Hamak Gold Completes Stage 1 Payment in Nimba Joint Venture with First Au

Hamak Gold secures A$750k from First Au for 35% Nimba stake, with drilling fully funded and no dilution for shareholders.

26 August 2025by Joshua Thompson4 min read76 views

This article covers information on Hamak Gold Limited.

LON:HAMA

Stage 1 of Hamak Gold’s Nimba joint venture with First Au is done and dusted

Hamak Gold Limited has ticked off Stage 1 in its joint venture on the Nimba gold project in Liberia with ASX-listed First Au Limited (FAU). FAU has paid A$250,000 in cash and issued 100 million FAU shares, currently valued at A$500,000, in return for a 35% interest in Nimba.

The drilling rigs are already spinning. A 3,000m programme is underway with two holes totalling 520m completed so far. FAU is footing the bill for the drilling and, under the progressive earn-in, is expected to make further cash or share payments as it funds ongoing exploration.

What has changed at Nimba and who is paying for what

In simple terms, FAU is now a 35% partner in the Nimba project and is paying to advance it. Hamak confirms the Stage 1 funds and shares from FAU strengthen its balance sheet, while the drilling campaign is fully funded by FAU. That preserves Hamak’s cash for its stated digital asset treasury management strategy.

Hamak has also taken a voluntary six-month lock-in on the FAU shares. That is a sign they want exposure to potential upside from FAU’s work at Nimba rather than selling into the market immediately.

Stage 1 cash received	A$250,000
FAU shares received	100,000,000
Current stated value of FAU shares	A$500,000
Interest transferred at Stage 1	35% of Nimba
Drilling programme planned	3,000 metres
Drilling completed to date	520 metres (two holes)
Share lock-in period	Six months (voluntary)
Who funds the current programme	FAU

Why this matters for Hamak shareholders

Non-dilutive funding for exploration – FAU funds drilling, not Hamak. That is attractive when capital is tight and drilling costs are rising.
Balance sheet boost – A$250,000 cash plus 100 million FAU shares adds liquidity and optionality. The six-month lock-in suggests Hamak wants to ride potential JV success.
Clear operational momentum – 3,000m of drilling is meaningful for a target-generation phase. Two holes are already in, so newsflow should follow as more metres are completed.
Strategic focus retained – With FAU funding the fieldwork, Hamak can pursue its dual strategy of African gold exploration and a BTC/crypto treasury approach without stretching cash.

Earn-in structure explained and what’s next

An earn-in is a deal where a partner can acquire project equity by spending money on exploration and making agreed payments. Here, FAU’s Stage 1 spend and consideration secure a 35% project interest. FAU will continue to fund drilling and exploration and make further shares or cash payments as part of the progressive earn-in.

The RNS does not disclose the full earn-in schedule, final ownership splits or timelines. What we do know is that FAU is paying the bills now and drilling has started. The next practical milestones should be more metres drilled, initial assay results, and any updates on subsequent earn-in steps.

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3,000m drilling at Nimba – what success could look like

Drilling is where value can move swiftly in exploration. A 3,000m programme gives the JV enough meterage to test priority targets and begin to build continuity if mineralisation is present. We do not have assay results yet, so the technical case remains unproven in the market’s eyes.

With two holes totalling 520m already completed, the pace looks reasonable. The market will want details on hole locations, geology encountered and assay timelines – none of which are disclosed in this RNS.

Positives and potential drawbacks

What looks positive

Cost-carry by FAU reduces Hamak’s cash burn while keeping exposure to any discovery.
Upfront consideration of A$250,000 plus 100 million FAU shares is tangible and on the balance sheet now.
Share lock-in signals confidence in the JV’s prospects rather than a quick flip of FAU stock.

What to be cautious about

Exploration risk – no drilling results are disclosed, so value still depends on the rocks cooperating.
FAU share price risk – the A$500,000 value is “current” at the time of the RNS and can move either way, while the six-month lock-in limits near-term liquidity.
Ownership trade-off – Hamak has ceded 35% of Nimba at Stage 1. Further earn-in steps may dilute Hamak’s project interest, although the RNS does not provide those terms.
Limited visibility – key dates, budgets beyond the 3,000m programme and the detailed earn-in schedule are not disclosed.

How this fits Hamak’s dual gold and crypto strategy

Hamak describes itself as combining West African gold exploration with a BTC/crypto treasury management policy. With FAU carrying the drilling costs, Hamak can preserve cash and continue its treasury strategy while still progressing Nimba. For investors who want exposure to both gold exploration upside and crypto treasury dynamics, that balance is the company’s pitch.

Key things to watch from here

Assay results from the 3,000m drilling campaign at Nimba.
Any updates on the next stages of the earn-in – amounts, shares and project interest thresholds are not disclosed here.
Movement in the value of the 100 million FAU shares during and after the six-month lock-in.
Further project acquisitions that support the stated strategy.

My take: a tidy, de-risking step with clear catalysts ahead

Today’s update is constructive. Hamak locks in A$250,000 cash, takes 100 million FAU shares, and shifts exploration spend onto its JV partner while drilling gets underway. That is a clean way to keep Nimba moving without stretching the balance sheet.

The flip side is that discovery risk still sits in front of shareholders and visibility on the full earn-in path is limited. Until assays arrive, the market has little to anchor to beyond the programme size. Net-net, I see this as a sensible de-risking step that lines up the right catalysts – metres drilled and results – without a financing overhang. Now it is over to the drill bit.