Interim Results
Summary by AI BETAClose X
1 September 2025
Hamak Gold Limited
("Hamak Gold" or the "Company")
Interim Results
Hamak Gold Limited (LSE: HAMA) is pleased to announce its results for the six-month period ending 30 June 2025 (the "period").
Highlights
· Strategic Joint Venture partnership signed with ASX listed First Au Limited ("FAU") over the Nimba gold exploration licence
o FAU to fund Nimba exploration programme and issue combination of shares and cash to the Company in return for a progressive earn-in
o Detailed mapping and interpretation of structural geology in vicinity of the high-grade Ziatoyah gold discovery completed in advance of a FAU funded drill programme
Highlights Post Period
· On 3 July 2025, the Company raised gross proceeds of £2,467,000 through the issue of 308,375,000 new ordinary shares, each new share has an attaching 1-for-1 warrant at £0.008 per share, with existing shareholders on the register, immediately before the placing and subscription awarded a free 1-for warrant on the same terms
· New Board appointments made to advance the Company's corporate strategy of embarking on a Bitcoin Treasury Management Policy alongside the existing gold exploration, with Nick Thurlow, appointed Executive Chairman and Nicola Horlick as Non-Executive Director
· Appointment of world-renowned economist Dr. Arthur Laffer as inaugural Advisory Board member
· Purchase of 20 Bitcoin at £88,569 per Bitcoin (£1,771,380 total) and strategic partnership with ARCHAX, the first FCA regulated digital asset exchange, broker and custodian
· A 3,000m drilling programme commences at Nimba
· First tranche payments of A$250,000 and 100 million shares in FAU received in return for a 35% position in the Nimba project, with Hamak Gold holding the remaining 65%
Nick Thurlow, Executive Chairman of Hamak Gold, commented:
"We are pleased to announce our interim results for the six-months ending 30 June 2025. Alongside significant progress at Nimba, where drilling is now underway following our joint venture with FAU, we have also launched a Bitcoin Treasury strategy, designed to strengthen and diversity our balance sheet. These combined initiatives position the Company for accelerated growth through the remainder of 2025, with the dual focus of our gold assets and new Bitcoin Treasury strategy to deliver value to Hamak Gold and its shareholders."
For further information you are invited to view the company's website at www.hamakgold.com or please contact:
|
Hamak Gold Limited Nick Thurlow Karl Smithson |
+44 (0) 7541886035 +44 (0) 77 837 07971 |
|
Peterhouse Capital Limited (Corporate Broker) Yellow Jersey PR Annabelle Wills |
+44 (0) 20 7469 0930
+44 (0) 20 3004 9512 |
About Hamak Gold Limited
Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed on gold exploration in Africa and with a strategy of pursuing a BTC/crypto treasury management policy. Through its LSE main board listing investors underweight crypto can get professional exposure to this asset class.
INTERIM MANAGEMENT REPORT
Operating Review
The Company's activities during the period continued to focus on its highly prospective Nimba Licence in northern Liberia, which is located southwest of the nearby 5-million-ounce Ity Gold Mine of Endeavour Mining in neighbouring Ivory Coast.
Nimba Project Joint Venture
During the period a joint venture agreement was entered into with ASX listed First Au Limited ("FAU") whereby FAU paid an initial A$100,000 exclusivity fee in January and agreed to fund ongoing exploration work and pay to Hamak Gold a combination of shares and cash to progressively earn-into the Nimba licence. Following a satisfactory due diligence exercise, the first stage payment of A$250,000 cash and 100 million FAU shares have been received by the Company in return for a 35% interest in the Nimba project. A second stage payment of 200 million FAU shares will be made to Hamak Gold within 9 months of the Stage-1 payment and in return for a further 35% interest in Nimba. At FAU's option a third stage payment of A$600,000 in FAU shares at a market determined VWAP may be made to fully acquire the Nimba project. Thereafter certain Nimba resource-based milestone payments may be made to Hamak Gold in FAU shares totalling A$2 million.
Nimba Exploration
A detailed structural geological mapping exercise was completed across priority areas of the strong 5km x 1km gold in soil anomaly and in proximity to the high-grade Ziatoyah gold discovery as a pre-curser to a FAU funded 3,000m drilling programme during 2025. This drilling is aimed at further delineating the gold mineralisation identified by Hamak Gold at the Ziatoyah discovery.
Two drill rigs were mobilised to Liberia by FAU and cleared through customs. A 3,000m drilling commenced at the Ziatoyah prospect shortly after the post period to test further mineralised extensions to the significant 20m at 7g/t discovery hole. At the time of this interim report, two drill holes, totalling 520m, have been completed.
