REG - Hamak Strategy Ltd. - Signs Binding Term Sheet for Gold Project in Ghana

Hamak StrategyAnnouncement

03/12/2025 07:00

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RNS Number : 9683J  Hamak Strategy Limited  03 December 2025

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3 December 2025

Hamak Strategy Limited

("Hamak" or the "Company")

 

Hamak Signs Binding Term Sheet for 276,500 ounce Gold Project in Ghana

 

Hamak Strategy Ltd. (LSE: HAMA / OTCQB: HASTF), a company combining
traditional gold exploration in Africa with a Digital Asset Treasury
Management strategy, is pleased to announce that it has entered into a Binding
Term Sheet ("Term Sheet") with UK registered private company, CAA Mining
Limited ("CAA"), which holds a purchase option with a private Ghanian company,
Topago Mining Limited ("Topago"), to acquire the highly prospective Akoko gold
licence in Ghana ("Akoko"). Significant historical work on Akoko led to the
definition of an Inferred gold resource of 276,500 ounces, much of which is
hosted in surficial and highly weathered oxide material that may be amenable
to low-cost open pit mining and heap leach gold recovery.

 

Highlights:

 

·     Historical work by CAA and others has identified an Inferred gold
resource at Akoko of 276,500 ounces of contained gold at a grade of 1.6
grammes per tonne ("g/t").

·      Initial due diligence conducted by Hamak, based upon the CAA data
room, has returned very positive results, even using a more conservative
modelling approach, to define a robust, indicated gold resource of 252,659
ounces of contained gold at an average grade of 0.58g/t.

·      Hamak will pay CAA £20,000 for a 120-day exclusivity period to
conclude technical and legal due diligence on Akoko.

·     Subject to a successful outcome of the due diligence, Hamak will
commit to spend a minimum of £500,000 on further exploration and confirmatory
work at Akoko during 2026 with the objective to define, with enhanced
confidence and potentially increase, the gold resource at Akoko, and conduct
an economic scoping study for an open pit, heap-leach gold mining operation.

·     Subject to satisfactory confirmatory work, Hamak will have the
right to exercise its option any time prior to 14 December 2026 to purchase
the Akoko licence via the CAA option with Topago through;

o  Payment of £50,000 cash to CAA

o  Issue of £1 million of new Hamak shares to CAA or its nominees

§ Such issued shares subject to a six-month escrow period

§ Shares issued at a 10% premium to the 30-day VWAP prior to the notice of
exercise

o  Payment of US$1.9 million to Topago.

·     CAA will have the right to appoint its CEO and seasoned gold
executive Douglas Chikohora to the Board of Hamak once Hamak has exercised its
option to purchase Akoko and has issued the shares to CAA.

·      On completion of the acquisition and on entering commercial
production, CAA will be awarded the following Net Smelter Royalty ("NSR");

o  0.5% on gold production up to 250,000 ounces

o  1.0% on gold production from 250,000 ounces to 1 million ounces, capped

·      Hamak will have the first right of refusal to purchase the NSR
from CAA.

·      Proposed acquisition price of cash and shares equates to US$8 to
10 per ounce of gold.

 

Executive Director Karl Smithson commented:

"Hamak has secured the binding rights to acquire a high potential gold project
in the heart of one of the most prolific gold areas in West Africa. The
current Akoko gold resource of over 250,000 ounces provides a great
opportunity for Hamak to quickly assess the economic viability of a low-cost
open pit mining operation. Furthermore, based on the historical data and
results, we see the potential for a much larger gold resource in the Akoko
licence.

 

"The relative acquisition cost of US$8 to 10 per ounce of gold, we believe,
provides shareholders with a significant value accretive transaction
opportunity, particularly considering the current strong and positive outlook
for the gold price.

 

"We look forward to providing further updates as the final stages of due
diligence are completed in the first quarter of 2026."

