Bluebird Mining Ventures (LSE:BMV) has generated its first operating revenues in April from its developing streaming and digital-asset activities and has signed a Bitcoin Mining Deployment and Streaming Arrangement term sheet with Cascadia Industries Ltd.
The company, a gold streaming, mining and treasury specialist, values its current streaming and operating assets at about US$508,870, reports an unaudited Treasury NAV of roughly US$0.8m as at 12 May, and states a combined estimated NAV of about US$1.31m while targeting a portfolio-level IRR above 20%.
The Cascadia term sheet covers deployment of ~750 mining units owned by BMV, with Cascadia supplying infrastructure, hosting, power, operations and deployment capital, BMV retaining full ownership of the kit, miners operating only when economically profitable, net Bitcoin flowing to BMV-designated wallets, and substantial deployment targeted within six months.
BMV says it has reprioritised capital away from higher-risk development opportunities such as the Crawford Gold Project and is evaluating lower-risk gold streaming structures with Raptor Capital International that are supported by existing production and operating cash flows, although Crawford discussions remain ongoing and not assured.
"Generating our first operating revenues in April represents an important milestone for the Company and validates the early stages of this strategic transition," Sath Ganesarajah, Chief Executive Officer of BMV, said.
The next material operational milestone is substantial miner deployment under the Cascadia arrangement, which the company says it aims to achieve within six months.
