Low Cost Production and Expansion Through Exploration

September 2018Egerton Gold Philippines Inc

Disclaimer and Forward Looking Statements

and Qualified Person Statement

The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into

which this presentation is released, published or distributed should inform themselves about and observe such restrictions.

This presentation does not constitute, or form part of, an offer to sell or the solicitation of an offer to subscribe for or buy any securities, nor the solicitation

of any vote or approval in any jurisdiction, nor shall there be any sale, issue or transfer of the securities referred to in this presentation in any jurisdiction in

contravention of applicable law. This presentation is not an offer of securities for sale in the United States, nor does this presentation constitute a

prospectus or other offering document in the United States or any other jurisdiction in which it is being used. Securities may not be offered or sold in the

United States absent registration under the U.S. Securities Act of 1933, as amended, or an exemption from registration there from.

In providing this presentation, Mr Boswell has not considered the financial position or needs of the recipient. Persons needing advice should consult their

stockbroker, bank manager, solicitor, attorney, accountant or other independent financial and legal advisors. These statements are forward-looking

statements. These forward-looking statements are not historical facts but rather are based on Bluebird Merchant Venture’s current expectations,

estimates and projections about the industry in which Bluebird Merchant Ventures operates, and beliefs and assumptions regarding Bluebird Merchant

Venture’s future performance. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”, “estimates” and similar expressions are

intended to identify forward-looking statements.

These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors, some of which

are beyond the control of Bluebird Merchant Ventures, are difficult to predict and could cause actual results to differ materially from those expressed or

forecasted in the forward-looking statements. Bluebird Merchant Ventures caution shareholders and prospective shareholders not to place undue reliance

on these forward-looking statements, which reflect the view of Bluebird Merchant Ventures only as of the date of this presentation. The forward-looking

statements made in this presentation relate only to events as of the date on which the statements are made. Bluebird Merchant Ventures will not

undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated

events occurring after the date of this presentation except as required by law or by any appropriate regulatory authority.

The information in this report relating to Exploration Results, Exploration Targets and Mineral Resources is based on information compiled by Mr Geoff

Boswell who is a Chartered Professional of the Australasian Institute of Mining and Metallurgy and has sufficient exploration experience which is relevant

to the various styles of mineralisation under consideration to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for

Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Boswell was a full time employee of Red Mountain Mining Ltd and Chairman

of Egerton Gold Philippines Inc. from 2011 until 2016 and is currently a consultant to Bluebird Merchant Ventures. Mr Boswell takes responsibility and

consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

1

Global Tectonic Framework

Philippine

Sea Plate

Eurasian Plate

10 cm/yr

7 cm/yr

7 cm/yr9 cm/yr

5 cm/yr

LUZON

MINDANAO

PHILIPPINE SEA

SOUTH CHINA

SEA

CELEBES SEA

SULU SEA

Oceanic crust

Oceanic crust

Eurasian

Continental

crust

Ma

nila

Tre

nch

Philippine Tectonic Setting

Philippine

Mobile

Belt

A

A’

SS BR

Aurelio and Almeda, 1999

Section A-A’

Mineral Districts

Ultramafic rocks

Intrusive rocks

Volcanic rocks

Limestone

Masbate (Au)

Central Cordillera

(Cu, Au, Fe)

Zambales

(Cr, Ni, Pt, Cu, Au) Paracale

(Au, Fe, Cu, Ni)

Negros

(Cu, Au)

Zamboanga

(Cu, Au, Cr)

Eastern Mindanao

(Cu, Au, Ni, Cr)

Palawan

(Cr, Ni)

N. Vizcaya

(Cu, Au)

6 Major mines:

• Victoria Gold Mine of Lepanto Mining in Mankayan

• Padcal Copper Mine of Philex

• Didpio Project of Oceana Gold

• Aroroy Project of CGA/Filminera

• Toledo Copper Mine of Carmen Copper

• Rio Tuba Coral Bay Ni Mine and HPAL Plant – Nickel

Asia, Sumitomo and Mitsui

8 Medium-scale nickel mines• Archipeligo Mines of Zambales

• Benguet Mining of Zambales

• Eramen Mining of Zambales

• Cagdianao Nickel Mine

• Taganito Nickel Mine

• Sigbanog Project of HMC

• Agata Project of TVI

• Tubay Project of SR Metals

2 Medium-scale chromite mines• Omasdang Project of Crau Minerals

• Homonhon Project of Heritage Res.