 

Akoko Project Location and Regional Geology

 

The Akoko Project is situated 25km south of Tarkwa in the Ashanti greenstone
belt of Ghana (Figure 1) centred approximately 45km west northwest of
Takoradi, Ghana's second port and primary locus for the import and fabrication
of mining equipment and approximately a three-hour drive from the capital
Accra. It lies close to the primary mining centres at Tarkwa and Obuasi where
major equipment suppliers and internationally accredited laboratory services
are readily available.

 

The Ashanti belt of Ghana is the most significant area of gold mineralization
in the Paleoproterozoic terrane of West Africa. The area, located in southwest
Ghana, is covered by lithologies of the volcanic-sedimentary Birimian
Supergroup and the overlying clastic sedimentary Tarkwaian Group. Both
packages are highly deformed with widespread isoclinal folding and regional
bedding-parallel cleavage attributed to regional northwest-southeast
compression during the peak of the Eburnian Orogeny c. 2100 Ma. Regional
northeast striking shear zones parallel to the belt margins are also assumed
to have developed during peak Eburnian and appear to be fundamentally
important in the development of the famous Birimian gold deposits for which
Ghana is well known including Ashanti, Prestea-Bogosu, Konongo, and Bibiani.
The proposed Akoto acquisition is in the south-western margin of the famous
Ashanti Gold Belt.

 

Four major types of primary gold mineralization are present in the Ashanti
belt: (a) mesothermal, generally steeply dipping quartz veins in shear zones
mainly transecting Birimian sedimentary rocks, (b) sulphide ores with
auriferous arsenopyrite and pyrite, spatially closely associated with the
quartz veins, (c) sulphide disseminations and stockworks in granitoids, and
(d) palaeoplacers within the Tarkwaian Group. Deep tropical weathering has
oxidized and focussed gold mineralization within the surface weathering
profile.

 

Ghana's gold production is expected to increase by around 6.25%
to approximately 5.1 million ounces in 2025, up from the previous year's
record output of 4.8 million ounces. Much of this production coming from mines
in the Western Region where the Akoko Project is located.

 

The Nzema gold mine, owned by Adamus Resources Ltd, is located approximately
17km west of Akoko and is exploiting both oxide and sulphide ores from open
pit mining and has potential for expansion through adjacent license areas held
by the Company and by infrastructure upgrades.

 

The Iduapriem Mine, 22km along strike to the NNE of Akoko operated by
Anglo-Gold Ashanti is a multiple open-pit operation which produced 237,000ozs
in 2024 and has 1.79Mozs in reserves.

 

The Tarkwa mine, owned by Goldfields, is located approximately 30km NNE of
Akoko, is one of the largest gold mines in Ghana, the mine has estimated
reserves of 15.1Mozs of gold. In 2024 Tarkwa mine produced 551,000ozs of gold
and held Proved and Probable attributable Mineral Reserves amounting to
4.35Mozs. Goldfields also operate the Damang Mine, some 60km NNE of Akoto.

 

The Prestea Gold Mine is located around 35km NNE of Akoko, Blue Gold Corp
recently announced that it had secured US$140m in committed funding to finance
the restart of the Bogoso and Prestea gold mines where reserves total 5.1Mozs.

 

The Wassa Mine located 75km NE of Akoko, 90% owned by Golden Star Resources,
a multi-deposit operation commenced production from surface operations in
2005 and in 2018 transitioned into an underground-focused operation with
reserves of 10.8Mt @ 3.1 g/t Au and annual gold production of around
150,000ozs per annum. Wassa's Southern Extension project provided additional
life of mine and as of December 2024, the Wassa Underground Mining Project was
under construction.

 

The geology seen on the Akoko Permit and the known mineralization seen in
previous drilling confirms the potential of the licence to hoist economic gold
mineralization in similar geologic settings to that elsewhere in the district.

 

 

Figure 1: Outline map of southern Ghana showing the Birimian gold belts, the
location of major gold mines and the Akoko Licence area.

