Operational update

Hamak Strategy Limited (LSE: HAMA / OTCQB: HASTF) a company combining traditional gold exploration in Africa with a Digital Asset Treasury Management strategy, announces an update on its gold exploration operations.

Summary

·    Final due diligence on the 250,000oz gold Akoko project in Ghana progressing well

·    Nimba Joint Venture (JV) with First Au Limited (FAU) restructured following announcement by  FAU refocusing its strategy exclusively on Western Australia

o  Hamak to resume 100% of Nimba gold project in Liberia for zero initial payment, having benefitted from over A$600,000 of exploration expenditure by FAU on the project.

·     Advanced discussions with potential new partner for Nimba are ongoing

Executive Director Karl Smithson commented:

“Hamak has had a busy start to 2026 operations on multiple fronts, involving a site visit and due diligence on the Akoko project in Ghana and geochemical soil sampling on the Nimba project in Liberia.  However, the decision by our JV partner FAU to withdraw from all international activities provides the opportunity for Hamak to resume 100% ownership of the highly prospective Nimba gold project, for zero cost, at a time of record gold prices, and it undoubtedly enhances our differentiated gold and bitcoin strategy.

“We will now restructure the Nimba project, against a backdrop of a 68% increase in the spot gold price since the creation of the FAU JV last year, whilst also actively pursuing the due diligence on the high priority Akoko gold project in Ghana, which we look forward to providing further updates on in due course.

“As a result of the rapid and intendend build-up of our activities, we are also formulating a new board and management team to take the business strategy forward, and will announce these changes in the near future.” 

Nimba Project

Hamak and ASX listed First Au Limited (ASX:FAU) have mutually agreed to terminate the Nimba JV agreement entered into in May 2025, and Hamak will re-acquire 100% of the project with immediate effect, for nil initial payment,. FAU has announced, earlier today, its intention to exclusively focus its efforts on domestic, Western Australia activities and has therefore made the strategic decision to withdraw from all its overseas projects, including the Nimba project in Liberia.

During the initial nine months of the JV, FAU has significantly advanced the understanding of the structural geology of the Nimba project, through geological mapping, sampling and the drilling of eleven holes for 1,570 metres. The first two holes drilled intersected wide zones of gold mineralisation of 29m at 1g/t Au and 8m at 2.6g/t Au*, which supported Hamak’s previous best intersection of 20m at 7g/t Au. Subsequent holes targeting certain structural features have however failed to intersect any meaningful mineralsation with low tenure gold returns only. The defined 5km x 1km strong gold in soil anomaly remains to be explained by the limited drilling undertaken to date and further work is required.  Detailed geochemical soil sampling is ongoing by Hamak over the area of interest to better define future drill targets.

During the JV, FAU has expended over A$600,000 on the project. In addition, Hamak has received 100m shares in FAU as well as A$250,000 in cash, in return for issuing FAU a 35% interest in the Nimba project. Both Hamak and FAU have agreed that the 35% interest in Nimba will be returned to Hamak in return for a future Net Smelter Royalty of 2%, which Hamak can repurchase at the production stage for US$1 million for each percentage. Hamak has agreed to sell its 100m shares in FAU off market for A$750,000, being a 17% discount to the 15 day VWAP of the FAU share price. Hamak wil receive the full A$750,000 cash receipts when shares are released from escrow on the 26 February 2026.

Hamak is currently in advanced discussions with a potential new joint venture partner to further advance the Nimba project and updates will be announced on this in the near future.

*refer to announcement dated 8 October 2025

Akoko Gold Project; Ghana

After a successful site visit to the Akoko project in early January by executive Director Karl Smithson, the due diligence process has progressed well and should conclude in the near future. This includes engagement of an independent legal firm to confirm the validity of the licence tenure. Furthermore, following meetings with a number of drilling companies, Hamak is in the process of appointing an experienced drilling company to undertake a planned 4,250m of reverse circulation drillilng to not only confirm but also enhance the confidence in the geological resource, which is currently declared at in excess of 250,000 ounces gold near surface, and which it is believed is amenable to a potential low-cost low-strip ratio open pit heap leach mining operation.

Presently a detailed topographical survey is being conducted across the main areas of gold interest and engagements with the local communities and chiefdoms are ongoing, all in advance of the onset of drilling operations should the due diligence be successfully concluded.

Board and Management Changes

During January the Company has been actively working towards implementing numerous appointments and changes to its board, advisory board and management team to provide a coherent and effective team to drive the corporate strategy over the coming months and years.  These appointments and changes will be announced to the market in the near future.

For the purposes of UK MAR, the person responsible for arranging release of this announcement on behalf of Hamak is Karl Smithson, Executive Director.