Hamak Strategy (OTCQB: HASTF) Reports FY2025 Results

By Patrick Davis

May 05, 2026

3 min read

Hamak Strategy Limited reports audited results for period ended 31 December 2025, covering a £5m fundraise, Bitcoin treasury launch, and a Ghana gold option.

Elegant annual report with golden accents

Hamak Strategy (LSE: HAMA) (OTCQB: HASTF), a UK-listed gold exploration and digital asset treasury company, published its audited financial results for the period ended 31 December 2025 on 30 April 2026, covering the first full year under a restructured board and strategy.

Total assets stood at $7.662 million at 31 December 2025, up from $1.995 million a year earlier, reflecting the company's fundraising activity and Bitcoin acquisition during the period. The results cover the company's first year combining gold exploration in West Africa with Bitcoin and physical gold treasury holdings.

#£5 Million Raised to Fund Dual Strategy

During the year, Hamak raised £5 million through a combination of equity placings and convertible loan notes. Net cash from financing activities totalled $6.266 million. The company ended the period with cash of $3.110 million, compared with $27,000 at 31 December 2024.

A portion of the proceeds funded the initiation of a treasury policy combining Bitcoin and physical gold holdings alongside the company's exploration assets. Hamak acquired Bitcoin at a cost of $2.366 million during the period, with the cryptocurrency carried on the balance sheet as an intangible asset.

Post period, the holding was increased from 20 to 26 Bitcoin, and 1.65 kilograms of physical gold were acquired. The company also acquired a 3.05% stake in Aquis-listed Bitcoin company Vaultz Capital Plc post period end.

#Ghana Option and Liberia Exploration Update

In December 2025 Hamak secured an exclusive option to acquire the Akoko gold project in Ghana from private UK company CAA Mining. The project is situated in the Ashanti greenstone belt, approximately 25 kilometres south of Tarkwa. Due diligence was completed in March 2026.

Hamak's consulting geologist, Dr. Colin Andrew, modelled a non-JORC resource estimate of approximately 252,569 ounces of gold across the oxide and sulphide material at a 0.3g/t Au cut-off grade. A more conservative pit-constrained assessment identified three potentially exploitable open pits containing approximately 68,000 ounces of extractable gold ore at a strip ratio of 0.78. The resource has not been classified to JORC standards and carries the associated uncertainty of a non-compliant estimate.

The option can be exercised prior to 14 December 2026, with acquisition costs consisting of £50,000 cash and £1 million in new Hamak shares to CAA Mining, plus US$1.9 million cash to Topago Mining, the Ghanaian licence holder. The company said this equates to US$8 to $10 per ounce of gold. Hamak has committed to spend £500,000 on exploration activities during the option period and plans a 4,125-metre reverse circulation drilling campaign in Q2 2026, followed by an independent Preliminary Economic Assessment, to inform any decision on exercising the option.

At the Nimba licence in Liberia, the joint venture with ASX-listed First Au Limited (ASX: FAU) was terminated in January 2026 after FAU refocused its strategy on Western Australia. During the JV period 11 drill holes totalling 1,570 metres were completed at the Ziatoyah prospect and 2,010 infill geochemical soil samples were collected. Hamak now holds 100% of the Nimba licence, having received total proceeds of approximately A$1 million in cash and shares from FAU. The company stated it is in negotiations with a new potential joint venture partner.

#Industry and Risk Context

Ghana is currently the largest gold-producing country in Africa. The Ashanti belt hosts several operating mines within close proximity to Akoko, including Goldfields' Tarkwa mine, which produced 551,000 ounces in 2024, and AngloGold Ashanti's Iduapriem mine, which produced 237,000 ounces in the same year. Junior explorers in the district typically cite established infrastructure and available services at nearby centres as factors in project economics, though the path from exploration to production for a pre-resource project involves substantial execution, permitting, and financing risk.

The company's dual gold and Bitcoin treasury model positions it among a small number of LSE-listed issuers pursuing digital asset holdings alongside resource exploration. General and administrative expenses rose to $1.208 million from $684,000 in the prior year, reflecting the expanded team and activity level. Loans and borrowings stood at $3.446 million in current liabilities at year end.

CEO Karl Smithson said:

We have started 2026 with good momentum,, having increased our Bitcoin holding, initiated physical gold exposure and advanced work at Akoko.

Execution of that strategy is subject to resource confirmation drilling at Akoko, the outcome of Nimba joint venture negotiations, Bitcoin price volatility, and the company's ability to raise further funding as required

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