Operational Update & Issuance of Director Shares

RNS Number : 3581U

Hamak Gold Limited

27 March 2023

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES, ANY TERRITORY OR POSSESSION THEREOF OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.

27 March 2023

Hamak Gold Limited

("Hamak Gold" or the "Company")

Operational Update

Issuance of Director Shares

Hamak Gold Limited (LSE: HAMA) is pleased to provide an update on the geophysical survey across its high-grade gold discovery at the Company's 100% held Nimba Licence in Liberia.  

Highlights

· Induced Polarisation ("IP") geophysical survey underway by consulting group GeoFocus

· 4,240m of line survey completed at orientation block over Ziatoyah gold discovery where initial drilling returned a near-surface intersection of 20m @7g/t Au

· Interpretation of initial results is promising at mapping the subsurface sulphide mineralization associated with gold mineralization discovered at Ziatoyah

· Survey to be expanded for a further 6,400m of line survey across the northwestern, strong gold in soil anomaly

· Objective of the survey is to define the margins of sub-surface sulphide mineralized units and to define and identify future drill targets

Karl Smithson, Executive Director of Hamak Gold commented: 

"The Induced Polarization ("IP") orientation geophysical survey is progressing well over the area which hosts the Ziatoyah high-grade gold discovery. Given the excellent quality of the data yielded so far, we are confident that we will be able to define mineralized zones and structures to identify drill targets along the strike of the high-grade gold intersection at Ziatoyah.

"We will expand the survey to the north of Ziatoyah (Follow Up Survey) to include the strong gold in soil anomaly and expect the geophysical surveys and interpretation to be complete in April 2023."

Figure 1: Orientation and Follow Up IP Survey Blocks Across Ziatoyah Discovery Site and Gold in Soil Anomalies

Issue of Fee Shares and Performance Shares

As outlined in the Company's Prospectus, to conserve funds, the Directors of the Company agreed to accept shares in lieu of fees for a period of 18 months following the date of Admission to the London Stock Exchange ("LSE"), to be received quarterly in arrears ("Fee Shares").  For the period of 1 December 2022 to 28 February 2023, a total of 448,805 Fee Shares will be issued to the Directors of the Company as follows:

Fee Shares issued to directors		Number
Amara Kamara		145,000
Nicholas Karl Smithson		125,000
Samuel Julius Baiden		50,000
Kenneth Niall Young		50,000
Martin Lampshire		45,472
Walter McCarthy (resigned 30 January 2023)		33,333
Total		448,805

On the 7 July 2022 it was announced that the Company had granted up to 2,129,847 Performance Rights in accordance with its Unapproved Share Performance Rights Plan to the Directors and to certain senior management.

Each Performance Right entitles the holder to acquire one ordinary share. The Performance Rights vest in accordance with the following conditions as set out in the Company's Prospectus:

· 50 per cent. (50%) of the shares shall vest on the Company's first drill intersection showing significant gold mineralisation (as determined by the Senior Technical Consultant to the Board); and

· the remaining 50 per cent. (50%) of the shares shall vest on the first date on which the price of the Shares is double that of the price at which Shares are issued in the placing of Shares with certain institutional and retail investors at time of the Listing.

After taking independent expert advice, the Board has concluded that the first milestone has been achieved through the discovery and drilling intersection of significant gold mineralisation at Ziatoyah which returned a near-surface intersection of 20m @7g/t Au, including 5m @22g/t Au.  Following exercise, a total of 953,107 Performance Shares are being issued to Directors (excluding the executive Chairman), senior management and staff as follows:

Performance Shares exercised:
Directors	Number
Karl Smithson	255,582
Julius Baiden	111,817
Niall Young	111,817
Martin Lampshire	111,817
Sub total	591,033
Others	362,074
Total	953,107

Following issuance of the Fee and Performance Shares, the Directors' share interests will be as follows:

Directors	No of shares	%
Amara Kamara	24,744,833	54.1%
Nicholas Karl Smithson *	4,151,539	9.1%
Samuel Julius Baiden	561,817	1.2%
Kenneth Niall Young	411,817	0.9%
Martin Lampshire	1,286,704	2.8%
Sub-Total Directors	31,156,710	68.1%
Other Shareholders	14,575,868	31.9%
Total Shares in Issue	45,732,578	100.0%

* including spouse holding 753,378 ordinary shares

Application will be made for the approval of the LSE to issue the Fee and Performance Shares.  After issuance of these shares the issued share capital of the Company will be 45,732,578 ordinary shares.  The figure of 45,732,578 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

For further information you are invited to view the Company's website at www.hamakgold.com or please contact:

Hamak Gold Limited Amara Kamara Karl Smithson	[phone] [phone]
Peterhouse Capital Limited (Broker) Lucy Williams Guy Miller Yellow Jersey PR Sarah Hollins Annabelle Wills	[phone] [phone]

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, where significant drilling results have identified a new high-grade gold discovery with the discovery hole returning 20m @ 7g/t Au near surface.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	1. Amara Kamara 2. Nicholas Karl Smithson 3. Samuel Julius Baiden 4. Kenneth Niall Young 5. Martin Lampshire
2	Reason for the notification
a)	Position/status	1. Chairman 2. Executive Director 3. Non-Executive Director 4. Non-Executive Director 5. Non-Executive Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Hamak Gold Limited
b)	LEI	213800NL4ICLKYSYU749
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary Shares of no par value each ISIN: VGG4256S1048
b)	Nature of the transaction	Issue of Fee shares and Performance Shares (as applicable)
c)	Price(s) and volume(s)	Price(s)  Volume(s) 1. N/A 2. N/A 3. N/A 4. N/A 5. N/A 1. 145,000 2. 380,582 3. 161,817 4. 161,817 5. 157,289
d)	Aggregated information Price	1,006,505
e)	Date of the transaction	28.3.23
f)	Place of the transaction	Outside a trading venue

 

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