Blue Gold Limited to Acquire 90% of Mampon Gold & Copper Mine, unlocking Major Resource Upside

Rhea-AI Summary

Blue Gold Limited (Nasdaq: BGL) has signed a non-binding term sheet to acquire 90% of the Mampon Gold Mine in Ghana's Ashanti Gold Belt from FGR Bogoso Prestea Limited. The strategic acquisition, valued at $26.25 million initially at $35 per share, includes potential additional payments based on resource confirmation.

The Mampon mine contains 300,000 ounces of Measured & Indicated gold resources and is located 80 km north of Bogoso. The deal structure includes performance-based payments of up to $45 per confirmed gold ounce (capped at 6M ounces) and $55 per confirmed copper ton (capped at 4M tons). This acquisition complements BGL's existing 5.1 Moz Bogoso-Prestea Mine acquired in 2024.

Positive

• Strategic acquisition with $35 per share premium valuation
• Additional 300,000 ounces of Measured & Indicated gold resources
• Performance-based payment structure minimizes upfront capital risk
• Synergistic location 80 km from existing operations
• Expansion potential in both gold and copper resources
• Strengthens company's gold-backed stablecoin initiative

Negative

• Non-binding term sheet with no guarantee of deal completion
• Significant future payments required for resource confirmation (up to $45/oz gold, $55/ton copper)
• Share issuance may lead to dilution
• 10% ownership retained by Government of Ghana

Insights

Mining Industry Analyst

BGL signs term sheet to acquire 90% of Ghana's Mampon mine for $26.25M upfront with additional resource-based payments.

Blue Gold Limited has signed a non-binding term sheet to acquire 90% of the Mampon Gold Mine in Ghana's Ashanti Gold Belt, with the remaining 10% held by the Government of Ghana. The initial deal involves issuing shares worth approximately $26.25 million (at $35 per share), with a performance-based earnout structure. This structure will see the seller potentially earning up to $45 per ounce of confirmed gold (capped at 6 million ounces) and $55 per ton of confirmed copper (capped at 4 million tons) as resources are independently verified.

The strategic value of this acquisition lies in several key factors. First, Mampon already has an estimated 300,000 ounces of Measured & Indicated gold resources according to an independent report. Second, its location just 80km north of BGL's existing Bogoso operations and carbon-in-leach processing plant provides significant operational synergies and infrastructure advantages. This proximity would enable efficient resource processing without major capital expenditure on new facilities.

What makes this deal particularly notable is the earnout structure. By tying additional payments to resource confirmation, BGL has created a risk-managed acquisition approach that only rewards the seller if the resource potential materializes. The maximum potential earnout exposure is substantial – up to $270 million for gold (6M oz × $45) and $220 million for copper (4M tons × $55) – but would only be triggered by confirmation of resources that would dramatically increase BGL's valuation.

This acquisition would complement BGL's 2024 acquisition of the Bogoso-Prestea Mine with its 5.1 million ounces of M&I gold resources, potentially creating a significant mining hub in the prolific Ashanti Gold Belt. The additional resources would also support the company's unusual gold-backed stablecoin initiative, providing physical backing for this fintech venture.

The transaction would represent a strategic upside and diversification into gold and copper assets with a $35 per share premium; providing a strong valuation and expected resource growth supported by significant drilling potential and existing reserves

NEW YORK, NY, July 23, 2025 (GLOBE NEWSWIRE) -- Blue Gold Limited (Nasdaq: BGL) ("Blue Gold" or the “Company”), a next-generation gold development and technology company, is pleased to announce it has signed a non-binding term sheet with FGR Bogoso Prestea Limited to acquire 90% of the Mampon Gold Mine, a high-grade gold and copper deposit located in Ghana’s world-renowned Ashanti Gold Belt. There can be no assurance that any transaction will be consummated on the terms set forth in the non-binding term sheet or at all.

If consummated, this acquisition would strengthen Blue Gold’s portfolio by adding another mining project that not only complements its existing gold project, but also supports the Company’s gold-backed stablecoin initiative, giving investors exposure to real, verified assets.

Andrew Cavaghan, CEO of Blue Gold Limited, stated, “The Mampon Gold Mine would be an exceptional fit for our strategy. With high-grade reserves, room for significant drilling expansion, and its location in a world-class gold district, we believe Mampon represents a near-term value driver for Blue Gold. Importantly, the transaction structure aligns shareholder value with confirmed resource growth, representing an efficient use of capital.”