Licence Holding
In January 2025, a new three-year mineral exploration licence was granted over the Nimba area to wholly owned subsidiary 79 Resources inc. The licences overs an area of 831 sq. kms and covers numerous areas of interest including the high-grade Ziatoyah gold discovery where rock chip sampling from mineralised outcrop returned grades of 37g/t Au and 45g/t Au and where initial drilling intersected 20m at 7g/t Au at shallow depth below the surface.
Post period, but at the time of this interim report, the requisite Environmental Licence for the Nimba permit had been issued by the Environmental Protection Agency.
Outlook
The Nimba gold project will continue to be fully funded by FAU with further receipts of cash and shares expected by Hamak Gold as part of the progressive joint venture earn-in agreement. The first 3,000m drilling should be completed in 2025 with assay results being announced on a regular basis.
Bitcoin Treasury Management Strategy
We are moving forward with our Bitcoin Treasury as announced at the fundraise in July. In an upcoming investor call we will give more details on our Treasury policy and fundraising approach for the rest of 2025. We believe that a strong Bitcoin balance sheet will enable growth for the Company in the coming years and we look forward to adding further expertise to the Company's Board's in the near future
Funding: Post Period End
On 3 July 2025, the Company raised gross proceeds of £2,467,000 through the issue of 308,375,000 new ordinary shares, each new share has an attaching 1-for-1 warrant at £0.008 per share, with existing shareholders on the register, immediately before the placing and subscription awarded a free 1-for warrant on the same terms.
We continue to evaluate a number of funding strategies including further placements of shares and Convertible loan notes. Interest had been extremely high from investors and the Board continues to look at each to bring maximum long term shareholder value.
Responsibility Statement
The Directors confirm that to the best of their knowledge:
(a) the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting' as contained in UK-adopted international accounting standards;
(b) the interim management report includes a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year; and
(c) the interim management report includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules (disclosure of related parties' transactions and changes therein).
Nick Thurlow
Executive Chairman
1 September 2025
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2025
|
|
Note |
6 months ended 30 June 2025 Unaudited |
6 months ended 30 June 2024 Unaudited |
|
Continuing operations |
|
$000 |
$000 |
|
|
|
|
|
|
General and administrative expenses |
|
(324) |
(306) |
|
|
|
|
|
|
Operating Loss |
|
(324) |
(306) |
|
|
|
|
|
|
Finance expense |
13 |
(73) |
- |
|
|
|
|
|
|
Loss before taxation |
|
(397) |
(306) |
|
|
|
|
|
|
Tax charge |
|
- |
- |
|
|
|
|
|
|
Loss after taxation |
|
(397) |
(306) |
|
|
|
|
|
|
Loss for the period |
|
(397) |
(306) |
|
|
|
|
|
|
Earnings per share: basic and diluted earnings per share ($) |
6 |
(0.004) |
(0.004) |
Condensed Consolidated Statement of Financial Position
For the six months ended 30 June 2025
|
|
Note |
6 months ended 30 June 2025 Unaudited |
Year ended 31 December 2024 Audited |
|
|
|
$000 |
$000 |
|
|
|
|
|
|
Non-current assets |
|
|
|
|
Property, plant and equipment |
7 |
7 |
12 |
|
Intangible assets |
8 |
2,055 |
1,921 |
|
Total non-current assets |
|
2,062 |
1,933 |
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
Trade and other receivables |
|
38 |
35 |
|
Cash and cash equivalents |
9 |
36 |
27 |
|
Total current assets |
|
74 |
62 |
|
|
|
|
|
|
Total assets |
|
2,136 |
1,995 |
|
|
|
|
|
|
Equity and Liabilities
|
|
|
|
|
Equity attributable to owners of the parent |
|
|
|
|
Share capital |
10 |
4,750 |
4,261 |
|
Share based payment reserve |
|
30 |
25 |
|
Accumulated deficit |
|
(3,753) |
(3,356) |
|
Total equity |
|
1,027 |
930 |
|
|
|
|
|
|
Non-current liabilities |
|
|
|
|
Loans and borrowings |
13 |
392 |
315 |
|
Derivative financial liability |
13 |
112 |
78 |
|
Total non-current liabilities |
|
