Share Name Share Symbol Market Type Share ISIN Share Description
Hamak Gold Limited LSE:HAMA London Ordinary Share VGG4256S1048 ORD NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 9.00 8.50 9.50 9.00 9.00 9.00 0.00 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 0.3 -5.3 - 2

Hamak Gold Limited Interim Results

28/09/2022 7:00am

UK Regulatory (RNS & others)

Hamak Gold (LSE:HAMA)
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RNS Number : 9023A

Hamak Gold Limited

28 September 2022


28 September 2022

Hamak Gold Limited

("Hamak Gold" or the "Company")

Interim Results

Hamak Gold Limited (LSE: HAMA) is pleased to announce its results for the six-month period ending 30 June 2022.


   --    Admission to trading on Standard List of LSE achieved on 1 March 2022 
   --    Raised GBP 955,000 (before costs) on admission 
   --    Experienced Board and Management team appointed at IPO 
   --    Focussed strategy of gold exploration across seven highly prospective licences in Liberia 

-- Fast track exploration has led to significant discovery of gold mineralisation in the Gozohn and Nimba licences, including rock chip samples of 37 grammes per tonnes ("g/t") Au and 46g/t Au at Nimba

   --    3,729 soil samples collected and assayed 
   --    110 channel samples collected and assayed 
   --    35 rock chip samples collected and assayed 
   --    29 stream samples collected and assayed 
   --    Nimba soil sampling results are significant and suggestive of a bulk tonnage gold target 

Highlights Post Period

-- Results for 53 Nimba Block-1 channel sampling results received, which support the soil sample anomalies and identified a wide a gold mineralization zone of 55m at 0.63 g/t Au, including 14m at 1.98 g/t Au, and 11m at 0.99g/t Au including 3m at 3.14g/t Au

-- Within these wide anomalous zones are 2m spaced channel samples returning 8.56 g/t Au, 3.38 g/t Au and 1.33 g/t Au and also 1m spaced channel samples returning 5.17 g/t Au and 3.26 g/t Au

-- 706 soil samples collected as extensions to Nimba Block-1, assays received and demonstrate continuation of strong gold in soil anomalies to the south and south west of the block

-- 518 metres ("m") of trench dug over two Nimba soil anomalies and 613 channel samples collected, results received and show anomalous gold values in the trenches that are currently being evaluated

-- Total samples collected from both Nimba and Gozohn licences is 5,630 demonstrating fast track exploration that has identified multiple high interest gold anomalies that require further work, including geophysical surveys and drilling

Karl Smithson, Executive Director of Hamak Gold commented:

"Since the IPO of Hamak Gold in March, our excellent geological teams have moved very quickly to identify a number of gold mineralization targets in the Nimba and Gozohn licences. At Nimba in particular, soil and channel sampling results have revealed significant surface and bedrock gold mineralization over a wide area which are suggestive of a bulk tonnage gold target. The next step will comprise geophysical surveys and drilling to confirm the depth extensions and widths of this gold mineralization.

"We also continue to assess a number of regional gold exploration opportunities as we consider Hamak Gold to be company that can not only can achieve organic growth through its own exploration results but can also be a catalyst for project consolidation."

For further information you are invited to view the company's website at or please contact:

 Hamak Gold Limited 
  Amara Kamara                            +231 (0) 77 005 0005 
  Karl Smithson                           +44 (0) 77 837 07971 
 Peterhouse Capital Limited (Broker) 
  Lucy Williams                         +44 (0) 20 7469 0930 
  Guy Miller 
  Yellow Jersey PR 
  Tom Randell                            +44 (0) 20 3004 9512 
  Annabelle Wills                        + 44 (0) 7775 194357 

About Hamak Gold Limited

Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed on gold exploration of a portfolio of licences in highly prospective areas of Liberia and having a growth strategy that considers other exploration and development opportunities in the wider West Africa region.


