Hamak Gold Limited Npv Di — Statement regarding investment in Vaultz Capital

This is a neutral disclosure with little immediate investment impact or actionable information.

What the company is saying

Hamak Strategy Limited is informing investors that it holds 6,500,000 ordinary shares in Vaultz Capital plc (V3TC) as a financial and strategic investment. The company frames this holding as providing exposure to a listed entity whose asset base is substantially underpinned by Bitcoin, referencing V3TC’s unaudited NAV of approximately £8.0 million and 134 Bitcoin as of 2 June 2026. Hamak’s board states its intention to vote in favour of resolutions at V3TC’s 21 July 2026 general meeting, which would allow V3TC to withdraw its Bitcoin treasury policy and potentially dispose of its Bitcoin holdings. The announcement emphasizes the potential for V3TC to reposition itself as a cash-backed acquisition platform, suggesting that this could unlock value and enable pursuit of value-accretive opportunities. The language is cautious and conditional, with repeated use of terms like “potentially” and “if the V3TC board is able to realise its Bitcoin holdings in an orderly manner.” Hamak also highlights that it maintains some of its own treasury reserves in Bitcoin, but is careful to note that it is not regulated by the FCA and that Bitcoin investments are considered high-risk. The tone is neutral and measured, avoiding hype or promotional language, and the communication style is factual, with clear attribution of financial figures to V3TC’s own disclosures. Notable individuals identified include Mike Murphy (Chief Strategy Officer and Executive Director) and Karl Smithson (CEO and Executive Director), both of whom are company insiders; their involvement signals board-level oversight but does not introduce external institutional validation. This narrative fits into a broader investor relations strategy of transparency regarding portfolio holdings and strategic rationale, but stops short of making bold claims about immediate financial upside.

What the data suggests

The disclosed numbers are limited and pertain almost entirely to V3TC, not Hamak itself. Hamak confirms its holding of 6,500,000 ordinary shares in V3TC, but does not disclose the acquisition price, cost basis, or any realised or unrealised gains or losses. V3TC’s own figures, as of 2 June 2026, include an unaudited NAV of approximately £8.0 million, a recent £1.0 million subscription, and an asset base that includes 134 Bitcoin, with a per-share NAV of approximately 3.1 pence. There is no information on Hamak’s own revenue, profit, cash position, or changes in its asset values, making it impossible to assess Hamak’s financial trajectory or the impact of this investment on its balance sheet. The gap between what is claimed and what is evidenced is significant: while Hamak discusses strategic flexibility and potential value creation, there is no numerical support for these forward-looking statements. No prior targets or guidance are referenced, and there is no indication of whether Hamak’s investment in V3TC has met, missed, or exceeded any internal benchmarks. The quality of financial disclosure is low from Hamak’s perspective, as key metrics are missing and the focus is on a third-party company’s unaudited figures. An independent analyst would conclude that, based on the numbers alone, there is insufficient data to form a view on Hamak’s financial health or the likely return from its V3TC investment.

Analysis

The announcement is primarily factual, disclosing Hamak's current shareholding in Vaultz Capital plc and summarising V3TC's asset base and NAV as of a recent date. While there are some forward-looking statements regarding Hamak's intention to vote at an upcoming general meeting and beliefs about potential future repositioning of V3TC, these are presented as opinions or intentions rather than as realised achievements. No exaggerated or promotional language is used, and there are no claims of immediate or certain financial benefit. Importantly, there is no disclosure of Hamak's own financial results, profitability, or operational progress, and no large capital outlay or new investment is announced by Hamak in this statement. The tone is measured, and the gap between narrative and evidence is minimal, with all key facts supported by direct numerical disclosure or clear attribution to V3TC's own announcements.

