{
  "schemaVersion": 1,
  "note": "Debt, cash and facilities for Hamak Strategy (LSE:HAMA) — the inputs to every net figure, kept separate from the treasury ledger because these are claims against the holdings rather than holdings, and because they are disclosed on a different clock. That clock is the point: a loan balance is restated whenever an announcement mentions it, but cash appears only in the half-yearly and annual accounts, in dollars — the latest is $26,000 at 30 June 2026, published on 25 September. Any net-of-debt per-share metric therefore stays unpublished rather than being computed against a stale balance or an assumed zero — which would make the net pair a second copy of the gross pair wearing a conservative label. Each borrowing is a chain of statements: a later balance names the row it brings up to date in 'restates', and replaces it only from its own date, because the earlier figure was right on its day; 'supersedes' is kept for corrections. Debt is the sum of each chain's latest statement. An undrawn facility is headroom, not debt, and is never netted. Compiled by Golden Bitcoin, an independent investor publication; not company IR and not financial advice.",
  "rows": [
    {
      "id": "bs-2024-07-16-vela-cln",
      "kind": "debt",
      "effectiveDate": "2024-07-16",
      "announcedDate": "2025-09-01",
      "headline": "Interim Results (Sept 2025) — £300,000 convertible loan notes issued to Vela Technologies",
      "grade": "rns",
      "source": "https://hamakstrategy.com/regulatory-updates/interim-results-sept-2025/",
      "amount": 300000,
      "currency": "GBP",
      "drawn": true,
      "note": "£300,000 of unsecured convertible loan notes issued on 16 July 2024 to Vela Technologies plc, now Caledonian Holdings plc, in exchange for listed shares in Vela: 10% interest a year, redeemable after 24 months, and convertible at a price that varies with the share price. That is how the 2025 interim results describe them, the earliest announcement-grade description on file; the 2024 annual report carries them too. The 2026 interim results add that the interest compounds annually and is payable in cash, and that conversion is at the lower of 3 pence and a 25% discount to the five-day volume-weighted price. The notes were missing from this ledger until the 2026 interim results listed them beside Yorkville, so every debt figure it produced before then left out a second lender. The amount is principal; interest accrued on top of it."
    },
    {
      "id": "bs-2025-12-04-yorkville-cln",
      "kind": "debt",
      "effectiveDate": "2025-12-04",
      "announcedDate": "2025-12-04",
      "headline": "Completion of £2.5 million CLN & Drawdown Strategy",
      "grade": "rns",
      "source": "https://hamakstrategy.com/regulatory-updates/completion-of-2-5-million-cln-drawdown-strategy/",
      "amount": 2500000,
      "currency": "GBP",
      "drawn": true,
      "note": "The convertible loan note as originally drawn: £2.5 million principal, £2,325,000 net proceeds, 4% a year, twelve-month maturity, amortising at £250,000 a month plus accrued interest after the first sixty days, convertible at 2.4 pence. Superseded by the July 2026 restructuring, which removed the conversion right."
    },
    {
      "id": "bs-2026-07-02-yorkville-loan",
      "kind": "debt",
      "effectiveDate": "2026-07-02",
      "announcedDate": "2026-07-02",
      "headline": "£1.66 million Amended Funding Package",
      "grade": "rns",
      "source": "https://hamakstrategy.com/regulatory-updates/1-66-million-amended-funding-package/",
      "amount": 1657671.23,
      "currency": "GBP",
      "drawn": true,
      "supersedes": "bs-2025-12-04-yorkville-cln",
      "note": "The outstanding balance restated as a non-convertible loan of £1,657,671.23 at 4% a year, with £20,000 of legal fees and no other restructuring charge. Amortisation begins sixty days after entry and runs over the following ten months, and the company may retain the first £110,000 of any ATM proceeds with half of the remainder applied to the loan. Two consequences for anything built on this figure: the balance today is lower than £1,657,671.23 and the company has not published what it now is, and the amount is a point-in-time disclosure rather than a running balance. Treat it as the most recent announced figure, not as current debt."
    },
    {
      "id": "bs-2026-07-23-caledonian-cln-standstill",
      "kind": "debt",
      "effectiveDate": "2026-07-23",
      "announcedDate": "2026-09-25",
      "headline": "Interim Results — Caledonian loan notes matured unpaid; standstill and staged repayment",
      "grade": "rns",
      "source": "https://www.investegate.co.uk/announcement/rns/hamak-gold-limited-npv-di---hama/interim-results/9792185",
      "amount": 300000,
      "currency": "GBP",
      "drawn": true,
      "restates": "bs-2024-07-16-vela-cln",
      "note": "The notes matured on 16 July 2026 and were not repaid. Under a standstill and staged repayment agreement signed on 23 July the company is to repay principal and interest in cash — £60,000 by 24 July, £100,000 by 31 August and £100,000 by 30 September, the balance by 31 October 2026 — with contractual interest still accruing and no penalty; while the schedule is met the holder will not serve a conversion notice or take enforcement action (note 17). The £60,000 has been paid, and the August and September instalments have been rescheduled to dates the results do not give. No balance is stated, so the amount stays at the £300,000 principal: the nearest disclosed figure rather than an exact one, since on the stated terms some £63,000 of interest had built up by maturity against the £60,000 repaid since. At 30 June the notes were carried at $480,000 including accrued interest, with a further $92,000 for the conversion option (note 15)."
