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27 April 2023

Hamak Gold Limited

("Hamak Gold" the "Group" or the "Company")

Results for the period ended 31 December 2022

Availability of Annual Report

Hamak Gold Limited (LSE: HAMA) is pleased to announce its audited results for the period ended 31 December 2022.

Copies of the Company's full Annual Report and Financial Statements for the period ended 31 December 2022 will be made available on the Company's website at www.hamakgold.com and will be posted to shareholders along with a Notice of Annual General Meeting.  

About Hamak Gold Limited

Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed on gold exploration of a portfolio of licences in highly prospective areas of Liberia, where significant drilling results have identified a new high-grade gold discovery with the discovery hole returning 20m @ 7g/t Au near surface.

For further information you are invited to view the company's website at http://www.hamakgold.com/ or please contact:

Chairman's Statement

Dear Shareholder,

I am pleased to present the annual report of Hamak Gold Limited (the "Company" or "Hamak") and its subsidiary (collectively referred as the 'Group' or 'Hamak Gold') for the period ended 31 December 2022. The Group undertakes gold exploration with a focus on highly prospective licenses in Liberia, West Africa.

The Company was incorporated on 6 May 2021 under the BVI Business Companies Act. As at the date of this report, the Group comprises of the Company and its sole wholly-owned subsidiary, Hamak Gold Limited Liberia, which was incorporated in Liberia on 27 May 2021.

On 1 March 2022, Hamak was admitted to trading on the Main Market of the London Stock Exchange ("LSE") in its initial public offering ("IPO"), simultaneously raising gross proceeds of £955,000 in new capital from institutional and private investors as well as the Board of Directors.

Strategy

The Group's main mineral exploration focus is on the discovery of orogenic gold, Archaean and Paleoproterozoic greenstone hosted gold and shear zone hosted gold type mineralization in underexplored, yet highly prospective, areas of Liberia.

On 15 February 2022, the Group acquired the Nimba and Gozohn mineral exploration licences in Liberia, covering 1,752 square kilometres ("km"), and options over a further five mineral exploration licences covering an area of 3,213 square km. Post year end the Company also announced that the option over three of the five option licences was relinquished.

Our exploration strategy since IPO has been focused on the Gozohn and Nimba licences where geochemical soil sampling has identified extensive gold in soil anomalies in both licences. Follow up of these anomalies by trenching, channel sampling and rock chip sampling has identified hard rock gold sources to the soil anomalies. At the Nimba licence, we also conducted an initial drilling programme, and our first drill hole intersected a highly significant gold mineralized zone of 20m at 7g/t Au near surface. Clearly further work is required to trace the mineralized zone across the associated 3km long geochemical soil anomaly and further details are provided in the Operational Report.

On the anniversary of the licence and based on the exploration results, it was decided to relinquish the southern part of the Gozohn licence in August 2022 and retain the northern part which hosts the Mt. Koklun greenstone belt and anomaly.

Liberia

Liberia is an emerging gold producing country having attracted growing exploration interest and expenditure over the last decade. However, the country remains relatively under-explored, and Liberia did not experience the gold exploration boom during the 1980s and 1990s that took place in neighbouring West African countries which has since led to the discovery and subsequent development of many gold mines, several of which are world class. More recently large-scale gold mines have been established in the neighbouring Ivory Coast and our Nimba licence is in relative proximity to the 4-million-ounce Ity gold mine of Endeavour Mining, separated by a country border but essentially sharing the same prospective geology.  Therefore, we expect our short-term focus will be on the Nimba licence to establish the scale of our high-grade discovery there.

Summary

Hamak Gold has had an exciting year. Achieving our IPO and becoming the first Liberian majority owned exploration resource company on the LSE is a major achievement, showing what can be done with the right entrepreneurial spirit, a Board of Directors, a highly capable geological team and the support of our shareholders.  Furthermore, the Ministry of Mines and Liberian Government have been very supportive of the Group and the mineral sector as a whole in Liberia.

Our teams have moved swiftly since our IPO, having already discovered what we believe to be a new and significant gold deposit in the Nimba licence. However, there is a lot more work to do to bring this discovery to account and to pursue additional gold anomalies in our licences.  We believe Liberia has vast potential to deliver economic gold mines and want Hamak Gold to be at the forefront of this exploration drive.

I would like to thank the Board of Directors, our management and staff and of course our shareholders for their continued support. We look forward to the coming year and believe that through further successful exploration and discovery, Hamak Gold will continue to grow and benefit all stakeholders.

