Bluebird Merchant
Ventures Ltd / EPIC: BMV.L / Market: FTSE / Sector:
Mining
20 May
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: Standard form for notification of major
holdings
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1a. Identity of
the issuer or the underlying issuer of existing shares to which
voting rights are
attachedii:
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Bluebird Merchant
Ventures Ltd
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1b.
Please indicate if the issuer is a non-UK
issuer (please mark with an
"X" if appropriate)
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Non-UK issuer
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X
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2. Reason for
the notification (please mark the appropriate
box or boxes with an "X")
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An acquisition or disposal of voting
rights
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X
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An acquisition or disposal of financial
instruments
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X
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An event changing the breakdown of voting
rights
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Other (please specify)iii: Warrant
exercise
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3. Details of
person subject to the notification
obligationiv
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Name
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RS & CA Jennings
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City and country of registered office (if
applicable)
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York, United Kingdom
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4. Full name of
shareholder(s) (if different from
3.)
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Name
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City and country of registered office (if
applicable)
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5. Date on
which the threshold was crossed or
reachedvi:
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16 May 2024
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6. Date on which issuer notified
(DD/MM/YYYY):
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17 May 2024
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7. Total
positions of person(s) subject to the notification
obligation
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% of voting rights
attached to shares (total of 8. A)
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% of voting rights
through financial instruments
(total of 8.B 1 + 8.B 2)
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Total of both in %
(8.A + 8.B)
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Total number of voting rights of
issuervii
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Resulting situation on the date on which
threshold was crossed or reached
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7.13%
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2.17%
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9.3%
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712,865,042
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Position of previous notification (if
applicable)
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8.84%
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3.72%
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12.561%
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8. Notified
details of the resulting situation on the date on which the
threshold was crossed or
reachedviii
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A: Voting
rights attached to shares
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Class/type
of
shares
ISIN code (if possible)
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Number of
voting rightsix
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% of voting
rights
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Direct
(Art 9 of Directive
2004/109/EC) (DTR5.1)
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Indirect
(Art 10 of Directive
2004/109/EC) (DTR5.2.1)
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Direct
(Art 9 of Directive
2004/109/EC) (DTR5.1)
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Indirect
(Art 10 of Directive
2004/109/EC) (DTR5.2.1)
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50,855,000
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N/A
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7.13%
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N/A
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SUBTOTAL 8.
A
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50.855,000
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7.13%
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B 1: Financial
Instruments according to Art. 13(1)(a) of Directive 2004/109/EC
(DTR5.3.1.1 (a))
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Type of
financial instrument
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Expiration
datex
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Exercise/
Conversion Periodxi
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Number of
voting rights that may be acquired if the instrument
is
exercised/converted.
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% of voting
rights
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Spreadbet (Long)
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N/A
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15,500,000
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2.17%
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SUBTOTAL 8. B
1
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15,500,000
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2.17%
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B 2: Financial
Instruments with similar economic effect according to Art. 13(1)(b)
of Directive 2004/109/EC (DTR5.3.1.1 (b))
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Type of
financial instrument
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Expiration
datex
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Exercise/
Conversion Period xi
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Physical or
cash
settlementxii
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Number of
voting rights
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% of voting
rights
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SUBTOTAL
8.B.2
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9. Information
in relation to the person subject to the notification
obligation (please mark the
applicable box with an "X")
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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)
issuerxiii
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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
entityxiv (please
add additional rows as necessary)
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Namexv
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% of voting rights if it equals or is
higher than the notifiable threshold
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% of voting rights through financial
instruments if it equals or is higher than the notifiable
threshold
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Total of both if it equals or is higher
than the notifiable threshold
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N/A
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10. In case of
proxy voting, please identify:
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Name of the proxy holder
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n/a
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The number and % of voting rights
held
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n/a
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The date until which the voting rights will be
held
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n/a
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11. Additional
informationxvi
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n/a
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Place of
completion
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UK
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Date of
completion
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16 May 2024
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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:
Aidan Bishop
Bluebird Merchant Ventures Ltd
Email: aidan@bluebirdmv.com
Nick Emerson
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.