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p3VXm/fB/3p/nDncb7Y1/3Rbp/p3J/zA9pft34/hL7xrTvqvJ++SHuT/OHB433x77uy3T/QeX+mB/S/Lrx/SX2jbHvb3CswI7UL8d9AAAAAElFTkSuQmCC)

Bluebird Merchant Ventures Limited

Annual Financial Report

2023

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

1

GROUP INFORMATION

Directors

Jonathan Morley-Kirk

Non-Executive Chairman

Clive Sinclair-Poulton

Non-Executive Director

Charles Barclay

Executive Director

Aidan Bishop

Executive Director

Colin Patterson

Executive Director

Registered

Office

Harney Westwood & Riegels

Craigmuir Chambers

PO Box 71, Road Town

Tortola VG1110

British Virgin Islands

Auditor

PKF Littlejohn LLP

15 Westferry Circus

London E14 4HD

UK

Lawyers

Legal Insight LLC

401, Nonhyeon-dong, M building

612 Nonhyeon-ro

Gangnam-gu, Seoul

South Korea

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

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

2

CONTENTS

1.  Chairman’s Report

3

2.  Chief Executive’s Comment

5

3.   Directors’ Report

7

4.   Strategic Report

4.1

Business Model and Strategy

17

4.2

South Korea Gold Projects

17

4.3

Philippines Overview – 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 Income Statement

26

5.3

Consolidated Statement of Comprehensive Income

27

5.4

Consolidated Statement of Financial Position

28

5.5

Consolidated Statement of Changes in Equity

29

5.6

Consolidated Cash Flow Statement

30

5.7

Notes to the Financial Statements

31

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

3

1.  CHAIRMAN’S REPORT

The  asset  base  of  Bluebird  Merchant  Ventures  remains  exciting.  Our  focus  continues  to  be  on

advancing  the  development  of  our  high-grade  precious  metal  projects,  which  consists  of  the

Kochang Gold and Silver Mine (Kochang) and Gubong Gold Mine (Gubong) in South Korea, and the

Batangas  Gold  Project  (Batangas)  in  the  Philippines.  We  believe  that  you  rarely  find  investment

exposure  to  c.1.5+  million  oz  Au  in  stable  jurisdictions  and  at  the  current  valuation  (refer  Chief

Executive’s Comment for detail).

Our objective of creating long term value for shareholders by bringing our projects into production

remains the core proposition of the Board, and to this end, we have focussed on a number of key

areas to deliver this. Shareholders will be aware there has been some progress, particularly in the

Philippines,  but  also  frustrations  as  we  negotiate  the  path  to  advance  our  two  South  Korean

projects, in particular the well documented applications for the Mountain Temporary Use Permits

(MTUP).

Our  experiences  in  the  Philippines  have  meant  that  we  have  revaluated  the  way  in  which  we

operate. For Batangas, a Joint Venture was secured with a local partner with decades of experience

in mining to advance the project to a production decision. This agreement is based on the JV partner

achieving  defined  development  goals  in  return  for  equity  and  provides  us  with  a  free  carry  to

production decision. Exploration expenditure to the tune of c.USD 20 million has been invested to

date and both parties recognise the inherent value of the project. Section 4.3 of the Strategic Report

provides an outline of the 2019 write down to USD nil and the Board’s decision not to reverse this

impairment to the investment in associate in the current period.

The  JV  model  has  already  reaped  dividends  as  highlighted  by  the  receiving  of  the  Certificate  of

Approval from the Mines and Geosciences Bureau for a Two-Year Community Development Plan. A

drilling contractor  has  been  engaged  and  programme  planned,  although  the  JV  partner  has  now

reprioritised this work with the completion of an Environmental Impact Study (EIS) being the most

important task to complete. Accordingly post year end, a Philippine based consultant was appointed

to conduct the work, which has now commenced.

Our progress in the Philippines, compared to the permitting delays in South Korea, where we are still

waiting for a decision from the Board of Audit and Inspection for Kochang re the MTUP, prompted us

to  rethink our  strategy to  identify  the  best  development  path  for  Gubong.  Accordingly,  we  have

been working with an established South Korean entity, which better understands the local, district

and national geo-political environment to ensure all stakeholders are happy with our development

plans before we resubmit the MTUP. With a positive working relationship and the recognition of the

scale of the mining potential at Gubong, both parties are keen to formalise an agreement for the

development of a mine. It is envisaged that the JV model signed in the Philippines will be the basis of

an agreement in South Korea – ie, the JV partner will supply capital for the delivery of development

goals in return for equity, giving Bluebird a free carry. These negotiations are progressing well and if

an agreement is signed, we will look at a similar structure for Kochang.

With  an  optimal  structure  in  place,  we  believe  we  can  develop  the  assets  and  drive  value  for

shareholders. I would like to thank you for your patience but can assure you we have been doing all

we can to make progress. The in-ground value of the portfolio remains constant and something we

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ŝŶĐůƵĚĞĚĂƉŽƐƚͲƚĂdžEWsŽĨh^ϭϴϭŵŝůůŝŽŶĨƌĞĞĐĂƐŚŽĨh^ϱϬŵŝůůŝŽŶƉĞƌĂŶŶƵŵĂŶ/ZZŽĨϭϭϭй

ĂŶĚ Ă h^ ϲϯϬ ƉĞƌ Žnj ůů ŝŶ ^ƵƐƚĂŝŶŝŶŐŽƐƚ ;/^ͿŐŝǀŝŶŐ ƵƐ Ă ŚƵŐĞĂŵŽƵŶƚ ŽĨ ĐŽŶĨŝĚĞŶĐĞ ŝŶ ƚŚĞ

ĞĐŽŶŽŵŝĐƉŽƚĞŶƚŝĂůŽƵƌƉƌŽũĞĐƚƐtŝƚŚƌĞŐĂƌĚƐƚŽĂƚĂŶŐĂƐƚŚĞǀĂůƵĞŽĨƚŚĞ>ŽďŽƉƌŽũĞĐƚĂƌĞĂǁŝƚŚ

ϴϮϬϬϬ Žnj Ƶ /ŶĨĞƌƌĞĚ ŽŶũƵƐƚŽŶĞŽĨŶŝŶĞ ƚĂƌŐĞƚƐĂŶĚϭϰŬŵŽĨƐƚƌŝŬĞĞƐƐĞŶƚŝĂůůLJƚƌĂŶƐůĂƚĞƐŝŶƚŽŶŽ

ĂƚƚƌŝďƵƚĂďůĞǀĂůƵĞ

KŶĂŵĂĐƌŽƐĐĂůĞƚŚĞŐŽůĚƉƌŝĐĞĞŶǀŝƌŽŶŵĞŶƚŝƐĂůƐŽƉŽƐŝƚŝǀĞǁŝƚŚŵĂŶLJĐŽŵŵĞŶƚĂƚŽƌƐŚŝŐŚůŝŐŚƚŝŶŐ

ƚŚĂƚĞǀĞƌͲŝŶĐƌĞĂƐŝŶŐŐŽǀĞƌŶŵĞŶƚĚĞďƚŝƐƵŶĚĞƌƉŝŶŶŝŶŐƚŚĞůŽŶŐͲƚĞƌŵĨƵŶĚĂŵĞŶƚĂůƐĨŽƌŐŽůĚĂƐĂŶĂƐƐĞƚ

ĐůĂƐƐtŽƌƚŚŶŽƚŝŶŐŝƐƚŚĂƚƚŚĞĐƵƌƌĞŶƚŐŽůĚƉƌŝĐĞŽĨĐh^ϮϭϬϬƉĞƌŽnjŝƐĂƐŝŐŶŝĨŝĐĂŶƚƉƌĞŵŝƵŵƚŽŽƵƌ

ƐĐŽƉŝŶŐƐƚƵĚLJǁŚŝĐŚǁĂƐĐŽŶĚƵĐƚĞĚŽŶĂh^ϭϳϱϬƉĞƌŽnjŐŽůĚƉƌŝĐĞ

ŽƌƉŽƌĂƚĞ

dŚĞŝƌĞĐƚŽƌƐĐŽŶƚŝŶƵĞƚŽŽŶůLJĚƌĂǁĚŽǁŶŵŝŶŝŵĂůĨĞĞƐƚŽƉƌĞƐĞƌǀĞĐĂƐŚĂŶĚŶŽǁŽǁŶĂĐƵŵƵůĂƚŝǀĞ

ϭϲϲϭϳϲϯϱϭƐŚĂƌĞƐŝŶƚŚĞŽŵƉĂŶLJ;ϮϯϯйͿƐŵĞŶƚŝŽŶĞĚǁĞŚĂǀĞĨĂƌŵĞĚŽƵƚĂƚĂŶŐĂƐŐŝǀŝŶŐƵƐ

ĂĨƌĞĞĐĂƌƌLJƚŽĂƉƌŽĚƵĐƚŝŽŶĚĞĐŝƐŝŽŶĂŶĚǁĞĂƌĞůŽŽŬŝŶŐƚŽĚŽƚŚĞƐĂŵĞŝŶ^ŽƵƚŚ<ŽƌĞĂƚŽƌĞĚƵĐĞŽƵƌ

ĐŽƌƉŽƌĂƚĞŽǀĞƌŚĞĂĚ

ĂƌůLJŝŶƚŚĞLJĞĂƌǁĞƌĂŝƐĞĚ'WϭϮŵŝůůŝŽŶǀŝĂĂƉůĂĐŝŶŐĂŶĚƐƵďƐĐƌŝƉƚŝŽŶĨŽƌϲϬϳϱϬϬϬϬŶĞǁKƌĚŝŶĂƌLJ

^ŚĂƌĞƐĂƚϮ'ƉĞŶĐĞƉĞƌƐŚĂƌĞďƌŽŬĞƌĞĚďLJ^/ĂƉŝƚĂůtŚŝůĞƚŚĞĨƵŶĚƐǁĞƌĞƌĂŝƐĞĚƚŽĨƵůůLJĨƵŶĚƉƌŽŽĨͲ

ŽĨͲĐŽŶĐĞƉƚƉƌŽĚƵĐƚŝŽŶĂƚ<ŽĐŚĂŶŐĨŽůůŽǁŝŶŐƚŚĞĚĞůĂLJƐŝŶŽďƚĂŝŶŝŶŐƚŚĞŶĞĐĞƐƐĂƌLJŵŝŶŝŶŐƉĞƌŵŝƚƚŽ

ŵŽǀĞƚŽǁĂƌĚƐƉƌŽĚƵĐƚŝŽŶǁĞƚŽŽŬƚŚĞĚĞĐŝƐŝŽŶƚŽƉĂLJĚŽǁŶŽƵƌĞdžŝƐƚŝŶŐůŽĂŶƐƚŽďĞĐŽŵĞĚĞďƚĨƌĞĞ

ŽŶĐůƵƐŝŽŶ

tĞ ůŽŽŬ ĨŽƌǁĂƌĚ ƚŽ ƌĞƉůŝĐĂƚŝŶŐ ƚŚĞ ĂƉƉƌŽĂĐŚ ƵŶĚĞƌƚĂŬĞŶ ŝŶ ƚŚĞ WŚŝůŝƉƉŝŶĞƐ ƚŽ ĂĚǀĂŶĐĞ ŽƵƌ ^ŽƵƚŚ

<ŽƌĞĂŶƉƌŽũĞĐƚƐǁŝƚŚůŝŵŝƚĞĚĐĂƉŝƚĂůŽƵƚůĂLJŝŶƚĂŶĚĞŵǁŝƚŚůŽĐĂůƉĂƌƚŶĞƌƐǁŚŽďĞƚƚĞƌƵŶĚĞƌƐƚĂŶĚƚŚĞ

ŽŶͲŐƌŽƵŶĚ ĞŶǀŝƌŽŶŵĞŶƚ ĂŶĚ ĐĂŶ ĨŽƐƚĞƌ ƉŽƐŝƚŝǀĞ ƌĞůĂƚŝŽŶƐŚŝƉƐ Ăƚ Ăůů ůĞǀĞůƐ tŝƚŚ ĂŶ ĞƐƚŝŵĂƚĞĚ ϭϱ

ŵŝůůŝŽŶ Žnj Ƶ ĞdžƚĞŶƐŝǀĞ ĚĂƚĂ ĨƌŽŵ ĞƐƚĂďůŝƐŚĞĚ ŝŶƐƚŝƚƵƚŝŽŶƐ ĂŶĚ ĞdžƚƌĂĐƚŝŽŶ ƉĞƌŵŝƚƐ ŝŶ ƉůĂĐĞ ƚŚĞƐĞ

ƉƌŽũĞĐƚƐƌĞŵĂŝŶŚŝŐŚůLJƉƌŽƐƉĞĐƚŝǀĞtĞĂƌĞĐŽŶĨŝĚĞŶƚƚŚĂƚŽŶĐĞǁĞŽǀĞƌĐŽŵĞƚŚĞĐƵƌƌĞŶƚŽďƐƚĂĐůĞƐ

ǁĞĐĂŶĂĐĐĞůĞƌĂƚĞƐǁŝĨƚůLJƚŚĞƉƌŽũĞĐƚƐƉĂƚŚƚŽĚĞǀĞůŽƉŵĞŶƚĂŶĚ ďĞŐŝŶƚŽĞŶũŽLJƚŚĞĨƌƵŝƚƐŽĨŽƵƌĞĨĨŽƌƚƐ

:ŽŶĂƚŚĂŶDŽƌůĞLJͲ<ŝƌŬ

ŚĂŝƌŵĂŶ

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Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

5

2.  CHIEF EXECUTIVE’S COMMENT

With the general operations and corporate issues covered in the Chairman’s report, including the

delays in the progression of our South Korean projects, I want to take this opportunity to remind

shareholders why we are here, provide an update on each asset and outline what we are trying to

achieve.

The original listing  asset was  Batangas,  but its  development was  put on  hold due  to a change  in

Government in the Philippines with the investment in the project being written down to USD nil in

2019. As a result, we identified other projects, Gubong and Kochang in South Korea, with significant

potential that could benefit from our years of experience in bringing gold mines back into production

and generate high returns for investors.

Gubong remains a company maker. It was historically the second largest gold mine in South Korea

and the Korea Resources Corporation estimated 2.34 million tonnes at some 6 g/t Au garnered from

57  drill holes over 17,715 metres. It  is  an orogenic deposit, which  typically  have a  depth  of 2km

compared to the current depth of 500m. We believe it has a potential resource of +1 million oz Au

in-situ,  plus  an  estimated  additional  300,000  oz  Au  from  satellite  ore  bodies.  Having  completed

extensive analysis of the historic data, we aim to bring this project into production with a medium-

term target of 60,000 oz Au per annum rising to 100,000 oz Au. Being high grade and low cost, an

estimated sub USD 700 AISC, the margins are attractive.

Kochang, the smaller of the two projects, has a current non JORC estimate of between 550,000 and

700,000 tonnes, with a  range of grades between 5.2 g/t to 6.6  g/t gold, and 27.3 g/t to 34.8 g/t

silver.    This  hydrothermal  deposit  shows  very  high  grades  over  a  strike  length  of  approximately

2.5km. With  an  initial  116,000 oz Au already  defined and  given  an expected ultimate  production

level of 60,000 tonnes per annum, a mine life of 10 years is estimated with an initial annual yield

c.10,000 oz per annum. With  the  grant of  the MTUP, we  believe that  this can be fast-tracked to

production and early cashflow, which would fund future development and contribute to developing

Gubong. However, as the Chairman has already iterated, the grant of permits is held up with the

relevant  authorities  as  it  has  been  throughout  the  reporting  period.  We  still  expect  a  positive

resolution but feel a resolution may be accelerated with a local partner in place; accordingly, we are

in discussions with a potential partner in this regard.

Bearing in mind the situation in South Korea, our portfolio approach is beginning to pay dividends as

we advance Batangas in tandem with our JV partner. Under the terms of the agreement, an initial

25% of the project was granted to Alpha-Diggers Inc (Alpha), a newly formed special purpose vehicle

established  to  manage  the  advancement  of  Batangas  to  construction.  Alpha  is  charged  with

completing exploration and environmental work programmes targeting the high-grade Lobo area of

the project, which includes additional drilling to increase the resource and a redesign of the mine

plan for underground mining. The Bluebird team is actively working with its partners providing input

and execution advice on the relevant development paths. On completion of this and the submission

of the Declaration of Mining Project Feasibility (DMPF) application, Alpha will receive a further 15%

in the Project, raising its holding to 40%. The DMPF and an Environmental Compliance Certificate

(ECC) are the last major prerequisites for developing a gold mine at Batangas and on approval and

granting, Alpha will receive a further 20% of Batangas, raising its holding to 60%.

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

7

3.  DIRECTORS’ REPORT

The Directors present their report together with the audited financial statements of the Group for

the year ended 31 December 2023.

The Company

Bluebird Merchant Ventures Limited, the parent company, is registered and domiciled in the British

Virgin Islands.

The Company’s principal activity is to bring old gold mines back to life by using the management

team’s global experience in re-opening old mines to unlock hidden value.

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 Company has set out its results in the audited financial statements, and notes, and show a loss

of USD 253,524 for the year (year to 31 December 2022 showed a show a loss of USD 1,485,806 for

the year).

The Directors do not recommend the payment of a dividend for the year ended 31 December 2023

(2022: 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 Development, Mining and other risks for the South Korean projects are detailed from page

25  of  the  June  2019  Prospectus  (refer  http://www.bluebirdmv.com/wp-content/uploads/bsk-pdf-

manager/254922\_Project\_Olympic\_-\_Prospectus\_FINAL\_13-06-2019\_14.pdf).

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

8

South Korea Projects

Whilst the Company has received mining rights to mine Gubong and Kochang, the Company requires

further permits to allow development and mining. MTUPs are required in order to undertake certain

work and development in land areas classified as ‘mountains’. The Company is undergoing a process

with the Board of Audit and Inspection with regards to the MTUP at Kochang. Whilst the Company is

expectant that the  MTUPs will  be granted,  there  can  be  no  guarantee that  they  will.  Should  the

MTUPs not be granted then the Company can simply reapply in the same (or a different) area as well

as having various legal remedies that it can pursue but the outcome cannot be guaranteed.

Batangas Project

The  Company  has  entered  into  an  agreement  with  a  local  Philippine  company,  with  a  view  to

represent the mine with the potential for underground mining and to secure the key permissions

necessary to enable production. Whilst there is renewed optimism around mining in the Philippines

there can be no guarantee that the permissions will be received. The Company expects that the local

partner will be seeking to apply for the key permissions during the first quarter of 2025 after the

completion of the current work program which concludes in the fourth quarter of 2024.  Should the

permissions, which are critical for the project’s value to be realised, not be received the Company

will review appeal options and legal remedies with its local partner.

Key Personnel

The Company has a small team and the loss of key personnel could negatively impact the Group and

cause  further  delays  in  progressing the  projects.  The  Company  is  working  with its  JV  partners  to

progress the projects and will recruit key personnel to support the process as agreed.

Inflation/High Energy Costs

High  energy  costs  and/or  high  inflation  could  impact  on  future  production  costs  and  thus

profitability of the South Korean projects and any future projects. The Company will mitigate this risk

through continuing to actively monitor cash flows and ensure that only value adding expenditure is

incurred.

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.  Although the project economics in South Korea and Batangas are expected

to achieve significant profit margin any significant fall in the gold price may negatively impact the

project.  The  Company  will  look  to  mitigate  any  potential  downside  through  a  review  of  hedging

options once the projects are in production.

Funding Risk

Further  funding  will  be  required  in  the  future  to  advance  the  projects.  Whilst  the  Directors  are

confident that partnerships with local partners will be put in place like that in Batangas, to remove

the  requirement for  capital contribution  by  BMV  in  the  short  term,  there  will  still  be  a need for

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

9

further  funding  in  the  future.    Whilst  the  Directors  are  confident  that  further  funding  will  be

available when required, there can be no guarantee of such. The Directors will focus on effective

cash flow management to allow the Company to meet on-going commitments until this funding can

be secured.

Going Concern

The  Directors continue to adopt  the  going concern basis  of  accounting in  preparing  the  financial

statements  but  note  that  the  auditors  make  reference  to  going  concern  by  way  of  a  material

uncertainty  over  the  ability  of  the  Company  and  the  Group  to  fund  the  recurring and  projected

expenditure (refer note 2 of the audited financial statements).

Key Performance Indicators

Completion of Work Program at Batangas

Completion of the work program at Batangas by the local joint venture partner – refer section 4.3 for

an outline of progress made to date.

Permitting

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  is  required  to

demonstrate its compliance to the licence terms.  Gubong was granted a one-year extension to this

period on 15 March 2023. Subsequently, the Qualifying Investment has been made which will be

demonstrated to the relevant authorities on 29 April 2024.  It is expected shortly thereafter that a

further three-year period will be 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. At the end of the three-year period the Company must demonstrate

to the relevant authorities its compliance to the licence terms over the period. Kochang was granted

a one-year extension to this period on 18 April 2023. The Company upon taking advice, will make

application for a further one-year extension on 28 May 2024 on the basis that the Board of Audit

and Inspection are continuing to review the MTUP application. The Mining Right can be extended for

a  further  20-year  period  upon  expiration  should  either  Commercial  Operations  have  begun,  or

Qualifying Investments have been made.

Progressing the MTUP application at Kochang. Whilst this was not achieved in the year ended 31

December 2023, the Directors remain optimistic that the MTUP will ultimately be granted. In the

event that the process being undertaken by the Board of Audit and Inspection is not successful then

![Graphics](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABKgAAAaVCAIAAACQxGAoAAAACXBIWXMAABYlAAAWJQFJUiTwAAAgAElEQVR42uzawQ1EIQxDwXhF/y3797CngGZKMKenkLYDAADAu34mAAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAAAg/AAAAHjDMcEVkhgBAIBt2hrhCi5+AAAAwg8AAICbxXEWAADgbS5+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwMwEAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOFnAgAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAMDMzxwSrJDECAAA3amuEvaHheQAAAN7mqycAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPxMAAAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAPzrmGCPJEYAAOBSbY2wtzU8DwAAwNt89QQAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAhJ8JAAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAgK/9OrQBEAiiKLhNXEIZUAASOtgyzlMYjZBcB3jkaQSWBiAzbld+9xB+AAAACD8AAACEHwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAAAg/EwAAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAED4mQAAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAgPADAAOSfYwAAABpSURBVABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAABB+AAAA/MNZ+3BkxHSV57GXpWXEuM1ry5cbAACAT7kB/ugv7RuG2g4AAAAASUVORK5CYII=)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

10

the Company can resort to other legal remedies or it can simply make a fresh application over the

same area of land or a new application over a different land area.

Progressing the Gubong project in relation to community acceptance and advancing the permitting

process.  The  Directors  confirm  that  the  foundation  work  has  commenced  in  the  year  ended  31

December 2023 with a local partner and that this will be further developed in 2024.

Upon  being  granted  a  further  period  to  the  “Permit  to  Develop”  at  Gubong  and  Kochang,  the

Company can elect to undertake certain exploration, environmental and feasibility work if it desires

which is not dependent upon an MTUP.

Company Directors

Position

Appointed

Resigned

Audit

Committee

Remuneration

Committee

Health &

Safety

Committee

J. Morley-Kirk

Non-Exec.

Chairman

Mar-14

-

Chair

Member

Member

C. Sinclair-Poulton

Non-Exec.

Director

Sep-15

-

Member

Chair

Member

C. Human

BVI Resident

Director

Aug-22

Nov-23

-

-

-

C. Barclay

Executive

Mar-17

-

-

-

-

A. Bishop

Executive

Mar-14

-

-

-

-

C. Patterson

Executive

Sep-15

-

-

-

Chair

Shareholdings  and  warrants  held  by  Directors  and  other  Persons  Discharging  Managerial

Responsibilities  (PDMR)  are  outlined  in  notes  20  and  16  respectively  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.

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 well established procedures which are considered adequate given the size, and stage,

of the business.

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

11

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.

Audit Committee

The  Audit  Committee,  which  comprises  two  Non-  Executive  Directors,  Jonathan  Morley-Kirk  and

Clive  Sinclair-Poulton,  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.

