Blue Gold (BGL) investor relations material

Company overview and business model

• Operates as a gold exploration, development, and mining company with a dual focus: a Mining Division for long-life gold assets and a Digital Division for gold trading and issuance of a gold-backed token (Standard Gold Coin, SGC), including a digital wallet application (ETA).

• Principal asset is the Bogoso Prestea gold mine in Ghana, currently subject to a lease dispute and international arbitration with the Ghanaian government; all mining operations are suspended pending resolution.

• Organizational structure includes subsidiaries in the Cayman Islands, UK, UAE, Ireland, Ghana, and the US, with plans to expand digital gold trading and tokenization activities.

• Also pursuing acquisition of the Mampon Gold and Copper Mining Lease in Ghana, subject to regulatory approvals and staged share-based payments.

Financial performance and metrics

• For the year ended December 31, 2025: revenue of $11.9M, operating loss of $16.4M, net loss of $21.9M, and negative cash flows from operations of $10.6M.

• As of December 31, 2025: cash balance of $0.7M, working capital deficit of $12.3M, total assets of $38.0M, total liabilities of $58.1M, and accumulated deficit of $33.9M.

• Auditor's report raises substantial doubt about ability to continue as a going concern due to recurring losses, negative cash flows, and dependence on external financing.

Use of proceeds and capital allocation

• All proceeds from the offering will go to the selling shareholder (3i, LP); company will only receive nominal proceeds from warrant exercises.

• Capital allocation priorities include funding the restart of the Bogoso Prestea mine (pending arbitration), development of the SGC and ETA, and potential acquisition of Mampon.

• Additional financing is required for ongoing operations, digital product launches, and legal proceedings; multiple debt and equity facilities have been arranged but are contingent on resolving the Ghana lease dispute.