Financial Overview

Funding

The Group is funded through investment from its shareholders. Admission ("Admission") to trading on the Standard List of the LSE on 1 March 2022 raised gross proceeds of £955,000 at 10 pence per share. In January 2023 the Group raised gross proceeds of £295,750 at 8.75 pence per share to fund ongoing exploration activities.

Revenue

Being an early-stage exploration Group, the Group generated no revenue during the period, but is focusing on its exploration licences in Liberia with a strategy of making significant gold discoveries in the shortest possible time frame.

Expenditure

During the period, the Group progressed all legal, accounting and due diligence work related to the IPO which was achieved on 1 March 2022. Expenditure during the period was focused on the Admission process and, following Admission, the Group has focused its efforts and expenditure on progressing its exploration programmes in line with our stated strategy.

Liquidity, cash and cash equivalents

On 31 December 2022, the Group held $12,000 (2021: $1,000) in funds.

Dividend

The Directors do not intend to declare a dividend in respect of the period under review.

Operations Report

The Group's main mineral exploration focus is the discovery of orogenic gold, Archaean and Paleoproterozoic greenstone hosted gold, and shear zone hosted gold type mineralization in underexplored yet highly prospective areas of Liberia. Being an exploration business without producing mines, the Group has no revenue and relies on equity as its major source of funding. If the Group is successful in its exploration activities, it will seek to transition into an exploration and development business.

On 15 February 2022, the Group acquired two mineral exploration licences in Liberia, Nimba and Gozohn, covering 1,752 square km and also had an option over a further five exploration licences covering an area of 3,213 square km. Exploration has initially focused on detailed geochemical soil sampling in the Gozohn and Nimba licences, with early exploration success being realised during the year. Based on the exploration results at Gozohn a relinquishment of part of the licence was made, resulting in the retention of a 129.6 square km area that will be the focus of further exploration.  Post year end the Company also announced that the option over three of the five option licences was relinquished. In the Group's Prospectus, dated 24 February 2022, the Competent Person ranked the seven mineral exploration licences (MELs) individually and in accordance with their geological and spatial relationship with specific geological structures as well as on the scale of gold mining activity in or near those licences. Often licences can be grouped according to their prospectivity and relative proximity to each other. Thus, the following ranking of the licences was advised by the Competent Person:

Rank No. 1: Cestos shear zone and greenstone belts

·      Nimba Licence

·      Gozohn Licence

Rank No. 2: Dube shear zone and Birimian greenstones

·      River Gee Licence

Rank No. 3: Lofa and Yambesei shear zones and greenstones

·      Fasama

·      Lofa

Rank No. 4: Juazohn shear zone and amphibolites

·      Cestos Licence

·      Sinoe Licence

Post year end, and having conducted a further technical review, the Company released the options over the River Gee, Lofa and Sinoe licences. Below is a summary of the exploration work conducted to date on the Nimba and Gozohn licences.

Nimba Licence

The Nimba licence (MEL 7001518) covers an area of 985.60 square km and is located approximately 120km to the north-east of the Gozohn licence and some 25km west of the 4-million-ounce Ity Gold Mine in neighbouring Cote D'Ivoire (Figure 1).

Figure 1: Location of Nimba and Gozohn Licences

Geochemical Soil Sampling and Results

Initial exploration involved geochemical soil sampling of three blocks within the licence area, totalling some 3,622 samples. The results of Block-1 are most significant and are reported in more detail below.

Sampling Block-1 is located in the south-east of the licence and was sited over an area that is host to several artisanal digging sites (Figure 2). A total of 1,124 soil samples were collected from the block over an area of 3.7km by 3.4km with line and sample spacing of 250 metres ("m") and 50m respectively.

Figure 2: Location of Sampling Block-1 in Nimba Licence

The soil sampling results exhibit positive anomalies over a 3km x 1km area within which a number of significant anomalous gold values in excess of 1 part per million ("ppm") (grammes per tonne ("g/t") are evident at two key locations, surrounded by additional anomalous values generating coherent anomalies. Anomaly 1 (approximately 700m by 450m) attains a high of 1.54ppm gold whilst Anomaly 2 (approximately 1,000m by 500m) attained two peaks, each of 1.20ppm gold (Figure 3). It is not yet established if these anomalies represent a single contiguous strike of mineralization. However, it is clear from the results that the gold anomalies remain open ended to the south-west and north-east.

Importantly the gold in soil values are not constrained within topographic lows but are located on topographic highs. Active artisanal gold mining is present down slope from these two strong gold anomalies.

