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NEW YORK - Blue Gold Limited (NASDAQ:BGL) has signed a definitive purchase agreement to acquire up to a 90% interest in the Mampon Gold & Copper Mining Lease located in Ghana’s Ashanti Gold Belt, the company announced Wednesday.
The transaction will be executed in two tranches. In the first phase, Blue Gold will pay $15 million for a 50% stake in the licensing company by issuing 750,000 ordinary shares to FGR Bogoso Prestea Limited (FGRBPL), subject to closing conditions including approval from the Ghanaian government.
The second tranche is structured as an option exercisable by Blue Gold between 12 and 18 months following the agreement date. If exercised, FGRBPL will transfer the remaining 50% stake based on independently verified resource upgrades, with payments valued at up to $55 per ounce of gold (capped at 6 million ounces) and up to $50 per ton of copper (capped at 4 million tons).
The Mampon deposit currently has an estimated 260,000 ounces of indicated gold resources and is located 80 km north of Bogoso and its carbon-in-leach processing plant.
"The signing of this definitive agreement is a milestone moment for Blue Gold," said Andrew Cavaghan, Chief Executive Officer of Blue Gold Limited, in the press release statement.
This acquisition follows Blue Gold’s July 2025 announcement of a non-binding term sheet for Mampon and aligns with the company’s strategy to expand its resource portfolio across key jurisdictions.
Blue Gold describes itself as a next-generation gold development company focused on acquiring mining assets globally while developing innovative monetization models, including asset-backed digital instruments.
In other recent news, Blue Gold Limited has announced significant financial and strategic developments. The company has secured a $5 million private placement in senior convertible notes and a $75 million equity line of credit with institutional investors. This financial move includes an initial $3.5 million tranche maturing in 2026 and a potential additional $1.5 million tranche. Furthermore, Blue Gold has entered a non-binding agreement to acquire a 90% stake in the Mampon Gold-Copper Mine in Ghana. This acquisition involves issuing $26.25 million in equity and includes an earn-out structure tied to gold and copper production. In strategic appointments, Blue Gold has added Jeremy Frommer, a former RBC Capital Markets executive, and Sameer Salgar from Quazar Investment to its advisory board. Frommer will focus on expanding institutional investor reach and blockchain integration, while Salgar will guide the company’s Digital Gold Initiative. These developments are part of Blue Gold’s ongoing efforts to strengthen its financial and operational capabilities.
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