Annual Financial Report
2025
Bluebird Mining Ventures Ltd
Annual Financial Report 2025
1
GROUP INFORMATION
Directors
Sathesan Ganesarajah
Executive Director
Frank Amato
Non-Executive Director
Hernan Yellati
Non-Executive Director
Registered
Office
Harney Westwood & Riegels
Craigmuir Chambers
PO Box 71, Road Town
Tortola VG1110
British Virgin Islands
Auditor
PKF Littlejohn LLP
30 Churchill Place
Canary Wharf
London E14 5R
UK
Registrars
Computershare Investor Services (BVI) Limited
Woodbourne Hall, Road Town
Tortola
British Virgin Islands
Depositary
Computershare Investor Services PLC
The Pavilions, Bridgwater Road
Bristol BS13 8AE
UK
Bluebird Mining Ventures Ltd
Annual Financial Report 2025
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CONTENTS
1. Executive Director’s Statement
3
2. Directors’ Report
5
3. Environment, Social and Governance Statement
3.1
Overview
14
3.2
Climate-Related Financial Disclosures (TCFD)
14
3.3
Governance, Strategy, Risk Management, Metrics and Targets
14
3.4
Strategic Energy and Carbon Reporting (SECR)
16
3.5
Corporate Governance
16
4. Strategic Report
4.1
Business Model and Strategy
17
4.2
South Korea Gold Projects
18
4.3
Philippines – Batangas Gold Project
19
4.4
Funding
20
5. Financial Statements
5.1
Independent Auditor’s Report to the Members of the Company
21
5.2
Consolidated Statement of Comprehensive Income
27
5.3
Consolidated Statement of Financial Position
28
5.4
Consolidated Statement of Changes in Equity
29
5.5
Consolidated Cash Flow Statement
30
5.6
Notes to the Financial Statements
31
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1. EXECUTIVE DIRECTOR’S STATEMENT
Since my appointment in June 2025, the Company has undergone a transformational period,
establishing a regulator-approved strategy, building a new team, and transitioning to a gold streaming
and treasury-led business model.
With the transition to a streaming structure, alongside continued partnership exposure in the
Philippines, the Company has repositioned its strategy to focus on gold streaming and royalty
investments. Subject to execution, this approach is intended to generate near-term cash flow and
long-term exposure to physical gold, while reducing operational and development risk; however, this
remains dependent on successful execution of initial transactions.
The Company’s strategy prioritises streaming and royalty arrangements that are intended to generate
cash flow and physical gold exposure, complemented by a disciplined treasury policy. Where possible,
Bitcoin will be used primarily as a payment rail and short-term working capital tool, with exposure
expected to remain a limited proportion of total assets. It will not be held for speculative purposes but
will support efficient settlement, liquidity management and capital deployment.
The Company has made significant progress in building the institutional platform required to support
its new strategy. This includes treasury, custody and execution infrastructure, as well as portfolio
management, risk and reporting systems to support capital deployment at scale. We have focused on
developing funding relationships, including establishing a presence on the OTC Markets, which
provides a more cost-effective and less restrictive route to accessing capital and enhancing visibility in
the US.
In January 2026, the Company successfully published its Secondary Prospectus and completed a
fundraise GBP 619,728, strengthening the balance sheet and supporting execution of its strategy. The
Company subsequently raised GBP 750,000, before commissions, in April 2026, which further
demonstrates confidence and support from investors in our gold streaming and treasury strategy. The
Company’s financial position has been further supported by Directors and Management electing to
receive fees in equity rather than cash, to be issued via the EBT trust established at the time of the
Prospectus.
During and subsequent to the period, the Board has also taken steps to simplify the Company’s capital
structure, formalise legacy arrangements and align management incentives with shareholder value
creation. These actions, together with enhancements to governance and Board composition, position
the Company on a more institutional footing as it progresses its strategy.
The Company has undergone significant leadership changes during the period and I would like to thank
the previous Directors and Management for their contributions and welcome the new Directors and
Board Advisors to this exciting journey that we have all committed to.
To strengthen long-term shareholder and regulator confidence, the Board has committed to
enhancing corporate governance with new Committees to ensure that financial, conflict of interest
and remuneration processes are strengthened and through our commitment to voluntarily adopt the
Quoted Company Alliance (QCA) Corporate Governance Code (as outlined in the Director’s Report).
Further Board enhancements and independent appointments are expected to support the next phase
of growth.
With these building blocks in place, the Board is focused on executing its initial transactions,
generating cash flow, and delivering a re-rating of the Company as a scalable, asset-backed platform.
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As previously announced, the Company continues to review its legacy portfolio of historical mining
interest in Asia. Based on work completed to date, the Board does not currently expect these assets
to be monetised in the medium to long term and is therefore exploring disposal options. Further
updates will be provided as appropriate.
In April 2026, the Company entered into an agreement with Digital Carpenters, the data centre
services and solutions provider, to invest in a 4.8MW bitcoin mining project located in Texas, USA.
BMV has completed an initial investment into 4.8MW bitcoin mining project, establishing the
commercial framework, with an option to invest c.US$2.3m over three years. The transaction is
expected to deliver the Company's first revenues in Q2 2026.
In addition, during 2025, the Company acquired a fleet of bitcoin mining machines. Management is
evaluating options to realise value, but given the small number of machines, any outcome is not
expected to have a material impact on the overall business.
2025 has been a year of transition, laying the foundations for our strategic evolution into a focused
gold-streaming, mining and treasury company. We have built the infrastructure and partnerships
required to support scalable growth. Alongside this, we have strengthened the team and Board,
enhancing our financial, operational and governance capabilities to support the next phase of the
Company’s development.
We are making good progress across a pipeline of gold-streaming and bitcoin linked opportunities with
the potential to deliver both near-term cash flow and multi-year growth. Our immediate priority is to
secure transactions designed to generate recurring cash flows and compound capital over time.
As we move through 2026, with a strong opportunity pipeline, established partnerships and
operational platform now in place, the Company believes it is well positioned to scale its portfolio and
deliver sustainable long-term value.
Sath Ganesarajah
Executive Director
30 April 2026
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2. DIRECTORS’ REPORT
The Directors present their report together with the audited financial statements of the Group for the
year ended 31 December 2025.
The Company
Bluebird Mining Ventures Limited, the parent company, is registered and domiciled in the British Virgin
Islands (BVI).
The Company’s strategy will prioritise streaming and royalty arrangements that can generate cash flow
and physical gold exposure and will allocate up to fifteen per cent of funds raised to Bitcoin, used
primarily as a payment rail and short-term working-capital float. Bitcoin will not be held for speculative
purposes but forms part of the Company’s treasury management policy, supporting efficient
settlement and limited diversification.
The Company’s Ordinary Shares were admitted to listing on the London Stock Exchange in 2016, on
the Official List pursuant to Chapters 14 of the Listing Rules, which sets out the requirements for the
Standard Listing segment of the Main Market of the London Stock Exchange.
The Group
The Group consists of the companies and ownership structure as outlined in note 24 of the audited
financial statements.
Results and Dividends
The Group has set out its results in the audited financial statements, and notes, and these show a loss
of USD 1,289,214 for the year (year to 31 December 2024 showed a loss of USD 897,558 for the year).
The Directors do not recommend the payment of a dividend for the year ended 31 December 2025
(2024: Nil).
Future Developments
The Group’s future developments are outlined in the Strategic Report section.
Principal Risks and Uncertainties
The Group operates in an uncertain environment and is subject to a number of risk factors. The
Directors consider the following risk factors to be of particular relevance to the Group’s activities
although it should be noted that this list is not exhaustive and that other risk factors not presently
known or currently deemed immaterial may apply.
Detailed risks for the Company are detailed from page 25 of the January 2026 Prospectus (refer
https://res.cloudinary.com/investorhub/raw/upload/fl_attachment/v1768581453/leaf-
prod/623/documents/Bluebird_Mining_Ventures_Ltd_-_Secondary_Prospectus_tchepx.pdf).
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South Korea Projects
Whilst the Group has received mining rights to mine Gubong and Kochang, it requires further permits
to allow development and mining. Mountain Temporary Use Permits (MTUP) are required in order to
undertake certain work and development in specific land areas classified as ‘mountains’.
In May 2025, the Company announced that the Board of Audit and Inspection (BAI) rejected the MTUP
application submitted by Kochang Project JV Co Pte Ltd. The rejection was based on BAI’s
interpretation of local law, which the Group believes to be incorrect. Following legal advice, the Group
initiated an administrative lawsuit in June 2025, asserting that the MTUP application was complete
and compliant with applicable regulations. The matter is now under review by a Korean court, which
the Group expects will interpret the law in alignment with its legal position.
In November 2020 the appointed Independent Expert valued Southern Gold Limited’s 50% of the
Gubong and Geochang project joint ventures at USD 9.945 million. This, and associated costs, was
settled with the issuance of 200 million BMV shares at GBP 3.6p (USD 5.0 cents), which generated a
gain on acquisition of USD 8.3 million in addition to the recording of a fair value uplift in mines under
development of USD 17.4 million in the Group’s accounts during 2021.