Health, Safety and Environment Committee

The  Group  is  committed  to  providing  a  safe,  healthy  and  sustainable  environment  for  all  its

employees, contractors, visitors and neighbours. The Group strives actively to identify and manage

the potential direct and indirect effects of all its activities and reviews this at Board level through its

HS&E Committee.

Remuneration Committee

The  remuneration  of  the  Executive  Directors  is  fixed  by  the  Remuneration  Committee,  which

comprises two Non-Executive Directors and is chaired by Clive Sinclair-Poulton. The Remuneration

Committee  is  responsible  for  reviewing  and  determining  the  Company  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 in order

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 2023 and 2022 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-23

in the year

to 31-Dec-22

in the year

to 31-Dec-23

in the year

to 31-Dec-22

Executive Directors

C. Barclay

9,862

20,790

-

50,666

A. Bishop

85,921

9,344

-

21,822\*

C. Patterson

62,941

-

-

77,969\*

Non-Executive Directors

J. Morley-Kirk

34,193

4,109

-

29,883

C. Sinclair-Poulton

24,619

6,767

-

17,707\*

Total

217,536

41,010

-

198,047

\* Equity is issued to an associated party

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

12

All  Directors’  remuneration  relates  to  short-term  employee  benefits.  Amounts  due  to  December

2023  are  held  as  Unissued  Share  Capital  at  year-end  (refer  note  20  of  the  audited  financial

statements).

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

13

Share Capital

At  31  December  2023  the  issued  share  capital  of  the  Company  stood  at  712,865,042  –  with

61,250,000 new shares having been issued during the year (as outlined in note 20 of the audited

financial statements).

Substantial Shareholders

Substantial shareholders are outlined in note 20 of the audited financial statements.

Director and PDMR shareholdings are outlined in note 20 of the audited financial statements.

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.

Sustainability Information Statement

Overview

The  Board  of  Directors  is  committed  to  producing  gold  with  a  leading  Environment,  Social  and

Governance  approach  (ESG)  embedded  throughout  the  process,  from  sustainable  extraction  and

safe, clean water and waste disposal to enhancing the opportunities for the communities in which

we operate.

The Board of Directors is aware of the requirement to include details of the Company’s compliance

with  the  4  key  pillars  of  the  Taskforce  on  Climate-related  Financial  Disclosures’  (TCFD)

recommendations from January 2022:

  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

The Directors note that for the years ended 31 December 2022 and 31 December 2023 whilst the

Company recognised climate change as a relevant business risk, the Company is not in compliance

with TCFD as it has limited climate-related risks due to being in the pre-production phase and the

Company’s business model is evolving as noted in the Chairman’s Statement.

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

14

The Directors confirm that as the Company’s projects move towards production, the Company, in

association with  its  partners  will  develop  policies, compliance metrics  and  mechanisms  to  act  on

climate change issues as a key focus of the Company’s ESG deliverables. These policies, compliance

metrics and mechanisms are intended to be finalised in the year ended 31 December 2024 and will

confirm  that  the  operating  partner  will  have  primary  responsibility  for  compliance  and  that  the

partnership will jointly develop the following:

  governance  arrangements  in  relation  to  assessing  and  managing  climate-related  risks  and

opportunities;

  agreement on climate-related risks and opportunities are identified, assessed and managed;

  alignment  on  the  processes  for  identifying,  assessing  and  managing  climate-related  risks  are

integrated into the Group’s overall risk management process;

  determination  of  the  principal  climate-related  risks  and  opportunities  associated  with  the

Group’s operations and their actual and potential impacts;

  analysis of the resilience of the Group’s business model and strategy to different climate related

scenarios;

  determination of  the  targets  to  be  used by  the  Group to  manage climate-related risks  and  to

realise climate-related opportunities; and

  development of the mechanism for setting and reviewing the key performance indicators (KPIs)

to be used to assess progress against the agreed targets used to manage climate-related risks and

realise climate-related opportunities and of the calculations on which those KPIs are based.

Once developed, the Company will ensure that the climate-related impacts of the Group’s activities

will  be  effectively  monitored  by  the  Company’s  Health  &  Safety  Committee.  Until  then,  for  the

periods  ended  31  December  2023,  the  Directors  confirm  that  Company  is  not  aware  of  any

significant climate related risks or costs that will affect it and are pleased to outline the Company’s

current ESG commitments below.

The Directors are pleased to confirm that there have been no reported issues of non-compliance of

these ESG commitments, which are listed below, in 2023 or to the date of this Report.

Environmental

The Board of Directors recognises the importance of understanding the environmental impact of our

activities and will operate at the highest possible environmental standards across all aspects of our

business.

Commitments:

  Limit  our  own  carbon  emissions  in  our  operations  through,  wherever  possible,  the use  of

renewable energy as our primary source of energy and aiming for low carbon emission sources of

energy for low carbon emissions

  Meet  the  highest  environmental  standards,  ensuring biodiversity  and  ecosystems  (land  and

water) are protected from extraction to transportation

  Manage our water usage, mitigate against loss of water and ensure the effective treatment of

hazardous waste

  Report transparently and keep all our stakeholders updated on our performance

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

15

Social

The Company will aim to play a positive social role in all the locations we operate in and will provide

a safe and secure operational environment for all those who work with us.

Commitments:

  Create trusted relationships with local people where we will listen to and address their concerns

  Invest directly into the local economy

  Support our colleagues to create an inclusive and safe work environment

  Ensure  effective  anti-corruption  policies  are  maintained  and  embraced  by  all  elements  of  our

team and supply chain

Corporate Governance

The Company is incorporated in the British Virgin Islands. The Company 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 recognise the need for appropriate standards of

behaviour and accountability.

The  Board  will  ensure  that  a  sound  corporate  governance  policy,  involving  a  transparent  set  of

procedures, is embraced to ensure that the needs of all the Company’s stakeholders, internal and

external, are taken into account.

The Directors 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.

Health & Safety

Commitment:

  The Company will identify, evaluate and manage hazards and risks associated with our operations

and will promote a safe working environment for all involved

Events after the Reporting Date

The events after 31 December 2023 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 have chosen to use the UK-adopted International Accounting Standards (UK-adopted

IAS) in preparing the Group’s financial statements.

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

16

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;

  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.

The Directors are also required to prepare financial statements in accordance with the rules of the

London Stock Exchange for companies trading securities on the Stock Exchange.

The Directors 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://bluebirdmv.com/investors/

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.

Legislation  in  the  British  Virgin  Islands  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.

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Dn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAJuGHVcAAA82SURBVAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAACoHTsWAAAAABjkbz2H3YURAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQ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Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

17

  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 2023, have 40% of its Board being women, at least one member being from a minority

ethnic group or 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 Directors’ Report was approved by the Board of Directors on 29 April 2024 and is signed on its

behalf.

By Order of the Board

Jonathan Morley-Kirk

Chairman

29 April 2024

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Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

18

4.  STRATEGIC REPORT

The Directors have voluntarily disclosed the Strategic Report for the year ended 31 December 2023

although it is not required under BVI regulations.

4.1  Business Model and Strategy

The  Group  is  a  project  developer  and  targets  Asian  mining  projects  that  may  be  brought  into

production  within  24  to  30  months  of  funding  and  the  securing  of  all  mining  permits.  Many

opportunities are presented in the form of old underground gold mines which can be re-opened, a

process  with  which  the  Company’s  Management  team  has  substantial  experience  (refer

https://bluebirdmv.com/corporate/).

Such projects offer significant advantages over “normal greenfield” exploration projects in that:

  they cut out the major exploration costs;

  the economics in terms of gold price at closure are known;

  past production in the form of tonnes and grade are known;

  to a large extent the existing development needs refurbishment which is far cheaper than new

development; and

  the overall cost to reopen is far cheaper per ounce than new ounces at the same grade of a new

mine.

4.2  South Korea Gold Projects

South Korea is a modern, industrialised economy, a representative democracy and has substantial

infrastructure  advantages,  in  many  respects,  superior  to  western  jurisdictions.  South  Korea  is  an

investment-grade country with Moodys and Standard & Poors ratings of Aa3 and AA- respectively

(2022, Aa2 and AA).

The Gubong Project

Gubong was South  Korea’s second largest gold producer historically and the  largest during 1930-

1943, during the Japanese occupation. It still retains substantial remnant ore between mined blocks

and excellent exploration potential. Mine data indicates good potential for mine re-commissioning

and the possibility of relatively early cash flow.

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.

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

19

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.

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.

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

20

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 Overview – Batangas Gold Project

The Company applied for a two-year extension of the Exploration Period of the Mineral Production

Sharing Agreement (MPSA) due to improving sentiment in the Philippines, which was granted on 21

September  2022.  The  Company  subsequently  entered  into  an  agreement  with  a  local  Philippine

company,  with  a  view  to  represent  the  mine  with  the  potential  for  underground  mining  and  to

secure the key permissions necessary to enable production.

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  acquisition  cost  allocated  to  the  project  was  USD  2,137,855.  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. The

directors  considered  it  appropriate  to  write  the  investment  in  Batangas  down  to  USD  Nil  in  the

financial statements for the period ended 31 December 2019.

The Directors have reviewed the project  progress, including the  2-year extension secured for the

Exploration  Period  of  the  MPSAs  in  the  year  ended  31  December  2022  and  the  agreement,  in

principle, to a drilling program for the Batangas project and continued to progress the community

relationship and environmental requirements required to confirm the MPSAs in the year ended 31

December 2023. The  Directors note  that  as  work  is  on-going and  the  Company will only  seek  to

either apply for a further two year extension or it will make application for the MPSA to enter the

Commercial Operation phase at the end of September 2024, it is prudent not to re-value the assets

in the year ended 31 December 2023.

Progress will be reviewed on an on-going basis by the Board as the projects are further developed.