 

Akoko Licence

 

The Akoko Prospecting Licence is held by Ghanian registered private company
Topago Mining Limited and covers a total area of 89.79km², through two
separate non-contiguous areas being Akoko North 11.33km(2) and Akoko South
78.46km(2) (Figure 2). The licence was recently renewed on the 7 June 2024 for
a period of three further years, expiring on the 6 June 2027.

 

The licence area covers part of the southwestern portion of the Ashanti Belt
and occurs within a wide band of Birimian metavolcanics and metasediments just
south of the Tarkwaian sediments to the north and the large Prince's Town type
granitoid intrusive complex to the south. The concession area extends onto the
Prince's Town granitoids and extends westward to cover its western contact
with the metavolcanics. This area has not been mapped in recent times and the
geology and structure of the area remains poorly understood.

 

The Birimian is dominated by metavolcanics and interbedded volcaniclastics and
metasediments. Bands of higher magnetism are possible mafic intrusive sills
and dykes. The large intermediate Prince's Town intrusive complex in the
southern part of the licence area has been mapped as mainly tonalite. However,
towards the west and south-west of Akoko, the granitoids are metaluminous and
typically dioritic to granodioritic of "Dixcove-type".

 

The structure in the area is poorly understood. A major NNE regional feature
has been interpreted to extend northwards to join up with a series of NNE
trending structures along the Tarkwaian contact zone extending to become the
Damang fault. A similar NNE trending structure has been interpreted between
Simpa and Akoko.

 

Residual weathering has resulted in formation of a mature lateritic profile,
variously eroded and incised by recent drainage.

 

 

Figure 2: Maps of the Akoko Permit, on the left is a simple terrain map
showing the permit boundaries and locations of the two presently known
resource areas; on the right is a simplified geological map with soil gold
geochemical anomalies shown and the outlines of the resource areas.

 

Historical Exploration at Akoko

 

Various phases of work have been undertaken on the Akoko licence areas since
2007. Overall, some 2,670 soil geochemical samples were collected, and assay
results are available. Most of these samples have been focussed on the
southwestern corners of the Akoko North and South licences (Figure 3).

 

The eastern portion of the Akoko Project has been subject to very limited
exploration. Soil traverses were completed on mainly 1,600m spacings to extend
soil coverage to the eastern limits of the licence area. This work
successfully defined several new extensive gold anomalies and trends that now
require infill sampling and mapping. At Akoko North nine well defined
anomalies that aggregate of over 10 strike kilometres are also defined
offering immediate targets for drill testing.

 

The CAA data room on Akoko also contains information for 16,628m of 202
reverse circulation drilling and 4 diamond drill holes. The reverse
circulation drilling at Akoto North and South indicates that significant gold
mineralization occurs within near surface horizontal zones up to 150m wide.
These zones are laterally continuous and can be traced along strike for at
least one kilometre. The mineralized zones are typically hosted within
weathered basalts and quartz veining is common

 

The results from the diamond cored holes are consistent with the
interpretation that the oxide gold mineralization at Akoko North and South is
part of a flat lying supergene enriched zone. Significant intersections from
this work included 12m@ 2.68 g/t gold from 24m in hole 11ANDD02 and 11.8m @
3.24 g/t gold from 0.7m in hole 11ANDD03.

 

The mineralized zones are strongly weathered offering excellent physical
mining characteristics by simple ripping and at low cost.

 

Akoko Gold Mineralization

 

The Akoko gold deposits are hosted within metasediments and metavolcanics. The
mineralised lodes are flat lying with a slight plunge to the north.
Mineralization ranges from 20-50m wide and 5-20m thick, is often associated
with quartz veining. The majority of the Resources defined occur within
surficial materials produced by extensive weathering and complete oxidation to
20-40m below surface and which show no obvious lithological controls.
Mineralization is interpreted to be primary in nature with little movement
from source.

 

The former producing Akoko Gold mine is located between the Akoko North and
South licence blocks and was historically mined in the late 1890's and early
1900's, with gold grades of 25g/t Au reported. In the 1930's mining from deep
shafts exploited quartz veins with grades of 20-30g/t Au reported, before the
mine closed.

