Blue Gold (BGL) CEO Cavaghan Andrew discloses initial Form 3 holdings

Rhea-AI Filing Summary

Blue Gold Ltd CEO and director Cavaghan Andrew filed an initial Form 3 showing his beneficial ownership of the company’s Class A ordinary shares. The filing lists direct ownership and several indirect holdings through Pegasus Capital Limited, Pegasus Capital Holdings Limited, Blue Gold Holdings Limited, and his spouse, without reporting any recent share purchases or sales.

Insider Trade Summary

5 transactions reported

Mixed 5 txns

Insider Cavaghan Andrew

Role CEO and Director

Type	Security	Shares	Price	Value
holding	Class A ordinary shares	--	--	--
holding	Class A ordinary shares	--	--	--
holding	Class A ordinary shares	--	--	--
holding	Class A ordinary shares	--	--	--
holding	Class A ordinary shares	--	--	--

Holdings After Transaction: Class A ordinary shares — 2,631,965 shares (Indirect, By Pegasus Capital Limited, the Reporting Person's corporation.); Class A ordinary shares — 995,484 shares (Direct)

Footnotes (1)

1. Reporting Person is the sole owner of Pegasus Capital Limited and as such has sole voting and dispositive power with respect to such shares. 6,780 shares of the Company's Class A Ordinary Shares are owned by Pegasus Capital Holdings Limited, or PCHL. The Reporting Person is a 50% shareholder of PCHL, and, as such, has voting and dispositive power over such shares. Reporting Person is the sole director of Blue Gold Holdings Limited, or BGHL, and as such is deemed to have beneficial ownership of the 350,000 Class A ordinary shares held by BGHL.

Understanding Insider Trading Forms →

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

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Cavaghan Andrew

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO and Director

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)
Class A ordinary shares	2,631,965	I	By Pegasus Capital Limited, the Reporting Person's corporation.(1)
Class A ordinary shares	6,780	I	By Pegasus Capital Holdings Limited, the Reporting Person's corporation.(2)
Class A ordinary shares	350,000	I	By Blue Gold Holdings Limited, the Reporting Person's corporation.(3)
Class A ordinary shares	1,738	I	By Spouse.
Class A ordinary shares	995,484	D

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

Explanation of Responses:

1. Reporting Person is the sole owner of Pegasus Capital Limited and as such has sole voting and dispositive power with respect to such shares.

2. 6,780 shares of the Company's Class A Ordinary Shares are owned by Pegasus Capital Holdings Limited, or PCHL. The Reporting Person is a 50% shareholder of PCHL, and, as such, has voting and dispositive power over such shares.

3. Reporting Person is the sole director of Blue Gold Holdings Limited, or BGHL, and as such is deemed to have beneficial ownership of the 350,000 Class A ordinary shares held by BGHL.

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 (BGL) CEO Cavaghan Andrew’s Form 3 report?

The Form 3 for Blue Gold (BGL) reports CEO and director Cavaghan Andrew’s initial beneficial ownership of Class A ordinary shares. It details both direct holdings and indirect positions through several related corporations and his spouse, with no new buy or sell transactions disclosed.

Are there any stock purchases or sales in the Blue Gold (BGL) Form 3?

The Blue Gold (BGL) Form 3 does not show any stock purchases or sales. It only records existing positions as of the reporting date, classifying them as holdings rather than new transactions, so it functions as a baseline ownership disclosure for the CEO.

How does Cavaghan Andrew hold his Blue Gold (BGL) shares according to Form 3?

According to the Form 3 for Blue Gold (BGL), Cavaghan Andrew holds Class A ordinary shares both directly and indirectly. Indirect holdings are reported through Pegasus Capital Limited, Pegasus Capital Holdings Limited, Blue Gold Holdings Limited, and his spouse, reflecting his beneficial ownership and voting power over those shares.

What role do Pegasus Capital entities play in Blue Gold (BGL) CEO’s holdings?

The Form 3 shows that Pegasus Capital Limited and Pegasus Capital Holdings Limited hold Class A ordinary shares of Blue Gold (BGL). Cavaghan Andrew owns or co-owns these entities and is described as having voting and dispositive power over their shares, making them part of his beneficial ownership.

Does the Blue Gold (BGL) Form 3 include any derivative securities?

The Blue Gold (BGL) Form 3 does not list any derivative securities for Cavaghan Andrew. All reported positions are in Class A ordinary shares, and the derivative section is empty, indicating no options, warrants, or similar derivatives are disclosed in this filing.