Blue Gold (BGL) director Edward David details initial share and option stake

Rhea-AI Filing Summary

Blue Gold Ltd director Edward David has filed an initial ownership report detailing his equity stake in the company. He directly holds 754,620 Class A ordinary shares and a stock option over 19,642 Class A ordinary shares with an exercise price of 1.2000 per share expiring on December 26, 2026.

He also has indirect holdings, including 42,070 Class A ordinary shares through Blue 4D Ltd, over which he has sole voting and dispositive power, 83,198 restricted Class A ordinary shares held by Blue Perception Capital LLP, and 33,104 Class A ordinary shares held by his spouse. This filing records existing positions rather than new market transactions.

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^*

Edward David

(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
	Officer (give title below)		Other (specify below)

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	754,620	D
Class A ordinary shares	42,070	I	By Blue 4D Ltd., the Reporting Person's corporation.(1)
Class A ordinary shares	83,198	I	By Blue Perception Capital LLP.(2)
Class A ordinary shares	33,104	I	By Spouse.

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	(3)	12/26/2026	Class A ordinary shares	19,642	$1.2	D

Explanation of Responses:

1. Reporting Person is the sole owner of Blue 4D Ltd. and as such has sole voting and dispositive power with respect to such shares.

2. Reporting Person has beneficial ownership of 83,198 Class A Ordinary Shares held by Blue Perception Capital LLP ("BPCLLP"). Such Class A Ordinary Shares are Restricted Shares (as defined in the Issuer's Amended and Restated Memorandum and Articles of Association, dated June 24, 2025 (the "MAA")), and such Class A Ordinary Shares may not be transferred to the Reporting Person until such shares are Unrestricted Shares (as defined in the MAA).

3. Reporting Person has beneficial ownership of 19,642 Class A ordinary shares underlying an option (the "BPC Option") to acquire Class A ordinary shares currently held by BPCLLP, a holder of the Issuer's securities, which has reserved them for distribution to the Reporting Person upon exercise of the BPC Option. Such Class A Ordinary Shares issuable to the Reporting Person upon exercise of the BPC Option will be Restricted Shares, and such Class A Ordinary Shares may not be transferred to the Reporting Person until such shares are Unrestricted Shares.

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 Edward David’s Form 3 filing for Blue Gold Ltd (BGL) show?

The Form 3 shows Edward David’s initial ownership in Blue Gold Ltd, including direct Class A ordinary shares, indirect holdings through related entities and spouse, and stock options, providing a baseline view of his equity stake as a newly reported insider.

How many Blue Gold Ltd (BGL) shares does Edward David hold directly and indirectly?

Edward David directly holds 754,620 Class A ordinary shares. Indirectly, he has interests in additional Class A ordinary shares through Blue 4D Ltd, Blue Perception Capital LLP, and his spouse, reflecting a larger combined economic exposure to Blue Gold Ltd.

What stock options in Blue Gold Ltd (BGL) does Edward David report on Form 3?

He reports a stock option over 19,642 Class A ordinary shares with an exercise price of 1.2000 per share, expiring on December 26, 2026. These option-linked shares are reserved for distribution to him upon exercise of the option.

How are Blue Perception Capital LLP holdings in Blue Gold Ltd (BGL) treated in Edward David’s Form 3?

Edward David has beneficial ownership of 83,198 Class A ordinary shares held by Blue Perception Capital LLP. These are Restricted Shares that cannot be transferred to him until they become Unrestricted Shares under Blue Gold Ltd’s amended memorandum and articles.

What is Blue 4D Ltd’s role in Edward David’s Blue Gold Ltd (BGL) holdings?

Blue 4D Ltd holds Class A ordinary shares of Blue Gold Ltd for which Edward David is the sole owner of Blue 4D Ltd. He therefore has sole voting and dispositive power over these shares, making them part of his overall economic interest in BGL.