Batangas Gold Project Ore Reserves JORC 2012

Deposit

Ore

Reserve

Category

Tonnes

Au

g/t

Au Oz

Ag g/t

Ag Oz

Au Eq

g/t

Au Eq

Oz

Archangel

MPSA

Probable

1,225,000

2.1

86,000

10.0

403,000

2.3

91,000

Lobo MPSA

Probable

186,000

6.2

37,000

2.2

13,000

6.2

37,000

Total Batangas

Project

Probable

1,411,000

2.6

123,000

9.0

416,000

2.4

128,000

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O1auqTI/1Dd9JptdKpj6bV7WRh4Xy6nXb27N6diYnRL38pAAAAAABeIFEHuEgvlfTWzmZqupFq7amviF6nk9mTs9k6vjWXXjWzMVzrpvXQQ7niqj3rz+tlpLualYlmWpVOxsc6Gas1U+8sZdfM1Mb9AAAAAAC8aKIOcLFeL9V2N/V6fXC+ztOtLs1nfKKayy7Z2JZtfKKZTq2Z+eW19Xsraa3OZdvUdKq9pF3rZrVXz9bRpPm0OAQAAAAAwIvjN63AM3Tb7TQq9eGjDWurrXRbndSqvfW/3cHsvoeOpDG+L1dcemt6vV4ak6OZqE+sv0DSbjVS601n5+T2NHzTAAAAAAB8zfyqFXiGdrud6cnJVJ+2VOfwo0dy6IEHs3XnTEaaGyt1Zme7OdtOKtXmxpk5teWszC6l3avmwGVX5qHHZrN1ajL1qq8aAAAAAICvld+0AhfrJfV2L+Ojw1AztLwwl+XZM5ncsj6v1wazex48ni37r83M7kuH2689lmatk0pnLY3R8Zxe25uxkYnBvQAAAAAAfG1EHeAZWqln18z4+hdEZzhJLsyv5PzZkxkdH02tupF7Vpa7mV+aT6W3kJNnTqc53stVV+xMu7uS5cWzqdZXs2fvzsHWbC+lVquV+YULw0cbut2NLeEAAAAAAL5eiTrARXq9biqVZv+n1GsbK3L6jp88m9WV1ezfuytjYyOD2UOPPpLRqWZWu50stWbTrZ7JJbsbmV88n8rohayuP337tqnBKp6XUm39c9XrT535049Gv/OxTw4fAQAAAAB8fRJ1gIv0UslyZTS97sWra06fXUp9fEf27duRSm9jBc9ocyZTtR3ZMlpPt7sxGx9v5PS5M2lWJ7KaTiq1l/5rplqtZmx0fPBzP+gsLS3lZ//1vxs8BgAAAAD4eiXqAE/qB5L7Hz2WTm0izZH+ap0NDz98LLd98ZGcOruYbaPVTDRqOTc3n+3bdmVhsZNGez4f/+wX0+ruyum58zl1fC5njy3n/IXFjDSeWlHzQnU6nZw+fWr46Jn6u7p95Dc+mne8/TvzL/4//3g4BQAAAAD4+iTqAE/qdntZWFnL4kor4+MbK2H6Hn/8VB4/eS6Vbj3LqyuDWad/hE2vlqxNZrTRyMMPHcmxY7OZGJvI8nIvldlKmuMTqVRf/NdMf5u1nTt3DR890+9+8vfyV//K38yb3/wt2b1nx3AKAAAAAPD1SdQBnqaXpVYv55dbqVSfOgfn6ImzqTQnU5/YkubYxGDW661ly8xImpV2lhbmcv78QibHt66/Qjft7lLqjWpazXPr3zKtwf0vtaWllfzwD/1YvuWb3573vvc7X/JzewAAAAAANhtRB7jIYw8eT2u1M1gl84RqdTWPHbova73p1NbaaXd7ue3eQ5lvt3K2cywTI6OZm1/JQqubZnMirfV/R0arqfe6Ga0+9Tovhdn19/nIb9+Tv/u//d/5a3/7b+Rnf/6f5M1ved3wKgAAAADA1y9RB3hS/0yd1ko3tXYlT1/3MnfhRPZftiPd6tbUepXMzy/no5+4K1v37MzY9kZGUlv/MhlNuzqWxdWlnDp3KvccfyRX7bk0I7UX9jXT6XZz7wMPpzPY3+2ZPn37A/nAb34pd97/cP7Ie96a6tewvRsAAAAAQEn8NhS4yFJ7KRntXRRLlhZ7OTPXSjvjSa+edreSj3/8M2n2LqQ6dyzd7mLGG8nU+lNmxkYz06jnhqsO5MKJR1J/AVGn2+3m7NmF/Pqv/17mFpYHkWlpaXF4dcN/+7WP5cF7P5Pvfs+tGRsbGU4BAAAAAL7+iTrARZaXFrK6upja02LMr/zq/8wl+y/PZZfvSrNZX79nKfWxat79ttek3Z5Nb/3P2ko7vVYn1W4vBy7bm/n587l6Zmr4Cs/P8tJyfuM3PpX/+F9/dbD9W/+cnEqlmm63k9/55Gfyj3/ml7JjejQ//9N/L3/9L3//8FkAAAAAAH84iDrA01TS6q0m3ZVUKr3hLGmvNTK1bVempsbT63Wy1mpnrVtLpbOUrMym21sbbMvWXemsP6+bxbnzGRur56bLLhu+wvNz9tx8Hnr4fBr1yTRHGoNZtVbLmTOn8/nb78sv//KH8se/5z3Zv2f74BoAAAAAwB8mog7wNL1Uqp2k0rroy2Fsop5t20ez/7JkYeVMHnr0gcxV1pLuaqorJ9PpP69SyVhlPNVKNZ1OJ7VUMvv4yeErPD9f+tLd+cJtd2Z+dTn12sapPs2Rkfz8v/+F/OZHPp23vvWbcsO1+9Ko1wbXAAAAAAD+MBF1gItU1r8VJpsjg/Nt+o4fO5nRqW151zten23jqzl+4nz+fz/3H7Jzanc6lX50Gctaf/VOu5KRqanBtmm9/mz98fZdWwev8Xz95ic+mdnZ03nPu79lcBZPr5d86vc+m4W5Vn7o7/7F/NgP/6UXdEYPAAAAAMDXE78dBZ7U33Ct3VrOwvz8k/FkYXkpW7dvy8TYWDqd1Yw0RrO62srll+1KZf1Prd4/+6aW5mgzU1smMj46kVavl2pjLO10Bq/x/PTy6c/8XpaWFvLOb3t9Ot1u7rjn/vy//t5P5Nve9i35ljffkuZIfXgvAAAAAMAfPqIOcJGxkdGszfdjzMb2Z3Ozy9mz+/Ls37EttcpEHn+sk7mFPfnmN75z/QukntVuJZVaI71GIxMzk6mPNDI3X8tKd31We/7bpC0uLWbPJXvylu94U/bu2Z3/8dHfyb/4//6bXHvVVXnrW9+YWtXXFQAAAADwh5vfkgJP6mecxdmlZKWSWqWWdruTRx57PNOTlVy+bzxTY8382od/P9u2XZE//+6DGa2PJL1Ger1q5hdPZXpLI/V6I53qSFqpp7LRhZ6Xj3zsd3Ld1Qfzf/zdP5/jJ87lR3/ip/Kn/+T35Gf/9U+lWn0BLwQAAAAA8HVK1AGe1N9+bW11Nfu270unvbFap9asZGZmyyCsNBv19clYKvWxwf3t/gZr60/qdbppVKuZnBlbv6+aWq+5frWZbmXjXJ7nY6Q5kV17L83p2ZV84Nc+nr/zN/9m3vLGb0zNGToAAAAAAAN+Wwo8abAeppd0FtbSbvdy9tz53HPsUC6/Yudg1c1Io53ltTMZ39IY3N9Za6XTq6dWraWTlfV7uuvP76YxMrr+cz29fiV6Hg49+ng+8N8+kVZ3Jn/mz/1kPvH7D+S73/Wtqb6QpT4AAAAAAF/nRB0oSO/5VpKvwdR4M2vbziYjyW333Z8P//qdef0trx6s4sloUtu2mre+45ZB5GmOj6QyXUu72s5KpZ5OfTy9ai2t9oV0V2ZTex5n6pw6fSr/9F/+q3z+rkP5/O8dyf/zb/3VfPg//PhgVRAAAAAAAE8RdaAA3W4vR4+fyOe+eEfWWq3h9KXXDze9en8rtGbW2u0cOnZ6/c3HsmViLL31z7Cy1kp9pJJL9k70C1OWlpZzYfbC+rM6GW2O5dy584NX6aaV9YdpPI+t0xZXVnP7XXdn5+5tedd3fEtedcO27Ns9NbwKAAAAAMATRB0owNpaKx//1B35h//o3+Tk2cXh9KXX3+ys2ptIa3UsF+aWc9+9RzLenMpIbX1eq6ZRb2a0ti1X7pxIpVLJRHM0U2MTaa9/vqXFM9m9a3t6639WO6vpVtvr929s0/aV3H3vsczPT+fMmbm8+9t258C+0cH5PQAAAAAAXEzUgQLccc/RfOi3bs+nPndvHnj45HD68lhYSZZaI2m3ujl06Fhee8uBNOrVQfDZMTOV7upimo2Nr4726lp6K2updHqZbo6l0WtlpL/l2tpiur2V1GrPvYVap9PJ3Q88mh//if+QRnVX3v8n3p9dO2YG27oBAAAAAPBMog4U4MzZMzl75nz27Nmbs3MLL+vZOv2t3nrd5L6HT6dSGcvy/LnhvJv5xflMjE+vzzfef3x8LDt2bk+t1khl/etkz/Ztqdeq6bU6qfUqmZp67m3U7nvwgfziB34lncZIptfvu+X6V6XR+OorewAAAAAA/rASdaAAh48ez+TUeG594+vyuTsfyuJqd3jlpVbJ9PR0JsYn81ufuDPVXj3f9PobBlfOzc7l3vtuyyUHpjI6NjKYtdvtnDpzLK1uN5VeNVPjE6lVqul21jLWaKYx0h7c9+VWV1fzf/7cz+ezX7g7V1x2Wd70hltz1YHnXtUDAAAAAICoA2WodvK2txzM3/mrfzyzCyfT6b5cUaeX7dun0xjp5e577sslu/fmdTcfHFy578FH8tsf//1MTW7NyHBFTbfSyc79e/LQkbmsrdZTSS3VSiXNjGW8NpL6s6y86XTa+cxn78znP3d//tKffX++632vSa9ydv11rdIBAAAAAPhKRB0owM/9u1/K1NhYLts2mds/f3sOn19+WcJOtVrN6177qkxOj2V+fj5vf+sbs3/vvsG1O26/e/0zTOeRR47m3Oz8YHbdDdfnsqsuzX1HjqYx0szRk+eytLqaufOzg5U6aXUG9z2h2+3k13/z1/OzP/dL+f7v+xN5/c035nc++cn8ye95a7bOjA/vAgAAAADg2Yg6UIJeO6Nj1cF5Nc2xbh4/8khermN1Rkcq6+83m4nRiUxOzwxW3qystLIwV8t995/J9h2Xp9tbv2ddozmS+vr923fsTzcjWVntDsLQ2lo71d5oLizOP3n+T/9MnkOPPpZf+W8fzwOHjuTPv/+PZOfMZNrtxVSqz75NGwAAAAAATxF1YJM7dX4xe3ddm4NXXZ3xsbFsn5zKbZ+7PWvtlyeELK5cSK+3mIMHd+WWG6Yy2hzJhz70sXzqU7flLW95cx49fiiNRm1w77aZ7bnqsoNZXurkwtzq4NyfWq2WyYnJtCq97NizPZ1uL+1OJ1+465687/v+SrZM7cgH/uvPZGZ6Iv/t1z6SZm8qu3fsGrweAAAAAADPTdSBTe7YmfO58cYrc8PBq5NKN+/7ju/Mgw8+moWFpeEdL62J8dE0R0dy8w03ZbS5cc7Nyspqpqe25H3veWumpyfXvzk2Vt9MjE+k2WjknnsOZWFlJZVaJa3WWsYmxtPpdXP+9EJq1UpOnZnNj/zEj+c1r3l1fuSH/nq2bZ0aPP/2O76QXTtn1l/b1msAAAAAAF+NqAOb3NzccrZO7cxIo5FqpZpt06NZmL2w/vPGapmvptVqZXV19clt0L6a9tpaWqtzOXjNjoyPb0SdhYXzufyqXbn8yq157NwdaXWXB/O+er2WmZmZ7NixI73OSmq1as7PnUk7vezYtysf/dQX83d+7F/kmhsvzb/8F/8gO7aPZqS+8dXT6LWyZXxH6rXa4PM9388IAAAAAPCHkagDm1ir3c7Jxx7PgSt2pLJxjE2atUYWFhfT6XY3Bl/FZz55Zz78wXtz8vT8cPLcur1eTp26kBOPVXLZnpk06hvzX/vI72f/nslcvmNrKo8fSb311NZvYyO7c/bkQlqVkZxbqmW51cujZxZy9U1XZ8+2LfnJH/1HaS628xN//ccyPdkcnLnTaIxkfnEpJy6sZsfeja3X+uFpZWVl8DMAAAAAAM8k6sAmtryymrPnl7Jr+5bhJNm9Y2e2jE9lcWltOPnK/vsvfyj/7P/8v/Kh3/jM81gJU8mnP397JsamUqls3Ns/E2d+ZTljU1tSr1VzYM+BtFZbg2v9+0cbWzI1Op4LC8s5eMW+rK61c8WN1+QLd92X//grv53rrr8qf+yPvSsjG4t+nvTZ2+/L48dP59LLtg8ej4yMDP4CAAAAAPDsRB3YxA4ffjx33nV3vvVNrxpOkuuuvyxnzp7Nr//Gbw8nz63b7ebBx+/Lam0xP/cLv5Dl1bXB6p/+/Nk88uiRfPS3Pp7u8kI66/f13XfoaC65/PK85ZvfnE6nm+OPPZ569Ymt33pZ7SwnrV4amcqdD51en3SzsDg/OF/ndz7x6fyTn/oH+Y7veEvGxkaHz9nwgQ/+jyzML2fvjrHB4/4Knlrt+W0pBwAAAADwh5GoA5vY2monR48ffnLVzIZOlpfO5tETs/lqC2/WWu3M13dmfPf+TMzsyIX5hbTa3XQ6neEdF1teXF1/rz250Nua2sj4YHbm9KnccvXuXH/1jlTXvzEmt12bhdZGiOnbuqWVZmUtjUo1e2e2r7/narZsmc75C0v57u/+wTSbI+uvOdw77mnuu/dQ/si7vitTUxuxx3k6AAAAAABfmagDm9jyynIefOjBVJ8WRfqBpNPt5Et33ZvuV+kglfX/xHft3J9vfN2tOXP6dFbWOhlrNtJofNleaOv6UeWuO+9La/1b4Rvf8sacmV0cnLGztrKWbVPTg3v6792qVnP4+NqTEWZyajzj4/X1z7ScmamR3H7fvTl69Gje8fZvzzfdsn9wz7MZnxjPgUv2Z/vWbYPVQ0tLq8MrAAAAAAA8G1EHNqnFpaWcOHEh27buvmgVS7/v3Pjqm3NhfuUrrtTpb5V22+2P5k1veUv+/l//Y/ne73pnPvLbn8ri8srwjostLy7lS7fdkz/+J96e2ng7adRy+NjpfPL378hN1x0c3NNfdbOyUslHP/3gIPD0P8uevVvT6c2ltbqWH/6xf5V//nO/lO3b9+azn78rx86cGzzvy80vLaZWmcqtN1+b0dHRtNba66+7PLwKAAAAAMCzEXVgk1paWs7xExeya8uBQUB5Qv/smWqtnenprc95Nk5fPwR9/rN35uorD2S0Uckt112dxx4/kXbr2bdeO37yQk4v9/Itr7k6a8dvz7axbh577HA+ffvD2XrplYN7+p+jmXO5fGclvfU//bVA1xy4ITdff0UW5y5ktDKZd7/h+7K2vC8jtR1ZWJgbPO/p+s87df5kDl5/c6Ympgaz8fHRbN++dfAzAAAAAADPTtSBTarX7WZ2bi679+waTjb0o8573/vetNvt4eTZnT5+Pq218Vy5bzy1aiXXXLE79z30YB46fPyilT9PePjQsRw7fixbZ7ZkeWkpi0urmZ1fyfxCOzu3bZyh02iMZHp6OrOzc6ms/+nrdavZtmNHpqcm8qM//MfzrW86mE4rg8++sLg4uOfp+u994vSprKysZLQ5MpwCAAAAAPDViDqwSbXbnbS7tSyvXLxdWj+svPray9OsdXPm7MKzBppup5u777ov//VXfjXbZjZWw9xw7ZU5d+xEPvO5OwZn2DzdY0eO58f/yb/Nn37/+7Jn53RWVpbyqc/em1/877+T17zu6mzb0hzc198qbWJqLHfef9/gPJ9f+C+/mm9+9/8jP/dv/2u2zGzPzPRkatVmqpVmap3xVJ7jG+b3b7sj7373mzM1KeoAAAAAADxfog5sUv2d1brdSqa3bBtOnlKv19NavZBzc8vr9zwz6vSjzfHzp9KeOJstkxv/mfdX9nRa8zlz6kI67Yuf86Ff/XS6a8u56YarBo+3T1+VO760mOOHRzM9OTOYPWH3rgNZ6zQyv7iaf/2L/yN7D1yaP/WnfiAPPHhbqrVu6rVKpiZG0uuupbO0MHzWU1ZarSytNHPTtbsy0nxqWzkAAAAAAL4yUQc2qf4KnCOHj2SwJObL1Bv1vO61r8tDDx161nN1Op1eTp2+kLXVShrVp8JJc7SZs+fnMzs3P5xsvM9//sD/zMjUeGZmtvQHGas1cvrx4xkdG8+e3Rdv/1ar1XJhbjF3HzqZ/fu25h/80F/MNVftyczW8bRba/392FKptrK0uDg4F+jLza+s5q4HD6VRrw0nAAAAAAA8H6IObFL91TYLC8u56aYbh5On7N6+PW983Q25595DWVpsDadJP/90ut0cevhoPvQ/P5Ub3/QtqVQ2ok7/3+98zx/Jxz/2sXzyI7+VtFvpdTp58N4HsrRwKn/pb/y19dedSbVayTu/+duydrqRS/ddlTe/6dZBiFlrtdJZvz/LtZx+5Ej+9o/+ZH7hp/9hvuHGKzPSXM6JE/en1Wnl0eNnsnVmLKMT66/fW7//aeYWFvOff+3j+b3P3JsdWyeGUwAAAAAAng9RBzatXrZfuj/b900PHz+lVqtmeqqdxdW1zLefijr9fFOrVtNq13J++dpct+fVGTadVNfn47umMtaYyX1n1p9Tb6Sz/h7zy2s5cPXNefebLku1Vusv1ElrpJu53hdz83UruWKmlolmM/VaPWfPncvvfv6/ZHx8Lt/2J/74YLVN/+UPbN2TvdNT6XVX011/zeuv2pPK8rn1zzm28eZD3U4njzzwaKab+4YTAAAAAACeL1EHNqnxyZmcPHkq42ON4eRilUo1h488nvNP20rtCYcPn8j27duza9tTW7P1V+rMjDTT7XbyudtuH8xOnjyZX/iF/5J3vetbM9psDgJN/3/27N6eXmUllx/YnfHxZvo7uM3PL+W3P/7xHDt2NlNTk3nPm163cf+6qemJXLhwIatrazl15sLgvW99zS2Zm5sb3rGh/34PP/xIDh68tv+BhlMAAAAAAJ4PUQc2qfseOpIDB67ITdddNpxc7ODV1+XY4bO5874HhpOnfPCDH0q3cj7XH9w9nGx43Wtvzbv+6Htz5x0P5+zsQv7lv/rZ3H733fnTP/jWVJ/Ypm39zzd/y/U5cPm23Hjd3kyMN/MrH/xwvut7359f+qVfz1/5iz+cWmNbrt05Ori/76prLklvJFlutfLQscdzxRXbMjrR3Tij52mq1VqOHTuTG6/e9uT7AQAAAADw/Ig6sEm12+0sL13ItunacHKxPbt3Z2bL9qwttNPt75n2NEfOPJI9u8ZSr64NJxsO7NuTqS0jOfiqa/L7X7wv9x0+k/VnD1biPN2J4+fWvx3qGR2byNLKWv7zBz6eVKby1re+M1dffVVGpqcy9rTzcvqBZmbbpVlp1XNhrZvpHTNZbK/m9gfvHd6R9NY/4/zicpYWFjM5NTKcAgAAAADwfIk6sEk99vjRNEcaT25x9mxOnTqVQ4dPZnZhaTjZsLa6uv68dg5cdslw8pTLD+zL6spKPvbJz+b+++7Prbe8enhlw+LSUn73U59Lq93J2dnF/Or//ETOnjmT9//J78ufef935fGjj2dleS2PnV8cPmPD4uJSHnn8ZM6cm83S+ms0R5uDM3qe0N/27fY7H8yevftSq4s6AAAAAAAvlKgDm9Tiysr63+XBWTjP5fLLduTOu+7O4SNHh5N+POnmwsJarr5kKpfsvnj7s753fMst+cbXX5ff+h8fzJ/9s386P/ojf2t4Jel0Ornjjgfyr37+v+ThR+bzx37wH+T//oVP55/95P+RP/Un353pqWZuePWlWek8lN/6zc8Mn7Wh3rg0//03H8qho0uZmJjJ+PTunDyxOryarK6u5md+9t/m1Tdekb/wJ94xnAIAAAAA8HyJOrBJddLLyNjY+v9evLXa081M17Kwci533XdoOEkW5lfTrO/J1qnpfNmubANbxkfytrfcmt2X7MrNN1+XbTMzwytJu9PJf/+1j2a5VcnS2kj2X3plvvd735abbtg7vKO/Ldx8ZrZXM9KYHk7Wrb9PvbEriwvdNCrNjNSSw4cO5fL9Vw5v2LB1ektqaaRWf/Yt5QAAAAAAeG6iDmxS/RU6IyP1VL7CBmy33HJDTp44kZFGfThJzpydXX/eSK697or11xgOv8zbvvF1mbswm06nPZxsOHnyVL50192D5+/Zsyfvevsb8p6335ra0w7d6Yeis2fPptV66rn9dtRf5bO8vJLV1ZXMTI3mpptuzIMPPbRxw7pTZ0/mzOlTee1rX5P607ZlAwAAAADg+RF1YJNqjoykOTb+nGGmb2nlRFaXq3ng0PnhJDk3O5fXvPb1efe33Tp43HuW5TrNRj1v+eb35s/+lb+XX//opwaz/n3/9F/8s6yujufag9+Q+dVuFtc6qVYuDj8zo7vSWbo6d586MZysW/+M3c7S+vxcdm+vZ9eWSs6dfDjbtz+1mudLd9+XN7zpDXnfu77pGTEJAAAAAICvTtSBTWq11crI2Eh/yc5w8kwHLtufqy69NQ/cd2o4STrd1dTr9VSrGzHn2aJO38zWPXnta2/IFz77xbRandxx5/1Za+/M6MzuvOlbX5uZnZOpjVVSrV38NTE53sze6a2Zm1seTgZNJ6sLpzPSXczW0bVUK61MjLdzcnl+cH11rZXP3f5wvut978252Qs5Pz83mAMAAAAA8PyJOrBJ9c+3GRsdSfUrRJ3Xv+4bsmvH3syenh08Xlicz90P3pV9l+waPO6rVp/9P/M/9r5vzbUHDuShhw/nji8eyk//9Idz970n8wPf/915z1uvzGL3cMYm11L/suePjXfSbnwhvbmLY1FzZTXdxeXU1hYyNtZIfbyR1bHRwbXZ1VY+8fF78g2vuSV7d81kx5atgzkAAAAAAM+fqAObWKVSfc6VNn179+zLwWv25uSJucF9jx97PP/tVz+Y6667ZnjHc7tq/0T+3J/8/qytLOVv/60fzV133Zvv+aPvzvd8x/XZPjmenTt2ZKQxktqXnX/TaDTSbrVybnYjJD2h2dwIOI2RRkbr9WyZnEhtZGwwW26tpdVuZXqiklq1OlhJBAAAAADACyPqwCZV765ktrGWXvW5V+pUKpWMXTKR46vHc+zUYhYWazl9fjwHb9jbv7px01fQbiWdtWpW5ldTG1vMm9+wL5Nj1cHrducupJ5eul8WlTqdbkZb29Nee3Q4yfpd6593ajL1WjsZncjaWjuNlW7qK+eyuv4md95zW+rNyTRqX/0zAQAAAADw7EQd2KRq1Voq/XNxvsJKnb5brjuQW2+5OQ8+ej6fv+tExps7c8X2ZlaXnzrz5tl8+Dc+m//9H/1fOTp7Pj/97/9xfvk//0xuvum64dWk22qntbS4/vbd4WRo/fOsrc5mcfXi119pr6a91k21NpLZC0t58NDx7N21Kwvrn+ND/+PDufzA1V/t/xUAAAAAAL4CUQc2qVqtmomxscGqmWfzxLZsB/Zuz/joaI6fOJXHjx7P7t270+p0s7ywMLj+hO4wznS7vaytdfJT/+Sf5/77H8y7/8h78/pXX5m9O2ae3Bat/9r1Wi3z8/NptzuD2RP6Z/SMrX+u5ujG1mpPuDB3Ifv27svY+Ngg3vS3aFuYX0hr/d+z587m4HX91UMAAAAAALxYog5sUo16NTtnZlJ7lu3Xut1uFhcXBz8f2DmZvXvGMje/nLm5duYXWxmtVzK5devg+hOWV1pZa7Vz6PHT+aF/+jN5YPlcvvN73pPve8+bh3c8pR+Szp4+lvPnT2ZpeWk4fUIv3bWFnD/bejIs9T/h7m2jOXf6VPbu2J3GSDMjW7bn7Nz8+odN6r2xfNPrr19/3cHtAAAAAAC8CKIObFL9XLJty+T6/z6zhPRXy0xO9q9trOi5ZEc1v/rhT+Tuex7Nrq27ByHoiVU3T2g2avl3//mDef//+r/mg//zw/lLf+HP5Pv+6DuzZ/vU8I6LjTcbuTB7Lp1OazjZUFn/U6130lrrf66Nz9Zb/7O0cjp7du/OFfv3Zq3TyWK7m4mJ6Tx29Ewq3bHsnNn4vAAAAAAAvDiiDmxi/W3Vns/qlne/89vzyCOPZG7uQg4evHI4vdjc/EJ+/t//Yur1Rv7in35/fuR/+YG8+vJ9mZ569qjT32Kt0+48Y/u30bHRXHP1NWk+7bP1Q8/Zs2ezvLw02H7txKnzOXz4cKYmJvJbH/tkHj38WPbt2bZxMwAAAAAAL4qoA5tWZXAezbOt1PlyV+zfk8v37c6WqdHMTNWG04s1myP5q3/h/fmRv/zn8pe/971f9VW7rXYmxpr9A3aGkw2NeiPXXnltFuc2tn/r66/U6fXGU59sZKyynLGxRiZ27E673c2pkwsZH9uSbntl49711+t2Lj6nBwAAAACAr07UgU2qv63ahcWlJ8+t+XLz8/PpdDo5f3423fVb3vvub8ytN1+a97zjupw+fWbwvOWlxSefPzk+nh/87vflHW97SyYnJwazr6TXraZabaZSufhror9C5/LLr8+26sRgi7i+/ltMbp3OlVddkmsu3Z3VpU7GGo1MT2/JUruWndt3pdHY2A7uwoXZLCxcGPwMAAAAAMDzJ+rAJtWPNp+7+960nmNVS/9MnVqtlpmZLRltjuTP/uC78vf/7g9m354d2b5922DbtNGx8Yu2T+v//OXbqX01Xx6VGo1Gbrr55pw7d6a/RGcQdh547OG0Wmv5/u99e668fFd2bd8yiEEPPHgo5y+s5A1v+MaMjIwMnj89PZOp9b8AAAAAALwwog5sUu12b3BOTa/bHU4u9kSc2Qg1SXOkPth+rVqtrP/d+E/7hQacp+tWallr919rY4XN01Xro9m+dSqtdnewjduRo6ey67Kd2bN3+2CF0cryhXQ77YyPTOSRw49nZtvOJ1fqvJiwBAAAAACAqAOb1thYM83mV98m7eXSzzX16mh6z3L6Tq3eyPbRkdz34Lm0u708/Njj+a7v+57s2rVrcH1iYix7139+5LGj2bFvb97w2qvTqD8zDgEAAAAA8PyJOrBJ9Rez9FfdrP+0MfiDsP7Wz7ZSaHS0mRtuuCHHjp0cPD5x5myuv/KyjDY3vlJq1WrOnT2XVruVb3r9a7JtetTqHAAAAACAr5GoA5tUvTKV0QvnUuk9+/ZrL7eVdiXzrXYqg7B0sXqzkh03TubxEw+nf+ROa/5EdjQmU69tnL/T6/aye3RrLq1P5rrdWzM9PTaYAwAAAADw4ok6sEmNjdbSaVc2luz8Aag1RrJn3+40myPDyVNG6o181zvfkCOP96NOL+2F8dSb7SdX44yPN7Nt32hOnF3Klm3NNBu1wRwAAAAAgBdP1IFNanJsPI3GyGAlzB+E0dHR7N65IyONxnDylH682b5lMmfPn8jswkoqtW5Gmk/d12qv5NiJR9OoTWXrjFU6AAAAAAAvBVEHNqmtYxNZqzUyu9IeTl5Z1Wp1EHYazxJ1+mq1ehbmJ/LQoVaOPLoloyPjwyvJ8VMnc2buaOpjZ3PZpbuGUwAAAAAAvhaiDmxSUxNj6XW76aQ+nLyyWq1WqpVqOp3OcHKxqcnJfOGLD+fH//FP595DD2XL1q3DK8lNB6/P3/4Lfyk//sN/LXu3zwynAAAAAAB8LUQd2KSqlWR5uZPOH9D2a9VaLb31P/0VO8+m//kuvezKPH78XOqVatb/70nV9Yu3XHdV3vX2Vw0nAAAAAAB8rUQd2KQqlWS0OZULi6vDySur3WplZGRkcH7OcxnfsZKFzpnMrp7I5MQzVxTVnyMIAQAAAADwwvmNK2xSI2PNnDy1kqMnFoaTV1a3283ExHiqXyHqfNe3vyUHLtmdyuqe1GvDIQAAAAAALwtRBzaparWbvXv3p9V65f8z7fV62bZtW0ZHRp5z+7W+6669IpddujO3vv4twwkAAAAAAC8XUQc2qcaWiZw4cTyLS0vDySunv+XaqVOnUq/XBufjPJdXXXl5/sL3fXv+97/xjuEEAAAAAICXi6gDm1S9WslEtZYTj18YTl45nU4301OTmRprfsWoMzo6kjd+42ty/Y2jwwkAAAAAAC8XUQc2qXa7lUqzk1alM5y8cqq1arqdVrZtmUyt4msCAAAAAGAz8Nta2KSqlUamu5Vk4cRw8srp9pKJ0UvSrNa/4kodAAAAAABeOaIObFIjjZHs3DGZQw89Mpy8ch4/eSFbd2zN5MTYcAIAAAAAwB80UQc2q0p/G7RaGo3GcPDKOXdhISsrS+kNHwMAAAAA8AdP1IFNqlarZWQkOT93Nr3eK5tXzs0uZvuO7amvfwYAAAAAADYHUQc2qXq9munJ0Rw/e3r90St3rk2n283Sykpmtkyuv621OgAAAAAAm4WoA5tUpVJJtdoZnK3zCjad1KrVHDr0cGq1+h/I1m8AAAAAADw7UQc2qYnxsVx95Z4cO/FoXsnDbfpbvR0+fCSXXbYzoyP14RQAAAAAgD9oog5sUiMjIxkbSQ5cecUreqZOf4XQY48fzs7tW1Kvv4JLhAAAAAAA+IpEHdjE9u3tr9R5PMudVy6udLtJszmaLZPNV3LXNwAAAAAAvgpRBzaxbdtmcuutN+WRk6vDyctvbm4xa+12LtuzNfXacAgAAAAAwB84UQc2sVq1mhsOHkyn+1TUWVtbG/700ut2uzl29HQuzC+mapkOAAAAAMCmIurAJjY9OZFr9u/PhdnlJ8/VqVQrL9sZO/2o8/u//3s5fvJcmqON4RQAAAAAgM1A1IFNrF6rZWtjPCcfOZYnMk671Rr+9PI4c242o7velG6t/uR7AgAAAADwB0/UgU2u023lznsfzPnZpcHjtbVWKpWXb2+0TruRQyceyNaxkdiBDQAAAABg8xB1YJO7/vprcvzkiaysdQaPt2zZMvj35bDWauX83Jlc/5ob178crNMBAAAAANhMRB3Y5HbumMjhEw/n2MmTL9tZOk/odqtZOd3J6dXZ4QQAAAAAgM1C1IECnDx5Op/+7BezuLw2nLw8Tp89l2Pnl/Od737Ty7rFGwAAAAAAL5yoAwUYGx3N3MJK2i/zSp1Ou5fDR4+lOTUynAAAAAAAsFmIOlCAd3zr23LnXfflgQceedm2YOu/7m33PpCdu/flvdddaaUOAAAAAMAmI+pAAbbPTOTEiRPpdrvDycvj6LGj6e3akW3t1nACAAAAAMBmIepAAbZvn0y3kpw6P59Wuz2cvrT6K3VOnTibSy67LM1GbTgFAAAAAGCzEHWgAG978+tz88235Hdvvy9zc3PD6Uuv2qjk27/p5uyYnBhOAAAAAADYLEQdKMDkWH39byOf+9xtWVlZHU5fWmsrK9k2viWvvmprJkZHh1MAAAAAADYLUQcKUKtWM1rv5eTpI5mZ2TacvrROnj6fw8fOZ3K8lkqlMpwCAAAAALBZiDqwyfXPuhkbHc23fusb8oZbviFfuuvh4ZWXzsraWv7Tr9+ePXv3Zu+uqeEUAAAAAIDNRNSBTa6/aqb/91XXXJnjj96fpZWF4ZWXTqfTzalT57N9+5bBqiAAAAAAADYfv72FAvSjzsRoM9ccvDTnZi+k2+0Or7w0zs7O5ejRk9mzZ8f6ew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Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

21

Batangas Gold Project Mineral Resource JORC 2012

Deposit

Resource

Classification

Tonnes

Au g/t

Au Oz

Ag g/t

Ag Oz

Kay Tanda West

Indicated

1,421,000

2.1

96,000

9.2

421,000

Inferred

229,000

2.3

17,000

2.1

15,000

Total

1,650,000

2.1

113,000

11.3

436,000

Kay Tanda Main

Indicated

1,161,000

1.9

70,000

1.4

50,000

Inferred

2,775,000

2.0

180,000

1.2

109,000

Total

3,936,000

2.0

250,000

2.6

159,000

Archangel MPSA

Total

5,586,000

2.0

363,000

5.3

595,000

South West Breccia

Indicated

214,000

6.4

44,000

1.8

12,600

Inferred

7,000

2.3

1,000

1.9

400

Total

221,000

6.3

45,000

1.8

13,000

Japanese Tunnel

Indicated

26,000

3.3

3,000

5.9

5,000

Inferred

7,000

2.3

1,000

5.7

1,000

Total

33,000

3.0

4,000

5.9

6,000

West Drift (> 2g/t)

Indicated

145,000

4.2

14,000

4.7

22,000

Inferred

205,000

2.4

19,000

4.3

28,000

Total

350,000

3.0

33,000

4.5

50,000

Lobo MPSA

Total

604,000

4.2

82,000

3.07

69,000

Batangas Gold Project

Indicated

2,968,000

2.4

227,000

5.4

511,000

Inferred

3,222,000

2.1

218,000

1.5

154,000

Total

6,190,000

2.2

445,000

3.5

665,000

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).

4.4   Funding

The Company funded its activities during the period by a share placing of GBP 1,215,000 received in

March 2023. The Directors note that additional funding is required to meet the Company’s going

concern requirement. The Directors are confident, based on dialogue with its main shareholders and

advisors that funding will be available as and when required. The Directors note that the auditors

make reference to going concern by way of a material uncertainty over the ability of the Company

and the Group to fund the recurring and projected expenditure (refer note 2 of the audited financial

statements).

This Strategic Report was approved by the Board of Directors on 29 April 2024 and is signed on its

behalf.

By Order of the Board

Jonathan Morley-Kirk

Chairman

29 April 2024

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Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

22

5  FINANCIAL STATEMENTS

5.1 Independent Auditor’s Report to the Members of the Company

Opinion

We have audited the financial statements of Bluebird Merchant Ventures Ltd  (the ‘group’) for the

year  ended  31  December  2023  which  comprise  the  Consolidated  Income  Statement,  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 2023 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.

Material uncertainty related to going concern

We  draw  attention to  note  2  in  section  5.7 of  the  financial  statements, which  indicates  that  the

Group incurred a loss of $253,524 in the year ended 31 December 2023, as of that date the Group’s

current liabilities exceeded its current assets by $469,191 and the Group will be required to raise

further finance, equity and/or debt, in order to fund its forecasted expenditure over the next twelve

months. As stated in note 2, these events or conditions, along with the other matters as set forth in

note 2, indicate that a material uncertainty exists that may cast significant doubt on the Group’s

ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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,  reviewing  and  challenging  cashflow  forecasts  prepared  by

management covering the going concern period and the related key inputs and assumptions, stress

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Ag/AAAABB+AAAACD8AAACEHwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAHr7UKsAAABLSURBVADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAA8JGz9uHIiOkqz2MvS8uIcZvXli83AAAAv3IDVfwj8WYmXmgAAAAASUVORK5CYII=)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

23

testing  forecasts  and  ascertaining  the  Group’s  current  financial  position  and  discussing  their

strategies regarding future fund raises.

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

$400,000 (2022: $400,000) based upon 2% of gross assets (2022: 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  $300,000  (2022:

$300,000)  and  $20,000  (2022:  $20,000)  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 the triviality 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  carrying  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 seven components of

the Group.

