Blue Gold Limited · NASDAQ:BGL
Blue Gold — Investor Presentation (February 2025)
31 slides from Blue Gold's investor presentation, February 2025
Slide 1: Corporate Presentation
Blue Gold Limited Corporate Presentation February 2025
Slide 2: Disclosures
Disclosures The content of this presentation has not been approved in terms of the UK Financial Services and Markets Act 2000. This presentation does not constitute an offer, invitation or solicitation to purchase or subscribe for any securities of the Company and should not be relied on in connecti
Slide 3: Disclaimer
Disclaimer This presentation is being delivered on behalf of Blue Gold Holdings Limited (the “Company”). The sole purpose of this presentation is to provide information in connection with a review of the Company’s operations and/or financial status. This presentation does not purport to be all-inclu
Slide 4: Overview
Overview Bogoso and Prestea gold mine in Ghana Substantial Brownfield Resource Base Restart Strategic Backer Imminent Listing 4
Slide 5: Bogoso Prestea Mine: historic recoveries of >9M oz
Bogoso Prestea Mine: historic recoveries of >9M oz 2024 January: Blue Gold 1999 1950s-1990s 1992 Golden Star 2021 acquires the Mine from FGR Nationalised following Operated by Biliton Resources (GSR), a September: Final Ghana’s independence, Bogoso Gold Ltd (BBGL) Canadian company, revised terms of
Slide 6: Mineral Resource Summary – Measured & Indicated
Mineral Resource Summary – Measured & Indicated Tonnes Grade Gold Area Source (Kt) (g/t) (Koz) Open Pit SK-1300 (2024) 75,966 1.96 4,790 Based on the latest independent technical report Underground SK-1300 (2024) 626 15.98 322 Based on underground development drive sampling Total Amount Mined In Mod
Slide 7: Highly Prospective Property
Highly Prospective Property >2 Moz of identified exploration upside and blue sky along 44km strike 1 Bogoso – Opon Mining • Oxide ore exploration on Busichem East to increase Oxide Resource by >500Koz • 18.5Mt @ 0.9+ g/t Au historic tailings1 2 Prestea North & South Mining • Oasis Decline potential
Slide 8: Ghana: Gold Mining Powerhouse
Ghana: Gold Mining Powerhouse Operating within Africa’s top gold-producing country No 1 gold producer in Africa and top 10 globally Stable democratic government Well-regulated mining code Long history of major mines in country Skilled workforce Highly prospective land with continued discovery in-cou
Slide 9: Ghana: Gold Mining Powerhouse
Ghana: Gold Mining Powerhouse Home to Tier-1 gold producers Bogoso Prestea is the 5th Top 5 Largest Gold Deposits in Ghana1 largest mining resource in Ghana1 M&I incl. Market Cap Company Project Reserves ($USb) (Moz) Bogoso Prestea is the 12th Gold Fields 12.4 Tarkwa 16.2 largest mining resource in
Slide 10: Board of Directors – planned for listed entity
Board of Directors – planned for listed entity Daniel Owiredu Andrew Cavaghan Mark Green Phil Newall Tao Tan Candice Beaumont David Edward CEO and Director Executive Chairman President and Director Independent Independent Independent Independent and Director Non-Executive Director, Non-Executive Dir
Slide 11: Status of Nasdaq Listing
Status of Nasdaq Listing 6 Dec 2023: definitive agreement signed PCIV for a reverse merger (amended and restated 12 June 2024) Perception Capital IV Corporation “PCIV”) • Blank Cheque Company 27 Jan 2024: Sale and Purchase agreement signed with the Royalty Agreement (for 250,000 oz) • US$118m Market
Slide 12: Half Year 2024 Condensed and Consolidated Balance Sheet
Half Year 2024 Condensed and Consolidated Balance Sheet Assets June 30, Liabilities June 30, Stockholders’ deficit June 30, 2024 2024 2024 (unaudite (unaudited) (unaudited) d) (US$m) (US$m) (US$m) Note: All figures are in US$ millions (US$M), except for "Cash," which is shown in exact US$. Current l
Slide 13: Corporate Structure
Corporate Structure Current Structure Post deSpac Structure (July 2024) (Q1 2025) Nasdaq listed Nasdaq listed vehicle vehicle Perception Capital Blue Gold Limited Corp. IV Cayman Business Combination Agreement signed Dec23 Blue Gold Holdings Government of Blue Gold Holdings Government of Contract Li
Slide 14: Summary of US$50m Restart Capital Investment – Sources and Uses
Summary of US$50m Restart Capital Investment – Sources and Uses Total USES Notes (US$ Critical for Start-up (‘Priority 1’) 12 Costs pre-start-up (Oct-Dec 2024) Production Step-up (‘Priority 2’) 7 Investment made to step-up production from Oct 2024 onwards Staying-in-Business 16 Critical ongoing cost
Slide 15: Net Present Value of Project
Net Present Value of Project The below sensitivities show the impacts to the Net Present Value 8% (NPV) with changes to the gold price1 (assuming an average gold price for the 18-year life of mine of $2,006/oz) and discount rate. Discount Rate Gold Price Project NPV Project NPV 8% Sensitivity Sensit
