LSE- and OTCQB-listed Hamak Strategy has regained 100% ownership of its Nimba gold project, in Liberia, at zero upfront cost, following the termination of its joint venture (JV) with ASX-listed First Au, while continuing due diligence on the 250 000-oz Akoko gold project, in Ghana.

The company said the JV with First Au, which was entered into in May last year, had been mutually terminated after First Au decided to refocus its strategy exclusively on Western Australia and withdraw from all international projects.

As a result, Hamak has now reacquired First Au’s 35% interest in Nimba with immediate effect for nil initial payment.

Hamak said the restructuring left it with full control of the Nimba project, having already benefited from more than A$600 000 in exploration expenditure funded by First Au during the nine months of the JV.

In addition, Hamak received 100-million shares in First Au and A$250 000 in cash in exchange for issuing the original 35% project interest.

Under the termination agreement, the 35% interest has been returned to Hamak in exchange for a future 2% net smelter royalty, which Hamak can repurchase at the production stage for $1-million for each percentage point.

Hamak has also agreed to sell its 100-million First Au shares off market for A$750 000, representing a 17% discount to the 15-day volume-weighted average price. The company said it would receive the full cash proceeds when the shares were released from escrow on February 26.

During the JV, First Au carried out geological mapping, sampling and drilling of 11 holes for 1 570 m at Nimba. Hamak said the first two holes intersected wide zones of gold mineralisation of 29 m at 1 g/t gold and 8 m at 2.6 g/t gold, supporting an earlier intersection by Hamak of 20 m at 7 g/t gold.

Subsequent drilling failed to intersect meaningful mineralisation, with only low-tenure gold returns recorded. A 5 km by 1 km gold-in-soil anomaly remains unexplained, and Hamak said further work is required, with detailed geochemical soil sampling currently under way to better define future drill targets.

Hamak executive director Karl Smithson said the termination of the JV had materially changed the company’s position at Nimba.

"Hamak has had a busy start to 2026 operations on multiple fronts, involving a site visit and due diligence on the Akoko project, in Ghana, and geochemical soil sampling on the Nimba project, in Liberia.

“However, the decision by our JV partner First Au to withdraw from all international activities provides the opportunity for Hamak to resume 100% ownership of the highly prospective Nimba gold project, for zero cost, at a time of record gold prices, and it undoubtedly enhances our differentiated gold and bitcoin strategy," Smithson said.

He added that the company intended to restructure the Nimba project while continuing to advance other priorities.

"We will now restructure the Nimba project, against a backdrop of a 68% increase in the spot gold price since the creation of the First Au JV last year, while also actively pursuing the due diligence on the high-priority Akoko project," Smithson said.

Hamak said it was in advanced discussions with a potential new JV partner to further advance the Nimba project.

Alongside the Nimba developments, Hamak reported continued progress on the Akoko project. Following a site visit in early January by Smithson, the company said due diligence had progressed well and was expected to conclude in the near future. This included the engagement of an independent legal firm to confirm licence tenure.

Hamak said it is in the process of appointing a drilling contractor to carry out a planned 4 250 m reverse circulation drilling programme aimed at confirming and improving confidence in the existing near-surface gold resource, which is declared at more than 250 000 oz.

The company said the project was believed to be suitable for a low-cost, low-strip ratio openpit heap leach mining operation. A detailed topographical survey was under way across the main areas of interest, and engagement with local communities and chiefdoms was ongoing ahead of potential drilling, subject to the successful conclusion of due diligence.

The company also said it was formulating changes to its board, advisory board and management team in response to the rapid build-up of activities.