Of the seven reporting components of the Group, one is located in the British Virgin Islands and two

components  each  are  located  in  the  countries  of    South  Korea,  Philippines  and  Singapore.  PKF

Littlejohn LLP  audited the  ultimate  parent  company, situated in  the  British  Virgin Islands, and  all

other reporting components. The Engagement Partner conducted audit work in the United Kingdom

but interacted regularly with the management team in the Philippines during all stages of the audit

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

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

24

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.

Key Audit Matter

How our scope addressed this matter

Carrying value of mines under development

As at 31 December 2023, the carrying value

of mines under development was $19,816k

(Note 12). This asset arose from the

acquisition of the previous joint venture

companies, Gubong and Kochang in 2021.

Given the value  of asset and the fact that the

group have yet to enter into production and the

significant  estimation  and  judgement  required

to be  made by management when conducting

their  impairment  assessment,  there  is  a  risk

that the assets may be materially impaired.

Our work included but was not limited to:

  Obtaining and reviewing the directors’

impairment assessment;

  Discussing the impairment assessment

with  the  directors  to  gain  an

understanding  of  the  methodology

applied; and

  Challenging the reasonableness of key

inputs  and  assumptions  underpinning

management’s impairment assessment

and supporting calculations.

The  directors’  recoverable  value  assessment,

which included the use of discounted cashflow

forecasts  and  independent  third-party

valuations  of  the  subsidiaries  and  their

underlying  assets,  were  found  to  be

reasonable.  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  at  Gubong  and  are

awaiting the result of the application to Korea’s

Board  of  Audit  Inspection  in  respect  of

Kochang.  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

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

25

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.

Responsibilities of directors

As explained more fully in the statement of directors’ responsibilities, 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  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 the LSE Main Market listing rules 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:

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Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

26

o  Making enquiries of management regarding compliance with laws and regulations

by the Group;

o  Reviewing board minutes; and

o  Reviewing 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 carrying value 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

In our audit procedures, we have considered matters of non-compliance with laws and regulations,

including fraud  at  the  group  and  component  levels. We  have  performed audit procedures  on  all

material components within the Group.

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  company’s  members,  as  a  body,  in  accordance  with  our

engagement letter. Our audit work has been undertaken so that we might state to the company’s

members those matters we are required to state to them in an auditor’s report and for no other

purpose.    To  the  fullest  extent  permitted  by  law,  we  do  not  accept  or  assume  responsibility  to

anyone, other than the company and the company's members as a body, for our audit work, for this

report, or for the opinions we have formed.

Joseph Archer Engagement Partner  15 Westferry Circus

For and on behalf of PKF Littlejohn LLP  Canary Wharf

Statutory Auditor  London E14 4HD

29 April 2024

![Graphics](data:image/png;base64,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Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

27

5.2 Consolidated Income Statement

For the year ended 31 December 2023

Note

12 months

to 31-Dec-23

(USD)

12 months

to 31-Dec-22

(USD)

Administrative expenses

(796,859)

(908,220)

Operating loss

6

(796,859)

(908,220)

Gain on acquisition of joint ventures

12

-

-

Finance gain /(expense)

9

546,359

(577,586)

Share of loss of joint ventures

12

(3,024)

-

(Loss)/profit before taxation

(253,524)

(1,485,806)

Income tax expense

10

-

-

(Loss)/profit for the year

(253,524)

(1,485,806)

Earnings per share:

Basic and diluted earnings per share (USD cents

per share)

20

(0.0004)

(0.0023)

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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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

28

5.3 Consolidated Statement of Comprehensive Income

For the year ended 31 December 2023

12 months to

31-Dec-23

(USD)

12 months to

31-Dec-22

(USD)

(Loss)/profit for the year

(253,524)

(1,485,806)

Exchange difference on translating foreign operations\*

17,280

(6,580)

Total comprehensive income for the year

(236,244)

(1,492,386)

\*  Items that may be reclassified to profit or loss

The accompanying accounting policies and notes form an integral part of these financial statements.

