Positive Due Diligence completed on Akoko Project
Summary by AI BETAClose X
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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 3rd 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/ or please contact:
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Hamak Strategy Limited Karl Smithson, CEO and Executive Director Mike Murphy, Executive Director
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AlbR Capital Limited (Corporate Broker)
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+44 (0) 20 7469 0930
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Yellow Jersey PR Annabelle Wills |
+44 (0) 20 3004 9512
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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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