28th Jul 2025 11:33
(Alliance News) - Bluebird Mining Ventures Ltd reported a widened half-year loss but forecast "a brighter future" thanks to its new strategy, which includes buying bitcoin while it awaits mining permit approval in South Korea.
The British Virgin Islands-based gold development company reported a USD2.6 million loss for the half year ended June 30, against a USD921,700 loss the previous year. Its loss per share widened to 0.0034 US cent from 0.0013 cent.
Administrative expenses - the same as Bluebird's operating loss since it is pre-revenue - decreased 27% to USD287,457 from USD395,466. Finance expenses multiplied to USD3.7 million from USD520,925.
Non-Executive Director Jonathan Morley-Kirk highlighted an agreement over Bluebird's Philippines gold project, which "provides for a 10% profit share in perpetuity as well as gold price-linked bonus payments". However in South Korea, it has filed a lawsuit over the rejection of its application for a mountain temporary use permit at Kochang, with joint venture operations suspended at Gubong pending a decision.
"Following the news in South Korea that results in a further extended 'waiting period', the company has sought to augment its strategy by adding a 'digital gold' aka bitcoin to its strategy," Morley-Kirk said.
He added that the "strategy upgrade...holds the promise of a brighter future".
Non-Executive Chair Sath Ganesarajah, who was appointed in late June, commented: "Bluebird is no longer simply a gold mining development company. We are evolving into a platform that blends real asset exposure with digital economics – leveraging gold, bitcoin, and structured yield strategies.
"The recent uplift in our share price, and the resulting fair value adjustment on outstanding warrants, is a reflection of this pivot, not a traditional operating loss. It is an accounting movement tied to market optimism, not cash outflow."
Shares in Bluebird were trading 4.0% lower at 1.34 pence on Monday in London. However, the stock has multiplied from just 0.23p in late May and is up 2.7% over the last 12 months.
Looking ahead, Ganesarajah commented: "My ambition is to help shape Bluebird into a GBP1 billion company over the coming cycle."
He continued: "This next phase is about execution: progressing streaming arrangements, unlocking value from our asset base, and broadening our exposure to digital asset-linked returns. Our legacy projects remain central – we are simply applying more innovative and commercially efficient models to extract their value."
The company will provide "further updates on our plans over the coming months as our strategy progresses", the chair said.
By Emma Curzon, Alliance News reporter
Comments and questions to [email protected]
Copyright 2025 Alliance News Ltd. All Rights Reserved.
Related Shares:
Bluebird Mining Ventures