Strategic Partnership Due Diligence Completed
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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 Karl Smithson |
+231 (0) 77 005 0005 +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 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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