Initial Public Offering (IPO)

The Company achieved its IPO on the 1 March 2022 when its shares were admitted to trading on the Standard List of the London Stock Exchange. GBP955,000 was raised at a price of GBP0.10 per share, and at Admission the initial issued share capital was 20,833,000 shares, giving a market capitalisation of GBP2.08 million. In order to provide an attractive valuation entry point for IPO investors, and to share the risk with initial investors, the founding directors Amara Kamara and Karl Smithson elected to defer 16,350,000 and 1,590,000 founder shares respectively, to be awarded in three equal tranches subject to three operational milestones, being;

   1.   The collection and assay of 2,000 samples from the Gozohn licence 
   2.   The collection and assay of 2,000 samples from the Nimba licence 

3. Positive results from trenching of either the Nimba and Gozohn positive geochemical targets which create identifiable drill targets

These milestones have been met, as reported in the operating review.

Board and Management

At the IPO the Board consisted of five persons being Amara Kamara (Executive Chairman), Karl Smithson (Executive Director), Niall Young, Walter McCarthy and Julius Baiden (all non-Executive Directors). On the 21(st) April 2022 Martin Lampshire was appointed as a non-Executive Director), further strengthening the Board. The Board has extensive experience in the Liberian operating environment, exploration, mining, accounting, capital markets and finance.

The exploration programmes are led by Rowan Carr, as Chief Operating Officer, who has 35 years' experience in exploration and mining in Africa, the last 15 years in West Africa including Liberia. Rowan leads a team of four geologists who have been dedicated to the focussed exploration programmes in the Nimba and Gozohn licences.

Operating Review

The Company's strategic exploration focus is on the discovery of orogenic gold, Archean and Paleoproterozoic greenstone hosted gold and shear zone hosted gold type mineralization in underexplored, yet highly prospective areas of Liberia. However, the Company will also look at regional opportunities in the wider West Africa region in known gold producing terranes. This may include joint ventures, acquisitions, or option agreements to enter into new projects that can bring significant value to Hamak Gold shareholders.

Licence Holdings

At IPO Hamak Gold held two exploration licences, covering a combined area of 1,752 square kilometres ("km") (Nimba and Gozohn) and also has an option over a further five exploration licences covering an area of 3,213 square kilometres (Lofa, Fasama, Cestos, Sinoe and River Gee). The licences were carefully selected for their geological prospectively for gold including structural features, active artisanal gold mining and proximity to producing gold mines.

Since the IPO the Hamak Gold geological teams have focussed their efforts on detailed exploration work in the Nimba and Gozohn licences, both of which have yielded significant results that have identified bedrock gold mineralization. The results of exploration work conducted so far have been published and may be found on the Company's website.

Nimba Licence

The Nimba Licence (MEL7001518) covers an area of 985.60 square km and is located approximately 120 km to the north-east of the Gozohn licence and also some 25km west of the 3-million-ounce ("Moz") Ity Gold Mine in neighbouring Cote D'Ivoire.

An application for a two-year extension to the Nimba licence, as permitted in the Liberian 2000 Mining Code, was submitted to the Ministry of Mines and Energy and has been approved.

Based on site visits in 2021 and the Competent Person's Report, which was included in the Company's Prospectus, certain priority areas were identified within the Nimba licence for soil sampling programmes. These areas were mainly associated with active artisanal gold mine and favourable greenstone belt geology.

Three soil sampling blocks have been completed across the priority areas, totalling 2,881 samples, of which 2,175 were collected during the report period and 706 post period. All assay results are available.

Results from Block-1 to the south of the Nimba licence returned significant gold in soil anomalies over three extensive areas that remain open-ended. These anomalies are also supported by excellent rock chip sample results with two samples returning grades of 37g/t Au and 46g/t Au, proving the presence of bedrock gold at a locality called Ziyatoyah.

Initial channel sampling across an exposed metadolerite outcrop, from which the positive rock chip samples were obtained, returned wide areas of bedrock gold mineralization (see highlights) and provides focussed targets for drilling to determine the width and depth extensions of the mineralization. Post period two trenches covering a joint length of 518m were excavated and 613 channel samples collected. Results demonstrate anomalous gold values in the samples which are currently being assessed.

