9th Jun 2025 12:07
(Alliance News) - Bluebird Mining Ventures Ltd on Monday said it has agreed a framework for the monetisation of its flagship Philippine project.
The British Virgin Islands-based gold development company said last Thursday that discussions with its Philippine partner around the Batangas gold project had "progressed meaningfully".
Bluebird said on Monday that the framework of an agreement has been given to its lawyers to draft, ahead of execution of the agreement which is expected next week.
It said the framework allows it to retain a "meaningful net profit interest", as well as to capture "bonus revenues" based on gold prices at the time.
If the agreement is signed, Bluebird said it will not be required to commit more money to the development of the project.
"Whilst the company is confident that an agreement will be concluded there can be no guarantee of such," it added.
"I am very pleased after many years to see the first real monetisation event for our shareholders now coming to imminent conclusion," said Interim Chief Executive Officer Aidan Bishop.
"Successfully concluding this agreement at our flagship Philippine project will be a significant milestone in creating value without assuming any downside risk. In addition, discussions around our 'digital gold' strategy are also advancing on numerous fronts and I am hopeful of being able to provide further market updates in short order of real tangible, rapid progression of this complementary strategy."
Shares in Bluebird Mining Ventures were down 8.8% at 0.55 pence in London on Monday morning.
By Michael Hennessey, Alliance News reporter
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