Blue Gold signs agreement to acquire Ghana gold mining lease

Blue Gold Limited (NASDAQ: BGL) signed a definitive purchase agreement to acquire up to 90% interest in the Mampon Gold & Copper Mining Lease in Ghana's Ashanti Gold Belt, according to a company statement.

The transaction will proceed in two phases. In the first tranche, Blue Gold will pay $15 million for a 50% stake by issuing 750,000 ordinary shares to FGR Bogoso Prestea Limited. The share count may be adjusted based on the stock's volume-weighted average price over 90 trading days following completion.

The second tranche operates as an option exercisable by Blue Gold between 12 and 18 months after the agreement date. If exercised, the company would acquire the remaining 50% stake, with payment based on independently verified resource upgrades at up to $55 per ounce of gold and $50 per ton of copper.

The Mampon lease contains an estimated 260,000 ounces of indicated gold resources and is located 80 kilometers north of Blue Gold's Bogoso processing plant. The transaction requires approval from Ghana's government and other relevant parties.

"The signing of this definitive agreement is a milestone moment for Blue Gold," said Chief Executive Officer Andrew Cavaghan. "We hope that Mampon will be the first of many strategic acquisitions that will expand our resource base, support our gold-backed digital initiatives, and strengthen our presence in Ghana's Ashanti Belt."

Blue Gold describes this acquisition as the foundation for a broader acquisition strategy across Africa and beyond to expand its resource base and support digital gold initiatives.

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