Elsewhere in the Nimba licence, 29 stream sediment samples have been collected from an area in the centre of the Nimba licences from streams draining a prominent greenstone ridge called Mount Blah; results so far (both from fire assay and multi-element analysis) are significant based on the density of sampling and the artisanal gold mining activity in the area.

Overall a total of 3,622 samples have been collected and assayed from the Nimba licence during the report and post report periods to date.

Gozohn Licence

The Gozohn licence (MEL 7002318) covers an area of 766 square km and is located some 30 km to the south of the high-grade Kokoya Gold mine operated by MNG Gold. The licence is host to a number of structurally controlled greenstone belts similar to those at Kokoya, with strongly deformed amphibolite, quartzite, schist and banded ironstone formations which generally occur as topographic highs.

Based on the 2021 site visits, the Competent Person's Report, results to date and our strategy of quickly assessing licence areas, an application for extension of the northern part of the licence, covering 129.60 square km has been made, which is pending approval by the Ministry of Mines.

A total of 1,554 soil samples were collected during the report period, comprising 853 samples from Block-1 (Mt. Koklun) and 701 samples from Block-2. Post period a further 373 soil samples were collected as in-fill samples on the western limb of Mt. Koklun, and results were received indicating anomalous gold values which complement the original sampling results, with an extensive gold in soil anomaly over 1.5km long being identified. Various rock chip and channel samples across anomalous soil values have also been collected with anomalous values of up to 2.56g/t Au which are interpreted as being related to gold in quartz veins that permeate the greenstone belt geology.

The gold and multi-element analytical results for the 701 samples of Block-2 returned weak gold anomalies over the centre of the block; however, given the highly encouraging results from Gozohn Block-1 and Nimba Block-1, this area has since been relinquished as the Company focusses its efforts on priority targets.

Overall a total of 2,008 samples have been collected from the Gozohn licence during the report and post report periods to date.


Since its IPO, the Company has moved very quickly in assessing the gold potential of both the Nimba and Gozohn licences, having collected and assayed a total 5,630 samples to date.

Based on results to date, it is clear that the Nimba licence, commencing with Block 1, should be prioritised for a geophysical survey and drilling campaign in the coming dry season. Drill targets have already been identified from the Ziatoyah channel sampling results and it is hoped that the ongoing trenching and channel sampling programme over the peak gold-in-soil anomalies of Block 1 will identify additional targets to be drilled. The objective of the drilling programme will be to confirm the presence and extension of the surface gold mineralisation at depth as well as the lateral extent of this mineralisation.

Responsibility Statement

The Directors confirm that to the best of their knowledge:

(a) the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';