9 Medium-scale gold mines• Acupan SSM Operations of Benguet

• Itogon Project of Apex Mining

• Runruno Gold Mine of FCF Minerals

• Johson Gold Mining Corp. in Panganiban

• Rapurapu Mine in Bicol

• Placer Mine of Manila Mining in Surigao

• Co-O Gold Mine of Medusa Mining Ltd

• Diwalwal Direct State Development Project of NRDC

and Prometheus

• Tboli Gold Mine of Rizal Resources

4 Developing Mines• Mankayan Copper Gold of Gold Fields-Lepanto

• Silangan Project – Philex Mining Corp

• Tampakan Project – Nth Cotobato

• Taysan Copper Gold Mine in Batangas

Existing and Recent Mines

• Semirara / DMCI

• Teresa Marble Corp

• Various Cement

Producers

Lobo Gold Project Dual StrategyTo Establish Low Cost Production Then Expand With Exploration

1. Established resources of 444,000 ounces* of gold, Definitive Feasibility Study and final permitting well

advanced for initial open pit, high grade, gold project at Batangas, only 120km south of Manila in the

Philippines

2. Immediate exploration upside for further high grade gold discoveries, based on defined targets with high-

grade surface trench intersections: e.g. 8.35m @ 18.4 g/t Au), 2.6m @ 28.6 g/t Au and 3m @ 22.2 g/t Au (ASX

announcements 12/02/14 and 07/01/14)

Dual strategy to develop the initial gold project, get into gold production, increase high-grade gold

resources through on-going exploration and then expand the project

The Batangas Gold Project has a number of advantages:

• Granted Mining Licences (Philippines MPSA’s), all with established resources and exploration upside

• Ideal location, access and local infrastructure - only 20km from the major industrial port city of Batangas

• Simple project, low operating cost (US$703/oz) with rapid capital payback potential (<18 months at current gold

price)

• Strong local government endorsement and community support to underpin final permitting to develop the mine

* JORC 2012 Indicated and Inferred resource as at 30 June 2014

2

Project Ownership Dec 2016

100%

100%

TSA 40% owner TSA

100% owner

MRL Gold Inc. (MGI) – Philippines Co.

Egerton Gold Philippines Inc. (Egerton)

Lobo MPSA Archangel MPSA Egerton EP’s x 6

MRL Nickel Phils. Inc. (MNPI)

MNPI EP, EPA’s

Red Mountain mining Singapore (RMMS)

Red Mountain Mining Ltd (RMX) Red Mountain Mining Ltd (RMX) Bluebird Merchant Ventures Ltd (BMVL)

1% NSR 100%

Manila

Luzon

Mindanao

13º30'

120º3

0'

121º0

0’

14º00’

14º30'

14º45'

121º3

0'

Laguna De Bay

Taal Lake

Mt Banahaw

Mt Makiling

MANILA

122º0

0'

0 25km

N

LOBO

SOUTHWEST BRECCIA DEPOSIT

MRL Gold tenements / applications

Highway / road

Taysan Porphyry

Batangas City

Marinduque

Southern Batangas Regional Geology

Sea

LOBO

Tenements, MPSA’s in white

Porphyry copper-gold prospects

Resource area

Epithermal vein trends

Copper showing

Historical mine / workings

Other prospects

MAP KEY

4km0N

Manila

Luzon

Mindanao

Talahib

Calo

El Paso

Marita

LOBO MPSA PROJECT - SW BRECCIA

*Mineral Resource Estimates 0.85 g/t cut off

Indicated: 178,000 t @ 7.4 g/t (42,000 oz)

Inferred: 16,000 t @ 5.3 g/t (3,000 oz)

Total: 194,000 t @ 7.2 g/t (45,000 oz)

ARCHANGEL MPSA PROJECT

*Mineral Resource Estimates 0.85 g/t cut off

Indicated: 2,582,000 t @ 2.0 g/t (165,000 oz)

Inferred: 3,004,000 t @ 2.0 g/t (197,000 oz)

Total: 5,586,000 t @ 2.0 g/t (363,000 oz)

*Note: Resource parameters in ASX release of 30th January 20136

• 270km² land package covers entire epithermal gold field• Two key gold resource projects:

- Lobo high-grade gold lodes eg Medusa – Co-o- Archangel – bulk tonnage stockwork gold eg Masbate

• Drilling to test high-grade Exploration Targets

Lobo Gold Project - Mineral Resources

Exploration History

1989 – 1996 Chase Exploration by Sumitomo, Western Mining and

Chase Minerals. Little data survives

2002 – 2005 EGPI Exploration and soil sampling ~3x4 km.

