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The world’s first vertically integrated gold fintech Turning physical gold into digital money, fully backed, audited, and spendable. NASDAQ: BGL Blue Gold Limited Corporate Presentation Q1 2026 (updated February 5, 2026) From mine to token to wallet BlueGoldLtd.com
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Disclaimer This corporate presentation ("Presentation") contains only preliminary information regarding our Company. From time to time, the Company and our officers and representatives may make "forward-looking statements" within the meaning of the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate,” "intend,” "plan,” "goal,” "seek,” "believe,” "project,” "estimate,” "expect,” "strategy,” "future,” "likely,” "may,” "should,” "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding: guidance relating to revenues, gross margins, operating income, net income, and net income per share; expected operating results, such as revenue growth and earnings; anticipated levels of capital expenditures for the fiscal year; current or future volatility in the credit markets and future market conditions; our belief that we have sufficient liquidity to fund our business operations as planned; expectations of the effect on our financial condition of claims, litigation, contingent liabilities, and governmental and regulatory investigations and proceedings; strategy for growth, product development, market position, financial results, and reserves; strategy for risk management. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, many of which are outside our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: economic and financial conditions, continued volatility in the capital or credit markets; the adequacy of our cash flow and earnings and other conditions; developments and changes in laws and regulations. Any forward-looking statement made by us in this document is based only on available information and speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement publicly, whether written or oral, that may be made from time to time, whether as a result of new information, future developments, or otherwise. The presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities. Management of the Company has prepared the information to assist interested parties in evaluating the Company. It does not purport to include all information that a party may desire. In all cases, interested parties should conduct and rely on their investigation and analysis of the Company and the data set forth herein. This document does not constitute an offer to buy these securities. An investment in our Offering is highly speculative, an investor could experience a complete loss of principal, and the investment is illiquid indefinitely. Confidential and Proprietary Information. All information contained herein is confidential and proprietary information of the Company and cannot be disclosed, reproduced, or distributed without the prior written consent of the CEO of the Company or its Placement Agent. 2 Blue Gold Limited – Q1 2026
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Blue Gold Limited Building the world’s first fully integrated gold-backed digital currency ecosystem Why We Exist Fiat currencies fail as a store of value Crypto assets fail on trust and collateral Gold succeeds as money, but lacks usability Key Highlights Standard Gold Coin • 1:1 gram-backed tokens • Audited • Brinks-custodied gold • No leverage, no rehypothecation~1M oz gold supply secured to scale SGC Major Catalysts SGC launch: Q1 2026 Token Listings + Institutional Sales Bogoso lease outcome Mine Acquisitions + Trading sources Share Price1 $2.92 Average Volume1 ~1.23m Market Cap1 $91 Million Capital Structure1 ~33M basic shares ~54M fully dilutedShares Mining Spend Gold Physical golding mining，storage and trading Token Gold backed tokens create a gold economy Wallet Fintech platform making gold a usable currency Digitize Gold Create Gold Positioned for $10T stablecoin market growth Recent analyst price target: $20/share Digital business drives value; mine optionality not priced in 3 NASDAQ: BGL Solving All 3 1) Values as of February 3, 2026 Blue Gold Limited – Q1 2026
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Investment Highlights 4 Why Blue Gold Now From mine to token to wallet, in one listed company Regularly attested gold reserves held in independent secure Vault Digital scale today, mining optionality tomorrow 1M oz secured to meet SGC demand after launch Diversified economics driven by transaction volume Proven operators across mining and fintech Mining, trading, tokenization and wallet in a single listed vehicle. Wyoming statutory trust, Independent Vault, independent attestation, 1:1 gram-backed tokens. High quality digital fee income (SGC + BlueGold One) plus physical division with optionality from Bogoso Mine and acquisition pipeline. >1M oz supply agreement via UAE trading partner to support tokenization roadmap. High quality digital economics; Zack’s Research forecasts $20M rev in H1 2026, and growth of >700% over 24 months 1 CEO raised and deployed >$150M across African mining assets, CTO scaled tech platforms to 50M+ users Blue Gold Limited – Q1 2026 1) Illustrative value from third-party analyst research published by Zacks Small-Cap Research (Dec. 3, 2025)
