RNS Number : 7238Y

Bluebird Merchant Ventures Limited

05 January 2024

Bluebird Merchant Ventures Ltd / EPIC: BMV.L / Market: FTSE / Sector: Mining

05 January 2024

Bluebird Merchant Ventures Ltd ('Bluebird' or 'the Company')

TR-1 Notification

Bluebird Merchant Ventures Ltd, a gold company primarily focused on bringing historic mines back into production, has received a TR-1 Notification as set out below.

The Company wishes to remind shareholders that it is a non-UK issuer for the purposes of the Disclosure Guidance and Transparency Rules. As such, a person must notify the issuer of the percentage of its voting rights he holds as a shareholder if the percentage of voting rights reaches, exceeds, or falls below 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75%.

TR-1: S tandard form for notification of major holdings

 1a. Identity of the issuer or                              Bluebird Merchant Ventures Limited 
  the underlying issuer of existing 
  shares to which voting rights 
  are attached (ii) : 
 1b. Please indicate if the issuer is a non-UK issuer (please 
  mark with an "X" if appropriate) 
 Non-UK issuer 
 2. Reason for the notification (please mark the appropriate box 
  or boxes with an "X") 
 An acquisition or disposal of voting rights                                                   X 
 An acquisition or disposal of financial instruments 
 An event changing the breakdown of voting rights 
 Other (please specify)(iii) : Warrant exercise 
 3. Details of person subject to the notification obligation (iv) 
 Name                                           Catalyse Capital Ltd & related 
                                                 parties RS & CA Jennings 
 City and country of registered                 York, United Kingdom 
  office (if applicable) 
 4. Full name of shareholder(s) (if different from 3.) (v) 
 City and country of registered 
  office (if applicable) 
 5. Date on which the threshold                 3 January 2024 
  was crossed or reached (vi) : 
 6. Date on which issuer notified               3 January 2024 
 7. Total positions of person(s) subject to the notification obligation 
                          % of voting            % of voting rights        Total of both       Total number 
                        rights attached          through financial          in % (8.A +        of voting 
                       to shares (total             instruments                 8.B)           rights of 
                           of 8. A)                (total of 8.B                               issuer (vii) 
                                                     1 + 8.B 2) 
                 ----------------------------  ---------------------  ----------------------  ------------- 
  on the date 
  on which 
  was crossed 
  or reached            11.60%                         4.91%           16.51%                  712,865,042 
                 ----------------------------  ---------------------  ----------------------  ------------- 
  of previous 
  applicable)      10.89%                                    2.10%      12.99% 
                 ----------------------------  ---------------------  ----------------------  ------------- 
 8. Notified details of the resulting situation on the date on 
  which the threshold was crossed or reached (viii) 
 A: Voting rights attached to shares 
 Class/type       Number of voting rights                              % of voting rights 
  of               (ix) 
  ISIN code 
  (if possible) 
                            Direct                    Indirect                Direct             Indirect 
                      (Art 9 of Directive       (Art 10 of Directive    (Art 9 of Directive     (Art 10 of 
                          2004/109/EC)              2004/109/EC)            2004/109/EC)        Directive 
                            (DTR5.1)                 (DTR5.2.1)               (DTR5.1)         2004/109/EC) 
                  82,665,000                     N/A                    11.60%                 N/A 
                 ----------------------------  ---------------------  ----------------------  ------------- 
  8. A                                82,665,000                                      11.60% 
                 ---------------------------------------------------  ------------------------------------- 
 B 1: Financial Instruments according to Art. 13(1)(a) of Directive 
  2004/109/EC (DTR5.3.1.1 (a)) 
 Type of          Expiration                    Exercise/              Number of               % of voting 
 financial         date (x)                      Conversion             voting rights           rights 
 instrument                                      Period (xi)            that may be 
                                                                        acquired if 
                                                                        the instrument 
                 ----------------------------  ---------------------  ----------------------  ------------- 
  (Long)          N/A                                                  35,000,000              4.91% 
                 ----------------------------  ---------------------  ----------------------  ------------- 
                  SUBTOTAL 8. B 1                                       4.91% 
                 ---------------------------------------------------   ------------------------------------ 
 B 2: Financial Instruments with similar economic effect according 
  to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) 
 Type of          Expiration    Exercise/       Physical               Number of               % of voting 
  financial       date (x)       Conversion      or cash                voting rights           rights 
  instrument                     Period (xi)     settlement 
                 ------------  --------------  ---------------------  ---------------------- 
                                               ---------------------  ---------------------- 
 9. Information in relation to the person subject to the notification 
  obligation (please mark the 
  applicable box with an "X") 
 Person subject to the notification obligation is not controlled 
  by any natural person or legal entity and does not control 
  any other undertaking(s) holding directly or indirectly an 
  interest in the (underlying) issuer (xiii) 
 Full chain of controlled undertakings through which the voting 
  rights and/or the 
  financial instruments are effectively held starting with the 
  ultimate controlling natural person or legal entity (xiv) (please 
  add additional rows as necessary) 
   Name (xv)                    % of voting rights if                       % of voting          Total of 
                                it equals or is higher                    rights through           both 
                             than the notifiable threshold                   financial         if it equals 
                                                                            instruments        or is higher 
                                                                           if it equals          than the 
                                                                           or is higher         notifiable 
                                                                             than the           threshold 
                 ---------------------------------------------------  ----------------------  ------------- 
                 ---------------------------------------------------  ----------------------  ------------- 
 10. In case of proxy voting, please identify: 
 Name of the proxy holder                                              n/a 
 The number and % of voting rights held                                n/a 
 The date until which the voting rights                                n/a 
  will be held 
 11. Additional information (xvi) 
 Place of         N/A 
 Date of          N/A 

This announcement contains inside information for the purposes of article 7 of the market abuse regulation EU 596/2014 ("MAR").


For further information please visit https://bluebirdmv.com or contact:

Colin Patterson Bluebird Merchant Ventures Ltd Email: colin@bluebirdmv.com

Nick Emmerson SI Capital Tel: 01483413500

About Bluebird

Bluebird Merchant Ventures Ltd (BMV.L) is a London listed South Korea-focused resources company centred on bringing historically producing gold mines back into production. The Company, led by a team of proven mine rehabilitation experts, currently has two 100% owned licensed high grade narrow vein mining projects, the Kochang Gold and Silver Project ('Kochang') and the Gubong Gold Project ('Gubong'), which each have a defined route to low cost/ low capex production with a cumulative target of producing 100,000 oz + Au per annum.

The management team has invested cUS$2 million personally into the Company and believe, following analysis of historic production and exploration data, as well as extensive sampling, geological, geophysical, and engineering studies, there is potential for in excess of 1.5 million oz of mineable gold in its Korean projects alone.

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 a number of 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.

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.

Additionally, the Company has the highly prospective Batangas Gold Exploration Project in the Philippines, where it has an agreement with a Philippine company, whose owners have decades of experience in mining, to develop the Project. 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). 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 Lobo area, although there is excellent exploration potential across the licence with high-grade targets already identified and 14km of identified mineralised structures. The staged agreement is based on the JV partner achieving defined development goals and provides Bluebird with a free carry on the development of Batangas with a view to advancing to construction.

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January 05, 2024 02:00 ET (07:00 GMT)

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