Blue Gold Clarifies Position of Ghana Supreme Court Ruling

Rhea-AI Summary

Blue Gold (Nasdaq: BGL) clarified a Nov 18, 2025 Supreme Court of Ghana ruling related to the Bogoso-Prestea Mine.

The Supreme Court dismissed an order for certiorari filed by FGR and Blue Gold Bogoso Prestea, ruling on a procedural question about High Court jurisdiction rather than on the merits. The Court of Appeal will still consider the jurisdictional question; if Blue Gold succeeds there, the High Court would decide the original judicial review on its merits.

Blue Gold has another Judicial Review appeal pending at the Court of Appeal, and a Human Rights claim plus an injunction hearing set for Dec 18, 2025. Separately, an international arbitration under the UK–Ghana bilateral investment treaty seeks damages estimated to be substantially in excess of $1bn. The company says it prefers a negotiated settlement and has set aside funds to reinvest in the mine if an agreement is reached.

Positive

• International arbitration claim seeks damages >$1bn
• Funds set aside for immediate mine reinvestment upon settlement
• Court of Appeal will review High Court jurisdictional decision

Negative

• Supreme Court dismissed certiorari—no merits decision on original claim
• Multiple pending legal actions create ongoing operational uncertainty
• Human Rights claim and injunction hearing scheduled for Dec 18, 2025

Insights

Legal and Corporate Affairs Expert

Procedural Supreme Court dismissal does not resolve merits; multiple appeals and a > $1bn arbitration keep material risks and outcomes open.

Blue Gold faces a procedural setback at the Supreme Court on Nov 18, 2025, where the court found an order of certiorari inappropriate. That decision addresses a narrow procedural remedy rather than the substantive validity of the company’s claims, and the matter will proceed to the Court of Appeal where the jurisdictional question may be reversed and a High Court merits hearing could follow.

The company retains several live, material legal pathways: a pending Judicial Review appeal at the Court of Appeal, a Human Rights claim and injunction scheduled for Dec 18, 2025, and an international arbitration under the UK–Ghana BIT seeking damages estimated substantially above $1bn. Each path can independently affect cash, operations, or covenants; the arbitration figure signals large potential exposure or recovery but has no guaranteed outcome.

Watch for three imminent milestones: the Court of Appeal rulings on the jurisdictional appeal and the separate Judicial Review appeal, and the Dec 18, 2025 High Court hearing. Timelines from those decisions will drive whether the High Court will address the merits and whether settlement talks, which the company says are funded, accelerate. Expect meaningful legal and financial implications once appellate rulings or arbitration developments appear within the next several months.

The media is being deliberately misled on the meaning of the Supreme Court ruling

NEW YORK, NY, Nov. 21, 2025 (GLOBE NEWSWIRE) -- Blue Gold Limited (Nasdaq: BGL) ("Blue Gold" or the “Company”), a next-generation gold development and technology company, today addressed recent news coverage of a Supreme Court of Ghana ruling concerning the Bogoso-Prestea Mine.

On November 18, 2025, the Supreme Court of Ghana dismissed an order for certiorari filed by FGR Bogoso Prestea Ltd. (“FGR”) and Blue Gold Bogoso Prestea Ltd. (subsidiary of the Company).  The recent ruling was not on the merits of Blue Gold’s claim, but rather responding to a procedural question about whether the High Court had properly denied itself jurisdiction to consider the first application for judicial review before it.  Although the Supreme Court was of the view that an order of certiorari was not the appropriate remedy in the circumstances, the question will still be considered by the Court of Appeal.  In the event that Blue Gold is successful at the Court of Appeal, the High Court will assume jurisdiction and determine the first application for judicial review on its merits.

The Company has a further Judicial Review appeal that is yet to be heard by the Court of Appeal, and a Human Rights claim and injunction application, which are scheduled to be heard in the High Court on December 18, 2025. 

Furthermore, and distinct from the above domestic actions, an international arbitration against Ghana is underway, (under the bilateral investment treaty between the UK and Ghana), in which Blue Gold and FGR seek damages for an amount estimated to be substantially in excess of $1bn.

Notwithstanding the foregoing, Blue Gold continues to prioritize an amicable, negotiated settlement with Ghana, for which it has set aside funds that could be immediately injected into the mine should an agreement be reached.

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: 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.

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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 did the Nov 18, 2025 Supreme Court ruling mean for Blue Gold (BGL)?

The Supreme Court dismissed an order for certiorari on procedural jurisdiction grounds; it did not decide the merits.

Will the Blue Gold (BGL) judicial review be reconsidered after the Supreme Court decision?

Yes; the Court of Appeal will consider the jurisdictional question, and if Blue Gold succeeds the High Court may decide the original review on its merits.

When is Blue Gold's (BGL) Human Rights claim and injunction hearing scheduled?

The Human Rights claim and injunction application are scheduled for December 18, 2025 in the High Court.

How large is the international arbitration claim involving Blue Gold (BGL)?

Blue Gold and FGR seek damages in international arbitration estimated to be substantially in excess of $1bn.

Does Blue Gold (BGL) want to settle with Ghana and can it fund mine operations?

Yes; the company prioritizes an amicable negotiated settlement and says it has set aside funds that could be immediately injected into the mine.