{
  "schemaVersion": 1,
  "note": "Warrants over Hamak Strategy (LSE:HAMA) ordinary shares, event-sourced: positive rows grant, negative rows cancel, and a cancellation carries the strike and expiry of the tranche it reduces so that it nets against the right pool. This is what makes both diluted share counts computable on any date — FDSO counts only tranches in the money, ADSO counts every live tranche. Rows graded 'company-site' come from the company's own investor presentation rather than an announcement; they are recorded so the register is complete but are excluded from published per-share figures, which means the published ADSO is a floor. Performance rights are deliberately absent: they carry a 20p share-price trigger rather than an exercise price, which this schema does not model. Their count is no longer in doubt — the 2026 interim results give 729,473 at nil cost to July 2032, the deck's figure; the 953,107 in the 2025 interim results predates a lapse recorded in the second half of 2025. No options are outstanding. Compiled by Golden Bitcoin, an independent investor publication; not company IR and not financial advice.",
  "rows": [
    {
      "id": "in-2025-07-03-placing-warrants",
      "kind": "warrant",
      "effectiveDate": "2025-07-03",
      "announcedDate": "2025-07-03",
      "headline": "Placing and Subscription to raise £2,467,000 — one warrant per placing share",
      "grade": "rns",
      "source": "https://hamakstrategy.com/regulatory-updates/placing-and-subscription-to-raise-2467000-board-changes-and-new-bitcoin-treasury-management-strategy/",
      "count": 308375000,
      "strikePence": 0.8,
      "expiry": "2027-07-03",
      "countAsOf": "2025-07-03",
      "note": "One warrant for each of the 308,375,000 shares placed at 0.8 pence. The terms are restated in the interim results and again in the July 2026 warrant exchange documents: a two-year life, exercisable in the second year, expiring on 3 July 2027."
    },
    {
      "id": "in-2025-07-03-shareholder-warrants",
      "kind": "warrant",
      "effectiveDate": "2025-07-03",
      "announcedDate": "2025-07-03",
      "headline": "Placing and Subscription — free one-for-one warrants to existing shareholders",
      "grade": "company-filing",
      "source": "https://hamakstrategy.com/wp-content/uploads/2025/12/GM-circular-9-Oct-2025-V5.pdf",
      "count": 143764849,
      "strikePence": 0.8,
      "expiry": "2027-07-03",
      "countAsOf": "2025-07-03",
      "note": "Issued one-for-one to shareholders on the register immediately before the placing, on the same terms. The count is the balance of the eligible pool: the July 2026 exchange documents put the whole pool at approximately 452.1 million, of which 308,375,000 are the placing warrants, and 452,139,849 less 308,375,000 is 143,764,849. Graded company-filing rather than rns because it is derived from the issued share capital stated in the EGM circular rather than printed as a warrant count in an announcement. Two small conflicts are left standing rather than resolved: the interim results give 143,764,850 shares in issue at 30 June 2025, one more than this, and the 13 July 2026 announcement rounds the tranche to 'approximately 143.759 million'. One share in 143 million does not move any published figure."
    },
    {
      "id": "in-2025-07-03-director-adviser-warrants",
      "kind": "warrant",
      "effectiveDate": "2025-07-03",
      "announcedDate": "2026-09-25",
      "headline": "Interim Results — warrants to directors and advisers over 5% of the enlarged share capital",
      "grade": "rns",
      "source": "https://www.investegate.co.uk/announcement/rns/hamak-gold-limited-npv-di---hama/interim-results/9792185",
      "count": 23796834,
      "strikePence": 0.8,
      "expiry": "2027-07-03",
      "countAsOf": "2026-06-30",
      "note": "Granted on 3 July 2025 alongside the placing, at the same 0.8 pence and with the same 3 July 2027 expiry as the placing pool, but a different instrument: instead of a fixed number they entitle the holders to 5% of the issued share capital as enlarged by their exercise — one nineteenth of the shares in issue — which is why the company carries them as a liability at fair value (note 14). The interim results put the count at 23,796,834 at 30 June 2026, which is 452,139,849 ÷ 19 rounded down: that confirms the formula, and that it is struck on shares in issue including those held in treasury. They were excluded from the 2026 warrant exchange, so none of its cancellations touches them, and they have been exercisable since 3 July 2026. The 2025 annual report lists 17,018,481 held by Karl Smithson, 1,599,482 of them by his spouse, and 6,389,470 by Martin Lampshire; the other 388,883 are not attributed in either document. The tranche was missing from this ledger until the interim results stated its size, so until then ADSO understated the register by all of it. The investor presentation did show it — its second 0.8p line, 22,604,959, is this tranche at an earlier count: its first 0.8p line, 284,769,473, is exactly the placing pool less the 27 August cancellation, so the second cannot be part of that pool. The deck rows below left both lines out on the reading that they split the one pool. Because the entitlement grows with every issue of shares, the two rows that follow carry it through the September 2026 admissions."