 

More recent work from 2007, including by Topago, has defined two separate
resources at Akoko North and Akoko South totalling 276,500 ounces at a grade
of 1.6g/t gold (0.2g/t cut-off). However there remains significant exploration
potential to the north, south and east of these resources, as evidenced by
extensive, untested gold in soil geochemical anomalies (Figure 3).

 

Figure 3: Enlargement of Figure 2 showing outline bedrock geology and soil
gold geochemical anomalies.

 

CAA/Topago Resource Modelling of Akoko

 

The most recent resource modelling on Akoko for CAA/Topago was in 2016 and
compiled to JORC standard of reporting by local Ghanaian consultant geologist
Andrew Owusu Asante, which declared an inferred gold resource of 276,500 oz at
a 0.2g/t cut off (Figure 4).

 

Schematic figures of the flat lying oxide resource of Akoko North and drill
intersections are showing in Figure 5). These oxide resources are amenable to
open pit mining with a stripping ratio of <1.

 

Figure 4: CAA/Topago mineral resource complied by Andrew Owusu Asante.

Figure 5: Simplified geological section through the Akoko North resource area
showing the outline of the mineralization within the oxide zone.

 

Hamak Due Diligence and Resource Estimation

 

Hamak's independent consulting geologist Dr. Colin Andrew has taken a more
conservative approach to the resource modelling, essentially to provide a
worst-case scenario so the Company can assess the downside risk to the
project. Using an economic cut-off grade of 0.3g/t Au, the resource has been
defined as having a much larger tonnage potential but at a lower grade,
however delivering essentially a similar gold resource of 252,569 oz Au for
both the oxide and sulphide material (Figure 6).

 

Figure 6: Tabulation of the most recent resource estimation

 

Taking a further conservative view, Hamak's consultant also looked at the
mining potential of just the oxide material that can be exploited in an open
pit mine scenario, with overall pit walls at a 25% angle and gold recovery
assumed at 75%. Three readily exploitable pits have been identified and
modelled, two on the Akoko South resource (Pits 1S and 2S) and one on the
Akoko North resource (Pit 3N). Combined these pits could deliver over 68,000
oz of extractable gold ore at a strip ratio of 0.78 (Figure 7). Based on the
detail of the drilling and modelling, Dr. Colin Andrew stated that these
resources could be classified in the Indicated Resource category with high
level of confidence. A minimum four-year life of mine at 750,000 tons per
annum could be envisaged, which could be extended further by mining laterally
and deeper into more gold mineralized oxide material and at greater depths
into the gold bearing sulphide material, as open pit operations with staged
pit pull-backs.

 

 

  Figure 7: Tabulation of the potential tonnages constrained by initial pit
design.

 

Figure 8: Example of output from the most recent block model (Section through
Pit 3N) showing block gold grades in g/t and 5m interval composited drillhole
assays.

 

Financial Modelling by CAA

 

Hamak has reviewed a financial model by CAA and its consulting group Senet
(South Africa) to interrogate the potential economic returns for an open pit,
heap-leach gold mining operation.

 

It should be stressed that this model is not to be relied upon but simply
provides an economic scenario as envisaged by CAA that needs to be further
developed and refined through the exploration work and various evaluation
studies that Hamak plans to conduct after the initial due diligence is
completed.

 

CAA has assumed a starting capex cost of US$50 million for an open-pit heap
leach operation with an annual throughput of 550,000 tons. Assumptions are
made on the gold recovery (85%) and gold price (US$3,500) which Hamak deems
reasonable. The key economic indicators are show in Figure 9.

 

Based on Hamak's technical due diligence completed to date, including the
conclusions and recommendations of its independent consultant Dr. Colin
Andrew, who also ran a more conservative financial model, Hamak is confident
that the Akoko project represents a viable exploration and development
opportunity.

