Hamak Strategy Limited (LSE:HAMA) has moved to re-establish full ownership of its Nimba gold project in Liberia after agreeing with First Au Limited to unwind their joint venture, returning the asset to 100% Hamak control with no upfront consideration. The decision follows more than A$600,000 of exploration spending by First Au, which also delivered early, encouraging drill intersections, effectively leaving Hamak with a de-risked project at no direct cost. The company said it is now in advanced discussions with a new partner to progress Nimba, while continuing to accelerate activity across its broader gold portfolio.
At the same time, Hamak is advancing due diligence on the Akoko gold project in Ghana, which hosts an estimated 250,000-ounce resource. Preparatory work is well underway, including the appointment of a drilling contractor for a planned 4,250-metre reverse circulation programme, alongside community engagement initiatives and topographical surveys. These steps are intended to support evaluation of a potential low-cost open-pit, heap leach development scenario. Management said the renewed operational momentum comes against a backdrop of sharply higher gold prices and forms part of a broader strategy to scale activity across its African assets.
Alongside project-level progress, the company is reshaping its board and management structure to support a dual gold exploration and Bitcoin treasury strategy. This repositioning signals a more assertive growth and capital markets approach, but also introduces additional complexity and risk. While near-term technical indicators have improved somewhat, the overall outlook remains constrained by the absence of revenue, continued operating losses and negative cash flow, with valuation metrics limited by a negative price-to-earnings profile and no dividend support.
More about Hamak Strategy Limited
Hamak Strategy Limited is a UK-listed company focused on early-stage gold exploration in Africa, with core interests in Liberia and Ghana. The group combines conventional mineral exploration with a digital asset treasury strategy that includes holding part of its reserves in Bitcoin and other cryptoassets, creating a differentiated but higher-risk investment proposition.
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