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Macro Problem Gold remains asleep while fiat erodes decline in dollar purchasing power vs. gold; fiat erosion and global inflation. Gold is a year50 with US$12T <1% digitized, representing one of the largest opportunities in fintech. asset 5 Blue Gold Limited – Q1 2026
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The Tokenization Opportunity Gold is the world’s most trusted asset, but it hasn’t yet been wired into the new settlement rails. $118B+ 2024 Tokenized asset market $10T+ 2030 Projected tokenized asset market 112% CAGR A $10 trillion market opportunity is emerging fast. Tokenized assets estimated at 112% CAGR) Institutions now seeking real, redeemable collateral, not synthetic exposure. ~$118B 2024 >$10T 2030 ~$120B ~$400B (2024) (2025) ~US$1.8–1.9B commodity-backed stablecoins ~68% YoY Global stablecoin value rising from but growing 6 Blue Gold Limited – Q1 2026
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Our Vision & Model Buy gold with your phone. Spend it with your card. Redeem it as a bar. Turn gold into a modern settlement and savings layer for both institutions and consumers. Vision Acquire & secure physical gold at scale. Model Tokenize into 1-gram SGC units with full auditability. Provide always-on liquidity and spendability via Blue Gold’s One App and card. Physical certainty + digital efficiency (SGC), with yields and fees generated across the stack. Outcome 7Blue Gold Limited – Q1 2026
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Digital Business Line: Standard Gold Coin (SGC) Standard Gold Coin: 1 gram of audited, redeemable gold Instrument 1 SGC = 1 gram of physical gold in Independent Vault under a Wyoming digital asset statutory trust. Chain / rails Issued on Base (L2 on Ethereum, Optimism Superchain) for low-cost, high- throughput settlement. Settlement in seconds. Fees measured in cents, not dollars. Reserves •999.9 and 999.5 Good Delivery Certificate Bars sourced from licensed producers and institutional counterparties with full provenance. •Regular independent attestation, bar-level reporting; no leverage, no rehypothecation. Redemption Whole-bar redemption in kind; fractional balances redeemable in USDC. We utilize a transparent, verifiable reserve structure specifically designed for institutional audits. Acquisition Sourced from licensed gold traders and refineries who provide certified gold bars, and traceable supply. Refining Processed into serialized, investment-grade bars. Custody Secured in independent vaults under a Wyoming Digital Asset Statutory Trust. Tokenization SGC minted solely against deposited gold - no leverage, no rehypothecation. Redemption Whole bars redeemed physically; fractional balances paid out in USDC 8 Blue Gold Limited – Q1 2026
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SGC Competitive Positioning SGC vs. existing gold tokens Category Denomination Structure Proof of Reserves Redemption SGC (BlueGold) 1 gram (High utility) Wyoming Statutory Trust Regular Independent Attestation Whole Bar + USDC PAXG (Paxos) 1 troy ounce NYDFS Trust Monthly Attestation High minimums XAUT (Tether) ~1 troy ounce Offshore None Swiss only / High mins SGC is the market's first fully integrated, trust-governed, 1-gram institutional instrument. A clear advantage across every dimension critical to institutions. 9 Blue Gold Limited – Q1 2026
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Blue Gold’s One App & Card Blue Gold’s One App - turning tokenized gold into everyday money Hold, purchase and trade SGC and other crypto assets Target take rate One App Digital wallet to buy, hold and spend SGC and other digital assets – expected launch H2 2026. Debit & Credit Cards Globally accepted (Visa, Mastercard rails), spending directly against SGC balances with rewards on every purchase. Economics Transaction fees on card and wallet activity; additional monetization via credit, lending and treasury services over time. Leverage a globally accepted debit and credit card for everyday purchases Earn rewards, tailored benefits and hold assets confidently and securely 0.5–0.8% Target ARPU $35–$70 Use cases Everyday payments, travel, cross- border spend. On-ramp / off-ramp between fiat, stablecoins and SGC. / year 10 Blue Gold Limited – Q1 2026