Figure 3: Nimba Block-1 Au in Soil Results

Trenching and Channel Sampling and Rock Chip Sampling

During the soil sampling, the geological teams identified an exposed geological unit at Ziatoyah on the southern edge of the northern soil anomaly, where active artisanal gold mining was being undertaken. The unit is described as a metadolerite with visible sulfide mineralization, mainly pyrite, and also visible gold (Figure 4). Rock chip sampling of this unit returned gold values of 37.3g/t Au and 45.5g/t Au, proving the presence of bedrock gold associated with the soil sampling anomaly.

Figure 4: Visible Gold in Metadolerite Unit

Based on the positive rock chip sampling results, channel sampling was undertaken across the metadolerite unit.  A total of 43 channel samples over a distance of 66m were collected across this exposed zone, subdivided into north and south faces which form a continuous strike length, and were submitted to the ALS Global laboratory in Ghana for gold fire assay. The results returned gold mineralization across the entire 66m channel length which is not closed off in any direction, with sections of significant gold mineralization returning 55.0m at 0.63 g/t Au and 11.0m at 0.99 g/t Au, which include better intervals of 14m at 1.98g/t Au and 3m at 3.14g/t Au respectively, and with individual samples returning up to 8.56g/t Au over 2m splits (Figure 5).

These results are clearly significant in terms of mineralized width and gold grade and provided the basis to develop drill targets as the next step towards defining the extent of gold mineralization with depth, as well as its lateral extent.

Figure 5: Channel Sampling Results across the Ziatoyah Mineralized Metadolerite Exposure

In addition to the work at Ziatoyah, a further two trenches were dug and sampled across two priority gold in soil anomalies, totalling 554m in length. (Figure 3).

Trench-1 was excavated over a distance of 274m and to a depth of 3m. A total of 303 samples were collected and assayed. 

Trench-2 was excavated over a distance of 280m and to a depth of 3m. A total of 310 samples were collected and assayed.

In both cases, bedrock was not reached with the overburden being thicker than expected. However, both trenches show encouraging broad gold anomalism across the channel samples with increasing values at the southeast end of each trench (0.27ppm in Trench-1 and 0.31ppm in Trench-2) and therefore consideration will be given to extending the trenches to the southeast.

Drilling Programme

Following on from the positive channel sampling results at Ziatoyah the Company decided to immediately undertake a limited drilling programme to test the depth extension of the mineralized metadolerite outcrop.

An initial programme of diamond drilling, comprising three holes for a total of 450m, was completed at Ziatoyah.  Drilling of holes NZ22-001 and 002 was targeted to test the down dip extent of the Ziatoyah mineralized outcrop that returned rock chip samples of 46 g/t Au and 37 g/t Au as well as below the channel sample results of 14.0m @ 1.98 g/t Au and 3.0m @ 3.14 g/t Au returned from the sidewalls of an extensive artisanal mining excavation, hole NZ22-003 was targeted on a soil geochemical anomaly located some 1,250m north of the first two drill holes, associated with Trench 2.

Drilling Results

The first hole drilled (NZ22-001) yielded significant gold intercepts down hole of 20m at 7g/t Au, including 5m at 22g/t Au (Table 1).  This drill hole confirms the depth extension of the mineralized metadolerite outcrop. (Figure 6).

Figure 6: Section through drillholes NZ22-001 and 002 at Ziatoyah showing mineralized intercepts

Conclusions

This initial drilling has confirmed the presence of bedrock gold in the area immediately beneath the positive channel sample results at Ziatoyah, located to the southern edge of an extensive gold in soil anomaly previously reported. This, coupled with the presence of extensive artisanal mining operations in the area, confirms the potential for economic concentrations of gold mineralization.

Hole NZ22-002 appears to have been drilled parallel to the dip of the mineralization intersected in hole NZ22-001 and thus failed to cut the mineralized zone. Further analysis and drilling to test the relationship between the two drill holes and the positive surface channel and rock chip results is required.

Hole NZ22-003 was drilled on a separate soil geochemical target and intersected a narrow zone of similar style mineralization at depth.  It is assumed that this drill hole was not extended sufficiently far to intersect the main zone of mineralization.

Geology & Mineralization 

The host rocks of the mineralisation intersected by drilling are dominated by Archaean-aged medium grained grey-green mafic intrusives comprised of plagioclase, amphibole, magnetite and chlorite with fine-grained crystalline pyrite.

So far initial technical appraisal of the gold mineralization at Ziatoyah suggests that the gold occurs as free grains within disseminated crystalline and aggregates of vetiform pyrite attaining levels of between 1% and 10% of the rock mass which is dominated by locally carbonatized metadolerites. Microscopic free gold has been identified at numerous locations within the mineralized drill core. Local shearing appears to enhance the sulphide content and may be coincident with minor endo-skarnification dominated by iron sulphides with free gold, chlorite, epidote, tremolite and/or actinolite. A programme of petrological studies is in progress to better define the styles and associations of the gold mineralization.

