Blue Gold (BGL) investor relations material

Executive summary

• Completed business combination in June 2025, listing on Nasdaq and expanding into gold mining and digital gold tokenization.

• Operations focus on Ghana's Bogoso Prestea mine and development of the Standard Gold Coin (SGC) digital token.

• Ongoing legal dispute with the Government of Ghana over mining lease access, with all mining operations currently suspended pending arbitration.

• Significant capital raises through convertible notes, share issuances, and loan facilities to fund operations and restart plans.

Financial highlights

• Reported net loss of $21.9 million for the year ended December 31, 2025, compared to a net loss of $11.6 million in 2024.

• Operating loss for 2025 was approximately $16.4 million; negative cash flows from operations totaled $10.6 million.

• Cash balance at year-end 2025 was $0.7 million, with a net working capital deficit of $11.9 million.

• General and administrative expenses increased to $11.9 million in 2025, reflecting higher legal, accounting, and stock-based compensation costs.

• Plant costs decreased sharply to $0.5 million due to halted mining activities.

Outlook and guidance

• Restart of Bogoso Prestea mine contingent on favorable arbitration outcome and securing necessary permits and funding.

• Plans to launch SGC digital token and ETA platform in late 2026, subject to market and regulatory conditions.

• Future capital expenditures and operational ramp-up depend on resolution of Ghana lease dispute and access to external financing.