REG - Hamak Gold Limited - Strategic Partnership Due Diligence Completed

Hamak GoldAnnouncement

27/06/2025 07:00

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RNS Number : 6300O  Hamak Gold Limited  27 June 2025

 

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27 June 2025

Hamak Gold Limited

("Hamak Gold" or the "Company")

 

Strategic Partnership Due Diligence Completed on the

  Nimba Gold Project in Liberia

 

Hamak Gold Limited (LSE: HAMA) is pleased to announce that further to the
announcement dated  21 May 2025, related to the strategic partnership with
ASX-listed First Au Limited (ASX: FAU), the due diligence undertaken by FAU
has been satisfactorily completed. Furthermore, the Company notes that on 18
June 2025, FAU announced a successful and oversubscribed fundraise of A$1.5
million, which will enable FAU to meet its expenditure commitments on the
Nimba exploration and drilling programme during 2025.

Highlights

·   FAU has completed satisfactory due diligence on the Nimba gold project
with key conditions precedent satisfied

·    FAU has raised A$1.5million to support its expenditure commitments on
the Nimba project

·   FAU and Hamak's geological teams are currently active on the Nimba
project, conducting detailed geological mapping and have selected priority
drill targets

·    The two new drill rigs recently arrived in Liberia will now be
mobilised to the Nimba project to commence targeted drilling based on the
geologists recommendations

Karl Smithson, Executive Director of Hamak Gold commented:

"We are very pleased that the due diligence exercise on the Nimba project has
been satisfactorily completed and we can now enter into the strategic joint
venture with First Au Limited.  FAU has successfully raised the funding to
meet its expenditure commitments on the Nimba project and we are excited to
commence drilling shortly.

"According to the agreement, the first tranche of A$600,000, being 100 million
shares in FAU and A$250,000 in cash, will be paid to Hamak on completion of
the FAU General meeting scheduled in the latter half of July by FAU in return
for 35% of the Nimba project."

For further information you are invited to view the Company's website at
www.hamakgold.com or please contact:

 Hamak Gold Limited

 Amara Kamara                                   +231 (0) 77 005 0005

 Karl Smithson                                  +44 (0) 77 837 07971
 Peterhouse Capital Limited (Corporate Broker)  +44 (0) 20 7469 0930

 Yellow Jersey PR

 Annabelle Wills                                +44 (0) 20 3004 9512

 About Hamak Gold Limited

Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed on gold
exploration in highly prospective areas of Liberia, where significant drilling
results have identified a new high-grade gold discovery with the discovery
hole returning 20m @ 7g/t Au near surface in its Nimba licence on the border
with Ivory Coast which is located in proximity to the commercial Ity Gold
Mine.

About First Au Limited

FAU is an advanced gold and base metals exploration company listed on the
Australian Securities Exchange (ASX: FAU) and is pursuing exploration
programmes at its Victorian Goldfields Project in East Gippsland and its 100%
owned Gimlet Gold project near Kalgoorlie.

 

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