The Company continues to review its legacy portfolio of historical mining interest in Asia. Based on
work completed to date, the Board does not currently expect these assets to be monetised in the
medium to long term and is therefore exploring disposal options.
Batangas Project
In June 2025 the Philippines Mines and Geosciences Bureau of the Department of the Environment
and Natural Resources renewed the Mineral Production Sharing Agreements (MPSA) for a further two-
year period effective from June 2025.
The key condition of the renewal is that a Declaration of Mining Project Feasibility (DMPF), a key
approval that allows for production to commence, is filed within the period. In addition to the DMPF,
the licence holder must also obtain an Environmental Compliance Certificate (ECC), which requires the
completion of an Environmental Impact Assessment Study. In addition to regulatory hurdles, the
Batangas Gold Project’s advancement depends on the local partner’s ability to secure sufficient
financing to fund development and construction.
In July 2025, the Company agreed to sell its interest in the Batangas Gold Project in exchange for a ten
per cent net profit interest in the project in perpetuity over the life of the mine and additional bonus
payments of USD 250,000 at every gold sales milestone of 5,000 oz subject to the average gold price
over the period being over USD 3,000 per oz. This has resulted in the full impairment of post 2019
inter-group investments into the project companies of USD 337,052, which is partially offset by the
recognition of gain on disposal of USD 322,478 (refer note 11 of the audited financial statements).
The Board of Directors have determined not to include these contingent assets in the period ended 31
December 2015 due to the uncertainty related to progressing the project’s permits. This will be
assessed annually as the project advances.
Key Personnel
The Group’s success, both in relation to its resource development activities and its treasury
management depends to a significant extent upon a limited number of key employees – with the
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Group relying on the finance and mining expertise of the Board to assess streaming/royalty
opportunities, including those presented by financing partners. While the loss of one or more key
employees could have a material adverse effect, the Group has endeavoured to ensure that the key
employees are incentivised and will recruit key personnel to implement the strategy as required.
Gold Price
Mining projects rely on being able to operate where the cost of extraction and processing of ore is less
than the gold price. The future profitability and viability of the Group’s operations will, in part, depend
upon the market price of mineral commodities, particularly gold. Mineral prices fluctuate widely and
are affected by numerous factors beyond the control of the Company. The price of mineral
commodities has fluctuated widely in recent years and future price declines could have a material
adverse impact on the Group’s business.
Funding Risk
Funds will need to be raised through equity or debt financing, joint ventures, farm-outs, production
sharing arrangements or other means, to deliver the Group’s road and rail strategy. Whilst the
Directors are confident that funding will be available when required, there can be no guarantee of
such – if this is not available when required, it could negatively impact the Group’s prospects in the
short term.
Going Concern
The Directors continue to adopt the going concern basis of accounting in preparing the financial
statements (refer note 2 of the audited financial statements).
Key Performance Indicators
Work Program progress at Batangas
The Group will assist its local partner to secure the DPMF and ECC required to complete the work
program at Batangas.
Permitting in South Korea
Gubong was granted a Mining Right on 02 September 2009 until 01 September 2029 that subject to
further permits (including the MTUP) allows for mining to take place. Gubong was granted a ‘Permit
to Develop’ on 7 November 2019 whereby Commercial Operation or a Qualifying Investment must be
achieved within three years. At the end of the three-year period the Company was required to
demonstrate its compliance to the licence terms to receive a further three-year period. The Qualifying
Investment has been made and a further three-year period granted to achieve Commercial Operations
or a further Qualifying Investment. The Mining Right can be extended for a further 20-year period
upon expiration should either Commercial Operations have begun, or where Qualifying Investments
have been made.
Kochang was granted a Mining Right on 02 September 2009 until 01 September 2029 that subject to
further permits (including the MTUP) allows for mining to take place. Kochang was granted a ‘Permit
to Develop’ on 06 December 2019 whereby Commercial Operation or a Qualifying Investment must
be achieved within three years. Whilst progressing the MTUP application to a successful conclusion at
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Kochang was not achieved in the year ended 31 December 2025, the Directors remain optimistic that
the MTUP will ultimately be granted.
Upon being granted a further period to the ‘Permit to Develop’ at Gubong and Kochang, the Group
can elect to undertake certain exploration, environmental and feasibility work if it desires which is not
dependent upon an MTUP.
Road and Rail implementation
The Company’s strategy will prioritise streaming and royalty arrangements that can generate cash flow
and physical gold exposure as well as holding Bitcoin as a payment rail and short-term working-capital
float. Bitcoin will not be held for speculative purposes and will form part of the Company’s treasury
management policy, supporting efficient settlement and limited diversification – which may also
include retention of physical gold generated from streaming arrangements as part of the treasury
strategy.
The Company has established KPIs aligned to its “road and rail” strategy to be implemented as
investments are executed. These will measure:
• cash yield from gold streaming activities relative to deployed capital;
• the efficiency of Bitcoin as a payment rail and working capital tool; and
• the rate of capital recycling to support compounding growth in net asset value.
Together, these metrics provide a disciplined framework for capital allocation, ensuring operational
efficiency and supporting the Company’s objective of building a scalable, cash-generative platform.
Company Directors – Current
Position
Appointed
Resigned
Audit
Committee
Remuneration
Committee
Conflicts
Committee*
F. Amato
Non-Exec.
Director
Mar-26
-
Chair
Member
Member
H. Yellati
Non-Exec.
Director
Mar-26
-
Member
Chair
Member
S. Ganesarajah
Executive
Director
Jul-25
-
-
-
-
* The Conflicts Committee (as outlined below) will be chaired by John Webb, whose appointment as Board Advisor was
announced by the Company on 24 March 2026.
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Company Directors – Resigned
Position
Appointed
Resigned
Audit
Committee
Remuneration
Committee
J. Morley-Kirk
Non-Exec.
Chairman
Mar-14
Nov-25
Chair
Member
C. Patterson
Non-Exec.
Director
Sep-15
Feb-25
Member
Chair
C. Simonet
Non-Exec.
Director
Jun-25
Jan-26
Member
Chair
A. Bishop
Executive
Director
Mar-14
Jul-25
-
-
On 24 March 2026 the Company confirmed the appointment of Frank Amato and Hernan Yellati as
Board members and John Webb as Advisor to the Board and Chair of the Conflicts Committee.
The purpose of Board Committees are as noted below and members are as outlined in the schedule
of Company Directors above. The Committees were suspended for part of the reporting period with
the Board of Directors undertaking the Committee functions. The Committees were re-established
with the March 2026 appointments.
Shareholdings held by Directors and other Persons Discharging Managerial Responsibilities (PDMR)
are outlined in note 20 of the audited financial statements.
Auditors
The Board appointed PKF Littlejohn LLP as auditors of the Company in August 2020. They have
expressed their willingness to continue in office and a resolution to reappoint them will be proposed
at the Annual General Meeting.
During the year ended 31 December 2025, the Audit Committee noted that the FRC Revised Ethical
Standard 2019 states that in circumstances where the Audit Committee determine, and the audit firm
agrees, that a degree of flexibility over the timing of rotation of the Audit Engagement Partner is
necessary to safeguard the quality of the audit, the Audit Engagement Partner may continue in this
position for an additional period of up to two years – ie, up to seven years in total.
The Committee believed that an extension of the Audit Engagement Partner was invaluable in order
to maintain the quality of the audit for the Company’s Members as:
• the Company undertook a significant strategic pivot that resulted in changes to the Group
structure and areas of business; and
• the Company has undertaken significant changes to its Board and Management – such that no
members remain in a Board or Executive Management position since the Annual Report 2024;
and thereby
• the knowledge held by Joseph Archer of the commercial and accounting issues that have been
faced by the Company is invaluable to the understanding, implementation and timely delivery of
the Annual Report 2025 audit.
The Board of Directors is pleased that Joseph Archer has agreed to remain as Statutory Auditor for the
current year’s audit and that PKF have ensured that certain safeguards (eg, enhanced second partner
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reviews) were put in place for this report. A new Audit Engagement Partner is expected to be
appointed by PKF Littlejohn LLP for the 2026 audit.
Internal Control
The Directors acknowledge they are responsible for the Group’s system of internal control and for
reviewing the effectiveness of these systems. The risk management process and systems of internal
control are designed to manage rather than eliminate the risk of the Group failing to achieve its
strategic objectives. It should be recognised that such systems can only provide reasonable and not
absolute assurance against material misstatement or loss.
The Group has procedures which are considered adequate given the size and stage of the business and
the new board will review these accordingly.
The Group is at an early stage in its development and directors and senior management are involved
directly in approving all significant investment and expenditure decisions across the Group.
Remuneration Committee
The remuneration of the Executive Directors is fixed by the Remuneration Committee. The
Remuneration Committee is responsible for reviewing and determining the Group policy on executive
remuneration and the allocation of long-term incentives to executives and employees. The
remuneration of Non-Executive Directors is determined by the Board. In setting remuneration levels,
the Group seeks to provide appropriate reward for the skill and time commitment required to retain
the right caliber of Director at an appropriate cost to the Group.
