Hamak Strategy has agreed to transfer its interests in Liberia’s Nimba gold project to entities associated with Avesoro Mining, handing responsibility for future exploration and development to the West African gold operator while retaining rights to milestone payments and production royalties.
The transaction carries potential consideration of up to US$4.5 million, although the amount is contingent on future project progress rather than payable entirely upon completion of the transfer. Hamak would receive US$1 million once Nimba establishes a mineral resource containing at least 500,000 ounces of gold, with a further US$1 million payable following approval of a Mineral Development Agreement. Hamak will also retain a 2% gross production royalty on the project. Avesoro has the option to reduce the royalty to 1% by making an additional US$2.5 million payment.
Milestone Payments Linked to Resource Definition and Permitting
The transaction transfers direct project interests while linking part of Hamak’s potential proceeds to Nimba’s advancement through exploration, resource definition and permitting. The US$4.5 million headline consideration therefore does not represent an immediate cash payment of that amount.
The first significant payment depends on the project reaching the 500,000-ounce resource threshold. The second is tied to securing a Mineral Development Agreement, while the royalty provides Hamak with additional potential economic participation if the project progresses to production. Nimba remains at the exploration stage, despite previously reported drilling results that included 20 metres grading 7 grams per tonne of gold. Further work will be required to establish a mineral resource that meets the transaction’s milestone criteria.
Avesoro Takes Responsibility for Further Project Development
The transfer shifts the future exploration funding burden away from Hamak and places responsibility for advancing Nimba with entities associated with Avesoro Mining. The operator brings experience in gold mining operations and project development in West Africa. Hamak will retain contingent financial exposure to the project’s progress through the milestone payments and royalty rather than maintaining direct control over its development. The structure allows the company to preserve potential value from Nimba while reducing the capital commitments associated with further exploration and development.
Whether the transaction delivers the full potential consideration will depend on the project’s technical progress, permitting and subsequent development. The immediate objective relevant to Hamak’s first milestone is the definition of a resource containing at least 500,000 ounces of gold.
Hamak Redirects Focus to Ghana’s Akoko Gold Project
The Nimba transaction forms part of a portfolio shift towards Hamak’s Akoko gold project in Ghana. The company expects a preliminary economic assessment for Akoko in late November 2026.
By transferring its Liberian interests while retaining milestone and royalty rights, Hamak is reducing its direct funding exposure to Nimba as it advances work on Akoko. The economic outcome of the disposal will depend on Avesoro’s ability to move Nimba beyond exploration and meet the conditions attached to the deferred payments.