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3X27fR7MpEUTzr7MnXXX+9puuSJEmStGjxouv+8Me21rbOnhoAAAAAAOhIkK8BkBbGkMGwLHD769eSKS0ZbUH81x8uy+bD8Rimum1TUWYZGT6KLC0RRQS5PZ70Xppalpnm/AEAoKNggmfM+I1Ddgi8IEmS1+2mlFlmV/+a4jhu+IjhgwcNSiSTCCG/1zvvs88unTFD1/XOnhoAAAAAAOgwkK8BkBbGKIckn0vaH7Dtq21MJFOlRd2cDgEhtH3PbkfAoTKjpqXSZLW9S6R4rAU5orrAuncLpffSzPwmX2OMLV60NM1zAQCANHl93iFDBtq2aRpmPJncsH5DRXkFrOgviOLNt/514ID+lNJILB4KBffV7FNVtbPnBQAAAAAAOgzkawCkhSGsEwc94O6xtS3lcOfk5gQ5jBBCDsnn5TN9DoHaNsbI6RBaom0i5zAQxektvkYI55CdCCHGWCqlPP3UC+mdCgAApEuUxIcfeeToY462qc1xXEpRPvn4I6XLB0mEkAkTJtxzzz0lRYU8R1JJNRaLP/f8c7TLJ48AAAC78jmmAAAgAElEQVQAAEcMyNcASItps5aYJkly+4+MMac7uGN3hZOznAJhjPGcQ9GoxJOoYoZjIsKIMM6IknAsRkjHfABTKeX99z7My8vvkNEAAOBXwxiX9Ozxj3/cnxEImJYpCPyc114r372HMdbZU+tkHMcNHz4MIWxTKooCz/NfrPhCVRWI2AAAAAAAjgyQrwHw69mUbtlTxTl9Tqez/ciK5Zvnvrsk4M0VeIIQao0qHk+IGW7JVt55f148iRTdqKxsSdbpkssnCh3wAVy+7MvBA4/evOWrhx65J/3RAAAgTRjjnj1Lx4wdSzBxOB31dfUXTD9/586dECS5vd5rfzuTMWaYhmWYn3762Zw5c+FtAQAAAAA4MkC+BkAaGFNM1KqaGH+9+FpdUxiLLt7pE2UHQoghPRAQJWYqiWgknHA5ggzZFlV5AetiGyPp3lYpinbzTXdPGH/S5DPP3D8HAADoXLwo3PCXP48aO7q5uYXDuKmhccbFF7S1tnb2vDqZIAhTp00bOHSwZhgGtWVZEkURvroBAAAAAI4MkK8BkJZoW4JRzHNc+49OhxBpbYqkTKTqCCHDsKoa6mJms0OSTYu1xZOY8LpmImwTzLj0XjqVUud99nl2fvG1v79s5DGD0z4VAADoGISQsrKyF194YdSxx1oWdTpclRVVixcttC2rs6fWmTDGDofjrjvvliVJFAXTtOKJRGdPCgAAAAAAdAzI1wD49RhjkYYEUW30Tf1BY+uevFy35CvwYByOpe7+55yifn2pn8hUUBSC3SHdtlsSkZ3h6rL8EpfA/+RL2LZdWVVr2d+tdPtg8eYb75v31MtrXn35nwMH9iUEKiAAAIeWYDD4t7/dLorOlnAUY+7hBx9esXxFZ0+qkwmCkBEMMsY4jpNE8fU3Xt+3r6azJwUAAAAAADoA5GsApEUxU6bEyDcNPqkErWlOmsTBGGfZZN367U6ccCUbGUu6ROzDLMPlCPB4WFnv5r3b+Z/aP5RSGo6q8z5blUxpjDFFTe7/pw8/W16+a/XpJ5TJsnAQTw8AAH4tnuePOe6Y3878g98XkiTHjq92337bnQ31DV18rwO326WqmpJSXG7n5o2blyxZTKnd2ZMCAAAAAADpgnwNgLQoalI3FO6bpKymri0jkFtYkGPbpqapGtWPGlRoW2EbUWZRatjYpt275UTDzX1z8n5ycNuyN6zf8eY7n5qWjRDCiCCELNvetmufkYofM6Lo/KnjD+rZAQBAOgRRuPFv1912902S6OzeraS6qvbkCWds37ylKy/qz/N8YXGhaVnRSNy27da2lq6dNwIAAAAAHCEgXwMgHdigGqLa/vWpv/xya25hj5DX55Alw7BEyRnyCEhLMmZQk1Ld5ghLRtskmZT43T85ekNj2/IVX2kKc7ucGGPC8Q0NdQ/+89mZ1/39ht/OuOX6K7OyQgf3/AAAID0Y4ylnTznxxAm19fs4jlTXVj5w/z8a6+o7e16dhhBimSbHcaIoyLKEEYEtDgAAAAAAjgCQrwGQDoYJ5bBB0NflBw435/NzoTyU1Fp2V+8JI40nFlZrLEY5jF3YiRBiDAmYM6Pxnxx9+/av9lTsU5klChghJIni7NfmLFmyfsjg0r6lOQKf5gYJAABw0BFCMjMzH3/y3yNHDlWVaE5mYPkXK/58w59ampq7ZqMoz/OSJFmmJQgCR7hEIt413wcAAAAAgCMM5GsApIUR5BI4xihCKJFISg7PyJH9HILW0pKY995nWd4sm1FRcliImhYWnA5CON7p0nUrlBX4ycF3Ve7dtXvH0UcN5AihlO2rrS/fVTP5rFNuveGKn1y7DQAADh2E415+5ZWnnn02peimYS1YuPCamTNbWlpsu/OXHjNNU9d1TdM0TQuHw8lk0rZtRVEMwzgYL0cIMQzDH/CapplMpXJycwmB73MAAAAAgMMeXNIB8OsxhGxTU5IKRwhCqKG5JTMnt1tOhsRbiAn19U1lvXsgjAVeYJgTJckb9Lkcbs2knOSx2E/fVc596y1eIOefcwJlbOvOPeecf/n0aedfeenkzAzfwT85AADoMBjj7Jyc48dPOH7cyZqu8YQsWbT41ltvbWpq6tyJKYpSU1NbXlGxt6rq348+On369MuvuOL9999fuHBReXl5KpXq8FeklGKCVVVHCOXl5o4bOw76QwEAAAAAjgB8Z08AgMObTEQtrnOYIITiUTWUmZcf8PJMLq+0WyOhs0eMxFa1iQWKeSYQl9/F8byiOxVLxegnbqhSasoV8B4z7OSszIxPPl86+6W3SktLx449mhC4EwMAHJZcbuf9D91tImX+/PkOl+Ptt9/ZV1Mze/bsrMzM/9kcGGOaoqqaunXL1g8/eH/p0mU7d+zkeL5f794YE47jGmrr7ty2vb6+weV0cJJw+WWX/e53v3e7f3rFzJ9JURQ9qQQcrlgyMXXK5IJuBR01MgAAAAAA6ESQrwHw62GEjKTG2RKjzDStyn37vG6+KN/tcspvv78qO7vn+acNnvdRs20RDnMJNezx9BBEUbGoyQmM/4mYbP7iJUP79//T785Zv2X3bff832P33X3U0MEQrgEADmv5+fkPPPBAcUnxs08/GwplLF+2/Nlnnr7xxpsIOYjL/DPGGGORcHjHtu1bt2176cUXGaOtbeFQKDTtvGmFBYX+gL+wsDArOzuRTNiWXVtX9/47b8/79LOEknrggQdPOPGkIYMH83wHXDKZprl0yVJDN5JmyjBNjLDDIac/LAAAAAAA6HSQrwGQloSiZPuzGUMYE8kpBQJ+QrBTlDkiU8RjhCxk2wxRyxYw581wcYQQJiIk2vgn+kNFyZnXraQ1pn+yYOWfrrv+mKOGQbQGADgCFBQUXHH5FUuXLq2rrfX7fbNffuWkk04eMGCAJEkH4+UYY4ZhlJeX33Pn3WvXrsnICPYp6ys5pJFHjTxu9KjCwkKO5wVBaH+wPxhACBWVFHfLz9+4aXPz9u2plLps6dKS4uKMjIz0JxONRt95523EmNvlTClqnz59CQc71QAAAAAAHAkgXwMgLQLGTNUMw44lo3sbKwsLeyOMOCGhm60ebz5izLZMalscx1GiMWQyxAReIFhE7MdWP9xb1fDZgh15+T3Ov+wel2Dff+sVEK4BAI4YJSUlL89++brrrtu+Y3s8GvvNpZeeMGHC7Xfc4fV6ScdVsema1tTYtGzZskWLFm3dvMXv95173rTx4ycMGzbM6XSIkvQjFXO5+XmlvXtt2rLF5XKcddZZgcBP70jzc3g8nvq6ekJIMpnq06fPmZMnw+YGAAAAAABHBsjXAEiLLMqmU8MCLq+o+XThpofvOR0hJEqyLeC+I0owxoLIIYeICdMthDiRYcKwhazUj9xTJRLJjxZ9vmr9xlBV8sxTThgxuEAQoMABAHBEKS4ufuyxx5555uk33ngzFo2+8cYb+2r2/ftf/85Nez9NVVUty6qorPzHPffu+GpHfX3D8GHDJp05ccZll+Xn52OMf3J8xtjixYsXLlpEOI5a1O12d0gKZtv20qVLo9EoQojnuKnnTHF7OmxZNwAAAAAA0LkgXwNdC2WsobGpsalp2OBBHTKg4ECSBxvM3lKxL54SC3MzGbXihioHzEH9shBiqqq3KQkL26LbHYlqCDHDVnnOELkfrJtoi0ZefWduMLv07NNOHT+muLibF4rXAABHGEJIQUHBzJnXYoxnPfEkx3OLFi5+6603p049Jy8v71evxWaa5o4dO8LR6D8feWT75i2lvXtdfeVVJ5x0UnZ2lsfn+/nDfr7084b6BobQpZfOCAaDv24y32EY+sJFCw1djadSbofj1FNO7ZA13QAAAAAAwKEALuxA12LbbN2G8mdefv3DuY92TBOS7cKWL5U0y3c3OHmPSBDDvMQ7ZC7UK8eHMXbyokdwWLqRTDRnZgUYYibTEU95XvyhIfdUtjU2O+rqK194pCAn03vQlvwGAIDOhDHOzc3905/+vLeqet7Hnwg8f9999y9Z8vlLL73k9Xp/UcRm23YymUwkEm+8+cZLL81WUqmioqKZ18688MKLQlmZoviD37f/zbKsurr6Oa/OkWV58NDBl112eYekYLZtf/zxJ4sWLW5qacMInX76ad0Ku6c/LAAAAAAAOERAvga6lh17Gua+t2jDjj1JzfI4OuC/f91mUVUzdWNPef2AfgUCzxmmHQp6saW293QyxETEIZt6JKeITIHjmK5QpH3vDZtlWRXV9Xfd93zAk3PFjLMz/G4I1wAARzav1/v4Y4+tnL7yhj/9qa219ZN5n14y45IXnn/B7/f/nIjNtm3btj/66KM//vGPqZSCEJs0adIVV1wxfPhwxpgoir8op2OMlVdU3HjjjQ6Hw+FwXH/9DQMHDkh/Y1NK6YaNGx9//PGqvXvdLuegfv3/etttDpcrzWEBAAAAAMChA1bVBV1LXV1DLK75/HmKajHG0hyNMaTr1KL8rr0RhERTSSCEKKWJVFKSQu13ZLIgZIT8PCdwmISCfp5gyzAETHhe+O8Bt+/a+fzrr+lU9rgzexcX/6KaCwAAOEx5PJ5jjz3uqiuvlCRJ4PiNGzfNmzcvEon8nOcmk8m33377scces22bYHz2lLP/8pcbhw8fJoqi9KM7GHwvhtDyZcsWL1qs69rgwYMHDx6MccesvPb5559v3bLVtmgknhg5cmRWTnb6wwIAAAAAgEMH1K+BrqU53FLfWJPbrai8MR70Zaa7bQBGkiR6nO61myttE2VnuxFClNrhcHUokxGOIYQs22xqrE2kFMwEhyBxmGBm8kzyeL/76dN0fcW6TR98ssTrGnjUsP75ubDuNQCgS8AYe72emTNnTjpj4vPPP/fPf/77d9f+rlev0jlz5nQvKuS47/mmtiyLMbZr165LL7u0ra3NMq2rrr7ynKnn5ufne73eXzcNxtie3btvufkWgkmfvv0ee+yxzMzM9IvXLMvavn37HbffYds2xrisrNf5My62KU1zWAAAAAAAcEiBfA10LZphXHXpmSOOGbV8w9YBxWOF9FpEMUI5uZmCgL5cvbE4r9v0KRMQQms3bX/rvQVjx093Oh0IIcYhf26oPmxTg5N4iSNENCVRlATxP+rXbNv64w13b9y+7aYbfi8Q146v9mWH5HTmBgAAhxee5wsKu19+xZXbt21ftnzFhk2bJ55xxtvvvlNcUvKdYl7TNJcsWfLU00+3tbVt2rTl9NNPu/KKK8aPH88LPEd+5Z9NGGO1tbW33HKL0+WQHfLEiWe4XK70wzWE0Oo1a5577lmnw4EQcjgdL7/8cq/SUvJ9oSEAAAAAADh8QX8o6FoefWq2QxJLc30PPfJYVVhLs4KAEHLMMcNz8nI0VTnp+KNzs7IQQhvWbxI5sre6JhJLIoT69evbq0+PNdu2C7JY09iq6Ho0GvW6fMj49qUppZ8t+nTlyjVnnTVl/DFHLVmx8oKzxwb8zjRPFgAADi8cx+Xn59162219+/Txezy2bT/xxBPRcOQ77fyRaPTe++7btGnjypVfTpt2zt133TV+/HhJkn51uIYQsm175Zdfrlq1KpFIer3e0049TZY74I8clNK5c+e8/tobskPGhFx11ZW9e/fmeL5DkjsAAAAAAHDogHwNdC2SgASecjzxelBbc33aK7AhWUSaVscs5PW5MMa6buopZ0Vlyh/IoxQjhIjAY57mdetpGoJpYUJIStWoThRDaR+BUlpb3/jE029fdNGlV11yZsjvNo0YJma6MwMAgMMQx/ODhwye+9rcu+66s6Wl5emnnznv3GmLFy6ilFJKFUW5/Y7bzzzzzPXr1vcuK/vg/fefffqZvn37SpKUzosyxlauXHnHHbfHorGp55yzaNGi4uLi7+1L/UUURXn33fc+/OADp8MRbotcfMlF11wzM82pAgAAAACAQxP0h4IupDmSzMsp7VPayyFJAkUrl68a2beI59LaQyCRiOhGsndp70FlIYcsvfnG/KVL144bM6a6uVoUeYRQwJfRs7DP7hY+ltA8LhdHuKDPryPb4XFYFkWIbdi+/bzpvz/t5Al//O1UQeBfef19J+/JCmV20EkDAMBhBmOclZM97fzzLMt48KFH1qxb98c//P6RRx+VJenxJ5745KNPCgoLZj05a+qUKYIgcly6fylkjH3y4UdXXH4FY2zooMF33H57Tk5OmmNaltXU1LRy5cprZ15LKZVk6aOPP+rTp48L9gwFAAAAADhCQb4GupDa5nCfsh4D+vYiGGX6s77atSeZVJxSWvma2+NwOoWjhg+WJQ4hpBuG3xc449Qxry5Y3b7pnNvlknhh09Zyj6khARmWITudFDFToRyHG5qjN9199wkTTv3bzb9FGCOENm3bmBnM8bocHXHGAABwWOJ53uf3Tz33vMbGptmzX9lbte/ssyYPGDRw+7btvcpKZ8z4zdQpUzqkfxMhpCrqrCdnmZadSCVPPvXkUCiU/piaps16ctbatetkh9zWGi7p2aNv374ejyf9kQEAAAAAwKEJ8jXQhSTiit8dEgUBIRQJN/OIcCTdj4BtWLaV8vtlXuQRQqqazM/1ZuXKUX23zVSEPAghSml+TjeHziFmCzxX3VRXWuDPK8iOxFKPPju3KdYw+7GZWZkuRm2EELMMrzOT5+GzCQDo0jDG2TnZN93yV4fD8dyzz9U1NtXW1oqi+NCDD40cObJDuiwZY6lU6q477ly1ak1R9+5/vO4P0y+8iKRXEMcYM01z/vz5Tz7xpKpqgaD/D3/87QUXXgyVawAAAAAARzZYfw10FaZltzW1lvbOa/+xV0GRbhq2bf/IUxbNW/X6K2samuI/9ADKWENjpL6KDinLccocQujdj5bm5LpKs0NGZTnTv15DzevuVl1Vb2CxNUFVk0VVo7BPsc/tPm/aFfW7933x1oJuOR6MECFcIqVEFCO/IA8hpGmaqqoddv4AAHC4YYxFwuGm5pZoLO7xuJOJpMvlNEyTpbc1zX7JROK+++598smnMkMZV197zeQpU9IM1yil4UjklVdeufqqqxVVDWUGz5o8+a9//Vuv0lJC4IoLAAAAAOBIBld7oKtQNa2uMeL3ft13WZhX6OLEaFz5kafMe3v+c8/O/Xj+OvaD+yDg5WvWuRwenicIIUqpYhieQFAU+MKsfGoa7Y+RBZ9fcsaTyd5FuZpuFvbtvW135evvL+nVq+Scc06XxG93kVu9Yce+2pacvAyEkCiKophW7yoAABzWNFWdO+fVL774AhOMEXJJMrXt/7v33o0bNppmB2wCs3bN2icff9KmdNyE8ZPPPtuZdomZYRhPPTnrvvvvtynt17/vtGnTfnvttQ6HQxCE9GcLDn0/fLUAAAAAgCMf9KCBrsKy2JbNWy+cdkr7j+PGD9/41Y5NW3f2Ksn9oadURst1SXz1nTcuPn+syH/PRnLRWGLN6vV2IoooRQi1xRTR4xtx7GibslQsyeP2zxfTjBQ1KS8FFJUZlpFIJHyZvk/nL/395aePHz9Clr/ucmKMfTRvgZJSC/LcCCEodgAAdFmJRIIn3B233zZ37muqqs2cefWxx4xavHjR3Dlzlq1YeeXll89+9dUhQ4f86vEt0yzfXX7TX270+zzTL7nomqtnBoNBjPFPP/MHGLqejCce/OfD/3rk3zk52YLA/+MfDwwfNtTj8aQzLDgEqarKKA23tiWSSZfLZds2z/M8x4cjYdM0XS5XYVGhCLvEAgAAAF0P5Gugq9hbVdXc0ux3f/3f/LixI+687+E1m3afM+n477350XQjrPh4v58zE+FI1O/zWqbh/s/qhpra+ojhaTVTBiMIoe1flR8/otfQvpktzS1IzFHNryO5YCaPsGFaSNEtxqjsINFo7MJJ0yadcdyBo1VUVG/cuPnss85qD9wYY3BXBgDoglRVvfnmm1cuW15TVxfKyJg1a9bJp57C8fyY48d2617w57/ctLd63+hRo999952x48b+0iCDMVZVVXXN1Vdv37JV1bRrrr7yphtvTnNxNFVVr7n08mXLllGOMMSCoYzXHn9t+PDh8B1+iKO2TTjOtm1q26ZpMsZsy0YIIcZsSgnGSkrRVdWmtq7p+2prMOEUJVVbW9tS3/DGG2+alqkZhlOW26KxnKwQYigci/bu2eudD9/PyIR8DQAAAOhyIF8DXYWp2zt2btx/tyOJAqN03ZaNlCHu++6AMCKh/NyevUrmL1ygGbYk8LL4Hw0+jLGdW3fzNj5m7Li2qEIZM1Qt0+9rf3KKuXbWGr17MoyR1yX5ZQcllk+WN3y1NRKLnjPxzFHHFn/nFb9cu87vy+zRrSQYCJiWZeq20wUX6ACALscwjMbGxh27djtkeeKkiX369eN4HmPscDjGjB4zbPCgyooKzTDnzpljGPpJp5zy87svKaWJRGLu3LkVe8qTinrRBedPv/DidDrxGWOGYdTW1G7butXQDQuz7t0Lzpw0qU+fPhCudYr/7tC0LIsQQggxTdM0TUEQUolkMpEwDCMej0uSrCmKruuJeNyybEvXDUNvaWl2uz3RaLSpsVFJKZZlGbrREg0bpmlalqqqHEMCzws8H/T5GUIupxMh5Ha5iwoLhwwbIojQDgwAAAB0RZCvga5CUbSc3O77i8Is26xvqD/56BPQDyyWEovrPcsGnHXasIaGvbt2V+VlBUXhPz4vlNI9O/YMG9MXCc6EjQ2LKpqGbQshRDBqSeBNO5vOHl/EGHO6EMJtDjlzxbqKFVs/s6nrq8q6lkgJQnkHDmggtXZfNCfb55Adra2ReCxV0qPbwXo7AADg0NO++eZHH30075NPexQXZmfnXn/9DaGszPbvbYzxwMGD3n3/vScef/yhhx/54MOPPv300/c++nD4sGE/p6GeMRaJRB566IFnn32B2XTy5LNu/uutufl5P/nEH2JZ1t69e/eUl9968y1NjY0cJiOGDXv40X8VFBR0yPamHYJSSindnzphjA/T/anbz+K/4zNKqaIolLFwOOwQ5da2Fsu0TNOwLMooNS0z0tZGGRMEobamxjStSDS8Z+fuurpaUZJ4wgmCkIon3C6nKEoIYYnnvV6v1+9TFSUYzMgMZroL3bIkOd0uIksizzOEGEMEIVmWHS5Hdk6O2+1ua23z+v0EY0mWnR6XAGunAgAAAF3SYXmNBcAv1dLStmNnY9Cfs7+ggOf4k089va621qaU4767tppl2nPmfnLC6FHDe+ecfuLYlWvWjRzWVxTcBz5mX0V9dVP4Dxeede+jT3c/Y/jqDRtffPnTh++9ESEkSbKLT0mur3s8h/Y/akD/qg8+Wx9LJU45dWxb3aZE1DD0/1icmyG2dsOGE088sbB7N4RQKBQIhQIH8R0BAIBDDGMsGol8/MGHf7311sxQBuO45196ITs358BCMEJIVnb2737/eyWlvPDiS6ZlXXHFFc8///zQIUN+vF6MUhoJhy+cfsGSpcvyMjNHnzB+1pOzJFn+dVOllBq6seLzZZf+ZkYsmaSUTp44cco5U0885WSHy9WJlWuMMdu2GWOWZWGMorH4tq3bmpoaFUWxbNvtcuXn548aNeoQ3zynPUczdD0Wixm6QRlNxOMYk9raulQyYekGQghjbFpmMpHYu3fvwgULI9Go2+2yLYoQCoUyIuGI1+/jecEhSxhzHp/bKTsQxn6/f+TRRx937Kg+fcr8wYBt2bphBAJ+26YII4QQx3GIIV7gGWOYkP++PPhemXk/uJArAAAAALoOyNdAl8AYjSeS3XOLDjx45uST7394LkLfcyPU2hyzdU9+psQTPKA0/8OPPq7Y1zi0X48D75oqaloa2uI5mVlYT+q6EU9o+yKqP+hECPGCkCEj1tbSPja1UdDrzvIH773pAkGSZr++iVK9pbURoQEHzJAhniRSnPjzruYBAOAIY1nWksVL5r72mmEYPMeffNJJ+fn5/51VYYz9gcA111771ltvt7a1JqOxV16anREMFhYW/lCw1d4W+vCDD27ZspXnuPMvPP+qmdfyv3ZPT13Xo9FoZXnFrbf9TTMMQeDHjz/+jr/fk52TLTkc/8twzbZtXdclSUomEqIoqrq+e9fu2roa27ZN02pqajAMs7KyctOmTUVFxaeeekq3goLcnJyfmRl1rPa6M8uy2uO/9iOEEE1VLctmlFq2RSlrPyNCSDweX79uXe2+fQ3NTdSm1LbDbW2JRFIQhWQ8QXie54goSpgggkm3wsJzz5+WEcpKpZKiIHg8XkywJEmiKDtkiTLq8wecDockSz6fLxAMqKoqCEJ7lZmPENhNCAAAAAAdAvI10EVgzWSW/W1fCSFcz26ZhDLLskXhP66tKWUN9U1r1myaPP04hFBuKNBc27Bm3dbBfYr335YkE8raLfUnnTAyGHBFY+GUwjbtri/t28vnERBCgiCUDOizo6IcMawZxnvzVi9ZsRkhMeDzagYlxE0oj/9r1bf6SOvogZmyBJ9KAEBXpCjqq6++unrNWlVVn3/huYmTJv3Qwmo8z3cv7P7Oe+/+9Zabv/xi1fPPvbBlw8ZX5s4JZWd971Nqamoee+zRp2c9k5ebc98/7jtr8mSv1/srZkgp1TRtwYIFd955Z82+GoTQJZddMmb02FNOOYXjuP9NbmUaRiwai0Wjtm2Hw+GqvXvnzJmrKUpcV3Td4Hk+Pz/fMk1eEPLyck895dSTTjrZ5XL5vN5QKMQY+9/M07ZtQzcQYrZtm6aZSqZURTVNo6mxqbW1VdcVyihG+IsvVm7csJHnBVEQFEXhBIHDyLQo4YiaShb26DFw4ICjjxqZEQyKDllX1WBGyOl0Yp7jeV7geYSQx+PheV6W5fZ9PA/cF2h/T3H7/2KMyTdRGvRvAgAAAOBggDt50CUYhsUTyesNHnjQ6XQ6ZXNPZXP/slyO+zZiM01z+56d+xLb8rPdCCG325lKNNXsa9Z1w+l0tD/mtTkLP4Td9+AAACAASURBVHjrrWeev50nJNff54mnlta0JIcdncURghDiOI6aOK7YcUU/48LruxXmjzx60OtvvMeQyXOC1yVYikZTif+YoWXbOHvamUPdHrjuBwB0RTW1NfM+/dTldI0ZPeqMiROdTuePPJjn+cFDBj///AtTJp25Y9fudRs2TD1r8o233HzapIkHri9mWVZtbe2DDz34wvMvioR7YtYTx40Z/eu6I03TnD9//iuvvvrBex8QjuR3y7v9tttPP/10t9t98AqgKKWRSKSurm7xkkXxeEKJJMJtrfMXLLBtOxQM6qaRSim9S3udfNopodwcwnHHHH2Mz+d1uVyIMVGS/gdLrVmW1d6OahiGKIqJRGLNmjWfL/083hI2TTORSDgdzpqafbV1tYIgOCSny+3S9GQgGJREceKkSWecegbCSNd1r8/Hc3wgI+CQZVXTnC63L+ALBoPtW1tgjCmlP/4+//xtLgAAAAAADgbI10CXwBDavWeXy/Uf+RohpKysrHpfbd9e2Qfma7bFGhoiiZgmfPM3fq/Hm1TMeDzRnq8xxl6e+2FGbk5GRpAyZlpW0tQIx+fnZO0fhOP4cDRRXhvJyfRcf9VFlRVNy7JzTNMiROAwlzJNRVUPnIxiGf369RNF+EgCALoixth7b7zZs3tRQ3NTz1495Z+xMhrG2B8MzLjy8ltuvsXl9G7esePlV14ZfvTI3Nzc9qolQzfKy8v/dMP127dtz87MPHb0qAGDB/2KyMm2bduyNm3c/MSjjy1bvoIn3MAB/aZffNHpp5/udDo7JFzbv2y/YRiRcNgwDbfbY+rGpk2b1q9bu3r12q1bt5imFY1EAz5vRiDodrvPOncqsy1RdhR06zbhxBM4nm+vz+I4Dn8j/YkhhNqbORFCiURCURVq2RhjSpnP7wu3hfdVV+/bt48QgmyKGWoNt77/znupVIoiZummIIuBgP/Y444rLilRlZTXF3A5ZMO2uhcVB4PB7oUF7UVljDGCMSYEIdT+fvI8b9t2+7m0TwO6OAEAAABwiIObedAl2LbNGDdwQP8DD4YCgd7F3errG02Ttv/ZmzJmWVZ1TeOGHdU9RozC6Ou+kjGjRn/82WpkTGaqQjm+trbBNKOjTz3P73FxBB/bZ/Ann9bl9e7ef3D/RCrFEyIIgtsSOcW47vZ75866K8vraW6pra3bTIgdUxRZMiMsZtNvN61TdP3teV8UZeT6fY7/7RsDAACdz7btVDK5ZNGSlJJyu10DBg40TfPntDHKsnzppZf6vb4///nPDof8wcefNEfa7r7zrqFDh4qiuH7d2hkXX1Lf2Dhm9Oi7/37PoMGDCSG/NHWyLWvFshXPPvvs2+++kxUK9e3T54Ybrj9j0iSn68fK634cpVRV1ZqamvLy8oxQKOD3b9y0SVFSzU3Nzc3Ni+YvaG1tM03Tsm3DNAReOPqYkWPHjuuWn9O7d5/jx4/3+f2SJFnUJt8EUh1YurV/cTSEUCKRSCaTSjzR0Nhom9a8Tz5etHhx0OPTNJ0hGo8n/IGAw+Hs07dM1VRRlo879rgTTjzxrClTRVHAGCPGBFGUHTLPC5ZttTdvtr//giD85P8Rh+k+pwAAAADosuDaBXQJNrVFvze78D/q1xyyWNYrsHDZ3oiiO50iQohgLAqCqqKN5eL0s4a1X/wTQhzZXkMh22ojOd3zmW21RuLZ+b1+f9FoWRQZY4HuWWHr4xMHFg4v9LidTsZQa1vr0rWvWJp/4vTr8gN+hFCeK5Af8Bmm1hrFg/sWqq1VHPk2SkslU2u+3HzGiaeIPLS3AAC6HMu0Vi5bsbd6r6JqXrf7nKnn/Jz6tXYcz5959uSs7Oz77r13ybLlu7ftvOSCi86ddo7f7//3vx4lHDd16tTLLrt0wMCBv3TdMdM0Y9HoF8tX/u22v1burcrMDF115RXTzpte3KMkndKwVCq1aNGiOXPmfLlqVUNDI89xDocjkUx63G7bthllAs/LknjMscdkZ2b16l16zHGjBg4cIMsyLwgH1nB11G8L27Yt0zQMAzFmmlY0HN64caNl2y0tLatXrarcW9VQW+NxuRlCAs9PmjSRWrS9hbOsrGzEqGN9fp/b7UYIW7btcrt+qMqM42HrHgAAAAAc4SBfA12C2x2IRqJ+r/s7x3mer62rC8fi+SHP/oOVVfV5WflZoW/XSO6R343nuZ17Kk84tn9zU/Mrr7xx9uQzJEHACDGMcnJDhDOKirMdDhFjHE8oS5Yvi0bV7FC3MUPK2gdxOh2xcNQwjJZWLSMY7N+/fywW3/+K0Uhkb1VVTk7m/3LjOQAAOERomrphwzpFUR0Oub3c6Rc9XRCEY4479jeXXlZeXt7c1EwpnfvKHMOykopyzdVX/eXGG0NZmb9oQMMwTMPYvGXrU0/OWjR/QTCUMW7MmHHHj7vwwouyc3PS/KJeu3bttddeG48lTMv0ut26YWia5vN4bGpzHMcInTRx4pVXX1lUVOR2u91udzye8Hg9HfLbgTFmWzbHc4l43DJMm1Lbssr37Fm+bFldbZ0gChwhFeUVsVjc5/MahpGTm3v86NH+rFBOTo7f7y8qLs7NzRU4DhPCGHO7PYZp/PwkFAAAAADgyAb5GugSdu+tLS4u6VmU8Z3jRQUlifCCneWVA3rk7z/4wQcfa6a3uPvw/Uf6lPY8bsLYvXtqIwll1tPPbtu9+6GH7iLtu5IhPGZMWbcCd9/euU5Z/GzB0meee1XT1RnnXf/p4sVloa+L1Hr2KiAeSbOsfW0tZd2Kmurs/Lzs/eNbFDU3RUsKvJCvAQC6IEZptDXCLKoqqsfl4YVfdnGCMRZFcdKZEysqyp96/AlF01VNw4SUlvW64OKLMrOzfnqI9mkwZtv23orKz5csuf8f/2hqau5e3P3yq6+88sqrMjIyeJ7juA64aiIYZ2dmEYbawhEeY82mGCFd0yml7XMYcdSIESNGcDxvWRZlzOV2/bpfDYwx0zCoTW3bbmttra+tq6uri8eiba1tX6xc2dLcwnFE04x4LNJ/wIBAIOgPBcp697nhL39JpJI+r48h5nQ6HU7n/kXQ/nsaMgfhGgAAAADA1yBfA12CZdnxRDQzIH3neEG3bhgJWsygjJFv7hxq2vb2KB7vOOCxPbp3y87x79rduHrd5q176lO6Tsi3txktLTEiSLLsUDTjmRc/bmkxzj9van5B8fLNQRf39ZLVHEfcrizFIM1J7bj8UIqaSzdvvOTCMxBCjLFEUk0pKYLZQX0TAADgEIWx1+9jBBmmJckSYr/4y5Ax1tjYuGfXrtZoNCsj2BqOIIS2b9/x6pw5ZWVlP6fGSkmlNm7YsH79+n898ghCuKxPnxMmjB83YcLZZ58tSd/93fEjKKW2bTNKBUHA39csedyoUfMXzN+ze/dvZvwmEokQQniOIxxn27ZpmT6Pp6SoKBKNtjQ1v/fuO26XhyF21uTJGZkhl8v1I6dPKY3H4xzHqYqiqGoqlWqor5/9/IuRaEQWpY2bNkmy1NYWDgYCHrd7/ITjr7zqSrfXG25t6z9oYE5uriRLCKH29ely4S89AAAAAAC/HORroEuoqq6WRfG/7xgwRvWNDXvrWmJJNeD5erFq09BtM1VYmH/gI3PzMlauiW/a+tWO7duPH3fc/uOKqi5butow7XhSX7tpdXNLy0UXnn3ulJOemz0/mVTq4mqvbzpPE8nE3prmlnBUUTSHLBqG2H6cUnvTtr3dcnM5WHwNANAlybJ83Lhxjz7xBC9gipBpmr9oqxfGmKHrDz744Jtvv4MxjiWS+bm5TS2tgizOfvElv8/7h9//ob0O63ufq2laU0Pjp59++uSsJwReGDBgUM+ePSdPObusrLfT7f6ZWwdYlpVMJFd9ubK6qjqVSiqKOnbs2CHDhro9X/8KMAxDVVVZliVJ8vp8w4aPuOjiix9/9DFKqUGpiJBlmQ7JIYrCyy+/8vHHn6zbsH779h2CIOi6/uZbb5126ilXXzNTN3RMCLVty7ZdTpdpGqZh2pQmk8nKioq33norEAjU19c1NjU5ZDkWi/t9PmrZmHD9BwwYOmzYsGFDuhcWcRwXCoUyQiFMMKOUIcTzPFRPAwAAAACkCfI10CUkVS2lKt97/9CjMHPDhk1VNcMCfUsRQpTSeMIoyfcW5v7HZgiTThr55ttz57z6ysyZV19y7hntB23b3rRp91MvvBlOmJMv+FtJYc9/PXDPkEH5CKHBI4reXfLmksXrep17fPuDRano3QUVLbbtcTllb3b1lur245quPz/7zaOPHuh1wucRANAVSbI8asyo4rLSpvqGmrq6dWvWjTl+7M/fPrJm377HHv33Cy+8GAoGp11w3rUzf9va1nb11Vft3P4VcZC///2+L79cdffddw8ZMuTAZ9m2bRhGbV3dIw8+MP/T+bFEsqSk+KYbbxw7bpzD5XQ4ftluzs1NTX++/s/vfvAeRwjPCxzB9//j/2bMuOTuv9+TiMVXrVo1f8GCtubW4084/qorr5IcMkJo8tmT586ZG43HHQ5Z0zSBF2zbUhQ1Ho8vXLTQsm2OEMMw/F5PVWXlXff8/elnnnGKUjyRdMiy3+9vbWslhKQUleM4RVV1wxg2aFDmUSPKepaOHzseYebyeEaPHRMMBhhDPM87nU703z2e/8/encbJWRWIHn5rX3tJp7PvCQESICEsiqCCCiObBEcUZNz1jgqC4HW5ojhzXeaquIw6DjroqNcRmUFZFBWGcRu9CooQhIQg2fe1u5PeqrqW935oRAhhRk4SINTzfEpVdZ86+f1SSd5/n/OeJ3nmAwAAT8T1PC2hEcXZYjGO9rLnaExHauvWnvuXr1o0f24URQMDI9n0xM729jiOHn0ZUs6ljj/2qEptYOHCw8d0dow+WW80brrlP4ZGEoO1zKTJ0175ipMXHDV59KWRWv+YrkQ2+6ftPKnMhP6BeraQy6YSa1aunD11zujziShKxsl04knsPwJ4NkkkEul0+pJLL33/e9+XTCfPWbz490uWzDxk9hMdRvmIOI5XPrTiyiuvvPnmm88844yrrrpq8rSpuVxuxowZ//nz//z617/+4Q9/pLtU/Pfb/6N/YODrX/vatGnToijq6enZtGnTDTd+9/rrv7Npw+YZ06e+5NRTzzrrrJOef1JnV9eTPWY0juN1a9a8fPG5D61cWSoWG/VGM47L5XL/0PC//eu/3vajW/t27RocGioWi4kocc+Se+5dsuSar3wlmUrNnjW7v7+/GTebjWYcR9XaSBRHkydPP/30048+ZtHVV1+dy2Xb8rl6daTeaHa2tzfqjW27d44b23X8cc9ZsHDhuAndE8ZPyGZz5ba2VCqdyWSmTZ9aLJfS6XRSNQMAeMrpa7SEZCKRyaYS0V7Wry06+siffePuXObhq5GdO/qy2dy8w2c/fq3bi59/4g233NJo1B95Zuu2bb+/f2kul59U7Dr7pSeeddoxqT/ely2Oop09O2sj1YcfxlG90ahUqvVk3FnOHnnE/Dt+9vPRl7bt3Nrb23vssYtszwFaViKROPWUF31+4sQNGzbEUXTF31z5zne+85hFi57o3mdxHA8PDz/00EOf+vgnb775e5MnTbr0sstmzp49+td8IpEoFAoXXnhhb2/vl7/85XQq9etf33HueX95yUUXV4aHf/aTny9fvmz3rv5MJv2ed73r9LPPnDlzVldXZxQl/tuit9ep/Pjf/2P16jWlfKHRbKZS6THt5fnz5x+by2UymV/98v9VR0YKhUKz0Rip1RqN+t133d3f359Op6+77rr+gYF0Kl0dGYmiKIqjRCKxZu36L179xVKh1NXZubOnp2fX7mIuX2/U2srly9/1ru7usdOnzzzmmEXZXC6ZStZqtSiKHplzLpfz7wgAwNNFX6MlZLPZXLG41wuPgeqWaiX1h5W9ow939vXNX7DoJS84Mo7jOI4ffa1VzKSec/xpF/3Pv/3sh99/1mkvbDabN9x04+Bg7pD5x/x26UPDtTiVbDzyxZ3ZCbXhQ5as3/zw40QUN4bqgwNTpk7t7sj2bl09fuLD+0/vW/bgCScefc5LnxvHsUsjoGWNHz/+05/+9Fe+8pVbvn/LDTfceOMNN73xDa//0JVXTpo86fEHBQwNDb71bW+/7Ue3Tpow8c1veuP/eOtfH7VgwaP/Ck0kEp2dnVdcccWiRcdccsk7Nm7ctGndxve/7/1xM1509MIvfenLcw+dm0wmx3R1/fkbUR+vWq2uXrHym9/4ejqdLuTzPX1977/iipedc/Zh8+Y1G41qtXr5Oy+77dZbKyO1ykg1iqJUOtXb13PlFR+444477n/ggSiKkolkPp874YQTMqn03ffe09vTVxmuRHE0tntsua0tl8nOmD3rlee9ctExi6bPmJFKP2Zh2p95bzgAAJ4C+hotYaQ+ks1n97Z8LZo1ffLsyUffu2T96MNms1os5PL5VBQl4seeYXfoIXMmjFs3f/4f7vz13X9xyknLH1r9wIP95XFTTj3j+Wt2bI+zceJRh4p2lPNTSp2VoYdHSERRdWBboVDsKoykkvVyqX7f2p4oiqq12l33rHrda8/v292fH9dxgH77AM98iURi0aJFl19+eWdn54033rCrZ9ftt/6ob2fPX7/trccdf1w6k8nlcqlUKo7jarX627t+9++33jY0PNzWVn73e947fcb0J/r5xGmnnfqRj3zkpptv+sEPfjh+3LhGrZbNZCvVSueYMdlsdh9/qlEdrvzk9tvvX/5gNp2u1xvFQv7FL3nRjFmz0ul0M5kcGRmpViqVkZGRai2KEnHcrFZHBgYGr//Od/oHBqM4KhVLUSJefM7iyy6/LJ/PP/DAA0ODg+W2tkQiMXoSQrFY7BrbNWnSpEazuUdcAwDgGUVfoyXUG81CvpDc6/kGc+ZOm9qzdt2qKIpGarXdA0MdfzzubY+NQplM+mWnHbPk3pvvvue+XX0D1173/Tt/s+TVb7joxKOnfPfWsel0IvWovtbZmd++Y2u+MvuRZ4YqQ4V0enhoMJfN5PP5cePGRVE0VB25864lF776lRO6O/c6PYDWUSqVFixY8OlPf/qUU075zf/71bX/cu0PfvjDn/70p3NmznzBqS960YtefMT8+StWrvrud7/zz//8tVKxuHjxOZ/4+MenTZ/+RAMmEolMJnP++edfcMEF//7jH1968cU9O3vvvufuC1994atffcFFF10097DDQvaERlEURY1G4/s33/y5v/9cvVaL4rhczO4a6J84aVK5XB4eGvrJj3/y7W9de/2NN5aLxXw+NzQ8FEdxHMdt5XKhWGzGcT6bO+TQQz7+iU8ec+wxiUQikUjMmjP70eOPtr/Rl8JmCADAU0ZfoyXEcZxMpvdYjzZq/uFHzJy+9r57/9BsxksfuO+r115z7rnv3esgqVRy0bzuT37wfR/52BfOe8U7Ko3C+edf+I43PL+YTw3WVrV1zHjMXbETI4380uHeox95YlKu2D9S7ypmivl0+5jSulW9URT11xu7eqPZU7rTqcALPIBnk0QikUqlFi9efM4551x62WU//enPfvu7395+++1f/MI/Xv3FL02dPHnb9m2JZLKtWFqw4KhcJptLZ3b19NZqtVQqXSgWcvn8o5cSjxr9y/mlp556zTXXfOiDV/7ud3e3lUrXfftfb77pe9ddd91zTzwhLGDFcdw30N8z0F8sFAq53OZt20ul4ic+/vFcLr9t69Ybbrwxn8uXy6UJEyecffZZ5533yrZyOZvNxlGUy2ZHF+KNHz/+0Xs8n+zRCgAAPHPoa7SETFzdlKnGj7voikZvgz21sHFw3dYdQ82o/Ic1jQWLpkd73UoaRVGUiOJ0tX+kuruSGRuffurhpUI6iqL04FAmfky+q9cbE/PT+nYsH30YR1G63JYd6otzhZFqIxqoFiu9I436fQ/ck86U0ilrEwD+ZHTRVlf32Fdd8KpXvPIVi89Z/MEPfmDb1m3bd+6Mo0QiSqTT6XuWLFly7739Pb35QqE2UqvVaxMnTnjOc56bKeQmT5k6cfKkaqUSRVE+n2806uPHT0hnMocccsjF73jHP33pS8uWLUvG0dDw0N986EPvuOzS0049NZ3JPNkbsaVSqTPOOGPV6lW33HDT5q3bcvlcHEXX/9v1w5VqvV5vaytPHD/+uc8/6e1vf/vcQw4plUrNZnOPkBe8dA4AgGcafY2WkEgk9rJ07Y/ai+XZh89bs2nHzh29nZ0d3eXUXo8aaDSbPT29P/7Jr3bs2HXkwvknnX7SIXNm/vENkpWR6qMDWxzHlUqznhp45Jkd/bu6Svl0Kj00XN2+aVu5XB4YHr7zt7+ZMn1ioxGn0xIbwGNkc7koilLpdFdnZ6PR2NnTm4ii889/1fnnn9/W1rZly5ZbbrllZHBo+ozpv7vr7t7e3lUrVl73r9dPmjRx7YYNcRTlC/nh4eF6o9HR1rbo2EVtnZ0P3H9/dahy9plnHH7YYd/73vfr1crd99xz/vkXzJw18wNXXPGqV70qnU7/+WvZEonE7NmzP3XVp95x0cUf++hHH1i+PJlIRnFzytRps2fNev0b3tA5Zkz3uO5HVqWpaQAAz2L6Gi0hnUoXC7nHXzONdrQXn3DYz35y1+q1O+5btnrGpMMK2fTwrl3Fzs7Rr2nGzWQi2WzGy5etfvNF7x4ciV/zhte8723nPXqQVDMe2tVXr//p/NBUMpnLV4dz4x55plmvdnVNTedLIyP1nt3VdCZdq9WWLn3g+IUvT1m/BvA4zWZzoL9/+X3L3vPOy37/wNJjFx195Yf+9uQXnZxKp5LJZBzHp595Rr1Wz2QzcbPZ19u3eePGdDodJZNLltyzbuOG9rb2Yqm0auVDP/v5Lx56aMVwpVKrjlQqla9945vNZjOKonw+n0gkxo0ft3H9xje+6c2/vuPXl192+Zw5c57UJBOJxIyZMz/3hS9kMpldu3aVisVmHOdyOYd7AgC0FH2NlpDJpCZ3daUeuz+02WwODw+VSuWZ49rGjcv0D1R276rv6OkvZJJRqvzIl1Wq9XQquXZz33uu+vueRv1V57/83Jee+OhxEolEz86Nfb3ThoYHozFtf3w6TjUrfX2N0YSXiKIJHfnN69cfe/rzUtlcbsy4HevXxo0oFRWOOXqOe1cDPF5/f/8//eM/XvXJT9Vr9XPPXfy+977vyIVHRY+98X82l42iKJFKtXd2FEvFOIoSicT0mTNG81YqlapWKhdffElPb+/a9etWrVjZrNV/+uOfrFi1oloZWbd+XTqd2b5te3t7W71e/+53vvvK8175ZPtaFEXJZLJUKkVRNHbsWIvUAABak75GS4jjZns5v8dd1ZLJZKlUjqIolUqWEru/f9sv+/tGpkycmEomouSfPhqFXOYXv/39Z//56/etWH7Csc99znMWThnfscf4pWymt2dbs1n/0zs2myO14Ur9T1uNKvWeyeMPnzZlUiOOG+lMPl8aHh4pZTu7y/kD9dsGODg1ms2e3X1/98lP/uDb11eHK5e86a8v/dv3jxs37r/4aUQ6nd7rDdTyhUK+UOju7j507tz4RS+Oouiv3/bWKIpGqiNbt27p392/eu3aO39zRy6bPeuss4888sh9mba4BgDQsvQ1WkIikSwXi//FKrHXv+b8xa/9WDpROv0lJ+3xUk/frndd8aG2cV3XXv355y+Yt9cxcoXi6G6jR7S1tx911JFr7/vTR2znjh0dhUpbsbhlW+999y8dO3PGdd/9wf1LH5wxc+I+/M4Anm2q1eq/fOtb9z+0/J+vvuaQmTPffdllf3n++d3jx+/7yKN5bvSGaIViYeasWXEczz/yiLPOOrPZbKZSKYEMAIAw+hqtolarJZ7wVNBo+qTxU8d2DFWSYztze7yUy2Uvu/jNk8Z2n3jEYU/0/fVKtZR/zP3dMpnMtEnTGneuH30YR3GtmUuXUpl4IJdv65gwtTpc2bJppK3c3awNR1ExjpuJhOs6oNWNjIx85/rrL7vknc04nj/v8C98/vMLjl6YLxQO0NslEonR3PbIKQQAABBAX6MlZDLpKG7GURw9QWLLZTNzZnetXLHluKMfXk02Uq1kc/koisrF4oWLz47+640/cSqRyEWPOqM0lUxPHj8rObjmkbfMlwr1RnX2lCn5XKFcyBfax7Ynmtn0mtGLuv7+3eVyu6UTQMtqNps9O3bc8es7P/aRj5YK+QVHHHXFhz54/AnPVb4AAHjm09doCbt27frVb+45e+HcQuYxf+ZHDx+I4ziKor//P5dXqvX2cr7ZbCaTyUz2TwvZ/szsFT8q3uUL+RNOfsHIx28dbXqrNq9LZ9JXfuDt8+aOW79loNFo3L9s+aR8+2mnvSSXy0VR1Na25z3dAFpEHMdxHP/0tv+44sor7l+2fNacWV/79reOXXj02LFjxTUAAA4K+hotodGIe3t6Rzvaoz1yCF0URflcJp/LjD79yJN/7viJVK0W75Hhmol0R1ux3mim08mHVm8cP7V70qTuVCpZq/bX6/WoHvX07hrbPT6TTj/ZtwN4NhkeHt68YeNFb3/bjr6+7rFdH/voR0895UWjB4ACAMBBwWY0WkImk0lnDuAxnXGUSCULe3ygsplsVza3Zt2uOI7Wbtx06JFHtLe3RVGUy2UmjBmzoXfXcDI579Bp6bTVGUDrGh4auu5b177lzW8ZGh4+euGC91/x/nPOOUdcAwDg4GL9Gi0hlU6m0qnHLV/bnxLJqPnYN8gX84uOWbhs+epZMztXrd+0+IxTO9pzURSl05mh4eFms/mKl50xe1qXe64BranRaGzcuPFTn/70t77xzc729ksvufSC1/7VpCmTn+55AQDAk6av0RKyqfbsrgeT0YEKbEPVqJ5K77HFM51NTF4wbvvOTVG8KBcPdKUK6VQiiqJEHE0odk5qZKeW0x1tB3BVHcAzVr1eUJ0PMwAAG/9JREFU/8ZXvvrpT1y1btuWKRMnzpw16y0XvXVMV9fTPS8AAAihr9ESEnEj0UgcsLwWpXLZRGbPbZ6pZGreoZPvuWtJHEW1wbhUSo3eZC2dTW/tWTfcSOYKUSZj8RrQWuI4bjQaq1as/OI/fHHNpo0zZkz/zGc+u+iYRZ1jxjzdUwMAgECu7WkJ3Z0dyWS6ecDGz+fzc2fPai+XHv1kOpVaNG/6qvXLdu7qr9cyqczDy9vieCRfaFYH46lTuh1qALSaLZs2f+4znz3j9NOrzfqb3vzGH/7oRy898/SJkyc55gUAgIOX9Wu0hM5coZbO9g3XSvnsgRg/nUrl8/lMds8bcqdS6aGBtvXrKps3deUyxdEnN2/b0lfZmszumDzZYg2gtVQrlX/79rev/uIX0+nM2y+66LWvfU1HR+fTPSkAANhX+hotoVjMp1NRnDhQf+BrtVo6lWo0Gns8XyqVHlq56Zbbf7duy6Zy+8Or2yZNmHTEnHndufnjO9sP0HwAnmlG94S+4XWv27Zpy+GHz7vgtRee+5cvL5fLT/e8AABgP9DXaAnZVHrX7lptz/y13zQa9SiKHr+5KZNMpgqd1954ezZfz/7xBm3ju7r+10VvqTebaSeHAi2g2Ww26vX77/39x/73R1auXHncvCMvufiil5x1ejqz55pfAAA4SOlrtIQ40ezqmtDbPzRrbO5AjJ9KpRPJ5F5vHtQ1Id7c2zfQO1AqP2ZrqrgGtIjt27d/7atf/fa119XrtVe+6rxLLr509mFz02n/AwEA4NnD/25pCblifu363bsHD9QBonEcl8qlvfa1s1580qYNPxwY6k6n3LobaDnLH3zwgx/84M9/+rPDj5j3+te+bvHixd3d3Y4yAADgWUZfozWkkpMmTBscHDkQYzfjuL29vZjLpZKpx7+68PDZR89f2JjmBt5Aa2k0GmvWrDnvvPP6d+/uGNPx3ne/54wzzrBsDQCAZyX/zaUlZMrpDRvXDAwediAGTyYS27ZvT6X2vj904WFzXrt4cFznjAPx1gDPTAODA7/4z1986ANXrl+15ohDD//g3334pBNPTKX28kMIAAB4FtDXaAmZVGpcuW3Lhr4DMXiz2WxrK3e0FVN72wGaz+de+PzjD8T7AjwDVSqVu++++5prrvnWtd+ePnnynDlz/ubDf/viU0/NOM0AAIBnL32NltBo1GuJ4UrzgBwgmkgmo2ajq6201/2hAM96w8PDtVotm8msW7Pu1lt/+NnPfi6KmnOmTT/3FS9/4xvfNGfuIVauAQDw7Kav0RKSiUxX3Cg1dx2IwZtxlEtPzCYySTfsBlrP0NDw0qVLd+7csX7V6n/5v/933YaNw5XhXDrz0U98+LQzz2xrb3OaAQAAz3r6Gi0hk8l2dJTvu++BKHrxfh983Zbd3RPGlkq5/T4ywDNcrVa77bZbL7300spwpZjO1pvNWr2WSaXec+UVZ567uFAoPN0TBACAp4K+RktIJKJsNpfJZg/E4L27+uu16oEYGeAZLpVKLViwYOHChWvXro1H6oVC4eRTTn73e94zYfIky9YAAGgd+hotIZlMRlG1r3fHgRh8YHik3NaWdnchoPUkk8lZs2ZdddVVDz74YM/27TNnzT7qqKPGjusW1wAAaCn6Gi0hk0mN6Wi7o683juP9e9XXbDb7+vvbysVEcj+OCnDQSCaT8+bNmzdv3tM9EQAAeNpIArSEZCKZzsWFQmG/L6lIJpN/WP5Qua2cSVu/BgAAAK1IX6MlpDOpsWNKDzx4bzPe/4Nv2b6tUEhl0j5NAAAA0IoUAVpCuVSaPK7tsAOzfWnVqhXHLJyXzVq/BgAAAK1IX6NVTJo0YduOrcP15v4dNo7jMWPG5DOxW3kDAABAa9LXaBXZbOq444/a0lPdv8PGcfTA0qXlXDKVVNgAAACgFelrtIr2cvnQOXMGqrXRh/V6fd/HbDaby5auyRbLnR3l/X1wAgAAAHBw0NdoFZ3tbTMmjevtHYzjOIqiwYGB0V/si2azeeedd/T09hby2f0xRwAAAODgo6/RKtKp1Phce3L44WVrlcrwfhm2p3dXb3RYlEnvl9EAAACAg46+RgtJJOIf/+yOnr6hKIrGdI1J7I8tnSONZK3Z357L7PtQAAAAwMFIX6OFzJ07a9PWTZWRZhRF2Wx+3wes1Wp9fT2zFx2VjPZ1qykAAABwkNLXaCHFYqrRqO7u79tfA2ay+d6Ng80xNocCAABA69LXaCGlYv6u+39/+89/0z9Y2S8Dbti4pXcgfu6xh++XraYAAADAwUhfo7UUcrm+waHmPp8cOqpRjzds3FBs2w9bTQEAAICDlL5GaznlpJPuv2/5uo1b9n2oOI5/v2J114SpL5g12fo1AAAAaFn6Gq1l6sQx6zdsGhoa2i+jrVq9KjW+e3ZaXAMAAIDWpa/RWsaObY9Sqe07d+/7UHEcb92yc8zkidl0at9HAwAAAA5Szj2ktcycMWX6zNkr1+7YL6MlUtHC2fPbMz5HAAAA0LqsX6O1HHnotENmjL/p+z/a96FGqtWOQvllz58+tqN930cDAAAADlL6Gq0llUw0Rqqbd+yH8w127tjZ11drb8s53AAAAABamb5GC2k2m/lc7nnPPeqQadNq9ea+DFVvNH7wy5XZUnlsR3Z/TQ8AAAA4GOlrtJBkMplMJk9+7jHVSs/wcHVfhqqOjKxcvWn6tIkZhxsAAABAa9PXaC2JRCKfzRx5+CHNeJ/GGRyubN3R2zW2w95QAAAAaHH6Gi0nmUw+/3nHfuar3+ofClzCFsfxF752/YaNm+bNnbJ/5wYAAAAcdPQ1Wk42kznh+ONv/N73ao1G8CC/+OUvh4crY9pL+3FiAAAAwMFIX6MVjeloH6w2B4eGw769Vm9u3TzUPa7U3l7cvxMDAAAADjr6Gq0ol8sdd8xxH/j41bsGKk/2e+M4emjlhpmTJ1/57rcUs5kDMT0AAADgIJJ+uicAT4NUKtmMqtWRRr3+pLeIDg1Xfn3Pg1MPPXLB3ClJpxsAAABAy7N+jRZ1weIzNm/dtnl7b3WkUa/X/8zvajab/YMjDyxfe+oLT86kfXwAAAAAfY1W9bJTTuzZtvnqb14bR3H0Zy9DGxqq3PyDn/1hxeZzTp1r6RoAAAAQ2R9Ky0pE8ZxDZ1UacSadTCX/rNDcaDb+sHLtnb+5p6OjvZDVpgEAAIAosn6NlpVKpebNPmzrum31RrNWrzeb//2N2EaqtV/dtXzNju0zDxvzFMwQAAAAOCjoa7SoVDJ58esvGKmlVqztSSWTyWTqv/2W3y5Z9vfX3TZl1iF/dc5LnoIZAgAAAAcFfY3W1VbOn/yC41atXt1oNp/oa5qPeqlU7j56/vxDZ0+bPL77KZkgAAAAcBDQ12hdnR3FBXOnrFi/aaT2hJtDt2zZUqlWRn990/dvTUfDZ59yfEep8FTNEQAAAHim09doaSefdNxPfnn3NdffOjhcffyrI9WRyZMn57K5ar160y0/6Nva83fvf+vRh01/6ucJAAAAPGPpa7S0tmJ26UN/WP7gip5dg49/NZvLRlGUSCSWLVvxo+/fMW5q18wJHYmnfJIAAADAM5m+RktLJBIvfM6iZQ88tGbzxif6mmazuXTpuqUr15/x0pckE/IaAAAA8Bj6Gi0tjuPL33rhYXPnX/UP32w+wSkH/f3DV19z00kv/Yu5M8Y/xdMDAAAAnvn0NVpaHDcOnznx5WedtXl135Lfr2k24z2+oF5v3HHXitlHHXXyKYva28tPyyQBAACAZzJ9jZaWSCRz2ewRc8af8Lxjf/Kfv+vp2xXHcRzHj6xlW3Lfsn/4xy+feepxz5s/y+ZQAAAA4PH0NVpaIpGMomjGlLaP/a/Xfe+2H3/mn766ZtPmar0xMDgYRdHXv33Dq17zxpnzjjjvjOeMKeWf7skCAAAAz0T6GkRRFLWV84cfkV7y+9986vNfSSaSbeXyjr7dV//Dt/7yjL+6+HWvyKR9UgAAAIC9S8Txnjecgta0ccuWG2/64b13L5s26/CxEzObNu84bu6xJ75wUUdHLp+3eA0AAADYO30N/iSO47VrNv/6V78plvKV4cr5rz736Z4RAAAA8Eynr8GeRj8UCacZAAAAAH8GfQ0AAAAAwrlrOwAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAAAAQDh9DQAAAADC6WsAAAAAEE5fAwAAAIBw+hoAAAAAhNPXAAAAACCcvgYAAAAA4fQ1AAAAAAinrwEAAABAOH0NAAAAAMLpawAAAAAQTl8DAAAAgHD6GgAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAAAAQDh9DQAAAADC6WsAAAAAEE5fAwAAAIBw+hoAAAAAhNPXAAAAACCcvgYAAAAA4fQ1AAAAAAinrwEAAABAOH0NAAAAAMLpawAAAAAQTl8DAAAAgHD6GgAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAAAAQDh9DQAAAADC6WsAAAAAEE5fAwAAAIBw+hoAAAAAhNPXAAAAACCcvgYAAAAA4fQ1AAAAAAinrwEAAABAOH0NAAAAAMLpawAAAAAQTl8DAAAAgHD6GgAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAAAAQDh9DQAAAADC6WsAAAAAEE5fAwAAAIBw+hoAAAAAhNPXAAAAACCcvgYAAAAA4fQ1AAAAAAinrwEAAABAOH0NAAAAAMLpawAAAAAQTl8DAAAAgHD6GgAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAAAAQDh9DQAAAADC6WsAAAAAEE5fAwAAAIBw+hoAAAAAhNPXAAAAACCcvgYAAAAA4fQ1AAAAAAinrwEAAABAOH0NAAAAAMLpawAAAAAQTl8DAAAAgHD6GgAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAAAAQDh9DQAAAADC6WsAAAAAEE5fAwAAAIBw+hoAAAAAhNPXAAAAACCcvgYAAAAA4fQ1AAAAAAinrwEAAABAOH0NAAAAAMLpawAAAAAQTl8DAAAAgHD6GgAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAAAAQDh9DQAAAADC6WsAAAAAEE5fAwAAAIBw+hoAAAAAhNPXAAAAACCcvgYAAAAA4fQ1AAAAAAinrwEAAABAOH0NAAAAAMLpawAAAAAQTl8DAAAAgHD6GgAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAAAAQDh9DQAAAADC6WsAAAAAEE5fAwAAAIBw+hoAAAAAhNPXAAAAACCcvgYAAAAA4fQ1AAAAAAinrwEAAABAOH0NAAAAAMLpawAAAAAQTl8DAAAAgHD6GgAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAAAAQDh9DQAAAADC6WsAAAAAEE5fAwAAAIBw+hoAAAAAhNPXAAAAACCcvgYAAAAA4fQ1AAAAAAinrwEAAABAOH0NAAAAAMLpawAAAAAQTl8DAAAAgHD6GgAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAAAAQDh9DQAAAADC6WsAAAAAEE5fAwAAAIBw+hoAAAAAhNPXAAAAACCcvgYAAAAA4fQ1AAAAAAinrwEAAABAOH0NAAAAAMLpawAAAAAQTl8DAAAAgHD6GgAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAAAAQDh9DQAAAADC6WsAAAAAEE5fAwAAAIBw+hoAAAAAhNPXAAAAACCcvgYAAAAA4fQ1AAAAAAinrwEAAABAOH0NAAAAAMLpawAAAAAQTl8DAAAAgHD6GgAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAAAAQDh9DQAAAADC6WsAAAAAEE5fAwAAAIBw+hoAAAAAhNPXAAAAACCcvgYAAAAA4fQ1AAAAAAinrwEAAABAOH0NAAAAAMLpawAAAAAQTl8DAAAAgHD6GgAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAAAAQDh9DQAAAADC6WsAAAAAEE5fAwAAAIBw+hoAAAAAhNPXAAAAACCcvgYAAAAA4fQ1AAAAAAinrwEAAABAOH0NAAAAAMLpawAAAAAQTl8DAAAAgHD6GgAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAAAAQDh9DQAAAADC6WsAAAAAEE5fAwAAAIBw+hoAAAAAhNPXAAAAACCcvgYAAAAA4fQ1AAAAAAinrwEAAABAOH0NAAAAAMLpawAAAAAQTl8DAAAAgHD6GgAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAAAAQDh9DQAAAADC6WsAAAAAEE5fAwAAAIBw+hoAAAAAhNPXAAAAACCcvgYAAAAA4fQ1AAAAAAinrwEAAABAOH0NAAAAAMLpawAAAAAQTl8DAAAAgHD6GgAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAAAAQDh9DQAAAADC6WsAAAAAEE5fAwAAAIBw+hoAAAAAhNPXAAAAACCcvgYAAAAA4fQ1AAAAAAinrwEAAABAOH0NAAAAAMLpawAAAAAQTl8DAAAAgHD6GgAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAAAAQDh9DQAAAADC6WsAAAAAEE5fAwAAAIBw+hoAAAAAhNPXAAAAACCcvgYAAAAA4fQ1AAAAAAinrwEAAABAOH0NAAAAAMLpawAAAAAQTl8DAAAAgHD6GgAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAAAAQDh9DQAAAADC6WsAAAAAEE5fAwAAAIBw+hoAAAAAhNPXAAAAACCcvgYAAAAA4fQ1AAAAAAinrwEAAABAOH0NAAAAAMLpawAAAAAQTl8DAAAAgHD6GgAAAACE09cAAAAAIJy+BgAAAADh9DUAAAAACKevAQAAAEA4fQ0AAAAAwulrAAAAABBOXwMAAACAcPoaAAAAAITT1wAAAAAgnL4GAAAAAOH0NQAAAAAIp68BAPD/27FjAQAAAIBB/tZz2F0YAQDw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4PNrAAAAAPD5NQAAAAD4/BoAAAAAfH4NAAAAAD6/BgAAAACfXwMAAACAz68BAAAAwOfXAAAAAODzawAAAADw+TUAAAAA+PwaAAAAAHx+DQAAAAA+vwYAAAAAn18DAAAAgM+vAQAAAMDn1wAAAADg82sAAAAA8Pk1AAAAAPj8GgAAAAB8fg0AAAAAPr8GAAAAAJ9fAwAAAIDPrwEAAADA59cAAAAA4AsophmgzFZFYQAAAABJRU5ErkJggg==)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