The remuneration paid to, or receivable by, Directors in respect of 2025 and 2024 in relation to the
period of their appointment as Director are:
Payable in Cash (USD)
Payable in Equity (USD)
in the year
to 31-Dec-25
in the year
to 31-Dec-24
in the year
to 31-Dec-25
in the year
to 31-Dec-24
Executive Directors
S. Ganesarajah
-
-
-
-
A. Bishop*
/
**
45,577
63,771
20,390
34,273
C. Barclay **
-
-
-
6,237
Non-Executive Directors
J. Morley-Kirk**
16,139
8,831
26,612
26,326
C. Simonet**
15,206
-
-
-
C. Patterson*
/
**
-
7,707
3,896
16,654
C. Sinclair-Poulton*
/
**
-
-
-
18,756
Total
76,922
80,309
50,898
102,246
* Equity is issued to an associated party
** Resigned
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All Directors’ remuneration relates to short-term employee benefits. Termination payments of USD
30,275 are included in the schedule of payments due in equity above. Amounts payable in equity relate
to salary sacrifice related to fees only. Directors are the Company’s key management personnel.
Audit Committee
The Audit Committee is responsible for ensuring that the financial performance of the Group is
properly monitored and reported upon and that any such reports are understood by the Board. The
Committee meets formally at least twice each year.
Conflicts Committee
The Conflicts Committee was created after the reporting date and is responsible for the independent
review, negotiation, and approval or rejection of transactions where directors, officers, or controlling
shareholders have a material interest, ensuring such matters are managed in the best interests of
shareholders. Established in early 2026 and chaired by Board Advisor John Webb (FCCA), it ensures
related-party transactions are conducted on arm’s-length, commercial terms.
Share Capital
At 31 December 2025 the issued share capital of the Company stood at 863,683,704 – with 96,586,957
new shares having been issued during the year (refer note 20 of the audited financial statements).
In January 2026 the Company issued 1,149,983,767 new shares via a Secondary Prospectus and in April
2026 the Company announced the issuance of 843,333,333 new shares (refer notes 20 and 23 of the
audited financial statements).
At the date of this Report the issued share capital of the Company stood at 2,857,000,804 ordinary
shares.
Substantial Shareholders
At 31 December 2025 the following had notified the Company of disclosable interests in 5% or more
of the nominal value of the Company’s shares.
Number
%
Hargreaves Lansdown (Nominees) Limited
156,365,071
18.1%
Fiske Nominees Limited
106,142,632
12.3%
Interactive Investor Services Nominees Limited
97,021,130
11.2%
Vidacos Nominees Limited
66,158,934
7.7%
Rene Nominees (IOM) Limited
51,335,248
5.9%
HDSL Nominees Limited
43,960,934
5.1%
The Directors are of the view that at 31 December 2025 there was no ultimate controlling party.
Director and PDMR shareholdings are outlined in note 20 of the audited financial statements.
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Employees
The Group has a policy of equal opportunities throughout the organisation. Employees benefit from
regular communication both informally and formally regarding Company issues.
Directors Indemnity Insurance
The Company has purchased Directors and Officers insurance cover on behalf of the Directors
indemnifying them against certain liabilities which may be incurred by them in relation to the Group.
Events after the Reporting Date
The events after 31 December 2025 are detailed in note 23 of the audited financial statements.
Statement of Directors’ Responsibilities
The Directors are responsible for preparing the Annual Report and the financial statements in
accordance with applicable laws and regulations. The Directors have prepared the financial statements
for each financial period which present fairly the state of affairs of the Group and the profit or loss of
the Group for that period.
The Directors are required to prepare financial statements in accordance with the rules of the London
Stock Exchange for companies trading securities on the Stock Exchange and are responsible for
keeping proper accounting records which disclose with reasonable accuracy at any time the financial
position of the Group, for safeguarding the assets, for taking reasonable steps for the prevention and
detection of fraud and other irregularities and for the preparation of financial statements.
Financial information is published on the Group’s website (refer https://bmvbtc.com/corporate-
documents). The maintenance and integrity of this website is the responsibility of the Directors; the
work carried out by the auditors does not involve consideration of these matters and, accordingly, the
auditors accept no responsibility for any changes that may occur to the financial statements after they
are presented initially on the website.
The Directors have chosen to use the UK-adopted International Accounting Standards (UK-adopted
IAS) in preparing the Group’s financial statements.
International Accounting Standard 1 requires that financial statements present fairly for each financial
period the company’s financial position, financial performance and cash flows. This requires the
faithful presentation of the effects of transactions, other events and conditions in accordance with the
definitions and recognition criteria for assets, liabilities, income and expenses set out in the
International Accounting Standards Board’s “Framework for the preparation and presentation of
financial statements”. In virtually all circumstances, a fair presentation will be achieved by compliance
with all applicable International Financial Reporting Standards.
A fair presentation also requires the Directors to:
• select consistently and apply appropriate accounting policies;
• present information, including accounting policies, in a manner that provides relevant, reliable,
comparable and understandable information;
• make judgements and accounting estimates that are reasonable and prudent;
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• provide additional disclosures when compliance with the specific requirements in UK-adopted IAS
is insufficient to enable users to understand the impact of particular transactions, other events and
conditions on the entity’s financial position and financial performance;
• state that the Group has complied with UK-adopted IAS, subject to any material departures
disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume
that the company will continue in business.
Legislation in the BVI governing the preparation and dissemination of financial statements may differ
from legislation in other jurisdictions.
Directors’ Responsibilities Pursuant to DTR4
In compliance with the Listing Rules of the London Stock Exchange, the Directors confirm to the best
of their knowledge:
• The Group financial statements have been prepared in accordance with UK-adopted IAS and give a
true and fair view of the assets, liabilities, financial position and profit and loss of the Group.
• The annual report includes a fair review of the development and performance of the business and
the financial position of the Group, together with a description of the principal risks and
uncertainties that they face.
• The Group has not met the requirements of LR14.3.33 as it does not, for the year ended 31
December 2025, have 40% of its Board being women and at least one woman in a nominated senior
role within the Group. This is due to the lack of diversity in the mining industry and size of the
Group. The Company will monitor its recruitment and hiring procedures in this regard as the
Company progresses.
This Report was approved by the Board of Directors on 30 April 2026 and is signed on its behalf.
By Order of the Board
Sath Ganesarajah
Executive Director
30 April 2026
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3. ENVIRONMENT, SOCIAL AND GOVERNANCE STATEMENT
3.1 Overview
The Board of Directors is committed to working with its partners and contractors to develop its gold
and streaming projects with a leading Environment, Social and Governance approach embedded
throughout the process, from sustainable extraction and safe, clean water and waste disposal to
enhancing the opportunities for the communities in which it operates.
The Group believes that the environmental impact associated with its activities are minimised; ensures
that, in compliance with applicable legislation and in consultation with its partners and contractors,
proper environmental stewardship is undertaken on its projects; that the Group will work with its
partners to develop environmental management plans prior to commencing production and will
ensure that mining areas are properly maintained and rehabilitated.
The Group will ensure that the majority of the production and support teams in its projects will be
employed from the local community and will be provided with learning and training opportunities to
ensure that value is provided to the local community. The Group will work with its partners to treat
our team members, contractors and advisors fairly, with respect and to ensure that the projects
comply with local labour legislation. Further, the Group will aim to play a positive social role in all the
locations it operates in and will provide a safe and secure operational environment for all those who
work with the Group.
3.2 Climate-Related Financial Disclosures (TCFD)
TCFD is primarily designed to protect shareholders from the impacts of climate change by ensuring
companies disclose key information within these areas and communicate how the Group is addressing
and assessing climate-related risks and opportunities as part of their resilience and risk assessment
processes.
Under the Listing Rules compliance TCFD is required for all listed companies on a comply or disclose
basis. The 4 key pillars of the TCFD recommendations are:
• Governance – disclose the organisation’s governance around climate-related risks and
opportunities.
• Strategy – disclose the actual and potential impacts of climate-related risks and opportunities on
the organisation’s businesses, strategy, and financial planning where such information is material.
• Risk Management – disclose how the organisation identifies, assesses, and manages climate-
related risks.
• Metrics and Targets – disclose the metrics and targets used to assess and manage relevant climate-
related risks and opportunities where such information is material.
3.3 Governance, Strategy, Risk Management, Metrics and Targets
For the year ended 31 December 2025 the Group is not compliant with the TCFD recommendations as
it operated in a pre-production phase and transitioned to a new business model.
The following table includes the Group’s TCFD disclosures and provides the Board’s commitments to
move the Group towards full compliance.
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Governance
Board Oversight
The Board of Directors oversees climate-related risks and
opportunities, ensuring alignment with the company’s strategic
objectives.
A climate risk committee will be implemented when deemed
necessary – most likely as the Group’s projects enter production
phases.
Management’s Role
Senior management is responsible for assessing and managing
climate-related risks, integrating them into the company’s risk
management framework.
Strategy
Climate-Related Risks
and Opportunities
Although the Company is not currently operational, it recognises
potential future climate-related risks such as regulatory changes,
market shifts, and physical impacts on future sites.
The Board of Directors are aware of the move towards Net Zero
in some of the jurisdictions it operates in and will review how
operations can assist with this.
Scenario Analysis
The Company will conduct scenario analysis to understand the
potential impacts of different climate scenarios on its future
operations and strategy as it moves towards production.