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Physical Business: Mining Operations Blue Gold’s gold asset in Ghana provides our physical base Our cornerstone asset is the Bogoso Prestea Gold Mine, located in Ghana’s Ashanti Gold Belt. Production restart planned post resolution of lease dispute. 5.1M Measured & Indicated Resource $500M Legacy investment in infrastructure 250k Planned production over life of mine Oz/year 11 Blue Gold Limited – Q1 2026
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Blue Gold Mines Blue Gold Trading BlueGold One Blue Gold Token Combined, this can turn physical gold into a usable currency powered by fintech infrastructure The BlueGold Ecosystem 5.1M oz Ghana resource 1M oz Secured gold supply 1M SGC Pre-registered demand BlueGold Ecosystem 12 $35+ Targeted ARPU/year1 1) ARPU means Average Revenue Per User, a key metric in software businesses Blue Gold Limited – Q1 2026
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We make money — every gram. Every transaction. Every trade. DIGITAL PHYSICAL Standard Gold Coin One App Blue Gold Trading 1–3% FX-style on-ramp fee when users buy tokens 0.01–0.02% per-transaction fee on trading / transfer 0.5–0.8% effective take rate on wallet and card transaction volume. Potential credit, consumer loans, and business treasury services longer-term. 0.5–1.5% spread on institutional gold purchases vs. sale into the token pool. Blue Gold Trading Traditional mining margins + future potential to forward-sell into token ecosystem (non-dilutive financing)1 13 Blue Gold Limited – Q1 2026 1) Subject to regulatory approvals
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Traction & Key Milestones Early validation of demand and infrastructure Launch of SGC Coverage Funding capacityGold supply agreementPre-registration demand tokens pre-registered shortly after launch – representing ~1 tonne of gold EOI. gold supply capacity secured via Dubai-based DL Hudson Dunes to underpin SGC issuance. equity line of credit for growth. Zacks Small-Cap Research initiation with >1,000,000 SGC >1M oz (31t) $75m escrowed loan for Bogoso/Prestea restart. $65m Additional target price and “material upside” commentary as ecosystem scales. $20 14 Blue Gold Limited – Q1 2026
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Illustrative Market Adoption Scenarios Modeled Standard Gold Coin issuance and activity based on third- party analyst assumptions1 KEY ASSUMPTIONS (BASE CASE) Gold Price2 $3,500/oz Customer Acquisition Investment Tokens Issuance and Value Value of Tokens in Issue Cumulative Tokens in Issue US$ Value of Issued Tokens Tokens Issued (g) 2026 2027 2028 2029 2030 40,000,000 30,000,000 20,000,000 10,000,000 5,000,000,000 3,000,000,000 2,000,000,000 1,000,000,000 Token Burn Rate 1% Assumes major exchange listings Average Token Ownership Per Holder 5 Partnership Growth $5 CAC $15M per annum 50% YOYgrowing per annum 15 2) Illustrative Gold Reference Price, at approx. $113 per gold price in grams. Used solely for translating grams to USD values in token modeling (no mining or reserve assumptions). 1) Illustrative assumptions and reference pricing are informed by third-party analyst research published by Zacks Small-Cap Research (Dec. 3, 2025) and are used solely for digital token modeling purposes. Blue Gold Limited – Q1 2026
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Bogoso Prestea – Upside Scenario Mine restart can add substantial incremental value Independent NPV scenarios (Zack’s Small Cap Research) suggest that at gold prices above US$3,000/oz, Bogoso’s NPV exceeds BGL’s current market cap1. At illustrative spot price scenario (~US$4,121/oz) and a 20% discount rate, the mine could add ~US$32/share to equity value if leases are returned and restart executed1. None of this upside is required for the digital platform to justify Zacks’ US$20/share target1. 16 Digital tokenization and payments platform not dependent on mine restart to succeed. 1) Illustrative assumptions and reference pricing are informed by third-party analyst research published by Zacks Small-Cap Research (Dec. 3, 2025) and are used solely for digital token modeling purposes. Blue Gold Limited – Q1 2026
