The $1bn plus arbitration between Blue Gold, Future Global Resources Limited ("FGRL"), and the Government of Ghana commenced on April 2, 2025 pursuant to the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the Republic of Ghana for the Promotion and Protection of Investments, signed on March 22, 1989 ("the Treaty"). The PCA serves as registry in the arbitration.

On 27 February 2026, Ghana requested the Tribunal to split (or "trifurcate") the case into three separate stages: a first stage to address the Tribunal's jurisdiction, a second stage to address Ghana's liability (if needed), and a third stage to finally address any damages issues (if also needed).

On 13 March 2026, the Company, together with FGRL, submitted their joint response.

On 10 April 2026, the Tribunal issued its Procedural Order No. 3, rejecting Ghana's request. As the Tribunal stated (in its order published by the PCA), it was "not persuaded that bifurcation or trifurcation is appropriate at this stage", citing, among other things, the potential overlap between Ghana's objections and the factual matrix underlying the merits of the dispute, as well as the risk of duplication of time, cost and effort.

Responding to this decision, Andrew Cavaghan, CEO of Blue Gold, stated, "We welcome the Tribunal's decision which ensures the merits of the Company's Treaty claims will now be decided by the international tribunal on a single, consolidated track much more quickly and efficiently than it would otherwise have been. Blue Gold remains focused on advancing its claims in a disciplined and constructive manner, while remaining open to a constructive resolution with the Republic of Ghana, for as long as this remains possible."

Represented by Mayer Brown, the Company will now continue preparing its Memorial on the Merits, the next substantive filing in the arbitration.