    },
    {
      "id": "in-2025-08-04-horlick-warrants",
      "kind": "warrant",
      "effectiveDate": "2025-08-04",
      "announcedDate": "2025-08-04",
      "headline": "Appointment of Nicola Horlick as Non-Executive Director — incentive warrants",
      "grade": "rns",
      "source": "https://hamakstrategy.com/regulatory-updates/appointment-of-nicola-horlick-as-non-executive-director/",
      "count": 2500000,
      "strikePence": 5,
      "expiry": "2027-08-04",
      "countAsOf": "2025-08-04",
      "note": "Exercisable for two years from 4 August 2025 with a one-year lock-in. The announcement says 2.5 million; the 2025 annual report and the investor presentation both say 2,000,000. The conflict is unresolved, so the announcement figure is used, being the higher of the two and the primary disclosure. At a 5 pence strike against a sub-1p share this tranche is deeply out of the money and affects only ADSO."
    },
    {
      "id": "in-2026-02-01-adviser-warrants",
      "kind": "warrant",
      "effectiveDate": "2026-02-01",
      "announcedDate": "2026-09-25",
      "headline": "Interim Results — warrants granted to two advisers on appointment",
      "grade": "rns",
      "source": "https://www.investegate.co.uk/announcement/rns/hamak-gold-limited-npv-di---hama/interim-results/9792185",
      "count": 3750000,
      "strikePence": 1.25,
      "expiry": "2028-02-01",
      "countAsOf": "2026-02-01",
      "supersedes": "in-deck-2026-warrants-1p25",
      "note": "Granted on 1 February 2026 to two advisers on their appointment, exercisable at 1.25 pence for two years and vested on grant, with a fair value of $42,982 charged to profit or loss (note 13). This is the tranche the investor presentation showed and no announcement had granted, so this row replaces the deck row and the tranche now counts in ADSO. Where the two differ the results are followed: expiry is two years from grant, 1 February 2028, where the deck gave an exercise window ending January 2028, and the warrants vested on grant, where the deck's window opened in February 2027."
    },
    {
      "id": "in-2026-02-06-roast-pr-warrants",
      "kind": "warrant",
      "effectiveDate": "2026-02-06",
      "announcedDate": "2026-09-25",
      "headline": "Interim Results — warrants to Roast PR Limited in part settlement of its fee",
      "grade": "rns",
      "source": "https://www.investegate.co.uk/announcement/rns/hamak-gold-limited-npv-di---hama/interim-results/9792185",
      "count": 2000000,
      "strikePence": 3,
      "expiry": "2028-02-06",
      "countAsOf": "2026-02-06",
      "note": "Part of the fee for twelve months of investor and public relations services contracted with Roast PR Limited on 6 February 2026: £25,000, settled by 2,000,000 treasury shares transferred on 20 May (on the share-capital ledger) and 2,000,000 warrants exercisable at 3 pence for two years (note 13). The only date given is the contract's, and note 4 places the grant in February 2026, so both the grant and the two-year expiry are dated from 6 February. At 3 pence it is far out of the money and moves ADSO only. Not previously on any document this ledger draws on, the investor deck included."
    },
    {
      "id": "in-2026-07-02-yorkville-warrants",
      "kind": "warrant",
      "effectiveDate": "2026-07-02",
      "announcedDate": "2026-07-02",
      "headline": "£1.66 million Amended Funding Package — warrants to YA II PN",
      "grade": "rns",
      "source": "https://hamakstrategy.com/regulatory-updates/1-66-million-amended-funding-package/",
      "count": 165767123,
      "strikePence": 1,
      "expiry": "2029-07-02",
      "countAsOf": "2026-07-02",
      "note": "Issued to the lender as part of restructuring the convertible loan into a non-convertible one. Exercisable for three years on a cash basis only, at 1 penny — a 54% premium to the 1 July 2026 offer price — which would raise about £1.66 million if exercised in full. The largest single overhang on the register after the 0.8p pool."
    },
    {
      "id": "in-2026-09-03-warrant-exchange-cancellation",
      "kind": "warrant",
      "effectiveDate": "2026-09-03",
      "announcedDate": "2026-08-27",
      "headline": "Admission of New Ordinary Shares — warrants cancelled in the exchange",
      "grade": "rns",
      "source": "https://hamakstrategy.com/regulatory-updates/admission-of-new-ordinary-shares/",
      "count": -167370376,
      "strikePence": 0.8,
      "expiry": "2027-07-03",
      "countAsOf": "2026-08-27",
      "note": "The figure as stated on 27 August, superseded twelve days later. Retained because it is what the register looked like to the market in between. Note that it is not divisible by five, which the one-for-five exchange ratio requires."
