Following the granting of a Mountain Use
permit, there is an estimated 6-to-9-month development time to
trial mining.
Batangas is a 1,160-hectare licence
with a 25-year Mineral Production Sharing Agreement ('MPSA')
granted. The Project has a current JORC compliant resource of
440,000 ounces, including a maiden ore reserve of 128,000 ounces
(including silver credits) as well as multiple additional targets
providing extensive resource upside. Exploration expenditure to the
tune of c.$20m has already been invested.
Work is focused on completing
Exploration and Environmental Work Programmes initially targeting
the high-grade 1,164-hectares Lobo licence. This 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 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.