Hamak Gold’s strategy is to find Liberia’s next multi-million-ounce gold mine and simultaneously acquire value accretive projects in the West African region. Hamak Gold will achieve this by leveraging our technical capabilities using the skills of its internationally experienced and in-country technical teams well as  developing joint venture partnerships to explore rapidly and efficiently to deliver shareholder value through low-cost discovery and development of gold and base metal deposits

Our strategic partnership with First Au Limited (ASX: FAU) will ensure that we can rapidly advance the development of the Nimba exploration programme through efficient, cost effective drilling.  FAU has an excellent technical team that can lead the programme with the objective of further defining the extent of the high-grade Ziatoyah gold discovery with the ultimate objective of progressing towards a maiden resource declaration.

The exploration expenditure will be fully funded by FAU whilst Hamak Gold will simultaneously accrue value through the progressive issue of A$1.9 million of FAU shares over the next 12 months.  The Company will also have possible future value accretion events of a further A$2 million in FAU shares being issued in the event of a resource declaration at Nimba.

The Nimba Gold Project establishes FAU’s presence in a highly prospective yet underexplored region of West Africa. The Nimba Gold Project is proximal to the established Ity gold operation owned by Endeavour in neighbouring Cote D’Ivoire and will combine Hamak Gold’s promising exploration results to date with the application of its technical expertise and undertake systemic exploration to define a substantial gold resource.

Liberia has a long history of artisanal gold mining from principally alluvial deposits but also, more recently, from eluvial and bedrock primary sources.  It is also an emerging gold producing country that has attracted significant exploration interest and expenditure over the last 10 years. Its annual gold production has increased from 128,388 oz in 2015 to 375,155 oz in 2022.