Hamak Strategy Limited
Hamak Strategy Limited (LSE: HAMA; formerly Hamak Gold Limited) combines gold exploration in West Africa with a Bitcoin treasury policy. Its exploration is now centred on the Akoko gold project, about 25 km south of Tarkwa on Ghana's Ashanti belt, which it holds under an option to acquire 100% by 14 December 2026 for US$1.9 million in cash to the licence holder, Topago Mining, and £1 million in Hamak shares to CAA Mining, the holder of the underlying option. Hamak has met its minimum exploration spend of £500,000 and says it will use a preliminary economic assessment, commissioned from Snowden Optiro and expected before the end of 2026, to decide whether to exercise. A maiden NI 43-101 estimate for Akoko, effective 21 July 2026, reports 3.88 Mt at 0.83 g/t gold (103,200 oz) Measured and Indicated and 5.24 Mt at 0.71 g/t gold (107,230 oz) Inferred; because Hamak does not yet own the project, that estimate is not counted as Hamak's resource. Hamak also holds 100% of the 831 km2 Nimba exploration licence in Liberia, about 40 km south-west of Endeavour Mining's Ity mine, where drilling returned 20 m at 7 g/t gold, and it holds Bitcoin, physical gold and shares in Vaultz plc as treasury assets.
Notable vs. Peers
- Jurisdiction risk score of 6/10 is meaningfully riskier than the peer average of 7.8/10.
- Trading within 0% of its 52-week low — weak recent price momentum.
Lifecycle Milestones
Not in place: grid power. Not yet determined: mill, tailings facility.
Jurisdiction (40%)6/10
The focus project, Akoko, is in south-west Ghana, a major West African gold producer with an established mining code but real fiscal-regime pressure and illegal small-scale mining (galamsey); Akoko's licence is held by a third party and Hamak's interest is an option. The Nimba licence is in Liberia, which carries typical West African permitting and infrastructure risk.
Infrastructure (40%)5/10
Confirmed road access and no confirmed grid power at Akoko Gold Project, Ashanti Belt, Western Region, Ghana (option to acquire 100%, not yet exercised); existing mill and tailings facility not yet researched, counted at a neutral 5/10 until established.
Nearby producing mine (20%)Not yet researched
No project coordinates on file yet, so distance to a producing mine can't be measured.
Acquisition Susceptibility
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
A disclosed corporate action (not an acquisition or merger)
A corporate action of this kind says nothing about takeover susceptibility, so it isn't scored.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score: Not yet researched
Distance not yet researched: no project coordinates on file
Distance can't be measured without coordinates, so excluded rather than counted as far.
Weight 22.5% - Lifecycle stageSub-score:1/10
Stage: Grassroots Exploration
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 57% here - JurisdictionSub-score:6/10
Ghana: jurisdiction score 6/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 26% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 17% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chief Executive Officer and Executive Director of Hamak Gold Limited (trading as Hamak Strategy Ltd., LSE:HAMA), which combines traditional gold exploration in Africa with a digital-asset treasury-management strategy. Geologist with 30+ years' experience in the African resources sector; founded and led London- and Australian-listed companies.
Non-Executive Chair of Hamak Gold Limited. Over 35 years in the investment industry; co-founded Bramdean Asset Management and Money&Co.
Chief Strategy Officer and Executive Director of Hamak Gold Limited, co-founder of Hamak Strategy Ltd. with 35+ years in City of London financial services.
Chief Financial Officer and Company Secretary of Hamak Gold Limited, with 45+ years' financial experience including 11 years at Mobil Oil and 18 years in the mining sector.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Checked directly against the company's own site, which is live and current -- an independent maiden mineral resource estimate was reported for the Akoko project in July 2026, ahead of a preliminary economic assessment. No producer, specialist fund or named institution holds a disclosed position, and there are no insider trading records in our data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Hamak Strategy, formerly Hamak Gold, combines gold exploration in West Africa with a Bitcoin treasury policy. Its exploration is centred on the Akoko gold project, about 25 km south of Tarkwa on Ghana's Ashanti belt, which it holds under an option to acquire 100% by 14 December 2026 for US$1.9 million in cash to the licence holder, Topago Mining, and £1 million in Hamak shares to CAA Mining, the holder of the underlying option. A maiden NI 43-101 estimate for Akoko, effective 21 July 2026, reports 103,200 oz of gold measured and indicated in 3.88 Mt at 0.83 g/t and 107,230 oz inferred in 5.24 Mt at 0.71 g/t, but because Hamak does not yet own the project the estimate is not counted as its resource. Hamak has met its minimum exploration spend of £500,000 and will use a preliminary economic assessment commissioned from Snowden Optiro, expected before the end of 2026, to decide whether to exercise the option. It also holds 100% of the 831 km2 Nimba exploration licence in Liberia, about 40 km south-west of Endeavour Mining's Ity mine, where drilling returned 20 m at 7 g/t gold.
No reports or presentations linked yet.