Hamak Gold (LSE: HAMA) is not your typical early-stage gold explorer. With its flagship asset in Liberia and a management team deeply embedded in West Africa’s resource sector, the company had until recently followed a conventional junior mining playbook.
That changed in June 2025, when Hamak surprised the market by announcing a pivot into Bitcoin, adopting the cryptocurrency as part of its treasury management strategy. The news coincided with a sharp rise in share price, drawing retail attention to what had been a quiet microcap with a low single digit £million market cap just weeks earlier.
Unlike some pure Bitcoin treasury plays, however, where share price gains have quickly faded, Hamak’s stock has held up so far, at least at the time of writing. While some investors welcomed the move as a modern approach to asset diversification, others were left questioning whether it marked a distraction from the company’s core gold exploration work. As Hamak now attempts to balance traditional exploration with this new financial strategy, retail investors are left to assess whether this is a bold, multi-dimensional opportunity or a speculative flash in the pan.
Liberia’s Untapped Gold Potential
At the heart of Hamak’s value proposition lies the Nimba project, a promising gold prospect in Liberia. The project is located near the border with Côte d’Ivoire and lies just 35 kilometres southwest of the 5-million-ounce Ity Gold Mine operated by Endeavour Mining. The flagship Ziatoyah prospect at Nimba has already returned high-grade results including 7 grams per tonne (g/t) of gold over 20 metres from drill core, supported by surface trenching that revealed 0.63g/t gold over 55 metres. With visible gold observed in drill core and artisanal workings already present across the zone, the area exhibits all the hallmarks of a significant early-stage discovery.
Soil sampling, trenching, and induced polarisation surveys have outlined a 5.7-kilometre by 1-kilometre anomaly at Ziatoyah, only 10% of which has been tested by drilling. Rock chip samples have returned grades as high as 47g/t. The company plans to undertake a focused 5,000-metre drill programme in 2025 to better define the deposit and expand its footprint. Two drill rigs are already in-country, supported by critical spares, allowing the company to manage its operations in-house and reduce cost per metre.
Strategic Backing from First AU Limited
Hamak Gold’s ambitions at Nimba are bolstered by a strategic partnership with Australian-listed First AU Limited (ASX: FAU). Under the agreement, FAU will fully fund exploration work at Nimba, including a minimum of 2,500 metres of diamond drilling during 2025, and has already shipped two drill rigs with critical spares to Liberia. In return, FAU will progressively earn up to a 70% stake in 79 Resources Inc, Hamak’s Liberian subsidiary that holds the Nimba licence, through a combination of exploration spending and the issue of up to A$1.9 million in FAU shares over nine months.
If the project achieves resource development milestones, FAU will issue a further A$2 million in shares to Hamak in two equal tranches: one upon declaration of a 750,000-ounce indicated resource at over 1.1g/t gold, and another if that resource grows to 1.5 million ounces at the same grade, within five years. The agreement allows Hamak to retain exposure to the upside at Nimba while reducing direct financial risk and preserving its share capital on the London market.
Board Expertise and Local Advantage
Hamak Gold’s board brings together deep operational expertise and capital markets experience. Nick Thurlow was appointed Executive Chairman in 2025 and previously held senior roles at Standard Chartered and served as Group CFO of MBS in Dubai, the investment arm of Sheikh Nayef Bin Eid Al Thani. Karl Smithson, Executive Director, is a geologist with over 30 years of experience in Africa’s mining sector, having led several listed companies and negotiated joint ventures across West Africa. He holds a BSc in Geology from Kingston University and an MBA from the University of Cape Town.
James Lawrence, Executive Director, adds over 15 years of investment management and regulatory expertise. A former British Army infantryman, he holds an MBA from Bayes Business School and multiple certifications from the CFA Institute and CISI. Lawrence has held active FCA approvals for key governance roles and previously led Enigma Strategy before its acquisition by MBS Global Investments. Non-Executive Director Martin Lampshire contributes over 30 years of corporate broking experience, with a track record in equity fundraising and board positions at UK-listed companies including ValiRx and GRIT Investment Trust.
In July 2025, Hamak appointed Dr. Arthur Laffer, the renowned economist behind the “Laffer Curve,” to its Strategic Advisory Board. Dr. Laffer, an influential figure in U.S. fiscal policy during the Reagan era, has become a vocal supporter of Bitcoin as a long-term store of value. His appointment signals Hamak’s intent to pair traditional resource development with forward-looking financial strategy.
Operating in Liberia, a jurisdiction with improved political stability but where permitting and stakeholder engagement remain complex, this combination of technical leadership and macroeconomic insight aims to help the company navigate both discovery and financing risks. Liberia has been a member of the Extractive Industries Transparency Initiative since 2008, but local relationships and regulatory fluency remain critical to successful project delivery.
The Bitcoin Pivot: Hype, Hedge, or Headfake?
The market’s attention was grabbed not by drill results, but by Hamak’s June 2025 announcement that it would begin accumulating Bitcoin in its treasury. The company framed the move as part of a broader strategy to preserve capital in a high-inflation environment and to align with modern asset diversification principles. Just days later, the company appointed Dr. Arthur Laffer, to its advisory board, citing his experience in fiscal strategy and monetary economics. The appointment led to a fresh surge in share price, with volume spikes drawing in new retail investors.
