Hamak Strategy Limited (LSE:HAMA) has wrapped up its due diligence review of the Akoko Gold Project, located within Ghana’s highly prospective Ashanti gold belt, and is now progressing toward completing the acquisition. The company has secured an exclusive option over a shallow oxide resource that management believes could underpin a low-capex, heap-leach mining operation.
Akoko currently contains a non-JORC compliant inferred and indicated resource estimated at approximately 252,659 ounces grading 0.58 grams per tonne. To advance the project toward internationally recognised reporting standards, Hamak intends to undertake 4,250 metres of reverse circulation drilling alongside metallurgical testing. The objective is to convert the existing resource into a JORC-compliant estimate and evaluate potential gold recoveries.
An independent Preliminary Economic Assessment (PEA) will also be commissioned to analyse anticipated capital expenditure, operating costs, production forecasts and revenue potential. The company aims to complete this body of work by the end of 2026. At that point, Hamak will determine whether to exercise its exclusive option to acquire Akoko, which implies a purchase price of roughly US$10 per ounce.
Management characterises the project as a potentially low-cost expansion opportunity at a time of historically strong gold prices. If technical and economic studies confirm viability, the acquisition could strengthen the group’s asset portfolio and offer meaningful upside for shareholders.
However, Hamak’s broader investment profile remains weighed down by limited financial traction. The company currently reports no revenue, continues to post operating losses, and generates negative cash flow. While short-term technical indicators have shown some improvement, valuation metrics remain constrained by a negative price-to-earnings ratio and the absence of dividend payments.
More about Hamak Gold Limited
Hamak Strategy Limited is a UK-listed exploration company targeting gold opportunities across Africa. In addition to its mineral exploration activities, the group maintains a digital asset treasury approach, allocating part of its reserves to Bitcoin and other cryptoassets. This hybrid model provides exposure to both gold exploration upside and the price volatility and regulatory risks associated with cryptocurrency holdings.
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