29

5.4 Consolidated Statement of Financial Position

For the year ended 31 December 2023

Note

31-Dec-23

(USD)

31-Dec-22

(USD)

Non-current assets

Mines under development

12

19,816,088

19,816,088

19,816,088

19,816,088

Current assets

Trade and other receivables

13

55,763

228,393

Cash and cash equivalents

14

269,849

35,910

325,612

264,303

Current liabilities

Trade and other payables

15

(400,933)

(195,666)

Other financial liabilities

16

(353,300)

(1,001,458)

Derivative financial instruments

16

(40,570)

(612,829)

(794,803)

(1,809,953)

Net Assets

19,346,897

18,270,438

Equity

Issued share capital

20

21,790,174

20,313,458

Unissued share capital

20

150,584

314,597

Other reserves

18

1,347,662

1,330,382

Retained earnings

(3,941,523)

(3,687,999)

Total Equity

19,346,897

18,270,438

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.

Jonathan Morley-Kirk      Colin Patterson

Chairman        Chief Executive Officer

29 April 2024        29 April 2024

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

30

5.5  Consolidated Statement of Changes in Equity

For the year ended 31 December 2023

Note

Issued Share

Capital

(USD)

Unissued

Share Capital

(USD)

Retained

Earnings

(USD)

Other

Reserves

(USD)

Total

Equity

(USD)

At 31-Dec-21

19,584,044

34,521

(2,202,193)

1,336,962

18,753,334

Loss for the year

-

-

(1,485,806)

-

(1,485,806)

Other comprehensive income for the period

-

-

-

(6,580)

(6,580)

Total comprehensive income

-

-

(1,485,806)

(6,580)

(1,492,386)

Shares issued/to be issued (net of expenses)

20

729,414

280,076

-

-

1,009,490

Total transactions with owners

729,414

280,076

-

-

1,009,490

At 31-Dec-22

20,313,458

314,597

(3,687,999)

1,330,382

18,270,438

Loss for the year

-

-

(253,524)

-

(253,524)

Other comprehensive income for the period

-

-

-

17,280

17,280

Total comprehensive income

-

-

(253,524)

17,280

(236,244)

Shares issued/to be issued (net of expenses)

20

1,476,716

(164,013)

-

-

1,312,703

Total transactions with owners

1,476,716

(164,013)

-

-

1,312,703

At 31-Dec-23

21,790,174

150,584

(3,941,523)

1,347,662

19,346,897

The accompanying accounting policies and notes form an integral part of these financial statements.