    },
    {
      "id": "bs-2026-09-25-yorkville-loan-balance",
      "kind": "debt",
      "effectiveDate": "2026-09-25",
      "announcedDate": "2026-09-25",
      "headline": "Interim Results — Yorkville loan balance at the date of the report",
      "grade": "rns",
      "source": "https://www.investegate.co.uk/announcement/rns/hamak-gold-limited-npv-di---hama/interim-results/9792185",
      "amount": 1430000,
      "currency": "GBP",
      "drawn": true,
      "restates": "bs-2026-07-02-yorkville-loan",
      "note": "'Following partial repayment since the period end the loan balance is £1.43 million' — the company's own figure at the date of the interim results, given to the nearest £10,000, and the first balance published since the loan was restated at £1,657,671.23 on 2 July. It restates that row rather than superseding it, because £1,657,671.23 was right on 2 July. The results also show the loan was in arrears before it was restated: of £1,250,000 of instalments that fell due in the first half, £842,329 was paid, leaving £407,671 due and unpaid at 30 June, on which the lender charged no default interest or penalty (note 15). The restated loan amortises in ten monthly instalments from sixty days after 2 July, so the balance keeps falling between statements. The warrants issued with the restatement are '1.66 million' in the results' highlights and management report but 165,767,123 in note 17 and the 2 July announcement; the instrument ledger carries 165,767,123."
    },
    {
      "id": "bs-2025-12-31-cash",
      "kind": "cash",
      "effectiveDate": "2025-12-31",
      "announcedDate": "2026-04-30",
      "headline": "Results for the period ended 31 December 2025 — cash and cash equivalents",
      "grade": "company-filing",
      "source": "https://hamakstrategy.com/wp-content/uploads/2026/04/Hamak-Strategy-AR-FINAL.pdf",
      "amount": 3110000,
      "currency": "USD",
      "note": "The only cash figure the company has published, and it is the audited balance at 31 December 2025, in US dollars, reported in April 2026. It is not usable as current cash and the engine does not treat it as such: net-debt arithmetic requires a sterling cash figure and there is none, so every net metric renders its reason instead. The same accounts carry a material uncertainty over going concern, referring to discussions with lenders about repaying the loan notes, which is a further reason not to extrapolate this balance forward. The mine is not producing, so there is no operating cash flow topping it up."
    },
    {
      "id": "bs-2026-06-30-cash",
      "kind": "cash",
      "effectiveDate": "2026-06-30",
      "announcedDate": "2026-09-25",
      "headline": "Interim Results — cash and cash equivalents at 30 June 2026",
      "grade": "rns",
      "source": "https://www.investegate.co.uk/announcement/rns/hamak-gold-limited-npv-di---hama/interim-results/9792185",
      "amount": 26000,
      "currency": "USD",
      "note": "Cash of $26,000 at 30 June 2026, down from $3,110,000 at 31 December 2025, in interim accounts that are unaudited and have not been reviewed by the auditor (note 11). Over the half $740,000 went on running the company, $577,000 on exploration, $473,000 on six bitcoin, $411,000 on its own shares, $219,000 on Vaultz shares and $1,185,000 on the Yorkville loan, principal and interest, against $478,000 from selling the First Au stake and $56,000 from reselling own shares. Like the December figure it is in dollars and from periodic accounts, so the engine still has no current sterling cash and every net figure stays withheld; whether a half-year balance should change that is a methodology decision that has not been taken, not a data entry. It moves one published figure, the dated backing-with-cash comparison beside the warrant table, which uses the latest cash row whatever its currency. Since 30 June the company has received £200,000 gross from the Verdant subscription, £482,516 gross from selling 8 bitcoin, £38,884 net from gold and £28,932 from its own shares, and has paid Yorkville down to £1.43 million and Caledonian £60,000; none of that is a balance."
    },
    {
      "id": "bs-2025-12-04-atm-facility",
      "kind": "facility",
      "effectiveDate": "2025-12-04",
      "announcedDate": "2025-12-04",
      "headline": "Completion of £2.5 million CLN & Drawdown Strategy — ATM facility signed",
      "grade": "rns",
      "source": "https://hamakstrategy.com/regulatory-updates/completion-of-2-5-million-cln-drawdown-strategy/",
      "amount": 30000000,
      "currency": "GBP",
      "drawn": false,
      "note": "An at-the-market equity facility of up to £30 million with AlbR Capital, under which the company receives 97% of sales proceeds and sets its own floor price and volume. Recorded because it is the mechanism by which the share count could move materially and without a further vote, and because the loan is expected to be repaid partly out of it. It is not debt and is never netted against the treasury: it is headroom, it carries no obligation to use it, and the chief executive has said publicly it has not been used because trading volumes have not supported it. No ATM-tracking tool should be built until an announcement shows the facility has actually been drawn on.",
      "proceedsTerms": {
        "companyReceivesShare": 0.97,
        "firstRetainedGbp": 110000,
        "remainderRetainedShare": 0.5,
        "retentionAppliesWhile": "bs-2026-07-02-yorkville-loan",
        "retentionSource": "https://hamakstrategy.com/regulatory-updates/1-66-million-amended-funding-package/",
        "note": "The two announced terms that decide how much of a placing can reach the treasury, made machine-readable so the break-even table on the investor page is folded from the ledger rather than from a number typed into a page. The 97% is from this row's own announcement; the retention split — the company may keep the first £110,000 of ATM proceeds, with half the remainder applied to the loan — is from the 2 July 2026 amended funding package and holds only while that loan is outstanding, which is what `retentionAppliesWhile` names. Two ambiguities are left standing rather than resolved: the announcement says “ATM proceeds” without saying whether that is before or after AlbR's 3%, and the loan balance today is lower than the £1,657,671.23 last announced and has not been restated. Both are stated on the page beside the figures they move."
      }
    }
  ]
}