Blue Gold (BGL) investor relations material

Executive summary

• Gold exploration, mining and tokenization strategy spans Bogoso-Prestea mine development and gold trading via the Standard Gold Coin (SGC).

• Bogoso-Prestea operations remain constrained by a mining-lease dispute with Ghana; international arbitration was pending at June 30, 2026.

• Liquidity conditions raise substantial doubt about the ability to continue as a going concern for 12 months from the financial statements’ issuance date.

Financial highlights

• For the six months ended June 30, 2026, operating expenses were $10.49 million and net loss was $8.78 million, versus $5.80 million and $7.84 million, respectively, in 2025.

• Comprehensive loss was $8.91 million; basic and diluted loss per share was $0.23, compared with $7.58 million and $0.61 per share in 2025.

• G&A expense rose $6.19 million YoY to $9.31 million, including $1.615 million in related-party investor relations fees and $1.09 million in accrued consulting and advisory liability.

• A $2.91 million fair-value gain on liabilities partly offset expenses; the period also included $875,609 of debt-extinguishment losses.

Outlook and guidance

• Restart timing depends on resolving the Ghana lease dispute and obtaining required approvals, licenses and funding; no assurance was given that these conditions will be met.

• Additional financing will be needed; potential sources include debt, trade and offtake finance, and equity. Inability to raise acceptable financing could materially harm financial condition and operations.

• Management’s current plans do not alleviate substantial doubt about going concern through 12 months from issuance of the financial statements.