(b) the interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year; and

(c) the interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

Karl Smithson

Executive Director

28 September 2022

Hamak Gold Ltd


30 June 2022

 Condensed Consolidated Statement of Comprehensive Income 
 For the six months ended 30 June 2022 
                                                       6 months 
                                                        30 June 
                                         Note    2022 Unaudited 
 Continuing operations                                        $ 
-----------------------------------   -------  ---------------- 
 Revenue                                                      - 
 General and administrative 
  expenses                                            1,488,719 
 Operating Loss                                       1,488,719 
------------------------------------  -------  ---------------- 
 Loss Before income tax                               1,488,719 
------------------------------------  -------  ---------------- 
 Income tax                                                   - 
 Loss for the period                                  1,488,719 
------------------------------------  -------  ---------------- 
 Total comprehensive loss 
  for the period attributable 
  to equity holders of the parent                     1,488,719 
------------------------------------  -------  ---------------- 
   Loss per share from continuing 
   operations in cents per share: 
   Basic and diluted                        6            (0.10) 
------------------------------------  -------  ---------------- 
 Condensed Consolidated Statement of Financial Position 
 For the six months ended 30 June 2022 
                                                   6 months 
                                                      ended      Year ended 
                                                    30 June     31 December 
                                     Note    2022 Unaudited            2021 
                                                          $               $ 
-------------------------------   -------  ----------------  -------------- 
 Non-current assets 
 Property, plant and equipment          7            23,584               - 
 Intangible assets                      8         1,691,312               - 
--------------------------------  -------  ----------------  -------------- 
 Total non-current assets                         1,714,896               - 
-------------------------------   -------  ----------------  -------------- 
 Current assets 
 Trade and other receivables                         97,539           1,400 
 Cash and cash equivalents              9           258,688             500 
--------------------------------  -------  ----------------  -------------- 
 Total current assets                               356,227               - 
-------------------------------   -------  ----------------  -------------- 
 Total assets                                     2,071,123           1,900 
--------------------------------  -------  ----------------  -------------- 
 Equity and Liabilities 
 Equity attributable to owners 
  of the parent 
 Share capital                         11         2,733,863               - 
 Share based payment reserve                      1,181,357               - 
 Accumulated deficit                            (1,844,097)       (355,378) 
--------------------------------  -------  ----------------  -------------- 
 Total equity                                     2,071,123       (355,378) 
--------------------------------  -------  ----------------  -------------- 
 Current liabilities 
 Trade and other payables                                 -         285,207 
 Unsecured convertible loan            10                 -          70,000 
 Overdraft                                                -           2,071 
--------------------------------  -------  ----------------  -------------- 
 Total current liabilities                                -         357,278 
--------------------------------  -------  ----------------  -------------- 
 Total equity and liabilities                     2,071,123           1,900 
--------------------------------  -------  ----------------  -------------- 
 Condensed Consolidated Statement of Changes in Equity 
 For the six months ended 30 June 2022 
                                    Share             Share     Accumulated       Total equity 
                                  capital     based payment         deficit 
                                        $                 $               $                  $ 
-----------------------------  ----------  ----------------  --------------  ----------------- 
 Balance at 31 December 2021            -                 -       (355,378)          (355,378) 
-----------------------------  ----------  ----------------  --------------  ----------------- 
 Loss for the period                    -                 -     (1,488,719)        (1,488,719) 
 Issue of shares                2,733,863                                 -          2,733,863 
 Vesting Shares vested                            1,181,357               -          1,181,357 
 Balance at 30 June 2021        2,733,863         1,181,357     (1,844,097)          2,071,123 
-----------------------------  ----------  ----------------  --------------  ----------------- 
 Unaudited Consolidated Statement of Cash Flows 
 For the six months ended 30 June 2022 
                                                  6 months ended 
                                                    30 June 2022 
--------------------------------------------     --------------- 
 Cash flows from operating activities 
 Operating loss                                      (1,488,719) 
 Adjusted for: 
 Share based payment charge                            1,181,357 
 Directors' fees paid in shares                           39,954 
 Depreciation                                              2,424 
 Unrealised foreign exchange movements                     5,724 
 Net cash flow before changes in working 
  capital                                              (259,229) 
-----------------------------------------------  --------------- 
 Changes in working capital 
 Decrease in trade and other payables                  (285,207) 
 Net cash flow used in operating activities            (544,436) 
-----------------------------------------------  --------------- 
 Cash flow from investing activities 
 Purchase of property, plant and equipment              (26,009) 
 Exploration expenditure                               (335,852) 
 Net cash flow from investing activities               (361,861) 
-----------------------------------------------  --------------- 
 Net cash flow before financing activities             (906,297) 
 Cash flow from financing activities 
 Issued capital                                        1,166,556 
 Net cash flow from financing activities               1,166,556 
-----------------------------------------------  --------------- 
 Net increase in cash and cash equivalents 
  in the period                                          260,258 
 Cash and cash equivalents at beginning of 
  the period                                             (1,570) 
-----------------------------------------------  --------------- 
 Cash and cash equivalents at end of the 
  period                                                 258,688 
-----------------------------------------------  --------------- 

Notes to the condensed consolidated interim financial information


The Company was incorporated on 6 May 2021 and was incorporated under the BVI Business Companies Act, 2004 (as amended) of the British Virgin Islands with Company number 2062435. The Company is limited by shares. The Company's registered office is Pasea Estate, P.O. Box 958, Road Town, Tortola, VG1110, BVI.

