# EDGAR Filing Document

**Accession Number:** 0002076016
**File Stem:** 0001213900-26-040653
**Filing Date:** 2026-4
**Character Count:** 20200
**Document Hash:** dabdc3b43c284d96ca57e5b70e59a66b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-040653.hdr.sgml**: 20260406

**ACCESSION NUMBER**: 0001213900-26-040653

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260406

**DATE AS OF CHANGE**: 20260406

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue Gold Ltd
- **CENTRAL INDEX KEY:** 0002019435
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95113
- **FILM NUMBER:** 26842775

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** C/O MOURANT GOVERNANCE SERVICES (CAYMAN)
- **STREET 2:** 94 SOLARIS AVENUE, CAMANA BAY
- **CITY:** PO BOX 1348, GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **BUSINESS PHONE:** (952) 456-5300

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** C/O MOURANT GOVERNANCE SERVICES (CAYMAN)
- **STREET 2:** 94 SOLARIS AVENUE, CAMANA BAY
- **CITY:** PO BOX 1348, GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cavaghan Andrew
- **CENTRAL INDEX KEY:** 0002076016

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 124 CITY ROAD
- **STREET 2:** C/O BLUE GOLD INTERNATIONAL LIMITED
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** EC1V 2NX

## Exhibit 99.1

**Exhibit 1**

JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k)(1)

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of the Schedule 13D to which this Agreement is an exhibit (and any further amendment filed by them) with respect to the Class A Ordinary Shares of Blue Gold Limited. This Agreement may be executed simultaneously in any number of counterparts, all of which together shall constitute one and the same instrument.

Dated: April 6, 2026

---

| | |
|:---|:---|
| */s/ Andrew Cavaghan* | */s/ Andrew Cavaghan* |
| Name: | Andrew Cavaghan |
| */s/ Elizabeth Cavaghan* | */s/ Elizabeth Cavaghan* |
| Name: | Elizabeth Cavaghan |
| **Pegasus Capital Limited** | **Pegasus Capital Limited** |
| */s/ Andrew Cavaghan* | */s/ Andrew Cavaghan* |
| Name: | Andrew Cavaghan |
| Title: | Director |
| **Pegasus Capital Holdings Limited** | **Pegasus Capital Holdings Limited** |
| */s/ Andrew Cavaghan* | */s/ Andrew Cavaghan* |
| Name: | Andrew Cavaghan |
| Title: | Director |
| **Blue Gold Holdings Ltd.** | **Blue Gold Holdings Ltd.** |
| */s/ Andrew Cavaghan* | */s/ Andrew Cavaghan* |
| Name: | Andrew Cavaghan |
| Title: | Director |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 3)**

**Blue Gold Ltd**

*(Name of Issuer)*

**Class A ordinary shares**

*(Title of Class of Securities)*

**—**

*(CUSIP Number)*

**Carla Parsons**<br>94 Solaris Avenue, Camana Bay<br>PO Box 1348<br>Grand Cayman E9 KY1-1108<br>44 7904 383701

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**04/02/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Cavaghan Andrew** | Name of reporting person<br>**Cavaghan Andrew** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**6424949.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6780.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**6424949.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6780.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**6431729.00** | Aggregate amount beneficially owned by each reporting person<br>**6431729.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**16.9%** | Percent of class represented by amount in Row (11)<br>**16.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Does not include 1,738 shares held by Ms. Elizabeth Cavaghan, Mr. Cavaghan's spouse, over which Mr. Cavaghan does not have voting or investment control.  Mr. Cavaghan disclaims beneficial ownership over such shares.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Pegasus Capital Limited** | Name of reporting person<br>**Pegasus Capital Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**2631965.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**2631965.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**2631965.00** | Aggregate amount beneficially owned by each reporting person<br>**2631965.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**6.9%** | Percent of class represented by amount in Row (11)<br>**6.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Mr. Cavaghan is the sole owner of Pegasus Capital Limited.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Pegasus Capital Holdings Limited** | Name of reporting person<br>**Pegasus Capital Holdings Limited** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6780.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6780.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**6780.00** | Aggregate amount beneficially owned by each reporting person<br>**6780.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.02%** | Percent of class represented by amount in Row (11)<br>**0.02%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Mr. Cavaghan is a 50% shareholder of Pegasus Capital Holdings Limited.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Ms. Elizabeth Cavaghan** | Name of reporting person<br>**Ms. Elizabeth Cavaghan** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1738.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**6780.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1738.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**6780.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**8518.00** | Aggregate amount beneficially owned by each reporting person<br>**8518.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.02%** | Percent of class represented by amount in Row (11)<br>**0.02%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Ms. Elizabeth Cavaghan is Mr. Cavaghan's spouse and 50% shareholder in Pegasus Capital Holdings Limited.