Risk Management
Risk Identification and
Assessment
Even in the absence of current operations, the Company
identifies and assesses climate-related risks as part of its overall
risk management process.
The Board of Directors notes that water supply, waste
management and the need to utilise alternative energy sources
(eg, solar) are the primary climate-related risks it will incur as it
moves into production and will ensure that the Group effectively
manages its water usage, mitigates against loss of water and
ensures the effective treatment of hazardous waste.
Risk Integration
Climate-related risks are integrated into the Company’s broader
risk management framework, ensuring preparedness for future
operational phases and will be effectively monitored by the
Company’s Health & Safety Committee.
Metrics and Targets
Emissions Tracking
The Company’s greenhouse gas (GHG) emissions are currently
low due to the nature of operations.
During the period, the main GHG emitters were domestic and
international travel and office and accommodation energy
usage. Energy usage was below 40,000 kWh and as a result
complete Scope 1, 2 and 3 GHG data was not collected.
Future Targets
The Company will implement improved GHG data collection
methodology during 2026 although it expects GHG emissions
and energy usage to remain low until production is commenced.
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Annual Financial Report 2025
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3.4 Streamlined Energy and Carbon Reporting (SECR)
SECR disclosure requires listed companies to disclose their greenhouse gases emissions, CO2 and
energy usage, where an estimation of GHG emissions is based on:
• fuel consumption (journey distance in miles for international air travel, domestic air and land
travel);
• energy use at the Company’s offices and mining locations – including accommodation and vehicles
operated in the Group’s projects; and
• other significant GHG emissions related to contractor activity, which include the environmental and
drilling work undertaken in the Philippines.
The SECR initiative requires the Board of Directors to report energy use that is used to calculate the
GHG emissions in kilowatt hours (kWh). However, as the Group had no physical offices or production
facilities during the period, the Board of Directors believes that the Group did not exceed the 40,000
kilowatt-hours (kWh) of energy consumed in the period and that it is presently exempt from the SECR
reporting requirements.
The Group will work to minimise its contribution to GHG and will maintain this focus in all future
operations. The Group will publish GHG and energy emissions data in line with the SECR regulations
as its projects develop.
3.5 Corporate Governance
Whilst the Company is incorporated in the BVI and is not required to comply with the provisions of the
UK Corporate Governance Code, the Directors have responsibility for the overall corporate governance
of the Company and are committed to the principles underlying best practice in corporate governance
and have regard to certain principles outlined in the UK Corporate Governance Code to the extent they
considered appropriate for the Company given its size, early stage of operations and complexities.
The Board of Directors has ensured that a sound corporate governance policy with consideration of
the UK Corporate Governance Code has been followed in 2025, which will be enhanced in 2026 with
the voluntarily agreement to implement, and report against, the QCA Corporate Governance Code.
This Report was approved by the Board of Directors on 30 April 2026 and is signed on its behalf.
By Order of the Board
Sath Ganesarajah
Executive Director
30 April 2026
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17
4. STRATEGIC REPORT
The Directors have voluntarily disclosed the Strategic Report for the year ended 31 December 2025
although it is not required under BVI regulations.
4.1 Business Model and Strategy
As the Batangas Gold Project is now being progressed by its Philippine partner and the South Korean
Projects are on care and maintenance due to the permitting issues, the Company has developed
strategies to complement its existing mining interests. The Company will look for other investment
opportunities in the mining sector, with a preference for gold assets, but may invest in other projects
related to other commodities if the investment is on favourable terms. The Company will look to enter
streaming and/or royalty arrangements that provide either a stream of gold or a financial return.
This strategic shift has been accelerated by delays in advancing the Group’s South Korean projects,
reinforcing the Board’s focus on lower-risk, cash-generative opportunities through streaming and
royalty investments.
The Company will invest in projects that will provide:
• near-term operational cashflow;
• structures ranging from senior-secured streams to rolling short-cycle arrangements;
• exposure to both stable producing assets and scalable long-life deposits;
• optional equity participation where it strengthens long-term returns; and
• multi-year visibility on gold deliveries, with scope to recycle flows into future streams.
The Company intends to hold a proportion of its assets in readily realisable assets. The Company has
adopted a treasury policy to put in place a structure for holding those assets. The treasury policy
adopted by the Company is a three limbed strategy.
• The first limb of the strategy is to hold cash, most likely in US Dollars and to a lesser extent Korean
Won and Pounds Sterling which can be deployed to meet operational costs or invest in new projects
as required.
• The second limb of the Company’s treasury strategy is to hold gold. The Company intends to use
the obtain gold through streaming arrangements which should mean that the Company is able to
acquire gold at competitive rates. The Directors believe that gold is a store of value that would give
investors in the Company some direct exposure to gold.
• The third limb of the treasury strategy is limited exposure to Bitcoin, used primarily as a payment
rail and short-term liquidity instrument. The Company will acquire Bitcoin to be used as part of
streaming and royalty agreements, with some of these Bitcoin streaming deals involving the
provision of short-term working capital to miners to finance the gap between extraction of the ore
and final processing.
The Directors consider Bitcoin a global means of settlement, suitable for facilitating payments,
managing temporary working-capital balances, supporting efficient cross-border transactions and
providing limited diversification benefits in light of US-Dollar weakness, inflation, and de-dollarisation
trends. The Company does not view Bitcoin as a speculative investment and does not intend to hold
it for the long term. Exposure will be capped at a maximum fifteen per cent of the Group’s gross assets
and will remain a minor proportion of the Group’s liquid assets, being used only as a short-term
liquidity bridge within structured streaming transactions.
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To complement our core focus of gold streaming, BMV is assessing a number of bitcoin-linked
opportunities. These include investments in mining operations, hydro-powered facilities,
infrastructure platforms, and short-duration hashrate contracts, offering a range of return profiles
from stable contracted cashflow to higher-return infrastructure. In addition, the Company is advancing
opportunities in powered land, targeting value creation through access to energy and infrastructure
development.
All bitcoin related activities are structured within a disciplined framework and will continue to be
assessed in line with the Company’s strategic and regulatory parameters.
4.2 South Korea Gold Projects
South Korea is a modern, industrialised economy, a representative democracy and has substantial
infrastructure advantages. The Company continues to review its legacy portfolio of historical mining
interest in Asia. Based on work completed to date, the Board does not currently expect these assets
to be monetised in the medium to long term and is therefore exploring disposal options.
The Gubong Project
Gubong was historically South Korea’s second largest gold producer and the largest during 1930–1943.
While it retains remnant ore between mined blocks and broader exploration potential, the Group has
recognised an impairment to reflect permitting challenges, extended development timelines, and the
revised outlook for near-term value realisation, subject to execution.
There is a dearth of information considering the age of the mine and there is anecdotal evidence that
the information relating to gold production is understated as there was little government control over
the Japanese mining companies.
The Korean Resources Corporation (KORES) estimate of remaining resources at Gubong is 2.34M
tonnes at 7.34g/t. There are no declared JORC resource estimates currently at Gubong.
The immediate Gubong project area hosts five historical underground mines with the largest being the
Gubong mine which exploited high grade quartz veins hosted in gneissic granite and mined to a vertical
depth of approximately 500 metres.
Historic underground sampling results of the deeper levels of Vein 6, the main vein exploited at
Gubong, gives an arithmetic uncut average of 30.6 g/t gold from 146 values. Exploratory core drilling
below the now abandoned mine workings from one of five holes returned 27.9 g/t gold and 25 g/t
silver over 1.6 metres downhole from 845.2 metres. This demonstration of the persistence with depth
of the most developed mineralised structure supports the prospectivity of the property for auriferous
shoots with considerable depth continuity.
Interestingly, Vein 6 was found as a blind vein in the hanging wall during mine development work on
the other veins. This suggests substantial gold resources may be found in parallel vein systems that do
not outcrop in the area.
The Kochang Project
The Kochang Mine began operations in 1928 with production records starting in 1938 with the Nippon
Mining Co, which mined the project until 1942. Production restarted in 1961 and was fairly constant
until 1975.
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The workings extend over 1.2-1.5 km (2.5 km including the silver shaft area) from south west to north
east and extend down dip to about 120 m below surface. The workings exploit 5-7 veins striking 050
o
with a dip of 50-70 north west. There seem to have been 4 shafts (north shaft, south shaft, main shaft
and silver shaft). The gold and silver mines have been worked as separate mines in the past but recent
work suggests that they are part of the same deposit and that resources may extend between them.
Following the last year of recorded production in 1975, exploratory level development was carried out
in 1981 and 1990. Korean underground plans dated 1990 show the results of the sampling of quartz
veins along portions of the gold mine at Kochang. In aggregate, a total of 104 underground samples
are depicted with gold results ranging from 0.4 g/t up to 102.6 g/t for sample widths ranging from 0.03
metres to 0.6 metres in thickness. The length weighted average value of all the underground samples
is 17.05 g/t gold over 0.2 metres. There are no declared JORC resource estimates currently at Kochang.
Of further interest is a particularly well mineralised 120 metre length of Vein 3 at the southern end of
the prospecting drive on 245RL which gave a length weighted average value of 57.27 g/t gold over a
0.29 metre width: indicating the presence of higher grade ore shoots at Kochang. Bonanza grades were
reportedly mined from upper levels of the north shaft vein.
