US-based Blue Gold Limited has signed a non-binding term sheet to acquire a 90% stake in Ghana’s Mampon Gold-Copper Mine, expanding its footprint in West Africa’s mineral-rich Ashanti Gold Belt.

The deal, announced Wednesday (July 30), will see Blue Gold issue shares valued at approximately $26.25mn to secure the majority stake, with an earn-out arrangement that could rise to $45 per confirmed ounce of gold and $55 per confirmed ton of copper. These additional payments are capped at 6 million ounces of gold and 4 million tons of copper, reports Investing News.

The Government of Ghana will retain a 10% stake in the mine, located 80 kilometres north of Bogoso, positioning it close to Blue Gold’s existing Bogoso-Prestea operations and processing facilities.

“This acquisition aligns perfectly with our strategy to consolidate high-potential assets within reach of our existing operations,” a Blue Gold spokesperson said in a statement.

The Mampon site is reported to hold an estimated 300,000 ounces of Measured and Indicated gold resources, according to an independent technical review.

While the transaction is subject to final due diligence, documentation and regulatory approvals, Blue Gold said there is no guarantee the deal will proceed under current terms.

The acquisition follows Blue Gold’s purchase of the 5.1-million-ounce Bogoso-Prestea asset in July 2024. The proximity of Mampon to that mine and its carbon-in-leach processing plant is expected to enhance operational efficiency.

Listed on Nasdaq under the ticker BGL, Blue Gold currently has a market capitalisation of $806 million and is trading at $0.55 per share. According to InvestingPro analysis, the stock appears undervalued, and the company maintains a “GREAT” overall financial health score of 3.33.

The firm, which brands itself as a “digital gold company,” aims to leverage physical gold reserves to back blockchain-based financial instruments. In line with this strategy, it has partnered with TripleBolt Technology LLC to develop a blockchain asset backed by gold futures and is preparing to launch the “Blue Gold Coin.”

Additionally, the company has formed a Blockchain Evolution Advisory Board, naming T. Jack Williams—recognised for his work with electronic gift cards—as its first member. The board will guide Blue Gold’s efforts to digitise real-world gold assets.