Blue Gold (BGL) CFO holds option over 150,000 Class A shares

Rhea-AI Filing Summary

Blue Gold Ltd filed an initial ownership report for its Chief Financial Officer, Werndle Lorenz. The filing shows he has beneficial ownership of an option linked to 150,000 Class A ordinary shares, with an exercise price of $0.05745 per share, expiring on April 10, 2030. The option is currently held by wholly owned subsidiary Blue Gold Holdings Limited and has been reserved for distribution to him upon exercise, so this report reflects holdings rather than a new market transaction.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Werndle Lorenz

(Last) (First) (Middle)

C/O BLUE GOLD LIMITED

94 SOLARIS AVENUE, CAMANA BAY

(Street)

GRAND CAYMAN KYI-1108

(City) (State) (Zip)

CAYMAN ISLANDS

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Blue Gold Ltd [ BGL ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	(1)	04/10/2030	Class A ordinary shares	150,000	(1)	D

Explanation of Responses:

1. Reporting Person has beneficial ownership of 150,000 Class A ordinary shares underlying an option (the "BGHL Option") to acquire Class A ordinary shares currently held by Blue Gold Holdings Limited, a wholly owned subsidiary of the Issuer, which has reserved them for distribution to the Reporting Person upon exercise of the BGHL Option. The exercise price of the BGHL Option is $0.05745.

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Carla Parsons, Attorney-in-Fact	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does Blue Gold Ltd (BGL) disclose in this Form 3 filing?

Blue Gold Ltd discloses that its Chief Financial Officer, Werndle Lorenz, has beneficial ownership of a stock option. This option is tied to 150,000 Class A ordinary shares through a BGHL Option held by a wholly owned subsidiary, reflecting existing holdings rather than a new trade.

How many Blue Gold Ltd (BGL) shares are covered by the CFO’s option?

The CFO’s reported stock option is linked to 150,000 Class A ordinary shares. These shares are currently held by Blue Gold Holdings Limited, a wholly owned subsidiary, and have been reserved for distribution to him upon exercise of the BGHL Option described in the filing’s footnote.

What are the key terms of Werndle Lorenz’s BGHL Option in Blue Gold (BGL)?

The BGHL Option reported for Werndle Lorenz carries an exercise price of $0.05745 per Class A ordinary share and expires on April 10, 2030. It covers 150,000 underlying shares currently held by Blue Gold Holdings Limited, reserved for distribution upon his exercise of the option.

Did the Blue Gold Ltd (BGL) CFO buy or sell shares in this Form 3?

No buy or sell transaction is reported here; this Form 3 records holdings. It shows beneficial ownership of a stock option over 150,000 Class A ordinary shares, with the underlying shares held by a subsidiary and reserved for potential future distribution if the option is exercised.

What role does Blue Gold Holdings Limited play in this BGL Form 3?

Blue Gold Holdings Limited, a wholly owned subsidiary of the issuer, currently holds the 150,000 Class A ordinary shares underlying the BGHL Option. These shares are reserved for distribution to the CFO upon exercise, so the Form 3 attributes beneficial ownership through this structure rather than direct share ownership.