In 1984, four inclined core holes were drilled at Kochang, but their coordinates are generally unknown.
Each hole intersected narrow quartz veins. Two of the holes were sampled for assay over intersections
of interest. One drill hole 84-2 was collared in a new deposit called the Sanpo Mine at 238 RL, azimuth
of 225 and dip 70. Of the nine results reported, Hole 84-2 gave two intersections above 1 g/t gold in
one hole. The intersections were 10.6 g/t gold and 12 g/t silver over 0.6 metres from 26.9 metres and
17.6 g/t gold and 4 g/t silver over 2.5 metres from 63.0 metres respectively. At 97.6 metres a 2.4m
vein gave trace gold and 1,763 g/t silver.
This drill hole opens up a “new” parallel mineralised structure of up to 2.5m wide to be explored and
the possibility of other as yet unknown structures related to the same hydrothermal fluid source and
regional structures.
4.3 Philippines – Batangas Gold Project
The Company acquired the project from ASX Listed Red Mountain Mining Limited in November 2016
based on the highlights of a Pre-Feasibility Study (PFS) published by Red Mountain Mining Limited that
declared a Maiden Ore Reserve of 128,000oz of gold (including silver credits) including 100,000oz of
high-grade gold at 4.2g/t. The Pre-Feasibility Study was announced by Red Mountain Mining Limited
(refer https://www.rscmme.com/report/Red_Mountain_Mining_Ltd_Batangas__15-6-2016).
The Batangas asset was fully impaired in the period ended 31 December 2019 as the Directors had a
significant level of uncertainty on securing the permits due to the political sentiment in the Philippines
at the time.
In July 2025, the Company agreed to sell its interest in the Batangas Gold Project in exchange for a ten
per cent net profit interest in the project in perpetuity over the life of the mine (refer note 11 of the
audited financial statements).
4.4 Funding
The Group funded its activities during the period by receipts of USD 187,139 from loans entered into
in October 2024 and a share placing of USD 471,213 in June 2025.
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The Company announced a share placing of GBP 619,728 in January 2026 and of GBP 750,000, before
commissions, in April 2026. These funds will be used to implement the Company’s road and rail
strategy.
Based on the Group’s recent track record of raising funds the Directors have a reasonable expectation
that additional funding that may be required to meet the Company’s going concern requirements will
be available.
This Strategic Report was approved by the Board of Directors on 30 April 2026 and is signed on its
behalf.
By Order of the Board
Sath Ganesarajah
Executive Director
30 April 2026
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Annual Financial Report 2025
21
5 FINANCIAL STATEMENTS
5.1 Independent Auditor’s Report to the Members of the Company
Opinion
We have audited the financial statements of Bluebird Mining Ventures Limited (the ‘group’) for the
year ended 31 December 2025 which comprise the Consolidated Statement of Comprehensive
Income, the Consolidated Statement of Financial Position, the Consolidated Statement of Changes in
Equity, the Consolidated Cash Flow Statement and notes to the financial statements, including
significant accounting policies. The financial reporting framework that has been applied in their
preparation is applicable law and UK-adopted international accounting standards.
In our opinion, the financial statements:
• give a true and fair view of the state of the group’s affairs as at 31 December 2025 and of its loss
for the year then ended; and
• have been properly prepared in accordance with UK-adopted international accounting standards.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor’s
responsibilities for the audit of the financial statements section of our report. We are independent of
the group in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, including the FRC’s Ethical Standard as applied to listed entities, and we have
fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern
basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the
directors’ assessment of the Group’s ability to continue to adopt the going concern basis of accounting
included:
• Obtaining the directors’ going concern assessment and evaluating the appropriateness of this
assessment.
• Obtaining cashflow forecasts and/or budgets for at least a 12-month period from the approval of
the financial statements, ascertaining the key assumptions in the preparing of this forecast/budget
and assess the reasonableness of such assumptions.
• Comparing previous forecasts and/or budgets to actual performance to assess their reliability.
• Agreeing the inputs to the forecasts and/or budgets to the underlying supporting documentation.
• Comparing forecast income and expenses with recent historical financial information to consider
accuracy of forecasting.
• Agreeing cash balances to the opening working capital position.
• Testing the mathematical accuracy of the forecasts and/or budgets including stress testing the key
assumptions.
• Reviewing of external market factors affecting the Group and their future economic viability, such
as the energy transition, and ensuring this is appropriately reflected in managements forecasts
and/or budgets.
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Our responsibilities and the responsibilities of the directors with respect to going concern are
described in the relevant sections of this report.
Our application of materiality
The scope of our audit was influenced by our application of materiality. The quantitative and
qualitative thresholds for materiality determine the scope of our audit and the nature, timing and
extent of our audit procedures. Materiality for the consolidated financial statements was set as
$446,000 (2024: $399,000) based upon 2% of gross assets (2024: 2% of gross assets). Materiality has
been based upon gross assets due to the significant value of the Consolidated Statement of Financial
Position and the number of identified risks in relation to the Consolidated Statement of Financial
Position relative to the Consolidated Statement of Comprehensive Income. Performance materiality
and the triviality threshold for the consolidated financial statements was set at $312,000 (2024:
$270,000) and $22,000 (2024: $19,000) respectively due to our accumulated knowledge of the Group,
the number of significant risks identified and their assessed risk. We also agreed to report to the Audit
Committee any other differences below that threshold that we believe warranted reporting on
qualitative grounds.
Our approach to the audit
In designing our audit, we determined materiality and assessed the risks of material misstatement in
the financial statements. In particular we looked at areas involving significant accounting estimates
and judgements by the directors and considered future events that are inherently uncertain, such as
the recoverable value of the mines under development asset. We also addressed the risk of
management override of internal controls, including among other matters consideration of whether
there was evidence of bias that represented a risk of material misstatement due to fraud.
A full scope audit was performed on the complete financial information of all significant components
of the Group.
Of the six reporting components of the Group, one is located in the British Virgin Islands and two in
each of South Korea and Singapore. The newly acquired entity in the year is based in the UK. PKF
Littlejohn LLP audited the ultimate parent company, situated in the British Virgin Islands, and all other
reporting components. A full scope audit was performed on the main Parent entity and the other
significant components, an audit of the entity’s trial balance for inclusion in the consolidation was
performed – including proper application of UK-adopted IAS. The Engagement Partner conducted
audit work in the United Kingdom and was responsible for the scope and direction of the audit process.
This, in conjunction with additional procedures performed, gave us appropriate evidence for our
opinion on the Group financial statements.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period and include the most significant assessed
risks of material misstatement (whether or not due to fraud) we identified, including those which had
the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing
the efforts of the engagement team. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters. In addition to the matter described in the Material uncertainty related to
going concern section we have determined the matters described below to be the key audit matters
to be communicated in our report.
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Key Audit Matter
How our scope addressed this matter
Carrying value of intangible assets (Note 12)
The South Korean Mines Under Development
(“MUD”) balance represents a material
proportion of the Group’s statement of financial
position, totalling $19.816m as at 31 December
2025. No additions were recorded during
the year, and the Group made no operational
progress on either the Gubong or Kochang
projects.
During 2025, there was continued regulatory
stagnation in regards to the Mountain
Temporary Use Permits (“MTUP”):
- The Gubong MTUP remains withdrawn
and has not been reinstated.
- The Kochang MTUP has not been
granted.
- No development, feasibility, or fieldwork
activities were carried out.
Under IFRS 6 management is required to assess
at each reporting date whether indicators of
impairment exist.
At Bluebird, impairment indicators for 2025
include:
- Ongoing delays in securing key mining
permits
- Absence of operational or exploration
activity
- Increased uncertainty over the future
economic viability of the projects
- Long term dependency on regulatory
approvals outside the Group’s control
Given the size of the asset, the absence of
progress, and the inherent judgement within
management’s impairment assessment, we
consider the carrying value of intangible assets a
KAM.
Our work included but was not limited to:
- Reviewing management’s impairment-
indicator assessment in accordance
with IFRS 6 and IAS 36.
- Evaluating whether the continued lack
of MTUP progress, the withdrawal of
the Gubong permit, and the absence of
development activity during 2025
represent indicators of impairment.
- Obtaining management’s impairment
model and assessing whether the key
assumptions applied are reasonable in
the context of the Group’s operational
status, regulatory environment, and
industry expectations.
- Performing sensitivity analysis over key
inputs within the impairment model to
evaluate the robustness of
management’s conclusions and the
level of available headroom.
- Reviewing correspondence with Korean
legal advisers and local consultants to
understand the status of the MTUP
applications and any adverse regulatory
developments and assessing the
reasonableness of any new
submissions.
- Confirming that the Group continues to
hold valid and enforceable exploration
and development rights for both
projects.
- Reviewing Board papers, strategy
updates and RNS announcements to
assess whether management has
credible and supportable plans to
progress the assets.
- Evaluating whether it remains
appropriate for management to
continue capitalising the asset given the
Group's 2025 activity levels and the
status of regulatory approvals.