Induced Polarisation Survey

Diamond drilling phases I, II and III

2005 MNPI First Lobo resource released

2008 – 2009 Avocet JV Diamond drilling at Kay Tanda and Pulang Lupa

Due diligence for large scale heap leach operation

2009 – 2011 Goldfields JV Drilling at Lobo, El Paso and Talahib

Helicopter air magnetic and radiometric survey

2012 – 2016 RMX RMX buys EGPI and carried on drilling, trenching

and soil sampling at SWB, West Drift and Pica

June 2014 Lobo resource reported by Optiro Pty Ltd

March 2014 Declaration of Mining Feasibility in Philippines

June 2016 RMX Final bankable feasibility announced with resource

upgrade by Optiro Pty Ltd

Lobo - Total drilling, 105 drill holes for 11,624.80m and 2,742 assays

Kay Tanda - Total Drilling, 202 drill holes for 28,227.7m and 17,708 assays.

Lobo Prospects :High Grade Resources And Multiple Targets In A Large System

• Five parallel high-grade lode structures • 15km strike, of which only 0.5km drilled• Five identified high-grade veins/shoots • Exploration Targets to upgrade resource

CROSS SECTION 10175N

160mAsl

140

120

100

80

60

40

Taysan Porphyry Cu-Au Deposit

LOBO

BATANGAS PROJECTS

Map Area

MAP KEY

7m = metres channel sample @ 94.78 g/t (gram/tonne) Au (gold)

Drill hole

Mineralized intercept

LB88-14

End of hole75m

Colluvium

Lithic / Lapilli tuff (younger)

Porphyritic andesite / Andesite

Limestone

Lithic / Lapilli tuff

Vein fragments

Quartz ± barite ± suphide ± clay

breccia

Quartz ± pyrite ± clay

Clay ± quartz ± pyrite

Clay ± quartz ± pyrite ± chlorite ±magnetite

Chlorite ± clay ± calcite ± pyrite ±magnetite

LITHOLOGY

ALTERATION

v v

T T

Fault gouge

ƛ ƛ

10,0

00E

25m

18July2015

52.25m

30.25m

57.3m

57.6m

69.4m

11.9m

104.5m

85m

129.1m

LB-13 LB-07

LB-06LB61-11

LB62-11

LB-05LB-04

LB-03

LB65-11

SWB OC-29.5m @ 13.53

Trench 211m @ 19.1

7.75m @ 4.67 g/t Au1.53 g/t Ag

13.3m @ 8.3 g/t Au1.26 g/t Ag

17.4m @ 9.6 g/t Au

6m @ 3.43 g/t Au1.53 g/t Ag

8m @ 8.82 g/t Au2.31 g/t Ag

7.45m @ 12.38 g/t Au1.23 g/t Ag

8.3m @ 6.3 g/t Au

30.8m @ 12.2 g/t Au

6.7m @ 10.71 g/t Au

32.2m @ 9.5 g/t Au

14m @ 1.67 g/t Au

ƛ

T

v

v

v

v

v

T

T

v

v

v

v

v

v

v

v

v

v

ƛƛ

ƛ

ƛ

ƛ

ƛ

ƛ

ƛ

ƛ

ƛ

v

SWB Interpreted Model

Hydrothermal Breccia

Chalcedonic quartz

Crystalline barite

Clay-altered andesite

Qtz-bar-sulphide veinlets Qtz-py-clay veinlet

sulphides

Hydrothermal Breccia @ LB 12

barite

Lattice-Bladed and Massive Barite Replacement

Cu-sulfates

Qtz-bar

sulphide

sulphide

Crustiform-Colloform Banding

D-veins A-veins

Pica Porphyry Veins

14

Kay Tanda: Stage 1 & 2Open Pit Mining Of The Low Stripping Ratio Kay Tanda West

Lobo Gold Resources – 30 June 2014

Planned Project Infrastructure Layout

120 km to Manila

120 km to Batangas

Lobo Mine Site and Processing Facility

Processing Plant

Waste Dump Pit DesignLaydownArea

ResidualStorageFacilities

Magazine

Lobo Gold Project – Gold Plant Layout

Lobo Gold Project

Simplified Process Flow Sheet

Lobo Gold Project – Kay Tanda Site Layout

Lumbangan Ridge

Low Grade Stockpile

Kay Tanda West

Waste

Recontouring

Kay Tanda Main

Lobo Gold Project - Mining Schedule

Lobo Gold Project - Mining Schedule

Lobo Gold ProjectGold Plant Facts

• The Carbon in Pulp (CIP) gold plant will process 100ktpa from SWB (45um grind, 48