Hamak Gold Limited Liberia was incorporated on the 27 May 2021 as a business corporation under Business Corporation Act of Liberia with business registration number 052672058. Hamak Gold Company Liberia is limited by its common stock. Hamak Gold Limited Liberia's registered office is at Carey & Randall Streets Intersection, Monrovia, Montserrado County, Liberia, West Africa.


The consolidated interim financial statements for the six months ended 30 June 2022 have been prepared in accordance with the requirements of IAS 34 "Interim Financial Statements". The interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2021, which have been prepared in accordance with International Financial Reporting Standards (IFRS) in conformity with the requirements of the Companies Act 2006.

The interim financial statements of Hamak Gold Ltd are unaudited financial statements for the six months ended 30 June 2022. The unaudited financial statements do not constitute statutory accounts, as defined under section 244 of the Companies Act 2006. The financial statements have been prepared under the historical cost convention. The consolidated financial statement are presented in United States Dollars ($), which is the Group's functional and presentation currency.


The Company was incorporated on 6 May 2021 and its sole wholly owned subsidiary, Hamak Gold Limited Liberia ("Hamak Liberia") was incorporated on 27 May 2021. During the period from incorporation to 30 June 2021 there were no transactions in the Group, thus there are no comparatives presented for the statement of comprehensive income and statement of cashflow. The comparative presented for the statement of financial position and statement of changes in equity are as at 31 December 2021.

Going concern

On 1 March 2022 the Group obtained a Standard Listing on the LSE raising gross proceeds of GBP955,000 at GBP0.10 per share and concurrently acquired two exploration licences and held options over a further five exploration licences in the Republic of Liberia. The net proceeds received by the Group post transaction costs were used primarily to continue and advance the exploration activities on licenses as detailed in the work program of the prospectus during the reporting period and post period..

The Company's financial forecasts are primarily dependent on the Group raising additional funds during the going concern period which indicates that a material uncertainty exists that may cast significant doubt on the group's ability to continue as a going concern. However, the Directors believe that the Company will have the ability to raise additional funds in addition to its cash balance in order to meet planned expenditure for at least 12 months from the date of approval of these condensed consolidated financial statements and therefore the consolidated financial statement have been prepared on a going concern basis.


In preparing these condensed consolidated financial statements, the Group's accounting policies were consistent with those applied to the Group's consolidated financial statements for the year ended 31 December 2021.

Financial instruments

Financial assets

The Company classifies its financial assets in the following measurement categories:

   --     those to be measured subsequently at fair value through profit or loss; and 
   --     those to be measured at amortised cost. 

The classification depends on the business model for managing the financial assets and the contracted terms of the cash flows. Financial assets are classified as at amortised cost only if both of the following criteria are met:

-- the asset is held within a business model whose objective is to collect contracted cash flows; and

-- the contractual terms give rise to cash flows that are solely payments of principal and interest.

Financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the consolidated income statement.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the consolidated income statement.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, being trade and other payables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. The Company does not hold or issue derivative financial instruments.

Investment in subsidiaries

Investments in subsidiaries are initially measured as cost and reviewed for impairment at each reporting period. An investor controls an investee when the investor is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control is obtained up to the date that control ceases.

Intra-group balances and any unrealised gains, losses, income or expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements.

Foreign currency

Foreign currency transactions

Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the date of the consolidated statement of financial position are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss.

Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling at the dates the fair value was determined.

Loss per share

The Group presents basic and diluted loss per share ("LPS") data for its ordinary shares. Basic LPS is calculated by dividing the profit or loss attributable to shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted LPS is determined by adjusting the profit or loss attributable to shareholders and the weighted average number of ordinary shares outstanding for the effects of all potentially dilutive ordinary shares, which could comprise warrants, share options and the conversion of loan notes into shares.

