Gold in the resource
210,430 oz
103,200 oz Measured & Indicated, the rest Inferred, at 0.76 g/t.
Independent investor analysis
The gold in the ground
Akoko holds 210,430 ounces of gold in its resource. This page puts a range on what those ounces could add to the company's backing, and shows how the gold and bitcoin prices move it, next to what the market pays for the company today.
Scenarios, not forecasts. Every figure here is arithmetic on stated assumptions, at company level. None is a share price, a price target or a valuation of Akoko, and none is financial advice. Published by Golden Bitcoin, an independent investor publication, not Hamak Strategy investor relations.
Market residual per ounce
$6 per oz
What the market pays beyond the treasury, per contained ounce. Observed today, and not a valuation of Akoko.
At explorer prices
£3.2m–£8m
$20–$50 per ounce, what the market has paid for early-stage peers.
Gross in-situ value
£668m
Every ounce × today's gold price. A ceiling nobody reaches, not a valuation.
What could the ground be worth?
The same ounces valued four ways, beside what the company holds and what the market pays for it today. The scale is logarithmic: each gridline is ten times the last.
What the market pays beyond the treasury Market capitalisation less the treasury: everything the market is pricing beyond the disclosed assets. $6 per contained ounce.
£993k
Treasury today Bitcoin, physical gold and Vaultz shares at the quoted closes.
£1.3m
Market capitalisation today Shares outstanding × the last close.
£2.3m
Akoko at explorer prices $20–$50 per contained ounce. Where Akoko is today: a maiden resource and no published economic study.
£3.2m–£8m
Akoko at developer prices $80–$150 per contained ounce. A project with a study, permits and a funded route to a mine.
£13m–£24m
Akoko at producer prices $200–$300 per contained ounce. Gold coming out of the ground and cash coming in.
£32m–£48m
Gross in-situ value Every ounce × $4,194 gold, from the Measured & Indicated ounces alone up to the whole resource. Before mining, recovery, royalty, tax or capital: the ceiling, not a valuation.
£328m–£668m
How gold and bitcoin prices move the backing
Each bar is the treasury plus Akoko at a peer band, under a different price for gold or bitcoin. The dashed line is what the market pays for the whole company today, held still so the bars can be read against it. Slide your own prices first, or pick a stage for the worked scenarios below.
Try your own prices
Treasury £1.3m bitcoin, gold bar and Vaultz
Akoko £5.6m $35 × 210,430 oz
Backing £6.9m treasury + Akoko
mNAV counting Akoko 0.33× market cap today ÷ backing
Gross in-situ £668m the ceiling, not a valuation
Market cap today £2.3m
Akoko at explorer prices: $20–$50 per ounce
Where Akoko is today: a maiden resource and no published economic study.
Bitcoin Gold bar and Vaultz Akoko, low end of band Akoko, up to high end Market cap today
| Scenario | Treasury | Akoko at band | Backing | mNAV counting Akokomarket cap today ÷ backing | Gross in-situthe ceiling |
|---|---|---|---|---|---|
| Gold down a fifth | £1.3m | £2.5m–£6.4m | £3.8m–£7.7m | 0.30×–0.59× | £534m |
| Prices as quoted | £1.3m | £3.2m–£8m | £4.5m–£9.2m | 0.25×–0.51× | £668m |
| Gold up a quarter | £1.3m | £4m–£10m | £5.3m–£11m | 0.20×–0.43× | £835m |
| Gold up a half | £1.3m | £4.8m–£12m | £6.1m–£13m | 0.17×–0.38× | £1bn |
| Bitcoin halves | £721k | £3.2m–£8m | £3.9m–£8.7m | 0.26×–0.58× | £668m |
| Bitcoin doubles | £2.4m | £3.2m–£8m | £5.6m–£10m | 0.22×–0.41× | £668m |
| Gold up a half, bitcoin doubles | £2.4m | £4.8m–£12m | £7.2m–£14m | 0.16×–0.32× | £1bn |
Akoko at developer prices: $80–$150 per ounce
A project with a study, permits and a funded route to a mine.
Bitcoin Gold bar and Vaultz Akoko, low end of band Akoko, up to high end Market cap today
| Scenario | Treasury | Akoko at band | Backing | mNAV counting Akokomarket cap today ÷ backing | Gross in-situthe ceiling |
|---|---|---|---|---|---|
| Gold down a fifth | £1.3m | £10m–£19m | £11m–£20m | 0.11×–0.20× | £534m |
| Prices as quoted | £1.3m | £13m–£24m | £14m–£25m | 0.09×–0.16× | £668m |
| Gold up a quarter | £1.3m | £16m–£30m | £17m–£31m | 0.07×–0.13× | £835m |
| Gold up a half | £1.3m | £19m–£36m | £20m–£37m | 0.06×–0.11× | £1bn |
| Bitcoin halves | £721k | £13m–£24m | £13m–£25m | 0.09×–0.17× | £668m |
| Bitcoin doubles | £2.4m | £13m–£24m | £15m–£26m | 0.09×–0.15× | £668m |
| Gold up a half, bitcoin doubles | £2.4m | £19m–£36m | £22m–£38m | 0.06×–0.11× | £1bn |
Akoko at producer prices: $200–$300 per ounce
Gold coming out of the ground and cash coming in.
Bitcoin Gold bar and Vaultz Akoko, low end of band Akoko, up to high end Market cap today
| Scenario | Treasury | Akoko at band | Backing | mNAV counting Akokomarket cap today ÷ backing | Gross in-situthe ceiling |
|---|---|---|---|---|---|
| Gold down a fifth | £1.3m | £25m–£38m | £27m–£40m | 0.06×–0.09× | £534m |
| Prices as quoted | £1.3m | £32m–£48m | £33m–£49m | 0.05×–0.07× | £668m |
| Gold up a quarter | £1.3m | £40m–£60m | £41m–£61m | 0.04×–0.06× | £835m |
| Gold up a half | £1.3m | £48m–£72m | £49m–£73m | 0.03×–0.05× | £1bn |
| Bitcoin halves | £721k | £32m–£48m | £33m–£48m | 0.05×–0.07× | £668m |
| Bitcoin doubles | £2.4m | £32m–£48m | £34m–£50m | 0.05×–0.07× | £668m |
| Gold up a half, bitcoin doubles | £2.4m | £48m–£72m | £50m–£74m | 0.03×–0.05× | £1bn |
What these scenarios assume
- The per-ounce bands are scaled in proportion to the gold price, on the assumption that what the market pays for an ounce in the ground moves with the metal. Hold them fixed and gold moves the total far less.
- The market capitalisation stays at today's £2.3m in every row. The bars show how the backing would compare with what the market pays now, not where the share price would go.
- The treasury holds what it holds today: 18 BTC and 0.05 kg of gold. No purchases, sales, raises or dilution are assumed, and the Vaultz shares are held at their last quote.
- Backing is gross: cash and the outstanding loans are not in it, because the company publishes cash only in its periodic accounts, so there is no current figure to net.
- Peer bands describe other companies. Where Akoko lands depends on its PEA, permits, funding and the market, none of which this page predicts.
Today's figures, with their formulas and sources, are on the dashboard and the investor scoreboard; the same scoreboard's raise section works through what an issue of new shares would do.