CEO Andrew Cavaghan Increases Stake in Blue Gold Ltd via Compensation Restructuring and Equity Grant

On April 2, 2026, Andrew Cavaghan, the Chief Executive Officer and director of Blue Gold Ltd (BGL), increased his beneficial ownership following an amendment to his employment agreement. Under the new terms, Cavaghan's annual cash compensation was reduced to $1, effective retroactively to January 1, 2026. In exchange, he received a significant equity grant consisting of 157,500 unrestricted Class A ordinary shares and 2,290,000 restricted Class A ordinary shares. The restricted shares are subject to both time-based vesting through 2029 and performance-based vesting linked to share price targets of $15 and $35. Following these transactions, the reporting persons, which include Cavaghan, his spouse Elizabeth Cavaghan, and several affiliated entities (Pegasus Capital Limited, Pegasus Capital Holdings Limited, and Blue Gold Holdings Ltd.), collectively hold 6,431,729 shares. This represents approximately 16.9% of the issuer's 38,017,024 outstanding Class A ordinary shares. Andrew Cavaghan maintains sole voting and dispositive power over the vast majority of these shares, while certain portions are held through the aforementioned entities or shared with his spouse.