Key Takeaways
- • Hamak Strategy Limited (LSE:HAMA) divested 8 bitcoin on September 18, 2026, at £60,314.54 per coin, generating gross proceeds of £482,516 to fund the Akoko Gold Project's Preliminary Economic Assessment and reduce debt obligations.
- • The company retains 18 bitcoin in its treasury, currently valued at approximately £1,075,000, maintaining a hybrid strategy combining gold exploration with cryptocurrency asset holdings.
- • Proceeds will advance technical work at the Akoko Gold Project in Ghana, including a drone survey for topographic mapping and metallurgical testing on a 124,000-ounce gold oxide resource located in the upper 50 meters, targeting potential open-pit, heap-leach mining operations.
- • Snowden Optiro technical consultants are developing mining shells and production schedules for two potential open pits at Akoko North and South, with prior metallurgical testing demonstrating gold recovery rates between 85% and 95%.
- • The bitcoin sale represents a strategic liquidity event addressing short-term capital requirements without altering Hamak's stated dual-strategy approach of gold exploration combined with treasury management of digital assets.
Summary
Hamak Strategy Limited sold 8 bitcoin on September 18, 2026, realizing £482,516 in gross proceeds at an average price of £60,314.54 per coin. According to a formal press release statement, the company allocated the capital to advance its Akoko Gold Project in Ghana, retire existing short-term debt, and fund operational working capital needs. The divestment represents a measured deployment of the company's cryptocurrency treasury without fundamentally shifting its stated investment thesis combining gold exploration with digital asset holdings.
Following the sale, Hamak retains 18 bitcoin valued at approximately £1,075,000, providing continued exposure to cryptocurrency price appreciation while maintaining liquidity for near-term project development. Mike Murphy, Chief Strategy Officer and Executive Director, stated the transaction demonstrates "financial flexibility" and enables the company to support the Preliminary Economic Assessment (PEA) process while addressing immediate capital requirements. The company emphasized this approach does not constitute a strategic retreat from bitcoin holdings but rather a targeted use of treasury assets to fund exploration advancement.
The Akoko Gold Project in Ghana represents the focal point of near-term technical work. Snowden Optiro, an independent technical consulting firm, recently conducted site visits to evaluate the project's mineral resource and mining feasibility. The consultants are developing proposed mining shells and production schedules for two potential open-pit operations at Akoko North and South, focused on a 124,000-ounce gold oxide resource concentrated in the upper 50 meters below surface, a configuration suitable for low-cost heap-leach processing. A scheduled drone survey will generate topographic data for infrastructure planning, including pit placement, ore management, heap leach pad design, and processing plant layouts.
Metallurgical testing underpins the technical assessment. Prior testing of drill samples and artisanal mining site material demonstrated gold recovery rates between 85% and 95%, supporting the viability of a heap-leach extraction methodology. Snowden will recommend additional metallurgical testing protocols using recent drill samples to refine recovery projections and inform final engineering parameters. This phased technical approach enables Hamak to progress from exploration to economic assessment, positioning the project for potential development decision within a defined timeline. The bitcoin liquidation provides the capital conduit for this advancement while preserving the company's residual digital asset position.
Following the sale, Hamak retains 18 bitcoin valued at approximately £1,075,000, providing continued exposure to cryptocurrency price appreciation while maintaining liquidity for near-term project development. Mike Murphy, Chief Strategy Officer and Executive Director, stated the transaction demonstrates "financial flexibility" and enables the company to support the Preliminary Economic Assessment (PEA) process while addressing immediate capital requirements. The company emphasized this approach does not constitute a strategic retreat from bitcoin holdings but rather a targeted use of treasury assets to fund exploration advancement.
The Akoko Gold Project in Ghana represents the focal point of near-term technical work. Snowden Optiro, an independent technical consulting firm, recently conducted site visits to evaluate the project's mineral resource and mining feasibility. The consultants are developing proposed mining shells and production schedules for two potential open-pit operations at Akoko North and South, focused on a 124,000-ounce gold oxide resource concentrated in the upper 50 meters below surface, a configuration suitable for low-cost heap-leach processing. A scheduled drone survey will generate topographic data for infrastructure planning, including pit placement, ore management, heap leach pad design, and processing plant layouts.
Metallurgical testing underpins the technical assessment. Prior testing of drill samples and artisanal mining site material demonstrated gold recovery rates between 85% and 95%, supporting the viability of a heap-leach extraction methodology. Snowden will recommend additional metallurgical testing protocols using recent drill samples to refine recovery projections and inform final engineering parameters. This phased technical approach enables Hamak to progress from exploration to economic assessment, positioning the project for potential development decision within a defined timeline. The bitcoin liquidation provides the capital conduit for this advancement while preserving the company's residual digital asset position.
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