Interim results show $26,000 of cash at the half-year
Summary
Hamak's unaudited interim results for the six months to 30 June 2026, published on 25 September, report a loss of $1.39 million, $0.70 million of it a non-cash fall in the value of its 26 bitcoin, and cash of $26,000 at 30 June against $3.11 million at 31 December 2025. Total equity fell from $3.38 million to $1.74 million, and all $3.41 million of liabilities, including $2.57 million of loans, fall due within a year.
Why it matters
These are the first accounts to cover a full half-year of Akoko spending alongside the treasury, and they show where the money went. Cash fell from $3.11 million to $26,000: $1.13 million repaid Yorkville loan principal, $577,000 went on exploration, $473,000 bought six bitcoin and $411,000 bought back the company's own shares, against $478,000 received net from selling the First Au stake. The loss of $1.39 million includes $700,000 of bitcoin revaluation, which is not cash, and $724,000 of general and administrative costs, which is. At 30 June the group held 26 bitcoin valued at $58,566 each, 0.45 kg of gold and 6.5 million Vaultz Capital shares, against $3.41 million of liabilities, all due within a year; £407,671 of Yorkville instalments that had fallen due were unpaid at that date, and the lender charged no default interest. Non-Executive Chair Nicola Horlick calls the half "a very active and productive period for Hamak", and the company expects the Akoko PEA before year end. Golden Bitcoin's reading: the treasury has become the working capital. The company says it sold 1.60 kg of its gold "to facilitate working capital for the company as an alternative to offering discounted shares to the market", eight bitcoin went in September, and the directors' going-concern basis rests on the group's cash and readily convertible assets plus what they call "reasonable access to further funding".
What happens next
Three dates matter. The Akoko PEA, which the company expects before year end. The Akoko option, exercisable before 14 December 2026: exercising it means paying £50,000 and US$1.9 million in cash and issuing £1 million of new shares, and the chair names the second half's work as "seeking potential financial opportunities to support the acquisition of the Akoko option". And the Caledonian (formerly Vela) convertible notes, which matured unpaid on 16 July 2026 and are now under a standstill that runs to 31 October 2026, with the August and September instalments already rescheduled. The Yorkville loan, restated on 2 July as a non-convertible £1,657,671 loan repayable in ten monthly instalments, stood at £1.43 million at the date of the report.
Risks or unresolved questions
The accounts are unaudited and have not been reviewed by the auditor, as the announcement says, and the audit report on the 2025 accounts drew attention to a material uncertainty over going concern. Figures are in US dollars, the company's reporting currency, while its share price and most of its announcements are in sterling. Bitcoin is marked at $58,566 a coin on 30 June, the company's own valuation at that date; the treasury figures elsewhere on this site use live prices and the current 18-coin holding. The announcement is inconsistent about Yorkville's new warrants: its highlights say 1.66 million at 1.0p, while note 17 says 165,767,123 at 1 penny for three years. The note's figure equals the £1,657,671 loan divided by one penny, but until the company clarifies, neither is used here. Hamak's 3.05% holding in Vaultz Capital was valued before Vaultz shareholders voted on 21 July 2026 to withdraw its bitcoin treasury policy.
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