The directors’ recoverable value assessment,
was considered reasonable. However,
management had expected to receive Mountain
Temporary Use Permits to enable the Group to
commence groundwork for proof-of-concept
mining at Kochang and early development work
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Annual Financial Report 2025
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at Gubong and after an initial rejection on the
application submitted to Korea’s Board of Audit
Inspection in respect of Kochang was received,
an administrative lawsuit has been filed and the
Group is awaiting the results expected after the
hearing in May 2026. Should Mountain
Temporary Use Permits for both projects and
other required production licences not be
obtained then the mines may not be fully
developed and thus the carrying value of mines
under development may not be recovered in
full.
Other information
The other information comprises the information included in the annual report, other than the
financial statements and our auditor’s report thereon. The directors are responsible for the other
information contained within the annual report. Our opinion on the financial statements does not
cover the other information and we do not express any form of assurance conclusion thereon. Our
responsibility is to read the other information and, in doing so, consider whether the other information
is materially inconsistent with the financial statements or our knowledge obtained in the course of the
audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or
apparent material misstatements, we are required to determine whether this gives rise to a material
misstatement in the financial statements themselves. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report
that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and its environment obtained in the
course of the audit, we have not identified material misstatements in the strategic report or the
directors’ report.
Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are responsible for
the preparation of the financial statements and for being satisfied that they give a true and fair view,
and for such internal control as the directors determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the group or to cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report
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that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that
an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in
respect of irregularities, including fraud. The extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below:
• We obtained an understanding of the group and the sector in which it operates to identify laws and
regulations that could reasonably be expected to have a direct effect on the financial statements.
We obtained our understanding in this regard through discussions with management, independent
research and our accumulated knowledge and experience of the industry.
• We determined the principal laws and regulations relevant to the group in this regard to be those
arising from LSE Main Market listing rules, Korean Mining Law and BVI Business Companies Act.
• We designed our audit procedures to ensure the audit team considered whether there were any
indications of non-compliance by the group with those laws and regulations. These procedures
included, but were not limited to:
o Discussions with management regarding compliance with laws and regulations by the Group;
o Reviewing board minutes; and
o Review of regulatory news announcements made
• We also identified the risks of material misstatement of the financial statements due to fraud. We
considered, in addition to the non-rebuttable presumption of a risk of fraud arising from
management override of controls, that there was potential for management bias in relation to the
impairment of mines under development assets and we addressed this by challenging the
assumptions and judgements made by management when auditing that significant accounting
estimate.
• As in all of our audits, we addressed the risk of fraud arising from management override of controls
by performing audit procedures which included, but were not limited to: the testing of journals;
reviewing accounting estimates for evidence of bias; and evaluating the business rationale of any
significant transactions that are unusual or outside the normal course of business.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities,
including those leading to a material misstatement in the financial statements or non-compliance with
regulation. This risk increases the more that compliance with a law or regulation is removed from the
events and transactions reflected in the financial statements, as we will be less likely to become aware
of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud
rather than error, as fraud involves intentional concealment, forgery, collusion, omission or
misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities.
This description
forms part of our auditor’s report.
Use of our report
This report is made solely to the group’s members, as a body, in accordance with Chapter 3 of Part 16
of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group’s
members those matters we are required to state to them in an auditor’s report and for no other
Bluebird Mining Ventures Ltd
Annual Financial Report 2025
26
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone,
other than the group and the group's members as a body, for our audit work, for this report, or for the
opinions we have formed.
Joseph Archer (Senior Statutory Auditor) 30 Churchill Place
For and on behalf of PKF Littlejohn LLP Canary Wharf
Statutory Auditor London E14 5RE
30 April 2026
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Annual Financial Report 2025
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5.2 Consolidated Statement of Comprehensive Income
For the year ended 31 December 2025
Note
12 months | 12 months | ||
to 31-Dec-25 | to 31-Dec-24 | ||
(USD) | (USD) | ||
Administrative expenses | 6 | ( | ( |
Operating loss | ( | ( | |
Finance expense | 9 | ( | ( |
Share of loss of joint ventures | 11 | ( | ( |
Impairment/gain on disposal | 11 | ( | |
Loss before taxation | ( | ( | |
Income tax expense | 10 | ||
Loss for the year | ( | ( | |
Exchange difference on translating foreign operations* | ( | ||
Total comprehensive profit/(loss) for the year | ( | ( | |
Earnings per share: | |||
Basic and diluted earnings per share (USD cents | 20 | ( | ( |
per share) |
* Items that may be reclassified to profit or loss
The above results relate entirely to continuing operations.
The accompanying accounting policies and notes form an integral part of these financial statements.
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Annual Financial Report 2025
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5.3 Consolidated Statement of Financial Position
For the year ended 31 December 2025
31-Dec-25 | 31-Dec-24 | ||
Note | (USD) | (USD) | |
Non-current assets | |||
Mines under development | 12 | ||
Property, plant and equipment | 19 | ||
Goodwill on acquisition | 11 | ||
Current assets | |||
Trade and other receivables | 13 | ||
Digital assets | 11 | ||
Cash and cash equivalents | 14 | ||
Current liabilities | |||
Trade and other payables | 15 | ( | ( |
Other financial liabilities | 16 | ( | ( |
Derivative financial instruments | 16 | ( | ( |
( | ( | ||
Non-current liabilities | |||
Other financial liabilities | 16 | ( | |
( | |||
Net Assets | |||
Equity | |||
Issued share capital | 20 | ||
Unissued share capital | 20 | ||
Other reserves | 18 | ||
Retained earnings | 18 | ( | ( |
Total Equity |
The accompanying accounting policies and notes form an integral part of these financial statements.
These financial statements were approved and signed on behalf of the Board of Directors.
Sath Ganesarajah Frank Amato
Executive Director Non-Executive Director
30 April 2026 30 April 2026
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Annual Financial Report 2025
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5.4 Consolidated Statement of Changes in Equity
For the year ended 31 December 2025
Issued | Unissued | |||||
Share | Share | Retained | Other | Total | ||
Note | Capital | Capital | Earnings | Reserves | Equity | |
(USD) | (USD) | (USD) | (USD) | (USD) | ||
At 31-Dec-23 | ( | |||||
Loss for the year | ( | ( | ||||
Other comprehensive income for the period | ( | ( | ||||
Total comprehensive income | ( | ( | ( | |||
Shares issued/to be issued (net of expenses) | 20 | ( | ||||
Total transactions | ||||||
with owners | ( | |||||
At 31-Dec-24 | ( | |||||
Loss for the year | ( | ( | ||||
Share based payment | ||||||
reserve released | ( | |||||
Other comprehensive income for the period | ||||||
Total comprehensive income | ( | ( | ||||
Shares issued/to be issued (net of expenses) | 20 | |||||
Total transactions | ||||||
with owners | ||||||
At 31-Dec-25 | ( |
The accompanying accounting policies and notes form an integral part of these financial statements.
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5.5 Consolidated Cash Flow Statement
For the year ended 31 December 2025
12 months to | |||
12 months to | 31-Dec-24 | ||
Note | 31-Dec-25 | (Re-stated) | |
(USD) | (USD) | ||
Cash flows from operating activities | |||
Loss before tax for the year | ( | ( | |
Adjusted for: | |||
Depreciation expense | |||
Fees payable in equity | |||
Fair value expense | |||
Finance charge/interest expense | |||
Share of associate loss | |||
Impairment/gain on disposal | |||
Unrealised foreign exchange loss | |||
Movement in trade receivables | ( | ( | |
Movement in trade payables | ( | ||
Net cash used in operating activities | ( | ( | |
Cash flows from investing activities | |||
Property, plant and equipment acquisitions | ( | ||
Net cash used in investing activities | ( | ||
Cash flows from financing activities | |||
Cash received for shares | |||
Cash received from loans | 16 | ||
Net cash from financing activities | |||
Net increase/(decrease) in cash | ( | ||
Cash and cash equivalents at the start of the year | |||
Cash and cash equivalents at the end of the year |
There have been significant non-cash transactions relating to the settlement of operating and financial
liabilities in the periods (refer notes 16 and 20 of the audited financial statements).
The accompanying accounting policies and notes form an integral part of these financial statements.
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5.6 Notes to the Financial Statements
For the year ended 31 December 2025
1. Basis of Preparation and Adoption of International Financial Reporting Standards (IFRS)
Bluebird Mining Ventures Ltd (the Company) is a limited company incorporated in the BVI. The address
of its registered office is at Harney Westwood & Riegels, Craigmuir Chambers, PO Box 71, Road Town,
The consolidated financial statements are prepared on the historical cost basis or the fair value basis
where the fair valuing of relevant assets and liabilities has been applied.
Certain amounts included in the consolidated financial statements involve the use of judgement
and/or estimation. Judgements, estimations and sources of estimation uncertainty are discussed in
note 3.
