RE: Moving now11 Jun 2025 08:53
As it states in the recent RNA update, sitting rns/other news wires.......... HAMA will be gaining shares, not issuing them for this Gold Mine project.
Hamak Gold Limited (LSE: HAMA) is pleased to announce that it has entered into a partnership with ASX-listed First Au Limited (ASX: FAU) in relation to the Nimba project in Liberia. Inter-alia, under the Agreement, FAU will be responsible for funding further ongoing exploration work and drilling at Nimba. As consideration First Au has agreed to issue new FAU shares to Hamak Gold through a progressive earn-in schedule.
Highlights
Β· FAU to fully fund the exploration programme at Nimba, including a minimum of 2,500 meters of diamond drilling and assays during 2025 to further define the extent of the high-grade gold discovery at Ziatoyah
Β· Two new diamond drill rigs, including two year's worth of critical spares, have been shipped and received in Liberia to undertake the drilling programme for 2025, and beyond
Β· FAU will progressively increase its interest in the Nimba project through funding the exploration as well as issuing shares in FAU to Hamak Gold
Β· Subject to resource development milestones being achieved, further FAU shares will be awarded to Hamak Gold
Karl Smithson, Executive Director of Hamak Gold commented:
"We are delighted to form this partnership with First Au Limited so we can rapidly advance the development of the Nimba exploration programme through efficient, cost-effective owner operated 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 aim 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 FAU shares over the next 12 months. The Company will also have possible future value accretion events in the event of a resource declaration at Nimba.
"The Board of Hamak Gold believes that, considering the persistently poor capital markets for small-cap resource companies, this deal with FAU represents value for shareholders both in the immediate and longer term.