Hamak Strategy (LSE:HAMA) has divested its Nimba Gold Project in Liberia to Avesoro, in a deal worth up to US$4.5m (£3.4m).
The UK-listed company, which pursues a dual strategy of gold exploration in Africa and Bitcoin treasury management, will receive up to US$2m in milestone payments plus a 2% gross production royalty, with BMMC entities covering all further exploration costs.
Nimba is a gold discovery made by Hamak, sitting 25km south-west of the multi-million ounce Ity gold mine in neighbouring Ivory Coast; drilling there identified a best intercept of 20m at 7g/t gold near surface.
Hamak regained 100% ownership of Nimba earlier in the year after partner First Au withdrew in the first quarter, retaining a 2% future production royalty at the time, a position now folded into today's wider divestment.
Under the agreement, Hamak's Liberian subsidiary 79 Resources has relinquished its rights to exploration licence MEL7012725, with BMMC related entities granted four new licences covering essentially the same ground.
Hamak will receive US$1m once a mineral resource of at least 500,000 ounces of gold is declared within the new licence area, and a further US$1m on the successful grant of a Mineral Development Agreement covering gold mining there.
BMMC also holds the option to pay Hamak US$2.5m to cut the royalty from 2% to 1%.
BMMC operates the New Liberty gold mine in western Liberia and has developed three separate gold mines in the country, producing more than 300,000 ounces from New Liberty in 2025.
"This is a positive step forward for Hamak and a clear example of how we can build value from our exploration portfolio", said Karl Smithson, chief executive and executive director.
The deal clears the way for Hamak to concentrate on its Akoko oxide gold project in south-west Ghana, where the independent Preliminary Economic Assessment (PEA) with Snowden Optiro remains on track for completion in late November.
Akoko carries a maiden NI 43-101 resource of 210,430 ounces of gold at 0.76 g/t, declared in July, with the PEA examining a low-capex open-pit, heap-leach operation targeting at least 20,000 ounces a year.
Smithson said the company sees "a compelling combination for shareholders: direct exposure to Akoko's progress and retained upside from Nimba as it moves forward under BMMC."