Intangible assets

Deferred exploration and evaluation costs

These comprise costs directly incurred in exploration and evaluation as well as the cost of mineral licences. Costs which are capitalised include costs of licence acquisition, technical services and studies, exploration drilling and testing and appropriate technical and administrative expenses but do not include general administrative expenses or costs incurred prior to having obtained the legal rights to explore an area, which are expensed directly to the income statement account as they occur. They are capitalised as intangible assets pending the determination of the feasibility of the project. When the decision is taken to develop a mine the related intangible assets are transferred to property, plant and equipment and the exploration and evaluation costs are amortised over the estimated life of the project. Where a project is abandoned or is determined not economically viable, the related costs are written off.

The recoverability of deferred exploration and evaluation costs is dependent upon a number of factors common to the natural resource sector. These include the extent to which the Company can establish mineral reserves on its properties, the ability of the Company to obtain necessary financing to complete the development of such reserves and future profitable production or proceeds from the disposition thereof.

Impairment of non-financial assets

The carrying amounts of the Group's assets are reviewed at the date of each consolidated statement of financial position to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated. Impairment is measured by comparing the carrying values of the asset with its recoverable amount. The recoverable amount of the asset is the higher of the assets' fair value less costs to sell and its value-in-use, which is measured by reference to discounted future cash flow.

An impairment loss is recognised in the income statement immediately.

When there is a change in the estimates used to determine the recoverable amount, a subsequent increase in the recoverable amount of an asset is treated as a reversal of the previous impairment loss and is recognised to the extent of the carrying amount of the asset that would have been determined (net of amortisation and depreciation) had no impairment loss been recognised. The reversal is recognised in the income statement immediately, unless the asset is carried at its revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction against share premium, net of tax, from the proceeds.

Cash and cash equivalents

Cash and cash equivalents comprise cash in hand, demand deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. The carrying amount of these assets approximates their fair value.


The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of the reporting period. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions.

The judgements, estimates and assumptions applied in the condensed interim financial statements, including the key sources of estimation uncertainty, were the same as those applied in the Group's last annual financial statements for the year ended 31 December 2021.


The Group's chief operating decision maker is considered to be the executive directors (the 'Executive Board'). The Executive Board evaluates the financial performance of the Group. During the period the Group had one activity only. The whole of the value of the Group's net assets was attributable to mineral exploration.


Basic earnings per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the period.

                                                       6 months 
                                                       ended 30 
                                                      June 2022 
----------------------------------------------   -------------- 
 Loss from continuing operations attributable 
  to equity holders of the company                  (1,488,719) 
-----------------------------------------------  -------------- 
 Weighted average number of ordinary shares 
  in issue                                           14,251,342 
-----------------------------------------------  -------------- 
 Basic and fully diluted loss per share from 
  continuing operations in cents                         (0.10) 
-----------------------------------------------  -------------- 
                         Plant and 
                         Equipment     Total 
                                 $         $ 
---------------------  -----------  -------- 
 At 31 December 2021             -         - 
 Additions                  26,009    26,009 
 At 30 June 2022            26,009    26,009 
---------------------  -----------  -------- 
 At 31 December 2021             -         - 
 Additions                 (2,425)   (2,425) 
 At 30 June 2022           (2,425)   (2,425) 
---------------------  -----------  -------- 
 Net book value 
---------------------  -----------  -------- 
 At 30 June 2022            23,584    23,584 
---------------------  -----------  -------- 
 At 31 December 2021             -         - 
---------------------  -----------  -------- 
                         Properties     Licences       Total 
                                  $            $           $ 
---------------------  ------------  -----------  ---------- 
 At 31 December 2021              -                        - 
 Additions                  335,852    1,355,460   1,691,312 
---------------------  ------------  -----------  ---------- 
 At 30 June 2022            355,852    1,355,460   1,691,312 
---------------------  ------------  -----------  ---------- 
 At 31 December 2021              -            -           - 
 Amortisation                     -            -           - 
---------------------  ------------  -----------  ---------- 
 At 30 June 2022                  -            -           - 
---------------------  ------------  -----------  ---------- 
 Net book value 
---------------------  ------------  -----------  ---------- 
 At 30 June 2022            335,852    1,355,460   1,691,312 
---------------------  ------------  -----------  ---------- 
 At 31 December 2021              -            -           - 
---------------------  ------------  -----------  ---------- 

On 1 March 2022, the Group acquired two mineral exploration licences (MELs), being Nimba and Gozohn and an option to acquire five other MELs in consideration for $1,355,460. See note 11 for further details.