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

31

5.6 Consolidated Cash Flow Statement

For the year ended 31 December 2023

Note

12 months to

31-Dec-23

(USD)

12 months to

31-Dec-22

(USD)

Cash flows from operating activities

Cash paid to suppliers and employees

(616,005)

(559,997)

Net cash used in operating activities

(616,005)

(559,997)

Cash flows from investing activities

Loans to external parties

-

-

Net cash used in investing activities

-

-

Cash flows from financing activities

Cash received for shares

1,524,002

147,239

Cash paid to re-pay loans

16

(674,058)

282,000

Net cash from financing activities

849,944

429,239

Net increase/(decrease) in cash

233,939

(130,758)

Cash and cash equivalents at the start of the year

35,910

166,668

Cash and cash equivalents at the end of the year

269,849

35,910

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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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

32

5.7 Notes to the Financial Statements

For the year ended 31 December 2023

1. Basis of Preparation and Adoption of International Financial Reporting Standards (IFRS)

Bluebird Merchant Ventures Ltd  (the  Company)  is  a  limited company  incorporated  in  the  British

Virgin Islands.  The  address  of  its  registered  office  is  at  Harney Westwood & Riegels, Craigmuir

Chambers, PO Box 71, Road Town, Tortola VG1110, British Virgin Islands.

The Group financial statements consolidate those of the Company and of its subsidiaries and have

been prepared in accordance with UK-adopted IAS.

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.

New and amended standards which are effective for these financial statements

No new standards, amendments or interpretations, effective for the first time for the financial year

beginning on or after 1 January 2023 have had a material impact on the Group.

Standards in issue but not yet effective

Those standards, amendments and interpretations which have been recently issued or revised and

are mandatory for the Group's accounting periods beginning on or after 1 January 2024 or later are

not expected to have a material impact on the Group.

2. Going Concern

In  common  practice  with  many  junior  mining  companies,  the  Group  raises  equity  funds  for  its

activities in  share  placements. When necessary it  also  raises  loan  funding from  related  and third

parties.

At the year end the Group had net current liabilities of USD 428,621 exclusive of fair value liabilities

of  USD  40,570  in  the  year  (2022,  USD  932,821  exclusive  of  USD  612,829  of  non-cash/fair  value

liabilities). During the year ended 31 December 2023, the Company settled USD 674,058 of loans and

announced receiving funding of GBP 1,215,000.

Based on the current plans and financial projections, the Group’s current cash resources and funding

available are insufficient to enable the Group to meet its recurring commitments for the following

twelve months. Whilst the directors acknowledge that the group will need to raise further finance to

meet its forecasted expenditure over the next 12 months, the Company is in conversation to move

its  projects  to  a  free  carry  basis  to  minimise on-going  capital  commitments.  The  Directors  are  in

discussions over financing and are confident that this will be achieved. The Directors note that the

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

33

auditors make reference to going concern by way of a material uncertainty over the ability of the

Company  and  the  Group  to  fund  the  recurring  and  projected  expenditure  (refer  note  2  of  the

audited financial statements).

3. Judgements in Applying Accounting Policies and Sources of Estimation Uncertainty

Certain  amounts  included  in  the  financial  statements  involve  the  use  of  judgement  and/or

estimation.  These  are  based  on  management’s  best  knowledge  of  the  relevant  facts  and

circumstances, having regard to prior experience. However, judgements and estimations regarding

the future are a key source of uncertainty and actual results may differ from the amounts included in

the  financial  statements.  Information about judgements and estimation is contained in the

accounting policies and/or other notes to the financial statements. The key areas are summarised

below.

3.1  Mineral Resources and Ore Reserves

Quantification of Mineral Resources requires a judgement on the reasonable prospects for eventual

economic  extraction.  Quantification  of  Ore  Reserves  requires  a  judgement  on  whether  Mineral

Resources  are  economically  mineable.  These  judgements  are  based  on  assessment  of  mining,

metallurgical, economic, marketing, legal, environmental, social and governmental factors involved.

These factors are  a  source of uncertainty  and changes could  result in an increase or  decrease  in

Mineral Resources and Ore Reserves (refer note 12 of the audited financial statements and section 4

of the Strategic Report).

3.2 Recoverable value of mine under development

Consideration  of  impairment  indicators  for  mining  projects  requires  significant  judgements  and

estimates when assessing the available technical, financial and licencing information. At each period

end, the Directors carry out this process for each project taking into account all available information

to  develop  an  expected  recoverable  value  of  the  mines  under  development  assets,  which  is

compared to the carrying value of the mine under development assets.

The Directors considered the  projects’  developments since  the  date  of  this  report. The  Company

undertook an impairment review of the Korean projects and see no adverse factors that suggest that

the  recoverable  value  of  these  assets  has  fallen  below  their  carrying  values.  The  Directors  have

assessed  the  recoverable  value  of  the  assets  by  reviewing  valuations  reports  and  discounted

cashflow  forecasts  prepared,  over  six  years  with  a  discount  rate  of  15%,  in  respect  of  the  two

projects.  The  Director's  further  believe  that  they  will  obtain  the  required  funding,  secure  the

required permits be able to complete the construction of the mines and that they will generate the

funds forecasted in the discounted cashflow forecasts.

3.3  Valuation of share warrants

Share  warrants  issued  by  the  Company  are  fair  valued  when  granted  and  warrants,  which  are

classified  as  financial  liabilities  are  revalued  at  each  reporting  date.  This  requires  the  Group  to

determine  an  appropriate  valuation  methodology,  which  they  have  determined  to  be  the  Black-

Scholes option pricing model. The use of this model requires the determination of a number of key

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

34

assumptions  which  can  have  a  significant  effect  on  the  valuation  (refer  note  16  of  the  audited

financial statements).

4. Accounting Policies

4.1  Consolidation

The  Group  financial  statements  consolidate  the  results  of  the  Company  and  its  subsidiary

undertakings  using  the  acquisition  accounting  method.  On  acquisition  of  a  subsidiary,  all  of  the

subsidiary’s identifiable assets and liabilities which exist at the date of acquisition are recorded at

their  fair  values  reflecting  their  condition  on  that  date.  The  results  of  subsidiary  undertakings

acquired  are  included  from  the  date  of  acquisition.  In  the  event  of  the  sale  of  a  subsidiary,  the

subsidiary results are consolidated up to the date of completion of the sale.

Subsidiaries are all those entities over which the parent has control. Control exists if the parent is

exposed,  or  has  rights,  to  variable  returns  from  its  involvement  with  the  subsidiary  and  has  the

ability to affect those returns through its power over the subsidiary.

The  costs  of  acquisition  are  recognised  in  the  income  statement.  Identifiable  assets  acquired,

liabilities and contingent liabilities assumed in a business combination are measured initially at their

fair values at the acquisition date irrespective of the extent of any non-controlling interest.

The excess of the cost of acquisition over the fair value of the Group’s share of the identifiable net

assets acquired is recorded as goodwill. If the cost of the acquisition is less than the fair value of the

net assets of the subsidiary acquired, the difference is recognised directly in the income statement

as a gain.

Transactions, balances and unrealised gains and losses on transactions between Group companies

are  eliminated,  unless  the  unrealised  loss  provides  evidence  of  an  impairment  of  the  asset

transferred.

Investments in associates and jointly controlled entities are accounted for using the equity method

of  accounting  and  are  initially  recognised  at  cost.  The  Group’s  share  of  its associates’  post-

acquisition  profits  or  losses  is  recognised  in  profit  or  loss,  and  its  share  of  post-acquisition

movements  in  reserves  is  recognised  in  other  comprehensive  income.  The cumulative  post-

acquisition  movements  are  adjusted  against  the  carrying  amount  of  the  investment.  When  the

Group’s share of losses exceeds its interest in an equity-accounted investee the carrying amount of

the investment, including any other unsecured receivables, is reduced to zero, and the recognition of

further  losses  is discontinued,  unless  the  Group  has  incurred  obligations  or made  payments  on

behalf of the investee.

Accounting policies of equity-accounted investees have been changed where necessary to ensure

consistency with the policies adopted by the Group. Dilution gains and losses arising in investments

in equity-accounted investees are recognised in profit or loss.

The Group discontinues the use of the equity method from the date when the investment ceases to

be an associate or when the investment is classified as held  for sale.  When the Group  retains an

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

35

interest in the former associate or joint venture and the retained interest is a financial asset, the

Group measures the retained interest at fair value at that date and the fair value is regarded as its

fair value on initial recognition. The difference between the carry amount of the associate at the

date  the  equity  method  was  discontinued,  and  the  fair  value  of  any  retained  interest  and  any

proceeds from disposing of a part interest in the associate is included in the determination of the

gain or loss on disposal. In addition, the  Group accounts for all amounts previously recognised in

other comprehensive income in relation to that associate on the same basis as would be required if

that associate had directly disposed of the related assets of liabilities.

When the Group reduces its ownership interest in an associate but the Group continues to use the

equity method, the Group reclassifies to profit or loss the proportion of the gain or loss that had

previously been recognised in other comprehensive income relating to that reduction in ownership

interest if that gain or loss would be reclassified to profit or loss on the disposal of the related assets

or liabilities.

The difference between the fair value of the consideration to acquire the South Korean subsidiaries

and the fair value of the subsidiaries net assets was taken to mines under development (refer note

12 of the audited financial statements).

4.2  Investment in Associates

Associate companies are companies in which the group has significant influence generally through

holding,  directly  or  indirectly,  20%  or  more  of  the  voting  power  of  the  Group.  Investments  in

associates  are  accounted  for  in  the  financial  statements  by  applying  the  equity  method  of

accounting whereby the investment is initially recorded at cost and adjusted thereafter for the post-

acquisition change  in  the  Group’s  share  of  net  assets  of  the  associate  company.  In  addition,  the

Group’s share of the profit or loss of the associate company is included in the Group’s profit or loss.

Should the carrying value of the investment in associate reach nil by virtue of impairments and/or

the accounting for the share of the associate’s results, any subsequent share of an associate’s loss

for the period are not recognised.

At  each  balance  sheet  date  management  make  an  assessment  as  to  whether  an  impairment  is

required.  Impairments  are  recognised  where  one  or  more  loss  events  are  identified  which  are

expected to have an impact on the estimated future cashflows derived from the net investment and

can be reliably estimate.

Where impairments have been  previously recognised, management will  consider at  each balance

sheet date whether any indicators exist to suggest that impairment losses should be reversed. Any

reversal  of  that  impairment  loss  is  recognised  in  accordance  with  IAS  36  to  the  extent  that  the

recoverable amount of the net investment subsequently increases. In determining the value in use

of the net investment, management must estimate the group’s share of the present value of the

estimated future cash flows expected to be generated by the associate or joint venture, including

the  cash  flows  from  the  operations  of  the  associate or  joint  venture  and  the proceeds from  the

ultimate  disposal  of  the  investment  and  the  present  value  of  the  estimated  future  cash  flows

expected to arise from dividends to be received from the investment and from its ultimate disposal.

4.3  Segmental reporting

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

36

An operating segment is a component of the Group engaged in exploration or production activity

that  is  regularly  reviewed  by  the  Chief  Operating  Decision  Maker  (CODM)  for  the  purposes  of

allocating resources and assessing financial performance. The CODM is considered to be the Board

of  Directors.  The  Group’s  operating  segments  are  determined  on  a  geographical  basis  being  the

British  Virgin  Islands,  South  Korea  and  the  Philippines  (refer  note  5  of  the  audited  financial

statements).

4.4  Foreign currency translation

Functional and presentational currency

The functional currencies of the entities within the Group are the US dollar (for the Company and

the Singaporean companies), Philippine peso (for the Philippine companies) and the Korean won (for

the Korean companies) as the currencies which most affects each company’s costs and financing.

The Group’s presentational currency is the US dollar.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates

prevailing at  the  dates  of  the  transactions. Foreign exchange  gains and  losses resulting from  the

settlement of such transactions, and from the translation at reporting period end exchange rates of

monetary  assets  and  liabilities  denominated  in  foreign  currencies,  are  recognised  in  the  income

statement.

On consolidation, the assets and liabilities of the Group’s overseas operations that do not have a US

dollar  functional currency, are  translated at  exchange  rates  prevailing  at  the  balance sheet  date.

Income and  expense  items are  translated at the average  exchange rate  for the period.  Exchange

differences  arising  on  the  net  investment  in  subsidiaries  are  recognised  in  other  comprehensive

income.

4.5  Financial instruments

Financial assets and liabilities are recognised when the Group becomes a party to the contractual

provisions of the financial instrument.

De-recognition  of  financial  instruments  occurs  when  the  rights  to  receive  cash  flows  from  the

investments expire or  are  transferred and  substantially all of the risks  and  rewards of ownership

have  been  transferred.  An  assessment  for  impairment  is  undertaken  where  there  is  objective

evidence that a financial asset or a group of financial assets is impaired.

Financial assets

Financial assets are subsequently recognised at amortised cost under IFRS 9 if it meets both the hold

to collect and contractual cash flow characteristics tests. A financial asset is measured at fair value

through other comprehensive income if the financial asset is held within a business model whose

objective is achieved by both collecting contractual cash flows and selling financial assets and the

contractual terms of  the  financial  asset  give  rise  on  specified  dates  to  cash  flows  that are  solely

payments of principal and interest on the principal amount outstanding.

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

37

If neither of the above classifications are met the asset is classified as fair value through the profit

and loss or unless management elect to do so provided the classification eliminates or significantly

reduces a measurement or recognition inconsistency.

A financial asset that is not carried at fair value through profit or loss is assessed at each reporting

date  to  determine  a  loss  allowance  for  expected  credit  losses.  If  the  credit  risk  on  a  financial

instrument  has  increased significantly  since  initial  recognition,  the  loss  allowance  is  equal  to  the

lifetime expected credit losses. If the credit risk has not increased significantly, the loss allowance is

equal to the twelve month expected credit losses.

The  expected  credit  losses  are  measured  in  a  way  that  reflects  the  unbiased  and  probability

weighted amount that is determined by evaluating a range of possible outcomes; the time value of

money  and  reasonable  and  supportable  information  that  is  available  about  past  events,  current

conditions and forecasts of future economic conditions.

Financial liabilities

Financial liabilities include loans and trade and other payables. In the statement of financial position

these items are included within non-current liabilities and current liabilities. Financial liabilities are

recognised  when  the  Group  becomes  a  party  to  the  contractual  agreements  giving  rise  to  the

liability.  Interest  related  charges  are  recognised  as  an  expense  in  Finance  costs  in  the  income

statement unless  they meet  the  criteria of  being  attributable to  the  funding of  construction of  a

qualifying asset, in which case the finance costs are capitalised.

Borrowings, including the loan notes, are initially recognised at fair value, net of transaction costs

incurred. They are subsequently stated at amortised cost with any difference between the proceeds

(net of transaction costs) and the redemption value recognised in profit or loss over the period of

the borrowings using the effective interest rate method.

When  a  loan  is  converted into  equity  the  gain  or  loss  arising,  being  the  difference  between  the

carrying amount of the liability extinguished and the fair value of the equity issued, is recognised in

the Income Statement.

See separate accounting policies below in respect of accounting for warrants.

Trade  and  other  payables  and  loans  are  recognised  initially  at  their  fair  value  and  subsequently

measured at amortised costs using the effective interest rate, less settlement payments.

4.6  Cash and cash equivalents

Cash  and  cash  equivalents  are  defined  as  cash  on  hand, demand  deposits  and short  term  highly

liquid investments and are measured at cost which is deemed to be fair value as they have short-

term maturities.

4.7  Share capital and unissued share capital

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

38

Financial instruments issued by the Group are treated as equity only to the extent that they do not

meet the definition of a financial liability. The Company’s ordinary shares are classified as equity and

have no par value. Costs directly associated with the issue of shares are charged to share capital.

Where  the  Company  has  a  contractual  right  to  issue  a  fixed  number  of  shares  to  settle  a  fixed

liability it recognises unissued share capital pending the issue of shares.

4.8  Income taxes

Current  income  tax  liabilities  comprise  those  obligations  to  fiscal  authorities  in  the  countries  in

which  the  Group  carries  out  operations  and  where  it  generates  its  profits.  They  are  calculated

according to the tax rates and tax laws applicable to the financial period and the country to which

they relate. All changes to current tax assets and liabilities are recognised as a component of the tax

charge in the income statement.

Deferred  income  taxes  are  calculated  using  the  liability  method  on  temporary  differences.  This

involves the comparison of the carrying amount of assets and liabilities in the consolidated financial

statements  with  their  respective  tax  bases.  However,  deferred  tax  is  not  provided  on  the  initial

recognition  of  goodwill,  nor  on  the  initial  recognition  of  an  asset  or  liability  unless  the  related

transaction is a business combination or affects taxable or accounting profit.

Deferred  tax  liabilities  are  provided  for  in  full;  deferred  tax  assets  are  recognised  when  there  is

sufficient probability of utilisation. Deferred tax assets and liabilities are calculated at tax rates that

are  expected  to  apply  to  their  respective  period  of  realisation,  provided  they  are  enacted  or

substantively enacted at the balance sheet date.

There are no deferred tax assets or liabilities in the Group’s statement of financial position.

4.9  Provisions, contingent liabilities and contingent assets

Other  provisions  are  recognised  when  the  present  obligations  arising  from  legal  or  constructive

commitment, resulting from past events, will probably lead  to  an outflow of economic resources

from the Group which can be estimated reliably. Provisions are measured at the present value of the

estimated expenditure required to settle the present obligation, based on the most reliable evidence

available  at  the  balance  sheet  date.  All  provisions  are  reviewed  at  each  balance  sheet  date  and

adjusted to reflect the current best estimates.

4.10 Share based payments

The Group operates equity settled share based compensation plans, which may be settled in cash

under certain circumstances. All employee services received in exchange for the grant of any share

based compensation are measured at their fair values. These are indirectly determined by reference

to the share based award. Their value is appraised at the grant date and excludes the impact of any

non-market vesting conditions. The Black-Scholes model is used to measure the fair value.

All  share  based  compensation  is  ultimately  recognised  as  an  expense  in  profit  and  loss  with  a

corresponding credit to other reserves, net of  deferred tax where applicable. Where  share based

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

39

compensation is to be cash settled, such as certain share based bonus awards, the corresponding

credit is made to accruals or cash. The Company may have certain share option schemes that may be

settled in cash at the absolute discretion of the Board.

If any equity settled share-based awards are ultimately settled in cash, then the amount of payment

equal to the fair value of the equity instruments that would otherwise have been issued is accounted

for as a repurchase of an equity interest and is deducted from equity. Any excess over this amount is

recognised as an expense.

If vesting periods or other vesting conditions apply, the expense is allocated over the vesting period,

based on the best available estimate of the number of share options expected to vest. Non-market

vesting conditions are included in assumptions about the number of options that are expected to

become exercisable. Estimates are subsequently revised if there is any indication that the number of

share  options  expected  to  vest  differs  from  previous  estimates.  No  adjustment  to  the  expense

recognised in prior periods is made if fewer share options are ultimately exercised than originally

granted.

Upon exercise of share options, the proceeds received, net of any directly attributable transaction

costs, up to the nominal value of the shares issued, are allocated to share capital with any excess

being recorded in share premium.

4.11 Exploration and evaluation expenditures

The Group applies the successful efforts method of accounting for natural resource assets, having

regard to the requirements of IFRS 6  ‘Exploration for and Evaluation of Mineral Resources’. Costs

incurred  prior  to  obtaining  the  legal  rights  to  explore  an  area  are  expensed  immediately  to  the

Statement of Comprehensive Income.

All licence acquisitions, exploration and evaluation costs are capitalised, a share of administration

costs  is  capitalised  insofar  as  they  relate  to  exploration,  evaluation  and  development  activities.

These costs are written off unless commercial reserves have been established or the determination

process has not been completed and there are no indications of impairment. If a project is deemed

commercial all of the attributable costs are transferred into Property, Plant and Equipment. These

costs are then depreciated from the commencement of production on a unit of production basis.

4.12 Impairment of exploration and evaluation assets

Whenever events or changes in circumstance indicate that the carrying amount of an asset may not

be recoverable an asset is reviewed for impairment. An asset’s carrying value is written down to its

estimated recoverable amount (being the higher of the fair value less costs to sell and value in use) if

that is less than the asset’s carrying amount.

Impairment reviews for exploration  and evaluation assets  are carried out  on a project  by project

basis, with each project representing a potential single cash generating unit.

An  impairment  review  is  undertaken  at  least  each  balance  sheet  date  or  when  indicators  of

impairment arise such as:

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

40

●  unexpected geological occurrences that render the resource uneconomic;

●  title to the asset is compromised;

●  variations in mineral prices that render the project uneconomic;

●  substantive expenditure on further exploration and evaluation of mineral resources is

neither budgeted nor planned; and

●  the period for which the Group has the right to explore has expired and is not expected

to be renewed.

A previously recognised impairment loss is reversed only if there has been a change in the estimates

used to determine the asset’s recoverable amount since the last impairment loss was recognised. If

that  is  the  case,  the  carrying  amount  of  the  asset  is  increased  to  its  recoverable  amount.  That

increased  amount  cannot exceed  the  carrying  amount  that  would  have  been  determined,  net  of

depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is

recognised  in  the  Statement  of  Comprehensive  Income  unless  the  asset  is  carried  at  revalued

amount, in which case the reversal is treated as a revaluation increase. After such a reversal, the

depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less

any residual value, on a systematic basis over its remaining useful life.

4.13 Mine development costs

Once the decision has been taken to develop a mine the costs that are considered to be directly

attributable  to  the  development  are  capitalised  and  reviewed  for  impairment  each  year.  When

assessing this asset for impairment, management estimate the recoverable value of the asset, being

the higher of the assessed value in use or the assessed fair value less costs to sell. The higher of the

two is then compared to the carrying value of the asset.

4.14 Warrants

Warrants instruments are classified as derivative financial liabilities as the functional currency of the

Company is USD and the exercise price is GBP. They are carried in the consolidated statement of

financial position at fair value with changes in fair value recognised in the consolidated statement of

comprehensive income.

4.15 Fair value measurement hierarchy

The Group classifies its financial liabilities measured at fair value using a fair value hierarchy that

reflects the significance of the inputs used in making the fair value measurement.

The fair value hierarchy has the following levels:

●  Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

●  Inputs  other  than  quoted  prices  included  within  Level  1  that  are  observable  for  the  asset  or

liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) (level 2);

●  Inputs  for  the  asset  or  liability  that  are  not  based  on  observable  market  data  (unobservable

inputs) (Level 3).

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

41

The level in the fair value hierarchy within the financial liability is determined on the basis of the

lowest level input that is significant to the fair value measurement.