504 |
393 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Trade and other payables |
|
605 |
669 |
|
Loans and borrowings |
13 |
- |
3 |
|
Total current liabilities |
|
605 |
672 |
|
Total liabilities |
|
1,109 |
1,065 |
|
|
|
|
|
|
Total equity and liabilities |
|
2,136 |
1,995 |
Condensed Consolidated Statement of Changes in Equity
For the six months ended 30 June 2025
|
|
Share capital |
Share based payment |
Accumulated deficit |
Total equity |
|
|
$000 |
$000 |
$000 |
$000 |
|
Balance at 1 January 2024 |
3,805 |
16 |
(2,272) |
1,549 |
|
|
|
|
|
|
|
Loss for the period |
- |
- |
(306) |
(306) |
|
Issue of share capital |
475 |
- |
- |
475 |
|
Issue costs |
(19) |
- |
- |
(19) |
|
Share-based payment - vesting |
- |
5 |
- |
5 |
|
|
|
|
|
|
|
Balance at 30 June 2024 - Unaudited |
4,261 |
21 |
(2,578) |
1,704 |
|
|
|
|
|
|
|
Loss for the period |
- |
- |
(778) |
(778) |
|
Share-based payment - vesting |
- |
4 |
- |
4 |
|
|
|
|
|
|
|
Balance at 31 December 2024 - Audited |
4,261 |
25 |
(3,356) |
930 |
|
|
|
|
|
|
|
Loss for the period |
- |
- |
(397) |
(397) |
|
Issue of share capital |
489 |
- |
- |
489 |
|
Share based awards charge |
- |
5 |
- |
5 |
|
|
|
|
|
|
|
Balance at 30 June 2025 - Unaudited |
4,750 |
30 |
(3,753) |
1,027 |
Condensed Consolidated Statement of Cash Flows
For the six months ended 30 June 2025
|
|
Notes |
6 months ended 30 June 2025 Unaudited |
6 months ended 30 June 2024 Unaudited |
|
|
|
$000 |
$000 |
|
Cash flows from operating activities
|
|
|
|
|
Operating loss |
|
(397) |
(306) |
|
Adjusted for: |
|
|
|
|
Share based payment charge |
|
5 |
5 |
|
Finance costs |
13 |
73 |
- |
|
Directors' fees paid in shares |
10 |
185 |
122 |
|
Depreciation and amortisation |
|
5 |
6 |
|
Unrealised foreign exchange change |
|
38 |
(1) |
|
Net cash flow before changes in working capital |
|
(91) |
(174) |
|
|
|
|
|
|
Adjusted for:
|
|
|
|
|
Movement in payables |
|
237 |
102 |
|
Movement in receivables |
|
(3) |
(23) |
|
Net cash flow from operating activities |
|
143 |
(95) |
|
|
|
|
|
|
Investing activities |
|
|
|
|
Exploration expenditure |
|
(134) |
(91) |
|
Net cash flow from investing activities |
|
(134) |
(91) |
|
|
|
|
|
|
Cash flow from financing activities
|
|
|
|
|
Issue of share capital (net of costs) |
10 |
- |
248 |
|
Net cash flow from financing activities |
|
- |
248 |
|
|
|
|
|
|
Net change in cash and cash equivalents during the year/period |
|
9 |
62 |
|
Cash and cash equivalents at beginning of the period |
|
27 |
2 |
|
Cash and cash equivalents at end of the period |
|
36 |
64 |
Notes to the condensed consolidated interim financial information
1. GENERAL INFORMATION
Hamak Gold Ltd ("Company") was incorporated on 6 May 2021 and was incorporated under the BVI Business Companies Act, 2004 (as amended) of the British Virgin Islands with Company number 2062435. The Company is limited by shares. The Company's registered office is Pasea Estate, P.O. Box 958, Road Town, Tortola, VG1110, BVI.
The Company is a public limited company, which is listed on the Standard Listing of the London Stock Exchange. The principal activity of the Company is mineral exploration.
The Company together with its wholly owned subsidiaries Hamak Gold Limited (Liberia) and 79 Resources Inc, is referred to as the Group.
2. BASIS OF PREPARATION
The consolidated interim financial statements for the six months ended 30 June 2025 have been prepared in accordance with the requirements of IAS 34 "Interim Financial Statements". The interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2024, which have been prepared in accordance with the UK-adopted International Accounting Standards and as applied in accordance with the provisions of the applicable law. The report of the auditors on those financial statements was unqualified.
The interim financial statements of the Group are unaudited financial statements for the six months ended 30 June 2025 have not been audited or reviewed by the Group's auditors. The financial statements have been prepared under the historical cost convention. The consolidated financial statements are presented in United States Dollars ($), which is the Group's functional and presentation currency.
