RE: Here we go ignition has been lit 🔥12 Jun 2025 13:12
Hamak Gold and First Au Limited have entered into a binding terms sheet dated 15 May 2025. The terms give the right for FAU to progressively earn up to a 70% interest in 79 Resources Inc, the 100% owned subsidiary of Hamak Gold which directly holds the Nimba licence, through funding exploration work at Nimba as well as issuing up to £627,473 (A$1.3 million) of FAU shares (or combination of cash/shares) to Hamak Gold Limited over the next nine months. FAU will then have the option to further increase its interest to full ownership in the project should results justify, in return for continued project expenditure and the issue of a further £289,603 (A$600,000) shares in FAU, being a possible total consideration of £917,077 (A$1.9 million). All shares issued by FAU will be subject to a six-month voluntary escrow period from time of issue. Furthermore, subject to resource milestones being achieved, FAU will issue up to £965,344 (A$2 million) shares in FAU to Hamak Gold, in two equal tranches of A$1 million each. The first tranche will be issued when a compliant indicated mineral resource estimate of at least 750,000 ounces Au at a grade of >1.1 g/t Au, is declared. The second tranche will be issued when the compliant indicated mineral resource estimate is declared at 1.5 million ounces Au at a grade of >1.1g/t Au, within five years of the date of issue. Figures stated are converted at a current exchange rate of £1 to A$2.07.
Completion of the agreement remains subject to a 45 day final due diligence period