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Blue Gold Holdings Ltd.** | Name of reporting person<br>**Blue Gold Holdings Ltd.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X0** | Citizenship or place of organization<br>**X0** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**350000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**350000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**350000.00** | Aggregate amount beneficially owned by each reporting person<br>**350000.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0.9%** | Percent of class represented by amount in Row (11)<br>**0.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Mr. Cavaghan is the sole director of Blue Gold Holdings Ltd.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Class A ordinary shares

**(b) Name of Issuer:**
Blue Gold Ltd

**(c) Address of Issuer's Principal Executive Offices:**
94 Solaris Avenue, Camana Bay, PO Box 1348, Grand Cayman, E9, KY1-1108

This Amendment No. 3 (the "Amendment") amends and supplements the Schedule 13D filed with the SEC on July 8, 2025, as previously amended by  the Schedule 13D/A filed with the SEC on July 17, 2025 and the Schedule 13D/A filed with the SEC on March 23, 2026 (collectively, the "Schedule 13D"). Except as set forth in this Amendment, the Schedule 13D remains unchanged. Unless otherwise indicated, all capitalized terms used herein but not defined herein shall have the same meaning as set forth in the Schedule 13D. The following items of Schedule 13D are hereby amended as follows:

**Item 5. Interest in Securities of the Issuer**

**(a)**
The responses to this Item 5 and the information on the cover page are based on 38,017,024.00 Class A ordinary shares outstanding.

The Reporting Persons may be deemed to have, in the aggregate, beneficial ownership of 6,431,729.00 Class A ordinary shares, which represents approximately 16.9% of the Issuer's outstanding Common Shares.

The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities of the Issuer reported herein except to the extent such Reporting Person actually exercises voting or dispositive power with respect to such securities.

**(b)**
The Reporting Persons may be deemed to have, in the aggregate, beneficial ownership of 6,431,729.00 Class A ordinary shares, which represents approximately 16.9% of the Issuer's outstanding Common Shares. Andrew Cavaghan has sole voting power over 6,424,949.00 Class A ordinary shares; shared voting power over 6,780.00 Class A ordinary shares; sole dispositive power over 6,424,949.00 Class A ordinary shares; and shared dispositive power over 6,780.00 Class A ordinary shares. Pegasus Capital Limited has sole voting and dispositive powers over 2,631,965 Class A ordinary shares. Pegasus Capital Holdings Limited has shared voting and dispositive power over 6,780.00 Class A ordinary shares. Blue Gold Holdings Limited has sole voting and dispositive power over 350,000.00 Class A ordinary shares.  Ms. Elizabeth Cavaghan has sole voting and sole dispositive power over 1,738.00 Class A ordinary shares and shared voting and dispositive power over 6,780.00 Class A ordinary shares. The information provided under Item 2 of this 13D is hereby incorporated by reference into this Item 5.

**(c)**
On April 2, 2026, the Reporting Person entered into an amendment to his employment agreement with the Company, pursuant to which his cash compensation was reduced to $1 USD per annum, retroactive to January 1, 2026.  In connection with such amendment, and as approved by the Compensation Committee of the Company's board of directors, the Reporting Person received grants of (i) 157,500.00 unrestricted, fully-vested Class A ordinary shares and (ii) 2,290,000.00 restricted Class A ordinary shares (collectively, the "April 2026 Share Grant"). The restricted Class A ordinary shares will vest as follows: (A) an aggregate of 890,000.00 of the restricted Class A ordinary shares will vest on a daily basis over the following schedule: (a) 390,000.00 in financial year 2026, (b) 240,000.00 in financial year 2027, (c) 175,000.00 in financial year 2028 and (d) 85,000.00 in financial year 2029; (B) 600,000.00 of the restricted Class A ordinary shares will vest when the volume-weighted average price of the Issuer's Class A ordinary shares over any sixty (60) trading day period within the precedent ninety (90) consecutive trading days period is greater than or equal to $15 per Class A ordinary share; and (C) 800,000.00 of the restricted Class A ordinary shares will vest when the volume-weighted average price of the Issuer's Class A ordinary shares over any sixty (60) trading day period within the precedent ninety (90) consecutive trading days period is greater than or equal to $35 per Class A ordinary share. The Reporting Person has the sole power to vote and dispose of such Class A ordinary shares.

The April 2026 Share Grant was made in consideration for the Reporting Persons service to the Company.  The Reporting Person did not pay any cash consideration for April 2026 Share Grant, which was made pursuant to the Issuer's 2025 Equity Incentive Plan (the "Plan") and remains subject to all terms and conditions of the Plan

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Cavaghan Andrew

**Signature:** /s/ Andrew Cavaghan

**Name/Title:** Andrew Cavaghan

**Date:** 04/06/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Pegasus Capital Limited

**Signature:** /s/ Andrew Cavaghan

**Name/Title:** Andrew Cavaghan/Director

**Date:** 04/06/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Pegasus Capital Holdings Limited

**Signature:** /s/ Andrew Cavaghan

**Name/Title:** Andrew Cavaghan/Director

**Date:** 04/06/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Ms. Elizabeth Cavaghan

**Signature:** /s/ Elizabeth Cavaghan

**Name/Title:** Elizabeth Cavaghan

**Date:** 04/06/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Blue Gold Holdings Ltd.

**Signature:** /s/ Andrew Cavaghan

**Name/Title:** Andrew Cavaghan/Director

**Date:** 04/06/2026