Risk flags

• ●Operational risk: The success of Hamak’s investment in V3TC is dependent on V3TC’s ability to liquidate its Bitcoin holdings and redeploy the proceeds effectively. If V3TC fails to execute this strategy, the anticipated value creation may not materialise, directly impacting Hamak’s investment.
• ●Financial disclosure risk: Hamak provides no information on its own financial performance, cash flows, or balance sheet strength. This lack of transparency makes it difficult for investors to assess the company’s underlying health or the materiality of the V3TC holding.
• ●Forward-looking risk: The majority of the claims are aspirational and contingent on future events, such as the passage of resolutions and successful asset realisation by V3TC. There is no guarantee these outcomes will occur, and investors face significant uncertainty.
• ●Regulatory risk: Both Hamak and V3TC are not authorised or regulated by the FCA, and Bitcoin investments are explicitly described as high-risk by the FCA. This exposes investors to potential regulatory changes or enforcement actions that could affect asset values or liquidity.
• ●Market risk: The value of V3TC’s Bitcoin holdings is subject to extreme volatility, and there is no assurance that the company will be able to realise its Bitcoin at current or higher prices. A decline in Bitcoin’s value could materially reduce V3TC’s NAV and, by extension, the value of Hamak’s holding.
• ●Execution risk: The process of repositioning V3TC as a cash-backed acquisition platform is complex and unproven. There is no evidence that V3TC has the operational capability or deal pipeline to deliver on this strategy, increasing the risk of value erosion.
• ●Timeline risk: The pathway to value realisation is long-dated and uncertain, with no clear milestones or deadlines. Investors may face extended periods of inactivity or disappointment if the anticipated transactions do not occur.
• ●Concentration risk: Hamak’s disclosure that it maintains some of its own treasury reserves in Bitcoin adds another layer of exposure to cryptocurrency volatility, compounding the risks associated with its V3TC investment.

Bottom line

For investors, this announcement is primarily a disclosure of Hamak’s current position in Vaultz Capital plc and its intention to support resolutions that could allow V3TC to liquidate its Bitcoin holdings and reposition itself. There is no immediate financial impact or actionable event for Hamak shareholders, as all value creation is contingent on future actions by V3TC. The narrative is credible in that it avoids hype and clearly attributes all forward-looking statements to board beliefs or intentions, but it lacks substantive evidence or detail on how or when value will be realised. The involvement of Hamak’s own board members signals internal oversight but does not provide external validation or institutional endorsement. To change this assessment, Hamak would need to disclose its own financial results, the cost basis and performance of its V3TC holding, and any realised gains or losses. Investors should watch for concrete updates from V3TC’s general meeting, any announcements of Bitcoin disposals, and subsequent redeployment of proceeds into specific transactions. Until such events occur and are quantified, this information should be weighted as background context rather than a catalyst for investment action. The most important takeaway is that this is a neutral, low-impact disclosure with high execution and timeline risk, and no immediate reason to buy, sell, or materially adjust a position based on the information provided.

Announcement summary

(LSE: HAMA / OTCQB: HASTF) Hamak Strategy Limited announced that it holds 6,500,000 ordinary shares in Vaultz Capital plc (AQSE: V3TC) as a financial and strategic investment. Vaultz Capital plc's asset base included 134 Bitcoin and, following its £1.0 million subscription, its unaudited NAV was approximately £8.0 million, equivalent to approximately 3.1 pence per share, as stated in its 2 June 2026 announcement. Hamak intends to vote in favour of proposed resolutions at Vaultz Capital plc's general meeting on 21 July 2026 to withdraw its Bitcoin treasury policy and grant authority to dispose of its Bitcoin holdings. Hamak's Board believes these resolutions should provide V3TC with greater flexibility to realise value from its Bitcoin holdings and potentially reposition itself as a cash-backed acquisition platform. The Company maintains some of its treasury reserves and surplus cash in Bitcoin, a form of cryptocurrency. The FCA considers Bitcoin investments to be high-risk, and the Company is not authorised or regulated by the Financial Conduct Authority (FCA). The Company may not be able to realise its Bitcoin holdings for the same amount it paid to acquire them, or even for the value the Company currently attributes to its Bitcoin positions.

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