hours leach) during the first 3 years and then 250ktpa from Kay Tanda (106um grind, 24

hours leach) for the remainder of the mine life.

• During the processing of SWB the gold plant requires water input at the rate of 16.7

m3/hr. of which 60% or 10m3/hr will come from residue liquor reclaim.

• While processing the KTW ore, the total water requirement will be 35 m3/hr. of which

60% or 21m3/hr will come from residue liquor reclaim.

• These numbers assume a “steady state” operation and that 60% of the water contained

in the tailings will be returned to the plant to be re-used as process water (ie the fresh

water requirement is over and above the water returned from the tailings dam).

• The plant and mine site will require power supply of 1,271 kW, with the expected load to

be 1,080 kW.

• This will come from diesel generators on site. There is an option in year 2 or 3 to

participate in funding a 67kVa power line from Batangas City or Taysan but this is still

being studied.

Water and Residue Management

• All water from the mine sites will be directed or pumped to settling ponds where it will be allowed to settle and treated if

necessary to meet Philippine standards for release into the watercourse

• All water from roads, cleared areas mill site and other disturbed areas will be similarly treated. Silt traps will be installed

and best international practices for water management and silt control will be implemented

• It is expected that once the mine operation is underway these areas will be vegetated or dressed with crushed rock

which will minimise further silt runoff.

• Residue and slurry from the Gold Plant operation will contain crushed and ground rock along with residual cyanide and

some metals in solution

• A cyanide destruction module will minimise cyanide in the released residue then resulting water will be resident in the

RSF and will undergo polishing in a separate downstream polishing pond before being released

• These waters, when released will comply with Philippine stream water quality standards (i.e. free CN< 0.05 mg/l)

• Water balance studies suggest that Residue Storage Facility (RSF) will be dry, i.e. more water will be pumped out and

recycled to the plant than will fall on its surface so release will only be under controlled conditions during prolonged

rainfall.

• The RSF will be given extra freeboard and will be used to store water from the wet season into the dry season to

minimise the requirement for other sources.

Lobo Gold Project – Residue Storage Facility

Design Methodology

Material Unit Weight

(kN/m3)

Cohesion

kPa

Friction

Angle

degree

Coefficient

Permeability

m/s

Zone 1 – Clay Core 18 5 30 1 x 10-07

Zone 2A – Sand Filter 18 0 32 1 x 10-05

Zone 2B – Gravel Filter 18 0 35 1 x 10-04

Zone 2C – Fine Rockfill 22 0 38 1 x 10-04

Zone 3A - Rockfill 22 0 43 & 38 1 x 10-04

Zone 3B – Rockfill (Lower

Density)

21 0 38 1 x 10-03

Zone 4 – Rock Rip-Rap 22 0 45 1 x 10-03

Tuff – Rock Foundations 24 5 40 1 x 10-06

Tailings 15 0 22 1 x 10-06

Lobo Gold Project Residue Storage Facility

• A very clear 5 month wet season with a very dry January to April

• The water balance shows the RSF to be dry (no outflow) in the dry season due to 60% recovery of water for the gold plant via reclaim pump.

• Some controlled outflow will occur in the wet season.

• Generally, the RSF dam will be used to store water during the wet season for use between November and May. It is designed with extra freeboard for this purpose

• Some makeup fresh water may be required and this would be taken from deep wells in alluvial sediments at the base of the valley or a nearby river. This is yet to be determined.