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

42

5. Segmental Reporting

5.1 Income Statement

For the year ended 31 December 2023

BVI

(USD)

Philippines

(USD)

South Korea

(USD)

Total

(USD)

Administrative costs

(511,286)

(31,252)

(257,345)

(799,883)

Finance gain

546,359

-

-

546,359

Profit/(loss) for the period

35,073

(31,252)

(257,345)

(253,524)

Other comprehensive income

(118,765)

47,422

88,623

17,280

Total comprehensive income for

the year

(83,692)

16,170

(168,722)

(236,244)

5.2 Statement of Financial Position

For the year ended 31 December 2023

BVI

(USD)

Philippines

(USD)

South Korea

(USD)

Total

(USD)

Mines under development

-

-

19,816,088

19,816,088

Trade and other receivables

31,404

-

24,359

55,763

Cash and cash equivalents

244,562

285

25,002

269,849

Total Assets

275,966

285

19,865,449

20,141,700

Trade and other payables

(321,513)

(79,420)

-

(400,933)

Other financial liabilities

-

-

(353,300)

(353,300)

Derivative financial instruments

(40,570)

-

-

(40,570)

Net (liabilities)/assets

(86,117)

(79,135)

19,512,149

19,346,897

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

43

5.3 Income Statement

For the year ended 31 December 2022

BVI

(USD)

Philippines

(USD)

South Korea

(USD)

Total

(USD)

Administrative costs

(694,576)

(2,613)

(211,031)

(908,220)

Finance expense

(577,586)

-

-

(577,586)

Loss for the period

(1,272,162)

(2,613)

(211,031)

(1,485,806)

Other comprehensive income

-

(62,598)

56,018

(6,580)

Total comprehensive income for

the year

(1,272,162)

(65,211)

(155,013)

(1,492,386)

5.4 Statement of Financial Position

For the year ended 31 December 2022

BVI

(USD)

Philippines

(USD)

South Korea

(USD)

Total

(USD)

Mines under development

-

-

19,816,088

19,816,088

Trade and other receivables

217,595

-

10,798

228,393

Cash and cash equivalents

29,718

302

5,890

35,910

Total Assets

247,313

302

19,832,776

20,080,391

Trade and other payables

(116,647)

(79,019)

-

(195,666)

Other financial liabilities

(648,158)

-

(353,300)

(1,001,458)

Derivative financial instruments

(612,829)

-

-

(612,829)

Net (liabilities)/assets

(1,130,321)

(78,717)

19,479,476

18,270,438

6. Loss for the Period Before Tax

12 months to

31-Dec-23

(USD)

12 months to

31-Dec-22

(USD)

Loss for the period has been arrived at after charging

the following under administrative expenses:

Auditors’ remuneration – current period

43,750

42,500

Directors’ remuneration – Company

217,536

239,057

Staff costs – Group

127,888

146,291

Share based payments

-

269,951

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

44

7. Remuneration of Key Management Personnel

In accordance with IAS 24  –  Related Party transactions, key management personnel, including 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-23

12 months to 31-Dec-22

Payable

in Cash

(USD)

Payable

in Equity

(USD)

Total

(USD)

Payable

in Cash

(USD)

Payable

in Equity

(USD)

Total

(USD)

Directors remuneration

217,536

-

217,536

41,010

198,047

239,057

Key management

personnel

98,992

-

98,992

12,237

99,336

111,573

Other staff costs

28,896

-

28,896

34,718

-

34,718

Total remuneration

345,424

-

345,424

87,965

297,383

385,348

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, termination benefits or share based benefits.

Directors and key management personnel agreed to take fees between October 2021 and December

2022 as equity. This has not been issued and is represented by unissued share capital (movements

are noted in note 20 of the audited financial statements).

8. Average Number of Employees

12 months to

31-Dec-23

(USD)

12 months to

31-Dec-22

(USD)

Directors

6

6

Management and Administration

2

2

Mining, Processing and Exploration staff

1

1

9

9

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

45

9. Finance Expense/(Gain)

12 months to

31-Dec-23

(USD)

12 months to

31-Dec-22

(USD)

Loan interest and loan financing fees

Fair value movement\*

25,900

(572,259)

250,646

326,940

(546,359)

577,586

\* Refer note 16.5 of the audited financial statements

10. Taxation

The  Group  contains  entities  with  tax  losses  and  deductible  temporary  differences  for  which  no

deferred tax asset is recognised. A deferred tax asset has not been recognised within some of the

Group entities where the entities in which those losses and allowances have been generated either

do not have forecast taxable profits in the near future or the losses have restrictions whereby their

utilisation is considered to be unlikely.

The Company is taxed at the standard rate of income tax for British Virgin Island companies which is

0%. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions

– the tax charge for the period can be reconciled to the loss per the income statement as follows:

12 months to

31-Dec-23

12 months to

31-Dec-22

Profit/(loss) before taxation

Corporation

Tax

Rate

(USD)

Corporation

Tax

Rate

(USD)

BVI

0.0%

(7,027)

0.0%

(1,272,162)

Philippines

25.0%

(31,152)

25.0%

(2,613)

South Korea

25.0%

(257,345)

25.0%

(211,031)

Tax gain/(losses) carried forward not

recognised as a deferred tax asset

24.4%

(259,524)

3.6%

(1,485,806)

No disallowable expenses were incurred in 2023 (2022: USD Nil). Fair value gains from warrants are

non-taxable gains in 2023 (2022: USD Nil).

11.  Investments in Associates – Egerton Gold Philippines Inc

Summarised  financial  information  in  respect  of  the  Group’s  associate  interest  in  Egerton  Gold

Philippines Inc is set out below. The summarised information represents amounts shown in Egerton

Gold  Philippines  Inc’s  financial  statements,  as  adjusted  for  differences  in  accounting  policies.

Amounts have been translated in accordance with the Group’s accounting policy on foreign currency

translation.

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

46

A summary of the Balance Sheet of Egerton Gold Philippines Inc is shown below:

31-Dec-23

(USD)

31-Dec-22

(USD)

Non-current assets

Deferred exploration costs

17,355,341

17,267,843

Current liabilities

Trade and other payables

(17,746,655)

(17,649,720)

Net liabilities

(391,314)

(381,877)

Equity

Issued Capital

112,813

122,244

Retained Earnings

(504,127)

(504,121)

Total Equity

(391,314)

(381,877)

Variances from 31 December 2022 to 31 December 2023 relate primarily to FX differences

Losses for the year ended 31 December 2023 were USD 3,024 (2022: USD Nil). As outlined in the

Directors Report, the Batangas asset was fully impaired in the period ended 31 December 2019. The

Board  has  determined  that  there  should  be  no  re-statement  of  the  impairment  at  31  December

2023, but will continue to review this on an on-going basis as the project is further developed (refer

Chairman’s Statement).

12. Mines Under Development

31-Dec-23

(USD)

31-Dec-22

(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

The mines under development asset fair value uplift arose from the execution of an agreement the

Company announced on 29 June 2021 to increase the Group’s ownership to 100% in the Gubong and

Geochang gold mines via the acquisition of Southern Gold Limited’s 50% Joint Venture Interest in the

South Korean gold projects, which were acquired as the Company, through its pre-feasibility studies,

demonstrated value in the projects for the Company’s shareholders.

The total consideration was paid to Southern Gold Limited by the issuance of 200 million BMV shares

at GBP 3.6p per share (USD 5.0 cents).

The Joint Venture Interest in the South Korean gold projects was revalued prior to acquisition to the

consideration  required  to  acquire  the  joint  ventures,  which  generated  a  gain  on  acquisition  of

![Graphics](data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABKgAAAaVCAIAAACQxGAoAAAACXBIWXMAABYlAAAWJQFJUiTwAAAgAElEQVR42uzaMVIDMRREQYbS/a88JATgsikS29qv7iOMkn0rpe0HAAAAc32aAAAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAACA8AMAAGCGZYJLSGIEAAB209YIl+DGDwAAQPgBAABwZXE5CwAAMJsbPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+JkAAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAADA5S0TcCOJEeCntkYAAC7NjR8AAMBw8ScbAABgNjd+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwMwEAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAPzfMsFWkhgBAID3amuEaaHhUAEAAGbz1BMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAEH4mAAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAA8NAywVaSGAEAgPdqa4RpoeFQAQAAZvPUEwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAHCiZYJ9JDECAABv19YI01rDoQIAAMzmqScAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPxMAAAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAIPwAAAEZaJuBGEiMwTFsjAABHf+T7HgIAAJjNU08AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPiZAAAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAA4AzLBFtJYgQAAJ6trRHOCg1HDgAAMJunngAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAADgb8sE+0hiBAAAXqCtEc5qDUcOAAAwm6eeAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADctUzAjSRG4NLaGgEA4NdHvi8kAACA2Tz1BAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEnwkAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAA8G2ZYCtJjAAAwLO1NcJZoeHIAQAAZvPUEwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfiYAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAADw0DLBVpIYAQCAZ2trhLNCw5EDAADM5qknAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAA4ETLBPtIYgQAAF6grRHOag1HDgAAMJunngAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAA3LVMwI0kRuBa2hoBAOAPbvwAAACGiz/lAAAAs7nxAwAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBwFe7dmyDMAyEYdQnZYVIjAEDUMIGGYOewVgEKRukp6Q9ClroCBj7vS4p/6s+yQCA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfiYAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAA4JMGE1QlIowAAMDaMtMIfYWGkwMAALTNU08AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAQPiZAAAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAwFuDCaoSEUYAAGBtmWmEvkLDyQEAANrmqScAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAACgR4MJ6hERRgAA4Asy0wh9tYaTAwAAtM1TTwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+JkAAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwA0VLEPsAAAErSURBVAAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAH5gOd0316mU3W18/riMh3kqZXveH+fpxTcAAAB/5QEcyH3T+LF+QAAAAABJRU5ErkJggg==)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

47

USD  8.3  million  and  the  recording  of  mines  under  development  totalling  USD  19.8  million  at

31 December 2021.

There has been no addition in the years ended 31 December 2022 and 31 December 2023 due to

operational delays (refer note 23 of the audited financial statements).

13. Trade and Other Receivables

31-Dec-23

(USD)

31-Dec-22

(USD)

Other receivables

27,389

197,355\*

Prepayments

28,374

31,038

55,763

228,933

\* Includes USD 183,528 cash received on 05 January 2023 in relation to shares issued in December 2022

14. Cash and Cash Equivalents

31-Dec-23

(USD)

31-Dec-22

(USD)

Cash at bank

269,849

35,910

15. Trade and Other Payables

31-Dec-23

(USD)

31-Dec-22

(USD)

Trade and other payables

357,183

153,666

Accruals

43,750

42,000

400,933

195,666

16. Other Financial Liabilities

16.1 Other Financial Liabilities

31-Dec-23

(USD)

31-Dec-22

(USD)

Loan notes issued to non-related parties

-

648,158

Funds received from Korean consortium

353,300

353,300

353,300

1,001,458

![Graphics](data:image/png;base64,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g/AAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAgPADAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAIPwAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAABB+AAAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAA4QcAAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAAOEHAACA8AMAAED4AQAACD8AAACEHwAAAMIPAAAA4QcAAIDwAwAAQCqkT3EAAADQSURBVPgBAAAg/AAAAIQfAAAAwg8AAADhBwAAgPADAABA+AEAACD8AAAAEH4AAADCDwAAAOEHAACA8AMAAED4AQAAIPwAAAAQfgAAAAg/AAAAhB8AAIDwAwAAQPgBAAAg/AAAABB+AAAACD8AAACEHwAAAMIPAABA+AEAACD8AAAAEH4AAAAIPwAAAIQfAAAAwg8AAADhBwAAIPwAAAAQfgAAAAg/AAAAhB8AAADCDwAAgB+7nR6baytld19ePy7LYW2lbM/749refAMAADCUJ5F5Wd91H4SwAAAAAElFTkSuQmCC)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

48

16.2 Derivative financial instruments

31-Dec-23

(USD)

31-Dec-22

(USD)

Derivative financial instruments – warrants

40,570

612,829

40,570

612,829

The warrants issued by the Company are detailed in note 16.5 of the audited financial statements.

16.3 Loans

The  Group  has  a  loan  with  Auric  Network,  a  cryptocurrency organisation  that  operates  in  South

Korea, with a balance of USD 353,300 at 31 December 2023 and 31 December 2022.  This funding is

in the form of a prepayment of gold to be repaid upon production at a 20% discount to the gold

price at the time of delivery.

16.4 Reconciliation of Liabilities arising from Financing Activities

For the year ended 31 December 2023

Current

Other

Financial

Liabilities

(USD)

Derivative

financial

instruments

(USD)

Total

(USD)

At 31 December 2021

779,081

285,888

1,064,969

Cash Flows

282,000

-

282,000

Debt conversion

(65,000)

-

(65,000)

Non-cash flows:

Loan charges and interest

5,377

-

5,377

Fair Value Changes

-

326,941

326,941

At 31 December 2022

1,001,458

612,829

1,614,287

Cash Flows

(674,058)

-

(674,058)

Non-cash flows:

Loan charges and interest

25,900

-

25,900

Fair Value Changes

-

(572,259)

(572,259)

At 31 December 2023

353,300

40,570

393,870

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

49

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-23

31-Dec-22

Number

(USD)

Number

(USD)

Issued in April 2016 and outstanding

5,757,924

2,933

5,757,924

46,646

Issued in period ended 31 December 2021

and outstanding

9,464,916

-

9,464,916

96,214

Issued in period ended 31 December 2022

and outstanding

48,100,000

5,615

48,100,000

469,969

Issued in period ended 31 December 2023

and outstanding

61,965,000

32,022

-

-

Warrants – issued

125,287,840

40,570

63,322,840

612,829

The warrants were fair valued using a Black Scholes model, based on the following parameters – risk

free rate 3.8% (2022, 2.4%), volatility of 85% for 3 years (2022, 88%) and 73% for 1 year (2022, 80%).

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 61,965,000 warrants

issued during the financial year (2021, 48,100,000).

1.30p

2.00p

2.50p

3.50p

3.962p

5.75p

Outstanding at

31-Dec-21

2,692,307

-

-

-

9,464,916

5,757,924

Issued in 2022

-

-

34,100,000

14,000,000

-

-

Converted in

2022

(2,692,307)

-

-

-

-

-

Re-negotiated

in 2022

-

38,564,916

(29,100,000)

-

(9,464,916)

-

Outstanding at

31-Dec-22

-

38,564,916

5,000,000

14,000,000

-

5,757,924

Issued in 2023

-

1,215,000

-

60,750,000

-

-

Outstanding at

31-Dec-23

-

39,779,916

5,000,000

74,750,000

-

5,757,924

Exercisable at

31-Dec-23

-

39,779,916

5,000,000

74,750,000

-

5,757,924

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

50

The 1,215,000 warrants at 2.0p and the 60,750,000 warrants at 3.50p were issued as part of the

share placing arrangements in March 2023.

The re-negotiated warrants issued in 2022 relate to shot-terms loans that have been re-paid in 2023.

The 5,000,000 warrants at 2.50p were issued as an incentive for a non-related consultant engaged

by the Company to lead its Investor Relations efforts and the 14,000,000 warrants at 3.50p were

issued as part of the share placing arrangements in December 2022.

The 5,757,924 warrants at 5.75p were issued to a related party of Colin Patterson in the April 2016

prospectus.

17. Financial Instruments

17.1 Financial Assets measured at Amortised Cost

31-Dec-23

(USD)

31-Dec-22

(USD)

Trade and other receivables

27,389

197,355

Cash and cash equivalents

269,849

35,910

297,238

233,265

17.2 Financial Liabilities measured at Amortised Cost

31-Dec-23

(USD)

31-Dec-22

(USD)

Trade and other payables – current

357,183

195,666

Other financial liabilities

353,300

1,001,458

710,483

1,197,124

17.3 Derivative financial instruments measured at Fair Value

31-Dec-23

(USD)

31-Dec-22

(USD)

Derivative financial instruments – warrants

40,570

612,829

40,570

612,829

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

51

17.4 Fair Values

The fair values of the Group’s cash, trade and other receivables and trade and other payables are

considered equal to their book value.

Other financial liabilities are initially measured at fair value and subsequently at amortised cost. The

fair values of the Group’s other financial liabilities are considered equal to the book values as the

effect of discounting on these financial instruments is not considered to be material.

The  warrants  are  classified  as  Level  3  financial  instrument  as  certain  inputs to  the  Black-Scholes

valuation model are not based on observable market data.

17.5 Liquidity Risk

The Group monitors constantly the cash outflows from day to day business and monitors long term

liabilities to ensure that liquidity is maintained. Trade liabilities of USD 357,183 are due on demand,

loans from the Korean consortium of USD 353,300 are due to be repaid from gold production by the

Company.

As  disclosed  in  the  going  concern  statement  in  note  2  of  the  audited  financial  statements,  the

Company actively  addresses the  requirement  to manage the  Group’s cash  balances  as  well  as  to

raise  new  financing  to  fund  mining  development  activities.  This  is  an  area  which  receives

considerable focus from the Board and management on a daily basis.

17.6  Credit Risk

Credit  risk  refers  to  the  risk  that  a  counterparty  will  default  on,  and  not  pay,  its  contractual

obligations  resulting  in  a  financial  loss  to  the  Group.  In  order  to  minimise  this  risk,  the  Group

endeavours only to deal with companies which are demonstrably creditworthy and this, together

with the aggregate financial exposure, is continuously monitored.

Credit risk on cash and cash equivalents is considered to be acceptable as the counterparties are

either  substantial  banks  with  high  credit  ratings  or  with  whom  the  Group  has  offsetting  debt

arrangements.

Trade  and  other  receivables  have  been  recorded at  cost  and  are  in  accordance  with  contractual

arrangements.

17.7 Interest rate risk

At the balance sheet date, the Group does not have any long-term variable rate borrowings.

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

52

17.8 Foreign currency risk

The Group’s cash at bank balance consisted of the following currency holdings:

31-Dec-23

(USD)

31-Dec-22

(USD)

US Dollars

459

623

Sterling

244,103

29,095

Philippine Pesos

285

302

Korean Won

25,002

5,890

269,849

35,910

The Group is exposed to transaction foreign exchange risk due to transactions not being matched in

the same currency. This is managed, where possible and material, by the Group retaining monies

received in various currencies  in order  to pay for  expected liabilities  in that currency.  The Group

currently has no currency hedging in place.

The Group’s exposure to financial assets and financial liabilities is as shown in the following tables:

Financial Assets

31-Dec-23

(USD)

31-Dec-22

(USD)

US Dollars

10,864

6,760

Sterling

244,103

209,515

Philippine Pesos

285

302

Korean Won

41,986

16,688

297,238

233,265

Financial Liabilities – Current

31-Dec-23

(USD)

31-Dec-22

(USD)

US Dollars

543,339

864,478

Sterling

152,566

866,456

Philippine Pesos

81,782

79,019

Korean Won

17,116

-

794,803

1,809,953

The Group is exposed to foreign exchange risk arising from various currency exposures primarily with

respect to the Philippines Peso and Sterling, but these are not significant as most of the transactions

are  in  USD.  However,  the  Group’s  management  monitors  the  exchange  rate  fluctuations  on  a

continuous basis and acts accordingly.

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

53

18. Capital Management

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,  and  share  based  payments  for  the  acquisition  of  joint  venture

participation rights;

●  Unissued share capital – this reflects the value of equity that management has agreed to issue for

settlement of remuneration, liabilities and funding provided;

●  The cost of investment in the joint ventures at fair value on the date of signing the formal joint

venture agreement – being,  USD 1,330,080 at the Company’s share price of GBP 2.56 pence on

17 August 2018;

●  Retained surplus/accumulated losses – comprise the Group’s cumulative accounting profits and

losses since inception.

19. Share Based Payments

31-Dec-23

31-Dec-22

Number

Number

Issued share – non-related parties

-

9,103,679

-

9,103,679

Shares issued  to  non-related parties  in  2022  represent shares issued in  lieu of  finance costs and

other operating costs incurred in the year.

20. Share Capital

20.1 Unissued Share Capital

31-Dec-23

31-Dec-22

Number

USD

Number

USD

Salary Sacrifice

6,702,253

150,584

12,610,169

301,201

December 2022 share placing

-

-

500,000

13,396

6,702,253

150,584

13,110,169

314,597

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

54

The unissued share capital balance at 31 December 2023 represents amounts due to directors and

key management personnel for the period from October 2021 to December 2022.

20.2 Issued Share Capital

31-Dec-23

31-Dec-22

Number

USD

Number

USD

Opening Balance

651,615,042

20,313,458

622,315,788

19,584,044

Shares issued in the period

61,250,000

1,476,716

19,566,732

438,354\*

Share based payments

-

-

9,103,679

262,952

Salary sacrifice

-

-

628,843

28,108

Closing Balance

712,865,042

21,790,174

651,615,042

20,313,458

\* Includes USD 183,528 cash received on 05 January 2023 in relation to shares issued in December 2022 plus non-cash

conversions of USD 149,093 less USD 13,396 moved to unissued share capital at year end

The shares have no par value.

Issued share capital at 31 December 2023 is represented by:

31-Dec-23

31-Dec-22

Number

%

Number

%

Aidan Bishop\*

67,455,536

9.5%

67,455,536

10.4%

Charles Barclay

16,291,813

2.3%

15,791,813

2.4%

Jonathan Morley-Kirk

5,306,253

0.7%

5,306,253

0.8%

Colin Patterson\*

74,805,973

10.5%

74,805,973

11.5%

Clive Sinclair-Poulton\*

2,316,776

0.3%

2,316,776

0.4%

Graeme Fulton

6,330,989

0.9%

6,330,989

1.0%

Stuart Kemp

11,471,619

1.6%

11,471,619

1.8%

Total PDMR

183,978,959

25.8%

183,478,959

28.2%

International Gold PTE Limited\*\*

50,250,000

7.1%

150,000,000

23.0%

Momentum Resources Limited

34,209,117

4.8%

34,209,117

5.3%

Other

444,426,966

62.3%

283,926,966

43.5%

Total Non-PDMR

528,886,083

74.2%

393,136,083

71.8%

Total Issued Shares

712,865,042

100.0%

651,615,042

100.0%

\*   Issued to a related party

\*\* 100% subsidiary of Southern Gold Limited

![Graphics](data:image/png;base64,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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

55

20.3 Earnings Per Share

12 months to

31-Dec-23

(USD)

12 months to

31-Dec-22

(USD)

Basic and diluted earnings per share

(0.0004)

(0.0023)

Profit/(loss) used to calculate basic earnings per share

(253,524)

(1,485,806)

Weighted average number of shares used in calculating

basic earnings per share

689,270,949

634,315,476

Basic profit/loss per share is calculated by dividing the loss attributable to ordinary shareholders by

the weighted average number of  ordinary shares outstanding and  shares to be issued during the

period.

In 2023 and 2022, the potential ordinary shares were anti-dilutive as the Group was in a loss making

position and therefore the conversion of potential ordinary shares would serve to decrease the loss

per share  from continuing operations. Where potential ordinary shares are anti-dilutive a  diluted

earnings per share is not calculated and is deemed to be equal to the basic earnings per share.

The warrants noted in note 16 of the audited financial statements could potentially dilute EPS in the

future.

20.4 Substantial Shareholders (unaudited)

At 31 December 2023 the following had notified the Company of disclosable interests in 5% or more

of the nominal value of the Company’s shares.

Number

%

Rene Nominees (IOM) Limited

126,849,621

17.8%

Fiske Nominees Limited

120,737,437

16.9%

The Bank of New York (Nominees) Limited

114,240,031

16.0%

Hargreaves Lansdown (Nominees) Limited

76,019,713

10.7%

Interactive Investor Services Nominees Limited

51,710,878

7.3%

The Directors are of the view that at 31 December 2023, and the date of the signing of this Annual

Report, that there is no ultimate controlling party.

21. Related Party Transactions

21.1 Amounts Due to Related Parties

At 31 December 2023 Directors and Key Management Personnel are due USD 234,467 (2022, USD

Nil) in cash and USD 150,584 (2022, USD 301,201) in unissued share capital.

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)

Bluebird Merchant Ventures Ltd

Annual Financial Report 2023

56

21.1 Other Related Party Transactions

Directors  Remuneration  and  Key  Management  Personnel  (refer  note  7  of  the  audited  financial

statements).

Issued and unissued share capital (refer note 20 of the audited financial statements).

A related party assisted the Company with banking transactions in the period to July 2023.

22. Capital Commitments

At 31 December 2023 the Group had not entered into contractual commitments for the acquisition

of property, plant and equipment.

The Group has an office lease with an end date of August 2024 – at 31 December 2023 USD 2,362 is

payable in respect of the lease.

23. Events After the Reporting Date

There are no reportable events after the reporting date.

24. Shares in Group Undertakings

During the period the subsidiaries and associate of the Company, including those indirectly held by

the Company, are shown in the following table:

Country of

Percentage of

Ordinary Share

Capital Held

Name of Entity

Nature of Business

Registration

2023

2022

MRL Gold Inc

Batangas Gold Project

Philippines

100%

100%

Egerton Gold Philippines Inc

Batangas Gold Project

Philippines

40%

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%

\* Gubong Project JV Co PTE Ltd is the 100% holder of the South Korea registered Gubong Project Co Ltd (note 11)

\*\* Kochang Project JV Co PTE Ltd is the 100% holder of the South Korea registered Geochang Project Co Ltd (note 11)

The  Company  acquired  50%  of  the  South  Korean  companies  in  June  2021  from  Southern  Gold

Limited (refer note 12 of audited financial statements).