 

However, further exploration and resource definition work, along with
metallurgical test work and economic scoping studies are required to reach a
commercial decision whether Hamak should exercise the exclusive purchase
option and thereafter seek to enter the mining phase.

 

 

Figure 9: Basic economic indicators and parameters of the CAA economic model.

 

Next Steps

 

After being granted an exclusivity period Hamak intends to complete further
technical due diligence including a site visit to Akoko in January 2026.
Furthermore, legal and corporate/licence due diligence will be undertaken by
retained Ghanaian legal groups.

 

Subject to satisfactory due diligence, Hamak will proceed to commence a
systematic and structured work programme that will include, but not be limited
to, further and confirmatory reverse circulation drilling to verify and
potentially expand on the known gold resource at Akoko. The resource statement
will be updated and re-stated according to reliable industry standards.

 

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. Thereafter an independent consulting group will 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 on the binding terms
outlined above.

 

Further updates on progress and conclusion of the due diligence progress will
be made in due course.

 

For further information on Hamak you are invited to view the Company's website
at https://hamakstrategy.com/ (https://hamakstrategy.com/) or please contact:

 

 Hamak Strategy Limited

 Nick Thurlow                             n.thurlow@hamakstrategy.com (mailto:n.thurlow@hamakstrategy.com)

 Karl Smithson                            k.smithson@hamakstrategy.com (mailto:k.smithson@hamakstrategy.com)
 AlbR Capital Limited (Corporate Broker)  +44 (0) 20 7469 0930

 Yellow Jersey PR

 Annabelle Wills                          +44 (0) 20 3004 9512

About Hamak Strategy Limited

 

Hamak Strategy Limited (LSE: HAMA / OTCQB: HASTF) is a UK listed company
focussed on gold exploration in Africa and with a strategy of pursuing an
appropriate and compliant BTC/ crypto treasury management policy.

About CAA Mining

 

CAA is a private exploration and development company focused on gold and
lithium in Africa.

 

Qualified Person

 

The technical information in this announcement that relates to exploration
results is based on information reviewed by Hamak Strategy's expert consultant
Dr Colin Andrew, who is an independent Consulting Economic Geologist, and
graduate of Imperial College London and the Royal School of Mines and is a
Member of the Institute of Materials, Minerals and Mining, a Fellow of the
Geological Society of London, a Member of the Society of Economic Geologists,
and a registered Chartered Engineer with the Engineering Council.

 

Colin Andrew has over forty-five years of diverse mining industry experience,
relevant to the nature of exploration, the style of mineralization and type of
deposit under consideration and to the activity that he is reviewing, to
qualify as a "an "Independent Qualified Person" as such term is defined in NI
43-101 and JORC Standards.

 

Dr. Andrew independently checked and verified the data disclosed to Hamak by
CAA / Topago including all sampling, analytical and test data underlying the
information or opinions contained in this news release.

 

This data verification included (but was not limited to):

 

·    Review of all standard operating and sampling procedures in RC and
diamond drilling,

·    Review of methodologies used in surveying of drillhole collars,

·    Review of QA/QC methodologies (blanks, duplicates and laboratory
standards)

·    Review of all QA/QC analytical results,

·    Checking and correcting minor errors within the various databases
downloaded from the dataroom,

 

No material flaws were detected during the data verification exercise

 

Cautionary Note Regarding Forward-Looking Statements

 

This news release includes statements that contain "forward-looking
information" within the meaning of the applicable securities legislation
("forward-looking statements"). All statements, other than statements of
historical fact, are forward-looking statements and are based on expectations,
estimates and projections as at the date of this news release. Any statement
that involves discussion with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions, future events or performance
(often, but not always using phrases such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts", "intends",
"anticipates", or "believes" or variations (including negative variations) of
such words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be achieved) are
not statements of historical fact and may be forward-looking statements.

