Business
Interim Results
Interim Results.
About this update from Bluebird Mining Ventures Ltd.
[{"type":"text","content":"\n\nBluebird Merchant Ventures Ltd / EPIC: BMV.L / Market: FTSE / Sector: Mining\n29 August 2023\nBluebird Merchant Ventures Ltd ('Bluebird' or 'the Company')\nInterim Results\n \nBluebird Merchant Ventures Ltd, a gold company primarily focused on bringing historic mines back into production, announces its Interim Results for the six-month period ended 30 June 2023.\n \nOverview:\n· Developments across the gold project portfolio to fulfil strategy to become a producing entity in both South Korea and the Philippines.\n· Scoping Study for two Korean projects indicated post-tax NPV of USD181 million, free cash of USD50 million per annum, an IRR of 111% and a USD630 per oz All in Sustaining Cost (USD1,750 per oz gold price).\n· MTUP at Kochang referred to the Board of Audit and Inspection, Korea for adjudication - all legal and regulatory requirements had been covered in Bluebird's initial c.800-page submission.\n· JV partner identified to jointly develop Gubong Gold Project, the larger of Bluebird's two South Korean gold projects - estimated to have in excess of 1.3Moz Au.\n· Local JV partner secured with decades of mining experience in-country to develop the Batangas Gold Project in the Philippines - recognised the potential of the project and new mining environment.\n· Certificate of Approval from the Mines and Geosciences Bureau for its Two-Year Community Development Plan granted for Batangas. \n· Raised GBP1,215,000 - this followed the raising of GBP230,000 in December 2022.\n· Reduced overhang following long term shareholder and supporter Catalyse Capital buying out Southern Gold's shareholding.\n· Company now debt free with all loans paid off and cash at bank - low overheads with JV model and directors' salary sacrifice scheme in place until MTUP grants.\n \nCHAIRMAN'S STATEMENT\n \nThe six-month period under review, although not without its challenges, has witnessed significant developments for your Company both in South Korea and the Philippines as we look to become a gold producing entity and deliver long term value for all stakeholders.\n \nDuring the period, the Company published a Scoping Study highlighting the potential of the Gub...