REG - Hamak Strategy Ltd. - Positive Due Diligence completed on Akoko Project

Hamak StrategyAnnouncement

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RNS Number : 0201V  Hamak Strategy Limited  03 March 2026

 

 

 

 

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OF SUCH JURISDICTION.

 

3 March 2026

Hamak Strategy Limited

("Hamak" or the "Company")

 

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 3(rd) 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.

 

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

 Karl Smithson, CEO and Executive Director   k.smithson@hamakstrategy.com (mailto:k.smithson@hamakstrategy.com)

 Mike Murphy, Executive Director             m.murphy@hamakstrategy.com (mailto:m.murphy@hamakstrategy.com)

 AlbR Capital Limited (Corporate Broker)     +44 (0) 20 7469 0930

 Yellow Jersey PR                            +44 (0) 20 3004 9512

 Annabelle Wills

 

About Hamak Strategy Limited

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

 

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.

 

However, 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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