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38 | |
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South | |||||
BVI | Philippines | Korea | UK | Total | |
(USD) | (USD) | (USD) | (USD) | (USD) | |
Administrative costs | (910,203) | (20,269) | (114,342) | - | (1,044,814) |
Finance expense | (229,827) | - | - | - | (229,827) |
Impairment/gain on disposal | - | (14,573) | - | - | (14,573) |
Profit/(loss) for the period | (1,140,030) | (34,842) | (114,342) | - | (1,289,214) |
Other comprehensive income | (57,636) | 445 | 224,953 | - | 167,762 |
Total comprehensive income | (1,197,666) | (34,397) | 110,611 | - | (1,121,452) |
for the year |
South | |||||
BVI | Philippines | Korea | UK | Total | |
(USD) | (USD) | (USD) | (USD) | (USD) | |
Mines under development | - | - | 19,816,088 | - | 19,816,088 |
Property, plant and equipment | 250,000 | - | 42,249 | - | 292,249 |
Goodwill on acquisition | - | - | - | 165,010 | 165,010 |
Trade and other receivables | 747,827 | - | 9,149 | - | 756,976 |
Digital assets | - | - | - | 40,140 | 40,140 |
Cash and cash equivalents | 91,752 | - | 152 | 94 | 91,998 |
Total assets | 1,089,579 | - | 19,867,638 | 205,244 | 21,162,461 |
Trade and other payables | (422,056) | - | - | (205,244) | (627,300) |
Other financial liabilities – | |||||
current | - | - | (353,300) | - | (353,300) |
Derivative financial | |||||
instruments | (338,126) | - | - | - | (338,126) |
Other financial liabilities – | |||||
non-current | (256,740) | - | - | - | (256,740) |
Net assets | 72,657 | - | 19,514,338 | - | 19,586,995 |
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BVI | Philippines | South Korea | Total | |
(USD) | (USD) | (USD) | (USD) | |
Administrative costs | (594,858) | (49,306) | (185,665) | (829,829) |
Finance expense | (67,729) | - | - | (67,729) |
Profit/(loss) for the period | (662,587) | (49,306) | (185,665) | (897,558) |
Other comprehensive income | (339,241) | (13,808) | 267,736 | (85,313) |
Total comprehensive income for the year | (1,001,828) | (63,114) | 82,071 | (982,871) |
BVI | Philippines | South Korea | Total | |
(USD) | (USD) | (USD) | (USD) | |
Mines under development | - | - | 19,816,088 | 19,816,088 |
Property, plant and equipment | - | - | 54,871 | 54,871 |
Trade and other receivables | 35,821 | - | 8,664 | 44,485 |
Cash and cash equivalents | 19,948 | 14,317 | 2,761 | 37,026 |
Total assets | 55,769 | 14,317 | 19,882,384 | 19,952,470 |
Trade and other payables | (194,523) | (75,742) | - | (270,265) |
Other financial liabilities | (330,077) | - | (353,300) | (683,377) |
Derivative financial instruments | (108,299) | - | - | (108,299) |
Net (liabilities)/assets | (577,130) | (61,425) | 19,529,084 | 18,890,529 |
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12 months to | 12 months to | |
31-Dec-25 | 31-Dec-24 | |
(USD) | (USD) | |
Profit/(loss) for the period has been arrived at after charging the following administrative expenses: | ||
Auditors’ remuneration – current period | 68,460 | 53,667 |
Directors’ remuneration – Company | 127,820 | 182,555 |
Staff costs – Group | 149,491 | 93,831 |
Corporate management fees | 176,234 | 194,998 |
Legal, professional and consultancy fees | 93,773 | 37,656 |
Operational expenses | 51,562 | 47,138 |
Loan fees and interest | - | 68,856 |
Prospectus costs | 223,806 | - |
Fundraising commissions | 81,822 | 4,852 |
Depreciation | 12,622 | 13,718 |
Other expenses | 58,779 | 19,766 |
Total administrative expenses | 1,044,369 | 717,037 |
7. Remuneration of Key Management Personnel
In accordance with IAS 24 – Related Party transactions and key management personnel, represented
by all Executive and Non-Executive Directors, are those persons having authority and responsibility for
planning, directing and controlling the activities of the Group.
12 months to 31-Dec-25 | 12 months to 31-Dec-24 | ||||||
Payable | Payable | Payable | Payable | ||||
in Cash | in Equity | Total | in Cash | in Equity | Total | ||
(USD) (USD) | (USD) | (USD) | (USD) | (USD) | |||
Directors remuneration – | 76,922 | 50,898 | 127,820 | 80,309 | 102,246 | 182,555 | |
Company | |||||||
Other staff costs | 137,257 | 12,234 | 149,491 | 69,262 | 24,569 | 93,831 | |
Total remuneration | 214,179 | 63,132 | 277,311 | 149,571 | 126,815 | 276,386 | |
Details of the Directors remuneration is shown under the Remuneration Committee section of the
Director’s Report.
All amounts shown relate to short term employee benefits and there are no payments made for other
long term benefits or share based benefits.
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12 months to | 12 months to | |
31-Dec-25 | 31-Dec-24 | |
(USD) | (USD) | |
Directors | 4 | 5 |
Management and Administration | 1 | 1 |
Mining, Processing and Exploration staff | 1 | 1 |
6 | 7 |
12 months to | 12 months to | |
31-Dec-25 | 31-Dec-24 | |
(USD) | (USD) | |
Loan fees and interest | - | 68,856 |
Fair value movement* | 229,827 | 67,729 |
229,827 | 136,585 |
12 months to | ||||
12 months to | 31-Dec-24 | |||
31-Dec-25 | (Re-stated) | |||
Corporation | Corporation | |||
Tax | Tax | |||
Profit/(loss) before taxation | Rate | (USD) | Rate | (USD) |
BVI | 0.0% | (1,140,030) | 0.0% | (662,587) |
Philippines | 25.0% | (34,842) | 25.0% | (49,306) |
South Korea | 24.0% | (114,342) | 24.0% | (185,665) |
United Kingdom | 25.0% | - | - | - |
Tax losses carried forward not recognised as a deferred tax asset | 2.80% | (1,289,214) | 6.34% | (897,558) |
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31-Dec-25 | 31-Dec-24 | |
(USD) | (USD) | |
Non-current assets | ||
Deferred exploration costs | - | 16,551,515 |
Current liabilities | ||
Trade and other payables | - | (17,030,651) |
Net liabilities | - | (479,136) |
Equity | ||
Issued Capital | - | 107,588 |
Retained Earnings | - | (586,724) |
Total Equity Losses for the year ended 31 December 2025 were USD 445 (2024: USD 43,936). The Batangas project | (479,136) was disposed of in the year ended 31 December 2025 (as noted in the Directors’ Report). |
• 11.2 Impairment/gain on disposal In July 2025 the Company confirmed the Batangas agreement had been executed, which will provide the Company with: | a 10% profit share from the Philippine gold project in perpetuity over the life of the mine with the |
implementation of a transparent dividend policy to ensure cash receipts; and | |
• | additional bonus payments of USD 250,000 at every gold sales milestone of 5,000 oz subject to the |
average gold price over the period being over USD 3,000 per oz. |
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09-Dec-25 | |
(USD) | |
Current assets | |
Trade and other receivables 1 | 269,528 |
Digital Assets | 40,140 |
Bank | 94 |
Current assets | 309,762 |
Current liabilities | |
Trade and other payables 2 | (474,771) |
Current liabilities | (474,771) |
Net liabilities acquired | (165,009) |
Consideration in cash | 1 |
Net liabilities acquired | 165,009 |
Goodwill | 165,010 |
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31-Dec-25 | 31-Dec-24 | |
(USD) | (USD) | |
Mines under development at start of year | 19,816,088 | 19,816,088 |
Movements in the year | - | - |
Mines under development at end of year | 19,816,088 | 19,816,088 |
31-Dec-25 | 31-Dec-24 | |
(USD) | (USD) | |
Other receivables | 601,482 | 3,939 |
Prepayments | 155,494 | 40,546 |
756,976 | 44,485 |
14. Cash and Cash Equivalents
31-Dec-25 | 31-Dec-24 | |
(USD) | (USD) | |
Cash at bank | 91,998 | 37,026 |
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31-Dec-25 | 31-Dec-24 | |
(USD) | (USD) | |
Trade and other payables | 420,674 | 217,677 |
Accruals | 206,626 | 52,588 |
627,300 | 270,265 |
31-Dec-25 | 31-Dec-24 | |
(USD) | (USD) | |
Loan notes held non-related parties | - | 330,077 |
Loan notes held by related parties* | 256,740 | - |
Funds received from Korean consortium | 353,300 | 353,300 |
610,040 | 683,377 |
31-Dec-25 | 31-Dec-24 | |
(USD) | (USD) | |
Derivative financial instruments – warrants | 338,126 | 108,299 |
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Current | |||
Other | Derivative | ||
Financial | financial | ||
Liabilities | instruments | Total | |
(USD) | (USD) | (USD) | |
At 31 December 2023 | 353,300 | 40,570 | 393,870 |
Cash Flows | 206,201 | - | 206,201 |
Non-cash flows: | |||
Loan charges and interest | 68,856 | - | 68,856 |
Equity conversion | (66,834) | - | (66,834) |
Trade payables | 121,854 | - | 121,854 |
Fair value changes | - | 67,729 | 67,729 |
At 31 December 2024 (Re-stated) | 683,377 | 108,299 | 791,676 |
Cash Flows | 187,139 | - | 187,139 |
Non-cash flows: | |||
Equity conversion | (141,887) | - | (141,887) |
Trade payables | (118,589) | (118,589) | |
Fair value changes | - | 229,827 | 229,827 |
At 31 December 2025 | 610,040 | 338,126 | 948,166 |
16.5 Share Warrants – Fair Value
The fair value of the warrants is derived from the Black-Scholes model on the parameters noted and
is represented by the following table:
31-Dec-25 | 31-Dec-24 | |||
Number | (USD) | Number | (USD) | |
Issued in April 2016 and outstanding | 5,757,924 | - | 5,757,924 | 3,605 |
Issued in period ended 31 December | - | 36,600,000 | - | |
2022 and outstanding | ||||
Issued in period ended 31 December | 61,965,000 | - | 61,965,000 | 626 |
2023 and outstanding | ||||
Issued in period ended 31 December | 3,000,000 | - | 89,231,705 | 104,068 |
2024 and outstanding | ||||
Issued in period ended 31 December | 228,260,870 | 338,126 | - | - |
2025 and outstanding | ||||
Warrants – issued | 298,983,794 | 338,126 | 193,554,629 | 108,299 |
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The warrants were fair valued using a Black Scholes model, based on the following parameters – risk
free rate 4.5% (2024: 3.8%), volatility of 124% for 3 years (2024: 85%) and 170% for 1 year (2024: 73%).
16.6 Share Warrants – Issued
Warrants issued and warrants to be issued denominated in Sterling are classified as derivative
financial instruments carried at fair value through profit and loss. There were 298,983,794 warrants
issued during the financial year (2024: 89,231,705).
0.23p | 1.25p | 1.50p | 2.00p | |
Outstanding at 31-Dec-23 | - | - | - | 39,779,916 |
Issued in 2024 | - | 54,231,705 | 35,000,000 | - |
Re-negotiated in 2024 | - | - | - | 2,500,000 |
Lapsed in 2024 | - | - | - | (9,464,916) |
Outstanding at 31-Dec-24 | - | 54,231,705 | 35,000,000 | 32,815,000 |
Issued in 2025 | - | 3,000,000 | - | |
Re-negotiated in 2025 | 228,260,870 | (35,000,000) | - | |
Lapsed in 2025 | - | (54,231,705) | (31,600,000) | |
Outstanding at 31-Dec-25 | 228,260,870 | 3,000,000 | - | 1,215,000 |
Exercisable at 31-Dec-25 | - | 3,000,000 | - | 1,215,000 |
2.50p | 3.50p | 5.75p | Total | |
Warrants | ||||
Outstanding at 31-Dec-23 | 5,000,000 | 74,750,000 | 5,757,924 | 125,287,840 |
Issued in 2024 | - | - | - | 89,231,705 |
Re-negotiated in 2024 | - | - | - | 2,500,000 |
Lapsed in 2024 | - | (14,000,000) | - | (23,464,916) |
Outstanding at 31-Dec-24 | 5,000,000 | 60,750,000 | 5,757,924 | 193,554,629 |
Issued in 2025 | - | - | - | 3,000,000 |
Re-negotiated in 2025 | 5,757,924 | - | (5,757,924) | 193,260,870 |
Lapsed in 2025 | (5,000,000) | - | - | (90,831,705) |
Outstanding at 31-Dec-25 | 5,757,924 | 60,750,000 | - | 298,983,794 |
Exercisable at 31-Dec-25 | 5,757,924 | 60,750,000 | - | 70,722,924 |
3,000,000 warrants at 1.25p were issued in 2025 as part of the share placing arrangements in October
2024. These warrants expired in January 2026.
5,757,924 warrants issued at 5.75p in the April 2016 Prospectus and were re-negotiated to 2.50p in
2025 to specify an expiry date, which is now July 2026.
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35,000,000 warrants at 1.50p were cancelled and 228,260,870 warrants at 0.23p were issued in 2025
due to re-pricing re. the share placing arrangements in June 2025. These warrants will continue to
lapse in September 2027 unless exercised and are only exercisable from March 2026.
On 09 April 2026 the Company announced the agreement to cancel 100,505,435 of the 0.23p warrants
and its expectation to cancel the remaining 0.23p warrants in due course. The number of outstanding
warrants at the date of this Report is 133,513,359 as the 1.25p warrants lapsed in January 2026 and
the 2.0p and 3.50p warrants lapsed in March 2026.
31-Dec-25 | 31-Dec-24 | |
(USD) | (USD) | |
Cash and cash equivalents | 91,998 | 37,026 |
Other receivables | 601,482 | 3,939 |
Digital assets | 40,140 | - |
733,620 | 40,965 |
31-Dec-25 | 31-Dec-24 | |
(USD) | (USD) | |
Trade and other payables – current | 420,674 | 217,677 |
Other financial liabilities – current | - | 683,377 |
Other financial liabilities – non-current | 610,040 | - |
1,030,714 | 901,054 |
31-Dec-25 | 31-Dec-24 | |
(USD) | (USD) | |
Derivative financial instruments – warrants | 338,126 | 108,299 |
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31-Dec-25 | 31-Dec-24 | |
(USD) | (USD) | |
US Dollars | 669 | 2,000 |
Sterling | 91,177 | 17,948 |
Philippine Pesos | - | 14,317 |
Korean Won | 152 | 2,761 |
91,998 | 37,026 |
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• The Group’s capital management objectives are to ensure that the Group’s ability to continue as a going concern, and to provide an adequate return to shareholders. The Group manages the capital structure through a process of constant review and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Group may issue new shares, adjust dividends paid to shareholders, return capital to shareholders, or seek additional debt finance. The nature of the Group’s equity reserves is: | Reserves – cumulative gains and losses on translating the net assets of overseas operations to the |
presentation currency; | |
• | Unissued share capital – this reflects the value of equity that management has agreed to issue for |
settlement of remuneration, liabilities and funding provided; |
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Motor | Bitcoin | ||
Vehicles | Machines | Total | |
(USD) | (USD) | (USD) | |
Cost | |||
Balance at 01 January 2025 | 68,589 | - | 68,589 |
Additions in the year | - | 250,000 | 250,000 |
Balance at 31 December 2025 | 68,589 | 250,000 | 318,589 |
Depreciation | |||
Balance at 01 January 2025 | (13,718) | - | (13,718) |
Charge in the year | (12,622) | - | (12,622) |
Balance at 31 December 2025 | (26,340) | - | (26,340) |
Net Book Value at 31 December 2024 | 54,871 | - | 54,871 |
Net Book Value at 31 December 2025 | 42,249 | 250,000 | 292,249 |
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31-Dec-25 | 31-Dec-24 | |||
Number | USD | Number | USD | |
Opening Balance | 767,096,747 | 22,467,261 | 712,865,042 | 21,790,174 |
Fee sacrifice issued in the year | - | - | 40,981,705 | 506,234 |
Other shares issued in the year | 96,586,957 | 571,124 | 13,250,000 | 170,853 |
Closing Balance | 863,683,704 | 23,038,385 | 767,096,747 | 22,467,261 |
31-Dec-25 | 31-Dec-24 | |||
Number | % | Number | % | |
Sath Ganesarajah*** | - | - | - | - |
Aidan Bishop* / ** | - | - | 73,238,660 | 9.5% |
Jonathan Morley-Kirk** | - | - | 11,495,820 | 1.5% |
Colin Patterson* / ** | - | - | 84,916,679 | 11.1% |
Stuart Kemp** | - | - | 23,034,455 | 3.0% |
Total PDMR | - | - | 192,685,614 | 25.1% |
Other | 863,683,704 | 100.0% | 574,411,133 | 74.9% |
Total Non-PDMR | 863,683,704 | 100.0% | 574,411,133 | 74.9% |
Total Issued Shares | 863,683,704 | 100.0% | 767,096,747 | 100.0% |
31-Dec-25 | 31-Dec-24 | |||
Number | USD | Number | USD | |
Placing | 413,151,989 | 828,822 | - | - |
Bitcoin machine purchase | 40,000,000 | 250,000 | ||
Fee sacrifice | 46,831,778 | 167,972 | - | - |
499,983,767 | 1,246,794 | - | - |
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12 months to | 12 months to | |
31-Dec-25 | 31-Dec-24 | |
(USD) | (USD) | |
Earnings per share | (0.0016) | (0.0012) |
Loss used to calculate basic earnings per share | 1,289,214 | (897,558) |
Weighted average number of shares used in calculating | 819,635,806 | 724,900,023 |
basic earnings per share |
Bluebird Mining Ventures Ltd Annual Financial Report 2025 |
56 |
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Percentage of | ||||
Ordinary Share | ||||
Capital Held | ||||
Name of Entity | Nature of Business | Registration | 2025 | 2024 |
MRL Gold Inc | Batangas Gold Project | Philippines | - | 100% |
Egerton Gold Philippines Inc | Batangas Gold Project | Philippines | - | 40% |
Gubong Project JV Co PTE Ltd* | South Korea Gold Projects | Singapore | 100% | 100% |
Kochang Project JV Co PTE Ltd** | South Korea Gold Projects | Singapore | 100% | 100% |
Quantum Research & Management | Information Technology | UK | 100% | - |
Ltd | Services |