Bluebird Mining Ventures shares fall as interim loss widens

(Alliance News) - Bluebird Mining Ventures Ltd shares dropped on Friday after it reported a wider loss in the first half of the year, amid an impairment at South Korean assets.

Bluebird Mining is a gold streaming, mining and treasury company based in the British Virgin Islands. Shares in Bluebird Mining fell 7.1% to 0.049 pence in morning trading in London on Friday.

The company said pretax loss was USD19.3 million in the six months to June 30, stretching from USD2.6 million a year ago. It booked a USD17.0 million impairment after classifying its South Korean interests as "held for sale".

The group said it completed the sale last week while retaining a 2.5% net smelter return royalty on the Gubong and Kochang gold projects.

Bluebird Mining said the disposal helped simplify the company's structure.

Bluebird Mining reported nominal revenue of USD17,296, compared with none reported last year.

The company highlighted its move into digital asset streaming activities, including bitcoin, tokenised gold, physical gold and bitcoin mining infrastructure. The company reported that its bitcoin mining project in Texas yielded its first revenue during the period, but it also said it incurred a revaluation loss of USD266,128 on bitcoin mining machines.

Looking ahead, Chief Executive Officer Sath Ganesarajah said: "In the second half of the year, our focus will be on expanding our streaming activities, managing our treasury operations prudently and identifying further opportunities that can enhance shareholder value while preserving sufficient liquidity."

By Camilla Borri, Alliance News reporter

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