Operational Update & Issuance of Director Shares

Operational Update

Issuance of Director Shares

Hamak Gold Limited (LSE: HAMA) is pleased to provide an operational update on the Company's 100% held Nimba Licence in Liberia.

Highlights

• Independent detailed geological review undertaken on all exploration work and results yielded to date to assist in targeting priority areas related to the high-grade Ziatoyah gold discovery in the Nimba Licence
• A programme of detailed structural mapping, pitting and trenching followed by further drilling is recommended to test key targets that are associated with the significant gold mineralization discovered at Ziatoyah, as well as testing the broader 3 kilometre ("km") x 1 kilometre ("km") geochemical soil anomaly which remains unresolved
• Drilling completed over 13 geophysical and structural targets with four holes yielding mineralized gold intersections with low-grade values

Karl Smithson, Executive Director of Hamak Gold commented:

"Our understanding of the geology and structural controls have been significantly improved through the drilling and detailed independent review of all exploration data accumulated to date by the Company's technical consultant. The exploration model has been refined to target areas associated with structural continuity of the high-grade gold metasedimentary assemblages at the Ziatoyah discovery. Importantly, most of the extensive 3km x 1km strong gold in soil anomaly remains unresolved in its entirety and requires further detailed investigation. A structured work programme is being established to advance the next phase of work across a number of priority targets at Nimba."

Geological Review and Recommendations

The Company's independent consulting geologist, Dr Colin Andrew, has reviewed all exploration data and results related to the Nimba licence, including;

• 1,873 geochemical soil sampling results which revealed an extensive 3km x 1km gold in soil anomaly with numerous strong gold peaks (occasionally >1 ppm)
• 554m of trenching and 552 assay results
• 66m of surface channel sampling and 43 assay results
• 1,450 metres of drilling and 477 assays of drill core
• 486 structural readings from surface outcrop mapping and orientated drill core
• 22 line kilometres of geophysical survey (Gradient & Induced Polarisation)
• 29 stream sediment samples and 43 element analyses
• 26 rock chip samples and 24 assay results

This in-depth report endeavoured to establish the potential controls to the gold mineralization and to define future targets.

A detailed 3D structural interpretation was undertaken of the orientated drill core, as well as surface outcrop mapping, around the localised Ziatoyah discovery area. The current interpretation is that gold mineralization is preferentially hosted within mafic metasediments, such as those intersected in the discovery hole at Ziatoyah (20m @ 7g/t Au). Similar lithologies are seen in other drill holes and are associated with above background gold values, supported by the presence of marmorized carbonates within the metasediment packages intersected. It is considered that these assemblages pre-date the principal North East faulting seen in the area and are folded in between the fault zones.

A number of priority targets have been recommended for follow-up from the review. These targets are associated with known gold in soil anomalies as well as possible extensions of structures and metasediments associated with the high-grade Ziatoyah drill intersection and positive surface channel sampling results.

The next phase of exploration work will include detailed surface mapping, pitting/trenching and channel sampling. A low-cost handheld ground magnetic survey over the broader gold-in-soil anomalous area is also recommended. This work will be followed by drilling of positive anomalous values and structural targets to test the extent of the Ziatoyah mineralization.

Figures 1 to 5 are taken from the geological report and are presented here for information.

Drilling Update

A total of 13 drill holes, for 1,001 metres ("m"), were drilled over a selection of Induced Polarisation ("IP") and structural targets generated from the recent geophysical survey across a small area in the vicinity of the Ziatoyah gold discovery. Assays from 232 samples of selected drill core (including QA/QC samples) were completed by ALS Ghana. The drill holes that tested the IP targets were broadly negative and did not intersect meaningful gold mineralization.

Drilling of structural targets, however, proved more successful with four holes returning intersections of low-value gold mineralization. Drilling to date over a limited area in the vicinity of the Ziatoyah gold discovery has produced the following significant intervals of gold mineralization:

Table 1: Significant downhole gold intercepts:

Note: Intersections calculated above at 0.3 g/t Au cut-off with no top cut applied and a maximum internal waste interval of 2.0m

Figure 1: Geological map of Liberia showing the locations of current gold mining operations and localities and the Hamak Gold Nimba Permit

Figure 2: Ziatoyah Area Showing Drill Collars, Interpreted Structural Features and Gold in Soil Values (contoured at Mean, Mean + 1std Dev, Mean + 2 std dev and Mean + 3std dev.)

Figure 3: Section through drill holes NZ22-001 and -002 showing the correlation of mineralized intercepts with surface trenching/chip sampling

Figure 4: High-grade gold assay results intercepted in drill core (NZ22-001)

Figure 5: Combination of lineaments showing the pronounced NE to NNE trend across the Nimba licence

and Ziatoyah Prospect area.

Issue of Director Fee Shares

As outlined in the Company's Prospectus, to conserve funds, the Directors of the Company agreed to accept shares in lieu of fees, at a deemed price of 10 pence per share, 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 June 2023 to 31 August 2023, a total of 415,472 Fee Shares will be issued to the Directors of the Company as follows:

Admission and Total Voting Rights

The Company has made applications to the Financial Conduct Authority ("FCA") and the LSE to have 415,472 Ordinary Shares admitted to the Standard Listing and to trading on the Main Market with Admission expected to occur on or around 16 November 2023.

On Admission, the Company's issued share capital will comprise 50,563,522 Ordinary Shares, with each Ordinary Share carrying the right to one vote. Accordingly, the total number of voting rights in the Company will be 50,563,522 and this figure may be used by shareholders 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 Company under the FCA's Disclosure Guidance and Transparency Rules.

Following the fee shares issue, the Directors holdings are as follows: