What's Happening?
Hamak Strategy, a company listed on the LSE and OTCQB, has regained full ownership of its Nimba gold project in Liberia. This development follows the termination of a joint venture with ASX-listed First
Au, which decided to focus solely on Western Australia. As a result, Hamak reacquired First Au's 35% interest in Nimba at no initial cost. The joint venture had previously seen First Au invest over A$600,000 in exploration. Hamak also received 100 million shares in First Au and A$250,000 in cash. The termination agreement includes a future 2% net smelter royalty, which Hamak can repurchase for $1 million per percentage point at the production stage. Hamak is also advancing due diligence on the Akoko gold project in Ghana, with plans for a 4,250-meter drilling program to confirm the existing gold resource.
Why It's Important?
The reacquisition of the Nimba project allows Hamak to fully control a potentially lucrative gold resource at a time of high gold prices. This move aligns with Hamak's strategy to enhance its gold and bitcoin portfolio. The termination of the joint venture with First Au provides Hamak with the opportunity to restructure the Nimba project and pursue new partnerships. The ongoing due diligence and planned drilling at the Akoko project in Ghana could further bolster Hamak's resource base, potentially leading to a low-cost mining operation. These developments could significantly impact Hamak's market position and financial performance, offering potential gains for investors and stakeholders.
What's Next?
Hamak is in discussions with a potential new joint venture partner to advance the Nimba project. The company is also focused on completing due diligence for the Akoko project, with plans to engage a drilling contractor for further exploration. The outcome of these efforts could lead to increased resource confidence and potential mining operations. Additionally, Hamak is considering changes to its board and management team to support its expanding activities. These strategic moves could position Hamak for growth in the gold mining sector, with implications for its operational and financial trajectory.