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Our Team Built by operators across mining, fintech and capital markets Andrew Cavaghan CEO Nathan Dionne CTO Lorenz Werndle CFO Advisors Brings over 15 years of experience working across Sub Saharan Africa on major infrastructure and mining projects, along with a decade in private equity, venture capital, and law. Former Chairman of Blue International Group and former Director at Octopus Investment Group. Qualified Barrister-at Law and member of Middle Temple. Senior technology executive with deep experience in digital payments, fintech, and blockchain. Previously, he was an early team member at CashStar (acquired by Blackhawk), served as CTO of Barstool Sports (acquired by Penn National), co- founded NorthOut (acquired by ECI), and later served as SVP of Digital Transformation at ECI. Finance executive with experience in mining, corporate development, and M&A. He previously led corporate finance and M&A at Mwana Africa PLC and Lonrho PLC, including the financing and restart of the Bindura Nickel Mine. He has also advised mining companies on IPOs and sell- side transactions at Ambrian Partners PLC. Daniel Owiredu Non Exec Chairman Over 30 years’ mining leadership in Ghana and West Africa. Former President of the Ghana Chamber of Mines and EVP/COO of Golden Star Resources. Served as Deputy COO for AngloGold Ashanti. Holds a BSc in Mechanical Engineering and an MBA. 17 Blue Gold Limited – Q1 2026
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Our Team Built by operators across mining, fintech and capital markets Directors Phil Newall Independent Non- Executive Director, Technical Candice Beaumont Independent Non- Executive Director Former Managing Director and Senior Geologist at Wardell Armstrong International, with 40 years’ experience spanning Africa, Asia, and Europe. Holds a PhD in Exploration Geochemistry and has led numerous technical reports and mineral resource evaluations. Advisor to multiple private equity groups and SPACs. Director with 1B2F Venture Fund and Clean Earth Acquisition Corp. Former M&A banker with Lazard and Argonaut Capital. Harvard Kennedy School alumna. 18 David Edward Independent Non- Executive Director Former underwriter at Lloyd’s and founding partner of Ascot Underwriting (sold to AIG). Holds multiple non-exec and advisory roles with investment firms. Specialist in risk and insurance within project finance. Tao Tan Independent Non- Executive Director President of Perception Capital IV. Former McKinsey consultant and investment banker with Bank of America Merrill Lynch and Lehman Brothers. BA and MBA from Columbia University. Advisors T. Jack Williams Advisory Board Fintech veteran T. Jack Williams, inventor of the electronic gift card, joins as the first member. He brings deep expertise in crypto liquidity and payments to support Blue Gold’s tokenization and compliance efforts. Blue Gold Limited – Q1 2026 Sameer Salgar Advisory Board CFO of Quazar Investment, joins the Advisory Board to support the Digital Gold Initiative and UAE expansion. Salgar will guide tech rollout, vault infrastructure, and regional partnerships, strengthening Blue Gold’s strategy of combining gold assets with tokenized digital platforms. Jagdish M. Chanrai Advisory Board Chairman of Hudson Dunes Corporation and Director of the Kewalram Chanrai Group, which founded Olam Group, later exited to Temasek Holdings. Bringing institutional-scale execution, governance, and value creation expertise to Blue Gold’s tokenization strategy. Wes Paul Advisory Board 50+ years experience in finance, wealth management, debt and currency markets, energy, technology. Former Managing Director, Global Head of Investments and Global Management Committee Member at J..P. Morgan. Pioneered currency management for institutional portfolios.
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Capital Structure & Ownership Clean structure with aligned insiders ELOC has terms which mean number of shares issued could vary from the estimates shown. Other corporate transactions may resul t in additional shares being issued. $75,000,000 Institutional ownership ~14% Insider ownership including CEO and other Directors and Officers Assumes $75m issued at $10. 2-year facility. Assumes all exercise at $11.50. 5-year term.$132,250,000 35,047,712 11,500,000 64,590 54,112,302 Outstanding Shares Public Warrants Private Warrants Estimated Total* ~18% Current Holders Shares Estimate DetailsCorresponding New Funding Cap Table – Fully Diluted Estimate 19 Blue Gold Limited – Q1 2026 Equity Line of Credit 7,500,000
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Blue Gold We own the mine. We mint the token. We issue the card. We own the mine, mint the token, and issue the card — delivering end-to-end control from physical gold to digital spend. 20 Full Vertical Integration Blue Gold owns a 5.1 million ounce gold resource in Ghana, providing long-dated physical upside. 5.1M oz in Ghana Over 1 million ounces of gold supply secured to support staged Standard Gold Coin issuance as demand grows. 1M oz Supply Secured 1,000,000 Standard Gold Coins pre-registered after launch, representing ~1 tonne of gold equivalent demand. Proven Demand ~$91 million market cap platform addressing a $10 trillion asset tokenization opportunity. Asymmetric Opportunity Blue Gold Limited – Q1 2026
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The world’s first vertically integrated gold fintech Contact info@bluegoldone.com NASDAQ: BGL Blue Gold Limited Corporate Presentation Q1 2026