Bluebird Mining Ventures Limited (BMV.LN)

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Darker Grotesque

A Gold Streaming & Treasury Company

Bluebird Mining Ventures Ltd (“BMV”)
London, September 2025

A few months ago, if you had asked me about Bitcoin treasuries, I would have told you they were at best a sham — and at worst, a scam. Yet here I am today, leading one. The reason is simple: my interest in BMV has never been about passive holding, but about a different idea of what a Bitcoin treasury can be. It is about yield, streaming, and trustless structures — and that is why I believe treasuries can, and should, trade at a premium to their balance sheet value.

Bitcoin treasuries make sense. They make sense because of operating leverage and yield opportunities not available to most investors. They also make sense in another way. Think of why investors once bought into Indian or Chinese equities — not only for company fundamentals, but because currency appreciation and macro growth lifted all boats. Bitcoin is the currency of cyberspace, the native money of the internet. As the Bitcoin economy grows, so too will the companies that participate in it.

There is a third driver: the debasement of the dollar and the rise of gold. This backdrop makes BMV’s positioning especially compelling. Our stock today trades at roughly 50% of gold Net Asset Value. That discount highlights both the value already in place and the opportunity ahead.

Execution Priorities
Over the next 12 months, we will focus on three priorities:

Gold Business – investing in our gold operations, using technology to unlock more value from existing assets and new projects: “move less rock and more gold.”

Streaming – rather than operating mines ourselves, we provide upfront capital to proven producers in exchange for a share of future output. This model delivers contracted inflows without the risks of direct operations. By combining streaming with advanced compute and balance sheet capital, we can generate upside beyond contracted production.

Reserve & Rail – building a treasury that links gold and Bitcoin. By holding vaulted gold against Bitcoin reserves, and by moving value between the two assets, we can generate yield on Bitcoin while securing it with gold.

This business will take time to build. We are not chasing a fleeting opportunity or a market frenzy around digital asset treasuries. Our aim is to construct BMV properly — with the governance, custody, and discipline required to attract institutional capital. The Reserve & Rail model is designed for scale and permanence, not speculation. We will move deliberately, structuring deals that compound value over time and position BMV as a trusted platform in this emerging economy.

Sath Ganesarajah
Chief Executive Officer
BMV

Letter to Shareholders