 

In this news release, forward-looking statements relate, among other things,
to: timing of completion of further drilling; the completion of the technical
report; the development, operational and economic results of these studies,
including potential cash flows, capital expenditures, development costs,
extraction rates, recovery rates, mining cost estimates; estimation of mineral
resources; statements about the estimate of mineral resources; magnitude or
quality of mineral deposits; anticipated advancement of the Akoko Gold Project
mine plan; future operations; future exploration prospects; the completion and
timing of future development studies; anticipated advancement of mineral
properties or programs; future exploration prospects; and the future growth
potential of the Akoko Project.

 

These forward-looking statements, and any assumptions upon which they are
based, are made in good faith and reflect our current judgment regarding the
direction of our business. The assumptions underlying the forward-looking
statements are based on information currently available to Hamak. Although the
forward-looking statements contained in this news release are based upon what
management of Hamak believes, or believed at the time, to be reasonable
assumptions, Hamak cannot assure its shareholders that actual results will be
consistent with such forward-looking statements, as there may be other factors
that cause results not to be as anticipated, estimated or intended.
Forward-looking information also involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by the
forward-looking information. Such factors include, among others: risks related
to interpretation of metallurgical characteristics of the mineralization,
changes in project parameters as plans continue to be refined, future metal
prices, availability of capital and financing on acceptable terms, uninsured
risks, regulatory changes, delays or inability to receive required approvals,
taxes, mining title, the speculative nature of the Company's business; the
Company's formative stage of development; the Company's financial position;
possible variations in mineralization, grade or recovery rates; actual results
of current exploration activities; fluctuations in general macroeconomic
conditions; fluctuations in securities markets; fluctuations in spot and
forward prices of gold and other commodities; fluctuations in currency markets
(such as the Pound Sterling to United States dollar exchange rate); change in
national and local government, legislation, taxation, controls, regulations
and political or economic developments; risks and hazards associated with the
business of mineral exploration, development and mining (including
environmental hazards, unusual or unexpected geological formations); the
presence of laws and regulations that may impose restrictions on mining;
employee relations; relationships with and claims by local communities; the
speculative nature of mineral exploration and development (including the risks
of obtaining necessary licenses, permits and approvals from government
authorities); and title to properties.

 

Forward-looking statements contained herein are made as of the date of this
news release and the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information, future
events or results, except as may be required by applicable securities laws.
There can be no assurance that forward-looking information will prove to be
accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking information.

 

Important Notice

The Company maintains some of its treasury reserves and surplus cash in
Bitcoin, a form of cryptocurrency. The Company is not authorised or regulated
by The Financial Conduct Authority (FCA) and Bitcoin investments are generally
not subject to regulation by the FCA or otherwise in the United Kingdom.
Neither the Company nor investors in the Company's shares are protected by the
UK's Financial Ombudsman Service or the Financial Services Compensation
Scheme.

The FCA considers Bitcoin investments to be high-risk. The value of Bitcoin
can go up as well as down, leading to fluctuations in the value of the
Company's Bitcoin holdings, and the Company may not be able to realise its
Bitcoin holdings for the same amount it paid to acquire them, or even for the
value the Company currently attributes to its Bitcoin positions.

The Company's Board of Directors have identified the following risks in
relation to the holding of Bitcoin, which are not exhaustive:

•           The value of Bitcoin can be highly volatile, with its
value falling as quickly as it rises. Investors in Bitcoin must be prepared to
lose all money invested.

•           The Bitcoin market is largely unregulated. There is a
risk of losing money due to factors such as cyber-attacks, financial crime,
and counterparty failure.

•           The Company may not be able to sell its Bitcoin at
will. The ability to sell Bitcoin depends on various factors, including the
supply and demand in the market at the relevant time. Operational failings
such as technology outages, cyber-attacks, and comingling of funds could cause
unwanted delays.

•           Cryptoassets carry a perception of fraud, money
laundering, and financial crime.

An investment in the Company is not an investment in Bitcoin itself, but
prospective investors in the Company are encouraged to conduct their own
research before investing and should be aware that they will have indirect
exposure to the high-risk nature of cryptoassets, including their volatility,
and could therefore sustain large or total losses of their investment.

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