• The RSF will be constructed using the downstream construction method with at least three lifts being built over the life of mine

• It is designed to hold 1.5 Mt of Ore or 1,000,000 m3 of residue/slurry assuming that the slurry will be delivered at a specific gravity of 1.4

Lobo Gold ProjectFinancial Model

• DFS is on initial production of >100,000oz gold over 5 years from only high-grade, open-pit,

Indicated Resources

• Low operating costs (pre taxes, charges and capital costs) of ¹US$703/oz Au (A$873/oz Au)

• Strong projected operating cash flow including taxes/royalties of ¹US$ 54.6 (A$67m), and free

cash flow of ¹US$36.7 (A$45m) over initial 5.2 years of the 10 years project

• Pre production capital of only ¹ US$15 million (A$18.4 million) including A$15 million installed

capital (Gold Plant and Tailings Dam)

¹Based on interim DFS financial model update released to ASX 23 January 2015

Lobo Gold Project Taxes and Advantages to the Local Community

• Currently the majority of household wage earners in the project area earn between P1,000 (NZ 26.00) and P10,000 (NZ 260.00) per month.

• Wages for local employees in unskilled to technical positions are expected to be between P9,000 (NZ 236.00) and P90,000 per month.

• Environmental and Community expenditure for the life of mine will be P270M (NZ 7.11M)

• Taxes for the life of mine AUD 12M

• Initial Capex of AUD16.5M (P668,250,000) and a total project Capex of AUD22M (P891,000,000), 10M to be spent on the Gold Plant in Australia and the remainder 12M almost entirely spent in the Philippines on goods and services and much of this can be spent in Batangas.

• Operating costs of AUD120M (4,860,000,000) for the life of mine include wages, mining and processing costs, camp costs, vehicles, spare parts, maintenance, and local goods and services.

• A large proportion of the Opex costs is Diesel Power. The Lobo Mayor has a plan for a commercial centre at Lobo but needs a high voltage line from Batangas. We aim to study how we can help to establish this power line and transformers, and take off the power that we require for the plant thus halving our power costs and benefitting Lobo Municipality.

43

1. Business Growth: The mine multiplier effect provides cash and incentives for local

business’s to become established.

2. Health and Welfare: Social development management programs to focus on education,

health and legacy infrastructure to improve the well-being of the community.

3. Environmental: Studies of marine environment and coral reef health and improvement,

continuing monitoring of river water quality, forest re-establishment, bio-diversity,

coordinated with the multi-partite monitoring team (under the ECC requirements).

4. Enviro - agriculture: Continued tree planting, both productive fruit species for land owners

and native Philippine forest regrowth stock, agribusiness research studies and programs for

locals incl Coco Coir, Charcoal making, Goat and Pig raising, Mushroom and Vegetable

Farming

5. Education: Agribusiness courses, computer courses for children and a dedicated

tourism/environment/science centre with staff for school and university environment and

science classes,

6. Eco-tourism: e.g. bush walking and mountain biking tracks about the perimeter of the

operating area (outside the fence - red dashed line) for forest appreciation, information on

local birds, monkeys, trees etc. around the track.

The Goal - Sustainable Development

Mining And Tourism

During The Life Of Mine

• We intend to integrate the mine as one of the tourist attractions in Lobo,

as an added activity/adventure that will help boost the numbers of

visitors

• There will be a dedicated team to handle mine visits for student groups

and tourists • an educational adventure

• Science course modules offered that match Philippine school curriculum

• We will provide nature trails and biking tracks outside the mine fence for

tourists to enjoy• Bird and native animal watching information will be provided as pamphlets and info-posts

around the track

LOBO PROJECT SITETourist Track

Open Pit

Residue Storage Facility

Plant Site

Laydown Area

Recontouring Facility

TREKKING SITE(Overlooking to the

Mine Facilities towards bay)

Trekking SiteStart/Finish

Old Lobo Mine

Sawang

Mabilog na

Bundok

Decant Dam

Sediment Dam

Mine Gate

Educational Biodiversity

Centre

A Mine Can Safely Co-exist Within a

Community

Martha Mine in Waihi, New Zealand 1850 - 1953 and 1986 - today

47

We, the staff and management of EGPI, MRL Gold and Red Mountain are proud of

our track record over the past 12 years, working with and within the local Lobo

communities on exploration, environmental improvement, community development

and social programs. We have presented our project and the advances and

improvements that we feel we can bring to the people of Lobo at a number of public

hearings and we will continue to do so in public forums.

We have been open and honest in all our dealings with the local community and the

government authorities and we believe this approach is best for all stakeholders.

EGERTON

GOLDOur Track Record

And Our Word

48

2010, 2011, 2012, 2013, and 2014

Presidential Mineral Industry

Environmental Awards