Transaction Overview
According to the non-binding term sheet, Blue Gold would acquire 90% ownership of a Ghana-based company to which the Mampon mining lease would be transferred, with the remaining 10% held by the Government of Ghana. As part of the initial deal, Blue Gold would issue shares worth approximately USD 26.25 million (based on a USD 35 per share price) to complete the acquisition. Beyond this upfront payment, the sellers have the potential to earn additional payments as Mampon’s gold and copper resources are confirmed and upgraded through independent reports paid for by the seller. For every ounce of confirmed gold Blue Gold will pay up to USD 45 per ounce, (capped at 6 million ounces), and for every ton of confirmed copper, it will pay up to USD 55 per ton, (capped at 4 million tons). These payments will be made in stages as the project proves its growth potential, ensuring that Blue Gold only pays more when the value of the mine increases.

Strategic Acquisition
The Mampon gold mine has an estimated 300,000 ounces of Measured & Indicated (M&I) gold resources, based on an independent expert report completed for the seller. It is located just 80 km north of Bogoso and the carbon-in-leach processing plant, Mampon benefits from reliable infrastructure and its strategic proximity to Blue Gold’s flagship operations. This acquisition would strengthen Blue Gold’s presence in Ghana’s Ashanti Gold Belt, complementing its 2024 acquisition of the 5.1 Moz Measured & Indicated (M&I)  gold resource Bogoso-Prestea Mine.. Most importantly, Blue Gold believes the acquisition would advance its mission of responsible, sustainable, and innovative mining while unlocking long-term value for shareholders.

About Blue Gold Limited
Blue Gold Limited (Nasdaq: BGL) is a next-generation gold development company focused on acquiring and aggregating high-potential mining assets across strategic global jurisdictions. The Company’s mission is to unlock untapped value in the gold sector by combining disciplined resource acquisition with innovative monetization models, including asset-backed digital instruments. Blue Gold is committed to responsible development, operational transparency, and leveraging modern financial technologies to redefine how gold is produced, accessed, and owned in the 21st century.

Blue Gold prioritizes growth, sustainable development, and transparency in all our business practices. We believe that our commitment to responsible mining will enable us to create value for our shareholders while minimizing our environmental footprint.



Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the safe harbor for forward-looking statements provided by Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on these forward-looking statements, which are current only as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Important factors that could cause actual results to differ materially from those discussed or implied in the forward-looking statements include, but are not limited to: the consummation of the acquisition of the Mampon Gold Mine on the terms described in the non-binding term sheet or at all, general economic or political conditions; negative economic conditions that could impact Blue Gold Limited and the gold industry in general; reduction in demand for Blue Gold Limited's products; changes in the markets that Blue Gold Limited targets; and any change in laws applicable to Blue Gold Limited or any regulatory or judicial interpretation.  As a result, we cannot assure you that the forward-looking statements included in this press release will prove to be accurate or correct. These and other important factors and risks are discussed in Blue Gold Limited’s shell company report on Form 20-F, filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 1, 2025, and other filings with the SEC.  In light of these risks, uncertainties, and assumptions, the future performance or events described in the forward-looking statements in this press release might not occur. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results, and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events, or otherwise. For more information regarding Blue Gold Limited, please visit https://bluegoldmine.com.

No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption.

For Further Information Contact:
Tavistock Communications
BlueGold@tavistock.co.uk
+44 20 7920 3150

Skyline Corporate Communications Group, LLC
Scott Powell, President
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: info@skylineccg.com

FAQ

What is the acquisition price for Blue Gold's (BGL) Mampon Gold Mine purchase?

Blue Gold will initially pay $26.25 million in shares valued at $35 per share, with additional performance-based payments of up to $45 per confirmed gold ounce and $55 per confirmed copper ton.

How many ounces of gold resources does the Mampon Gold Mine contain?

The Mampon Gold Mine contains 300,000 ounces of Measured & Indicated (M&I) gold resources, according to an independent expert report.

What percentage of Mampon Gold Mine will Blue Gold Limited acquire?

Blue Gold Limited will acquire 90% of the Mampon Gold Mine, with the remaining 10% held by the Government of Ghana.

Where is the Mampon Gold Mine located?

The Mampon Gold Mine is located in Ghana's Ashanti Gold Belt, specifically 80 km north of Bogoso and its carbon-in-leach processing plant.

What are the maximum resource-based payments in the BGL Mampon acquisition?

The payments are capped at 6 million ounces of gold (at $45/oz) and 4 million tons of copper (at $55/ton), to be paid as resources are confirmed through independent reports.

How does the Mampon acquisition fit with Blue Gold's existing operations?

The acquisition complements BGL's existing 5.1 Moz Bogoso-Prestea Mine acquired in 2024 and supports their gold-backed stablecoin initiative while expanding their presence in Ghana's Ashanti Gold Belt.