At face value, Hamak Gold’s Bitcoin treasury move is an unconventional step for a junior gold explorer, and reactions have been sharply divided. Some critics warn that it could undermine investor confidence in the company’s core focus, citing the volatility, regulatory uncertainty, and accounting complexity that come with holding digital assets. Supporters argue it could appeal to a new class of investor and provide an asymmetric hedge against fiat currency risk, especially in regions facing inflation or capital controls. More sceptical observers note that several companies adopting similar strategies have seen their share prices surge and collapse, sometimes within hours, viewing these episodes as speculative spikes rather than credible capital strategy.
Whether Hamak’s shift into Bitcoin reflects a genuine long-term policy or a short-term market catalyst remains unclear. At the time of writing, the company has not published details on how much Bitcoin it intends to purchase, the timeline for those acquisitions, or the infrastructure it will use to manage custody, valuation, and reporting.
Funding Round and Insider Confidence
In parallel with its Bitcoin pivot, Hamak Gold raised £2.47 million through a placing and subscription, issuing new shares at a significant premium to prior trading levels. The raise brought in institutional capital and enabled continued advancement of the Nimba project, alongside diversification of its treasury. Shortly after the raise, the company disclosed a number of director dealings, with Executive Director Karl Smithson and Non-Executive Director Martin Lampshire transferring shares into tax-advantaged personal accounts, a move often interpreted as a sign of long-term conviction. Executive Chairman Nicholas Thurlow also increased his holding via a direct market purchase.
Since the capital raise, there has been a notable reshuffling of insider and major shareholder positions. Amara Kamara, previously the largest shareholder with over 28%, has reduced his holding significantly to around 9%. Rowan Carr has trimmed his stake from over 12% to just under 4%, while James Cable and Niall Young have both fallen below the reportable 3% threshold. Samuel Baiden has also exited the reportable register. In contrast, Nicholas Thurlow has increased his exposure, and Smithson’s holding remains stable. These transactions collectively reduce board and management ownership from previous estimates of over 70% to a materially lower, though still significant, level.
For retail shareholders, the implications of these changes are nuanced. Director dealings, including additional purchases by Executive Chairman Nicholas Thurlow and share transfers by Karl Smithson and Martin Lampshire, reflect continued alignment and long-term commitment from key board members. However, there has been a clear reduction in holdings from several earlier, mining-aligned stakeholders. Major exits or stake reductions by Amara Kamara, Rowan Carr, James Cable, and Niall Young, some of whom previously held significant influence, suggest a shift in shareholder dynamics following the capital raise.
This pattern may reflect more than just dilution. It potentially signals discomfort among traditional resource investors with the company’s evolving strategy, particularly the introduction of a Bitcoin treasury reserve. Conversely, increased positions from board members with capital markets or trading backgrounds may imply greater support for the pivot and willingness to embrace volatility and broader asset exposure. For retail investors, this reshaping could mean less concentration risk and a more diversified investor base—but also raises valid questions about strategic focus and risk appetite moving forward.
Risks and Unknowns
While recent developments have captured market attention, Hamak Gold remains a highly speculative investment. It is still a pre-resource explorer with no compliant mineral resource, no production revenue, and no demonstrated economic discovery. Despite a recent re-rating, the company’s market capitalisation remains modest at just under £20 million, leaving its valuation acutely sensitive to exploration outcomes and shifting investor sentiment.
Liberia, though broadly stable, presents operational challenges common across frontier mining jurisdictions. These include limited infrastructure, seasonal accessibility issues, and the persistent presence of artisanal and small-scale mining activity, particularly around key prospects like Nimba. Such dynamics can complicate exploration logistics, add to security costs, and create uncertainty around community relations and land access.
The introduction of Bitcoin into the company’s treasury strategy adds a further layer of complexity. While potentially positioning Hamak as a contrarian play on digital hard assets, the lack of detailed disclosure on allocation size, custody arrangements, or valuation policy leaves investors in the dark about how material this strategy really is. Without proper safeguards or governance transparency, the approach may raise concerns about capital discipline, especially if gold exploration becomes underfunded or deprioritised.
There is also a fundamental question of strategic focus. Junior explorers rely on a consistent cadence of drill campaigns, assay results, and technical de-risking to build momentum. Attempting to pair that with a digital asset narrative, however innovative, risks diluting investor clarity. At this early stage in Hamak’s lifecycle, maintaining trust will depend on execution, not just storytelling.
Conclusion: Momentum or Mirage?
Hamak Gold stands at a strategic crossroads. On one hand, it offers retail investors classic junior mining upside, an early-stage West African gold project with promising geology, credible technical leadership, and a funded drill programme supported by a strategic JV partner. On the other, it’s pioneering an unconventional treasury policy centred around Bitcoin, tapping into macro themes of fiat debasement and digital asset adoption.
This dual narrative has powered a remarkable re-rating and sparked renewed market interest. But it also introduces contrasting expectations. The company must now satisfy two very different investor mindsets, those looking for drill-driven discovery and resource growth, and those drawn by the potential of a hard-money financial thesis.
For Hamak to succeed, both sides of that equation must deliver. Exploration results must justify the valuation uplift, and the Bitcoin strategy must be clearly communicated, responsibly managed, and financially coherent. If either leg falters, the story risks unravelling.
The next six months will be pivotal. Can Hamak become a blueprint for dual-asset resilience in junior markets, or will its attempt to blend geology and digital finance stretch credibility too far? Retail investors should prepare for both volatility and opportunity, and demand clarity on execution every step of the way.
Disclaimer: The information presented in this article represents the views and analysis of the author and is provided for informational purposes only. It should not be interpreted as financial, investment, or legal advice. Investors should conduct their own due diligence and consult a qualified adviser before making investment decisions. Investing in AIM-listed companies involves risk, and past performance is not indicative of future results.
