Gold exploration company Hamak Strategy has entered into an amendment and restatement of its existing funding arrangements with institutional investor YA II PN, a subsidiary of global asset manager Yorkville Advisors.

The amended package restates the outstanding balance of a previous £2.5-million convertible loan note announced on December 4, 2025, into a convertible loan of about £1.6-million.

The Hamak board highlights that the revised structure materially improves funding visibility, removes the conversion rights attached to the credit-linked note (CLN) and provides a clear repayment pathway while allowing the company to retain working capital flexibility for its operational and strategic objectives.

The company adds that the new loan has no conversion rights attached to it and that the interest rate remains at 4% a year, with no fees attached to the restatement save for £20 000 of legal fees in drafting the required documents.

Amortisation of the loan will start 60 days from entering into the new loan agreement and will follow an agreed repayment schedule between the Hamak and YA II PN over the subsequent ten months.

If the company uses its existing at the market (ATM) facility to raise funds from the issue of new shares, it will be entitled to retain the first £110 000 in cash raised and, thereafter, use 50% of ATM proceeds towards reducing the outstanding balance of the loan.

Hamak will issue YA II PN with about 165-million warrants over new ordinary shares, each exercisable at £0.01 a share, representing a 54% premium to the offer price of the Hamak shares on July 1. The warrants shall be exercisable for three years and shall be exercised on a cash basis.

If exercised in full, Hamak highlights that the warrants would generate about £1.6-million of gross cash proceeds for the company, further aligning YA II PN with the future equity performance of the company.

“This is an important step forward for Hamak. By restructuring the existing convertible loan into a non-convertible facility, while preserving a 4% coupon and agreeing a sensible repayment profile, we have reduced a key area of uncertainty for shareholders and strengthened the company’s funding position.

"The structure gives Hamak greater flexibility to focus capital on advancing Akoko, progressing our West African gold portfolio and continuing to develop our disciplined Bitcoin treasury strategy.

“We are pleased that Yorkville has remained supportive and that its potential upside is now aligned through cash-exercise warrants at a premium to the June 30 offer price. In our view, this package gives Hamak a cleaner platform from which to execute its strategy at an important stage in the company’s development,” says Hamak chief strategy officer and executive director Mike Murphy.