Comparatives
The comparatives presented are for the unaudited 6 months period ended 30 June 2024 for the Condensed Consolidated Statement of Comprehensive Income, Condensed Consolidated Statement of Changes in Equity, Condensed Consolidated Statement of Cash Flows and for the audited year ended 31 December 2024 for the Condensed Consolidated Statement of financial Position and Condensed Consolidated Statement of Changes in Equity.
Going concern
On 3 July 2025 the Company raised £2.47 million before expenses from the issue of new shares, the funds used to buy Bitcoin under its policy to acquire Digital Asset Treasure in addition to its gold exploration assets, and for general working capital purposes. In addition, in August 2025, stage one funds have been received from FAU of A$0.25 million and 100 million FAU shares subject to a 6-month lock in, as part of FAU's acquisition of 35% of the Group's Nimba project.
The Directors believe the Group has sufficient cash and readily convertible assets to provide funding to meet its planned expenditure for at least 12 months from the date of approval of these interim consolidated financial statements and therefore the interim consolidated financial statement have been prepared on a going concern basis.
3. SIGNIFICANT ACCOUNTING POLICIES
In preparing these condensed consolidated financial statements, the Group's accounting policies were consistent with those applied to the Group's consolidated financial statements for the year ended 31 December 2024.
4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions.
The judgements, estimates and assumptions applied in the condensed interim financial statements, including the key sources of estimation uncertainty, were the same as those applied in the Group's last annual financial statements for the year ended 31 December 2024.
5. BUSINESS AND GEOGRAPHICAL REPORTING
The Group's chief operating decision maker is considered to be the executive directors (the 'Executive Board'). The Executive Board evaluates the financial performance of the Group. During the period the Group had one activity only. The whole of the value of the Group's net assets was attributable to mineral exploration.
6. LOSS PER SHARE
Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.
|
Unaudited |
|
6 months ended 30 June 2025 |
6 months ended 30 June 2024 |
|
|
|
$000 |
$000 |
|
Loss from continuing operations attributable to equity holders of the company |
|
(397) |
(306) |
|
Weighted average number of ordinary shares in issue |
|
92,505,380 |
77,441,274 |
|
Basic and fully diluted loss per share from continuing operations in $ |
|
(0.004) |
(0.004) |
7. PROPERTY, PLANT AND EQUIPMENT
|
|
Plant and Equipment |
Total |
|
|
$000 |
$000 |
|
Cost |
|
|
|
At 1 January 2025 |
41 |
41 |
|
Additions |
- |
- |
|
At 30 June 2025 - unaudited |
41 |
41 |
|
|
|
|
|
Cost |
|
|
|
At 1 January 2024 |
41 |
41 |
|
Additions |
- |
- |
|
At 31 December 2024 - audited |
41 |
41 |
|
|
|
|
|
Accumulated Depreciation |
|
|
|
At 1 January 2025 |
29 |
29 |
|
Depreciation charge |
5 |
5 |
|
At 30 June 2025 - unaudited |
34 |
34 |
|
|
|
|
|
Accumulated Depreciation |
|
|
|
At 1 January 2024 |
18 |
18 |
|
Depreciation charge |
11 |
11 |
|
At 31 December 2024 - audited |
29 |
29 |
|
|
|
|
|
Net book value |
|
|
|
At 30 June 2025 - unaudited |
7 |
7 |
|
At 31 December 2024 - audited |
12 |
12 |
8. INTANGIBLE ASSETS
|
|
Mineral Properties |
Licences |
Total |
|
|
$000 |
$000 |
$000 |
|
Cost |
|
|
|
|
At 1 January 2025 |
1,127 |
794 |
1,921 |
|
Additions |
134 |
- |
134 |
|
At 30 June 2025 - unaudited |
1,261 |
794 |
2,055 |
|
|
|
|
|
|
Cost |
|
|
|
|
At 1 January 2024 |
1,092 |
863 |
1,955 |
|
Additions |
136 |
- |
136 |
|
Impairment charge |
(101) |
(69) |
(170) |
|
At 31 December 2024 - audited |
1,127 |
794 |
1,921 |
|
|
|
|
|
|
Accumulated Amortisation |
|
|
|
|
At 1 January 2025 |
- |
- |
- |
|
Amortisation charge |
- |
- |
- |
|
At 30 June 2025 - unaudited |
- |
- |
- |
|
|
|
|
|
|
Accumulated Amortisation |
|
|
|
|
At 1 January 2024 |
- |
- |
- |
|
Amortisation charge |
- |
- |
- |
|
At 31 December 2024 - audited |
- |
- |
- |
|
|
|
|
|
|
Net book value |
|
|
|
|
At 30 June 2025 - unaudited |
1,261 |
794 |
2,055 |
|
At 31 December 2024 - audited |
1,127 |
794 |
1,921 |
9. CASH AND CASH EQUIVALENT
|
|
|
6 months ended 30 June 2025 Unaudited |
Year ended 31 December 2024 Audited |
|
|
|
$000 |
$000 |
|
Cash at bank |
|
36 |
27 |
|
|
|
|
|
|
|
|
36 |
27 |
10. SHARE CAPITAL
|
|
Number of ordinary shares of nil par value |
Share capital |
Share premium |
|
Total as at 1 January 2024 |
50,563,522 |
- |
3,805 |
|
Share issue - placing |
16,000,000 |
- |
249 |
|
Share issue - directors & management fee shares |
11,392,381 |
- |
177 |
|
Share issue - in lieu of services provided |
3,120,000 |
- |
49 |
|
Share issue - costs |
- |
- |
(19) |
|
Total as at 31 December 2024 |
81,075,903 |
- |
4,261 |
|
|
|
|
|
|
Share issue - directors & management fee shares |
30,517,241 |
- |
238 |
|
Share issue - consultant shares |
32,171,706 |
- |
251 |
|
Total as at 30 June 2025 |
143,764,850 |
- |
4,750 |
For a more detailed description of the share capital movements for 2024 refer to the audited financial statements for the year ended 31 December 2024.
Directors and management fees
During the period 30,517,241 new ordinary shares were issued to directors and management of the Company at £0.0058 per share in lieu of fees.
Consultants shares
During the period 32,171,706 new ordinary shares were issued to a number of third-party services providers at £0.0058 per share in lieu of services provided.
Reconciliation of movement of share capital to the movements in the cashflow statement:
|
|
Share capital |
Share premium |
|
At 31 December 2024 |
- |
4,261 |
|
|
|
|
|
Share capital issued in settlement of contractual obligations |
- |
489 |
|
Total as at 30 June 2025 |
- |
4,750 |
11. SHARE BASED PAYMENTS
Performance Rights
At 30 June 2025, the Company had outstanding performance rights to subscribe for ordinary shares as follows:
|
Weight average exercise price |
Expiry date |
At 01/01/25 |
Issued |
expired or lapsed |
At 30/06/2025 |
|
Nil |
07/07/2032 |
953,107 |
- |
- |
953,107 |
|
|
|
953,107 |
- |
- |
953,107 |
Information on the inputs and fair value calculations relating to the performance rights are shown in the audited financial statements for the year ended 31 December 2024.
12. RELATED PARTY TRANSACTIONS
During the period certain directors were awarded Ordinary Shares in the Company. Further details can be found in note 10, Share Capital.
13. CONVERTIBLE LOAN AND EMBEDDED DERIVATIVE FINANCIAL LIABILITY
As disclosed in Note 14 to the audited financial statements for the year ended 31 December 2024, on 16 July 2024 the Company issued £300,000 of unsecured convertible loan notes ("CLNs") to Vela Technologies (now Caledonian Holdings plc.) in exchange for listed shares in that entity. The CLNs are redeemable after 24 months, accrue interest at 10% per annum, and include an embedded derivative relating to the variable conversion price feature.
As at 30 June 2025, the fair value of the embedded derivative financial liability was reassessed and updated to $112,009 (31-Dec-2024: $78,282), with a corresponding finance expense of $26,092 (30-Jun-2024: nil) recognised in the Consolidated Statement of Comprehensive Income. The host loan component is carried at amortised cost of $392,265 (31-Dec-2024: $314,542, with $47,046 (30-Jun-2024: $nil) recognised as a finance expense during the period.
There were no changes to the key terms of the CLNs during the period.
14. EVENTS AFTER THE REPORTING DATE
On 3 July 2025, the Company raised gross proceeds of £2,467,000 through the issue of 308,375,000 new ordinary shares, each new share has an attaching 1-for-1 warrant at £0.008 per share, with existing shareholders on the register, immediately before the placing and subscription awarded a free 1-for warrant on the same terms.
In July 2025 the Company made its first purchases of 20 Bitcoin at £88,569 each for £1,771,380.
On 26 August 2025, the Company received a first tranche payments from FAU of A$250,000 and 100 million shares in FAU in return for a 35% position in the Nimba project, with Hamak Gold holding the remaining 65%.
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