Bluebird takes a 120-day option over Mexico's Santa Teresa gold project

Bluebird Mining Ventures announced an option to acquire El Alamo Resources and its Santa Teresa interests on 7 September 2026.

Consideration

The 120-day exclusive option costs £75,000. Completion would require £250,000 in new BMV shares.

Further payments depend on independently verified resources reaching 250,000, 500,000 and one million ounces. The respective milestone payments are £250,000, £500,000 and £2m. The seller also retains a 1% net-smelter-return royalty.

Resource and governance

The existing reported inferred resource is 64,000 ounces at 8.7g/t, using grade capping. A larger uncapped calculation discussed in the release is explicitly not a reported mineral resource.

Seller Paul Ray also serves on BMV's advisory committee and is expected to lead the project after completion. The company says he has not participated in its evaluation, negotiation or approval of the acquisition.

Next steps

Option exercise, concession consolidation and independent technical work remain ahead. Resource milestones are conditional payment triggers, not already achieved resources or production targets.

Source: Company announcement, 7 September 2026.