Positive Due Diligence completed on Akoko Gold Project in Ghana
Further to the announcement of 3 December 2026, Hamak Strategy Limited (LSE: HAMA / OTCQB: HASTF) a company combining traditional gold exploration in Africa with a Digital Asset Treasury Management strategy, announces that it has completed its due diligence on the Akoko Gold Project in Southern Ghana and intends to now immediately proceed with its process towards final acquisition of the project.
Summary
· Following the accelerated completion of a comprehensive due diligence programme, Hamak to proceed work towards the acquisition of the Akoko gold project which is located in the world-renowned Ashanti gold mining belt of southern Ghana
· Akoko hosts a near surface and mostly oxide hosted estimated inferred and indicated resource of 252,659 oz at 0.58 g/t (non-JORC)
· A 4,250m reverse circulation (“RC”) drilling campaign is planned to establish a JORC-compliant gold resource
· Metallurgical test work to be undertaken on bulk samples to determine likely gold recoveries
· An independent Preliminary Economic Assessment (“PEA”) will follow to establish the economics of a potential future mining venture
· Acquisition cost of Akoko is approximately US$10/oz, to be satisfied in a combination of cash and Hamak shares
Chief Executive Officer, Karl Smithson, commented:
“In an environment of record high gold prices, Hamak has secured a compelling low-cost option to acquire a near surface oxide gold project which has the potential to be advanced into a low-cost mine in one of the most established mining jurisdictions in Africa.
“Having completed the necessary due diligence, we will now embark on a drilling campaign to establish a new JORC compliant resource, as well as conduct various assays and test work to facilitate the work of independent qualified groups to assess the economic viability for mining at Akoko, with the publication of a PEA report.
“We look forward to providing further updates as we progress this exciting and potentially significant value creation opportunity for Hamak shareholders.”
About the Akoko Project
Further to the RNS of 3 December 2025 where Hamak announced that it had entered into a binding terms sheet to acquire the Akoko gold project in Ghana, a due diligence process including legal and corporate opinions, site visits and community engagements has been satisfactorily completed.
The Akoko project licence, covering 89 square kilometres, is located on the prolific Ashanti gold belt in Ghana in the same geological environment as many multi-million-ounce gold deposits (Figure 1).
Previous operator, CAA Mining, declared a non-JORC inferred resource of 277,000 oz (“ounces”) gold at a grade of 1.7g/t (“grams per tonne”) Au at Akoko, much of which sits in the upper oxides horizons and which Hamak believes will be amenable to a low capex and low-cost heap leach gold mining operation. Based on the 16,000m (“metres”) historical drilling and assay results, Hamak has defined a non-JORC inferred and indicated resource of over 252,000 oz gold at a grade of 0.58g/t.
Over the coming months Hamak intends to conduct a 4,250m RC drilling programme in the upper 80m of the declared resource areas to infill, confirm and potentially extend the resource to a modern JORC (or similar) compliant standard.
In addition, metallurgical testing of both oxide and sulphide ore will be conducted to better understand the potential gold recovery factors in a mining scenario. An independent consulting group will also be retained to work with Hamak to conduct a Preliminary Economic Assessment of the Akoko gold mine potential, to include accurate estimates of capex, opex, production and revenues.
It is envisaged that all this work will be completed before the end of 2026 and allow for Hamak to make an informed decision on whether to exercise its exclusive option to acquire the Akoko gold project.
The Company refers to the announcement dated 3rd December 2026 for a full review of the Akoko gold project and terms of the acquisition.
For the purposes of UK MAR, the person responsible for arranging release of this announcement on behalf of Hamak is Karl Smithson, Chief Executive Officer and Director.