Slide 16: Comparable Mining Company Valuations of Peers US-listed
Comparable Mining Company Valuations of Peers1 US-listed Enterprise Value ($m) / Resource (Au Oz) $300.00 $247.50 $250.00 $208.30 $200.00 $150.00 $124.87 $102.11 $101.56 $100.00 $70.48 $70.41 $59.86 $56.51 $49.08 $50.00 $39.64 $- Stage Producer Producer Producer Producer Producer Producer Producer P
Slide 17: Conclusion
Conclusion Strategic Backer Imminent Listing Brownfield Restart Substantial Resource • Substantial 5.1 Moz gold • $50m investment in capital • US$300m deSpac planned • Over US$500 million of resource with an average improvements and opex on the Nasdaq in Q1 2025 historic investment in grade of 2.08
Slide 18: Andrew Cavaghan – Executive Chairman; Mark Green – Director
Andrew Cavaghan – Executive Chairman +44 (0) 7415 105 549; +233 (0) 24 880 6652 acavaghan@bluegoldmines.com Mark Green – Director +44 (0) 7415 105 548 mag@bcmp.com
Slide 19: Appendices
Appendices Appendices PRIVATE AND CONFIDENTIAL
Slide 20: Bogoso Prestea Project Mineral Resource Estimate
Bogoso Prestea Project Mineral Resource Estimate • PUG updated 26-03-2024 based on updated stope depletion data, change in COG to 5.2 and change to assumed mining method away from restrictive Alimak stoping method • OP resources reported within optimised pit shell at US$ 2,050/oz (RF1.35 based on ba
Slide 21: Bogoso Open Pits
Bogoso Open Pits Mining Capacity: • ~100,000 tonnes pcm current • Contract Mining – production will be increased as process capacity increases • Shift basis: 2 x 10 hour shifts Recent Open Pit Operations: • Beta North, Beta South and Bondaye. Equipment in use: • 5 x Excavators • 1 x 140H Grader • 40
Slide 22: Prestea Underground
Prestea Underground • Mining Capacity: 12-15 tonnes pcm capacity. • Recent Operations: recently on levels 24, 19 and 17. • Equipment in use: Infrastructure in use: • Scoops • Bondaye shaft – ore/waste • Locos • Central shaft • Solo • Ventilation shafts • Jumbo • Electrical substation • Pumps • Prest
Slide 23: Prestea Underground
Prestea Underground Prestea Shaft Workshop Jumbo Tram PRIVATE AND CONFIDENTIAL 23
Slide 24: Tailings TSF and Marlu – Possible Upside Case
Tailings TSF and Marlu – Possible Upside Case Marlu Tailings • Tailings sitting for over 67 years. • Tailings embankments predominantly natural ground. • Ample time to consolidate, stabilise and oxidise. • This reduces the geotechnical risks. TSF Tailings • 18.5 Mt @ 0.9 g/t. • Of which 10.0 Mt is a
Slide 25: Tailings and Monitoring Retreatment Plant – Upside Opportunity
Tailings and Monitoring Retreatment Plant – Upside Opportunity Monitoring Retreatment Plant – Refurbishment Refurbishment and Management TSF reprocessing TSF1 Tails Monitoring Plant Marlu Tailings TSF1 Tails Monitoring Station PRIVATE AND CONFIDENTIAL 25
Slide 26: Processing Plant
Processing Plant Existing facilities, infrastructure and workforce. • 1.5Mt pa capacity carbon-in-leach (CIL) processing plant. • 4 Knelson Concentrators with 2 new KN’s on order. • Ball Mill and SAG Mill. • ACACIA unit available in Gravity. • Plant Recovery of 76% in 2022 and 82% in 2023. Historic
Slide 27: Processing Plant Flowsheet
Processing Plant Flowsheet PRIVATE AND CONFIDENTIAL 27
Slide 28: Regional Geology – Exploration Potential
Regional Geology – Exploration Potential • The Bogoso and Prestea concessions lie within the southern portion of the Ashanti Greenstone Belt, host to numerous gold occurrences. • Rock assemblages from the southern area of the Ashanti Belt were formed between a period spanning from 2,080 to 2,240 Ma,
Slide 29: Mineable Reserve & Resource Summary: Underground
Mineable Reserve & Resource Summary: Underground Grade Control – West Reef Resource Model Report Update (COG @ 5.2g/t) Indicated Tonnes Grade Ounce Grand Total 626,293 15.98 321,795 Technical Updates • Current Grade Control (GC) drilling and Resource Modelling (RM) following the 2024 NI43-101 indica
Slide 30: Additional Underground and Refractory
Additional Underground and Refractory The Refractory Underground reserves hold substantial untapped potential and can be realized once a refractory plant becomes operational for ore processing. Underground Development drives Underground has 3 major reefs Main, West and East • West reef is currently
Slide 31: ESG Platform – Oil Palm Plantation
ESG Platform – Oil Palm Plantation A commitment to environmental protection is part of our core • Recognise that mining operations can have adverse approach to doing business and reflected both as a shared and impacts on biodiversity, especially when located near or individual responsibility. within