Bluebird Merchant Ventures Limited announced that the work required for the submission for the grant of a Declaration of Mining Project Feasibility ('the DMPF') for an operating gold mine at the Lobo high-grade gold mining target, within the Batangas project area in the Philippines ('Lobo' or 'the Project'), has commenced. Lobo, in line with the Company's free carry JV model, is being developed in tandem with the Company's local JV partner which is fully funding the Project's advancement to a production decision. The DMPF together with the Environmental Compliance Certificate are the two key outstanding compliance permissions for the Project.

In order to coordinate and submit a Philippine Mineral Reporting Code 2020 compliant technical report for the grant of a DMPF, local external contractors have been appointed to complete the multiple workstreams and studies required. These include but are not limited to: Validation of the existing resource and the development of a 'Final Exploration Report' on the resource potential of Lobo along the 15km of identified mineralised structures and the surrounding nine identified targets. Produce a 'Metallurgical Engineering Study' to define the metallurgical process.

Prepare the mine design and mill processing sheet with associated CAPEX & OPEX modelling based on the minimum 10-year Life of the Mine. Production of Financial Statements including the IRR and the NPV calculations. Research study for the formulation of Social Development and Management Program (SDMP) based on the needs assessment to the host and neighbouring communities.

Government liaison and submission of the final DMPF resulting in approval. This is anticipated to take 6-9 months. The Lobo licence covers 1,164-hectares.

Multiple high grade target areas have been identified and include the South West Breccia ('SWB'), West Drift, Japanese Tunnel, historic Lobo copper mine, Camo, Acacia, Pica, Balisong and Ulupong prospects. Lobo has an initial Probable JORC Compliant Ore Reserves of 171,000 tons at 6.6 g/t for 36,000 ounces of gold excluding silver credits based primarily on the South West Breccia ('SWB') area of the licence that can be mined in the first 18 months of any operation. There is an Indicated resource of 82,000 oz Au that is perceived as easily convertible.

Additionally, the Lobo licence area has multiple epithermal and high-grade targets already identified for resource expansion with 15km of identified mineralised structures with results across the nine identified targets yielding excellent results. These include 2.1m @14.4g/t Au and 3m at 12.1g/t at West Drift, which already has an Indicated and Inferred resource of 350,000t at 3 g/t Au, 8.35m at 18.3 g/t Au and 6.0m at 31.2 g/t Au located immediately west of the SWB Extension, 19m surface channel sample with intersections of 19m grading 9.8 g/t Au at Ulupong and trenching at Limestone Target yielded 3.5m at 25.9 g/t Au including 1.5m at 56.8 g/t Au.