    },
    {
      "id": "in-2026-09-03-director-adviser-warrants-enlarged",
      "kind": "warrant",
      "effectiveDate": "2026-09-03",
      "announcedDate": "2026-09-25",
      "headline": "Director and adviser warrants — entitlement enlarged by the 3 September 2026 admission",
      "grade": "rns",
      "source": "https://www.investegate.co.uk/announcement/rns/hamak-gold-limited-npv-di---hama/interim-results/9792185",
      "count": 3077583,
      "strikePence": 0.8,
      "expiry": "2027-07-03",
      "countAsOf": "2026-09-03",
      "note": "Arithmetic rather than a printed figure, and marked as such. The 3 September admission took the shares in issue from 452,139,849 to 510,613,924 (the 27 August announcement as corrected on 9 September), and one nineteenth of that is 26,874,417 rounded down — 3,077,583 more than the 30 June count. Both inputs are announcement-grade and the formula is the one the interim results state and their own 30 June figure confirms, so the row is graded with them; no document prints the result."
    },
    {
      "id": "in-2026-09-11-warrant-exchange-cancellation",
      "kind": "warrant",
      "effectiveDate": "2026-09-11",
      "announcedDate": "2026-09-09",
      "headline": "Correction re. Warrant Exchange Offer — warrants cancelled in the exchange",
      "grade": "rns",
      "source": "https://hamakstrategy.com/regulatory-updates/correction-re-warrant-exchange-offer/",
      "count": -192370375,
      "strikePence": 0.8,
      "expiry": "2027-07-03",
      "countAsOf": "2026-09-09",
      "supersedes": "in-2026-09-03-warrant-exchange-cancellation",
      "note": "The corrected figure, exchanged for 38,474,075 new ordinary shares at one-for-five — and unlike the superseded figure, exactly divisible by five. Netted against the two July 2025 grants this leaves 259,769,474 warrants at 0.8 pence running to 3 July 2027, which is the largest remaining overhang and the number the warrant tracker is built on. No announcement states that residual directly; it is the arithmetic of two announced figures."
    },
    {
      "id": "in-2026-09-11-director-adviser-warrants-enlarged",
      "kind": "warrant",
      "effectiveDate": "2026-09-11",
      "announcedDate": "2026-09-25",
      "headline": "Director and adviser warrants — entitlement enlarged by the 11 September 2026 admission",
      "grade": "rns",
      "source": "https://www.investegate.co.uk/announcement/rns/hamak-gold-limited-npv-di---hama/interim-results/9792185",
      "count": 263157,
      "strikePence": 0.8,
      "expiry": "2027-07-03",
      "countAsOf": "2026-09-11",
      "note": "Arithmetic, as the row before. The further 5,000,000 exchange shares admitted on 11 September take the shares in issue to 515,613,924; one nineteenth is 27,137,574.95, rounded down to 27,137,574, as the 30 June figure is rounded down — 263,157 more than after 3 September. Rounding to the nearest share would add one. Any later issue of shares — the £1 million of new shares due to CAA Mining if the Akoko option is exercised, for one — enlarges the entitlement again and needs a row of its own."
    },
    {
      "id": "in-deck-2026-warrants-2p4",
      "kind": "warrant",
      "effectiveDate": "2026-08-26",
      "announcedDate": "2026-08-26",
      "headline": "HAMAK 2026 investor presentation — warrant table, 2.4 pence tranche",
      "grade": "company-site",
      "source": "https://hamakstrategy.com/wp-content/uploads/2026/02/HAMAK-2026.pdf",
      "count": 3450000,
      "strikePence": 2.4,
      "expiry": "2027-06-30",
      "countAsOf": "2026-08-26",
      "note": "Appears only in the company's investor presentation; no announcement grants it. Excluded from published diluted counts by its grade, which is why the page reports ADSO as a floor rather than a total. The deck gives the exercise window as August 2026 to June 2027, so the expiry here is taken as the end of that month — day precision the source does not carry. The deck's own file path dates it to February 2026, but its content is priced as at 26 August 2026, so that date is used instead."
    },
    {
      "id": "in-deck-2026-warrants-1p25",
      "kind": "warrant",
      "effectiveDate": "2026-08-26",
      "announcedDate": "2026-08-26",
      "headline": "HAMAK 2026 investor presentation — warrant table, 1.25 pence tranche",
      "grade": "company-site",
      "source": "https://hamakstrategy.com/wp-content/uploads/2026/02/HAMAK-2026.pdf",
      "count": 3750000,
      "strikePence": 1.25,
      "expiry": "2028-01-31",
      "countAsOf": "2026-08-26",
      "note": "As above: presentation-only, no announcement grants it, excluded from published diluted counts. Exercise window given as February 2027 to January 2028, so the expiry is the end of that month. The deck's 0.8 pence lines are deliberately not carried here — they are pre-correction and split the pool differently, so importing them alongside the event-sourced rows above would double-count the same warrants."
    }
  ]
}