Update on Gold Joint Venture

Hamak Gold Limited (LSE: HAMA) notes the press release issued yesterday by its joint venture partner, ASX-listed First Au Limited (ASX: FAU), announcing the commencement of a 3,000m drilling programme on the Nimba project in Liberia, which is under joint venture with Hamak Gold.

Read more on the FAU announcement, here.

Both Hamak Gold and FAU announced the terms of the joint venture on 21 May 2025. As part of the progressive earn-in rights by FAU over the Nimba licence, FAU will make a first payment to Hamak Gold in early August of 100 million fully paid ordinary shares in FAU (currently valued at A$600,000) and A$250,000 in cash, subject to FAU shareholder approval at their AGM on 30 July 2025. In return, Hamak Gold will issue FAU a 35% interest in its subsidiary company 79 Resources Inc that holds the Nimba licence. 

Nick Thurlow, Chairman of Hamak Gold Ltd, commented:

“The FAU announcement, and the very marked increase in FAU’s share price over recent weeks, means that Hamak is now due to receive double the value in new FAU shares it was initially due. Not only does this further boost the Company’s balance sheet, after our very successful fundraise two weeks ago, but also provides additional cash resources for the Board to deploy on our new Bitcoin as Treasury Management strategy.

“As FAU advances our fully-funded gold exploration activities on the ground, we remain committed to complementing this with our forward-looking digital asset policy designed to enhance capital efficiency and provide shareholders with diversified exposure to value. Shareholders can look forward to a number of material developments in this area of our activities in the near future.”