                    6 months ended     Year ended 
                      30 June 2022    31 December 
                         Unaudited           2021 
                                 $              $ 
----------------   ---------------  ------------- 
   Cash at bank            258,688            500 
                           258,688            500 
 ----------------  ---------------  ------------- 


                             6 months ended     Year ended 
                               30 June 2022    31 December 
                                  Unaudited           2021 
                                          $              $ 
------------------------   ----------------  ------------- 
 Malcom Burne                             -         28,000 
 Gledhill Fund                            -         28,000 
 Nicholas Karl Smithson                   -         14,000 
-------------------------   ---------------  ------------- 
                                          -         70,000 
  -----------------------------------------  ------------- 

The unsecured convertible loan was automatically converted into 666,667 Ordinary Shares on 1 March 2022. See note 11 for further details.


                                   No. Ordinary       Share 
                                         shares     Capital       Total 
                                                          $           $ 
------------------------------  ---------------  ----------  ---------- 
 Total as at 31 December 2021            50,000           -           - 
 Issue of shares                     20,783,000   2,733,863   2,733,863 
 Total as at 30 June 2022            20,833,000   2,733,863   2,733,863 
------------------------------  ---------------  ----------  ---------- 

On incorporation on 6 May 2021, the Company issued 50,000 ordinary shares of at no par value.

On 23 February 2022

Hamak Mining, as transferor, a Liberian incorporated private company wholly-owned by Amara Kamara, entered into a Licence Transfer and Option Agreement in respect of seven mining exploration licences (MELs) across Liberia covering an area of 4,965 km(2) with the Company's wholly-owned subsidiary, Hamak Gold Liberia, as transferee. Two MELs, being Nimba and Gozohn were transferred from Hamak Mining to Hamak Gold Liberia. The consideration paid was $1,355,460 (GBP1,000,000) by way of issuing 9,283,333 Ordinary Shares in the Company to Amara Kamara and Nicholas Karl Smithson.

On 1 March 2022

9,550,000 new Ordinary Shares were issued to certain investors pursuant to a placing (the "Placing") at a price of 10 pence per Placing Share (the "Placing Price").

666,667 new Ordinary Shares were issued on conversion of $66,590 (GBP50,000) in aggregate principal amount of unlisted zero coupon convertible unsecured loan notes, which were automatically converted into Ordinary Shares on Admission at a discount of 25% to the Placing Price (the "Conversion Shares");

300,000 new Ordinary Shares were awarded to the non-executive directors of the Company, at the Placing Price equivalent to $39,954 ($13,318 (GBP10,000) each), in lieu of fees payable to each of them in connection with the production of the Prospectus and admission to the London Stock Exchange.

983,000 new Ordinary Shares were awarded to Peterhouse Capital Limited in lieu of fees payable to it in connection with the Placing at the Placing Price equivalent to $130,915 (GBP98,300).


During the period certain directors were awarded Ordinary Shares in the Company. Further details can be found in note 11, Share Capital.


On 12 July 2022, the Company announced that it had issued 465,472 new ordinary shares to directors in respect of fees earned for the quarter ended 30 June 2022.

In addition, the Company has granted 2,129,847 Performance Rights in accordance with its Unapproved Share Performance Rights Plan to directors and to senior management. Each Performance Right entitles the holder to acquire one ordinary share. The Performance Rights vest in accordance with the conditions as set out in the Company's Prospectus.

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(END) Dow Jones Newswires

September 28, 2022 02:00 ET (06:00 GMT)

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