Importantly the mineralization seen in the drilling to date is mineralogically restricted indicating potentially simple metallurgical process routes. Scoping metallurgical test work will be undertaken as part of the next step of the assay process.

It is believed that the styles of this gold mineralization bear certain similarities to that currently being mined at Endeavour Mining's Ity Mine in neighbouring Cote d'Ivoire, only c.25km to the north-east of Ziatoyah, though the Company is still working on establishing the context of the geology and geological model for the mineralization. 

Gozohn Licence

The Gozohn licence (MEL 7002318) covers an area of 766 square km and is located some 30km south of the high-grade Kokoya Gold mine operated by MNG Gold. (Figure 1). The licence is host to a number of structurally controlled greenstone belts similar to those at Kokoya, with strongly deformed amphibolite, quartzite, schist and banded ironstone formations which generally occur as topographic highs. Several of these greenstone ridges are mineralized with gold as evidenced by active artisanal gold diggings, particularly on the western slope of Mt. Koklun. 

Geochemical Soil Sampling and Results

Geological mapping and sampling initially focussed on the Mt. Koklun area and 46.5km of baseline and sampling traverse lines were cut and a total of 1,927 soil samples collected across the whole area at a sampling interval of 50m with traverse lines spaced 250m and 500m apart, comprising sample Block-1. 

A second sampling block was completed to the south of the Gozohn licence across similar greenstone belt geology, with a total of 701 samples being collected and assayed. Both blocks are shown in Figure 7.

Figure 7: Gozohn Sampling Blocks 1 and 2

The results of Block-2 did not yield any significant gold anomalies, with a weak peak value of 80ppb Au. Furthermore, other pathfinder minerals, such as arsenic or silver do not indicate any significant anomalies, with a peak value of 110ppb for silver almost coincident with the single anomalous gold value.

The geochemical anomaly for combined Cu+Ni+Co is sporadically coincident across some adjacent soil sample profile lines and shows some overlay the with interpreted bedrock geology of BIF and metavolcanite, however the Tertiary-aged Atlantean dyke swarm, evident within the licence area, also trends on this strike and such oceanic basalts could also generate equivalent chalcophile anomalies.

Based on the absence of a coherent anomaly for any of the 51 minerals assayed, no further exploration work is justified within Block 2; when better prospects exist within the northern part of the licence.

Figure 8: Gozohn Sampling Block 2 results  

Significant gold anomalies were returned over two areas of Block-1 on the western limb of Mt Koklun, one extending over a 1.5km distance having a roughly northerly strike, another extending over a 1km distance and having a roughly north westerly strike, with both anomalies converging in the north (Figure 8). Weaker gold anomalies were detected on the eastern limb of Mt Koklun which require further investigation.  The anomalies, however, are overall more subtle than those observed at Nimba which could be due to deep overburden (estimated at over 15m thick), or a different mineralogical and genesis of the gold mineralization.

The lack of a typical Birimian-type geochemical halo (Arsenic etc.) is possibly due to the Gozohn mineralization being more akin to orogenic gold than the BIF associated Greenstone hosted type occurrences.

 Figure 9: Gozohn Block-1 Results

During the soil sampling campaign, a number of rock chip samples were collected and assayed. One sample of quartz-rich migmatite returned a value of 2.56g/t Au and a second rock chip sample from a nearby location returned 3.5g/t Au. These samples coincide with a strong gold in soil anomaly and is proximal to active artisanal mining Figure 8). A number of these quartz veins are observed in artisanal diggings associated with the soil sampling anomaly.

A soil sampling infill programme, comprising an additional 373 soil samples at 50m sample spacing, was completed and better defined the already known coherent anomalous area.

Conclusions

After detailed review of the geochemical soil anomalies, geology, and occurrence of mineralized quartz veins, it is concluded that the auriferous quartz stringers would seem to have a primary mineralogy dominated by iron sulphides (Pyrite), native gold associated with minor Au-tellurides and selenides. Most of the positive soil geochemistry suggests that the mineralization is concentrated on the western limb of the Mr. Koklun antiform suggesting a structural asymmetry due to E to W sinistral compression.  The auriferous quartz veins observed are generally 5-10cms in true thickness; thus, the economic potential will depend on the grade within the quartz structures being able to carry barren wall rock and the frequency of the auriferous veins and further work (including drilling) will be required to determine this.

Licence Reduction

On the anniversary of the licence, and based on the exploration results to date, it was decided to relinquish the southern part of the Gozohn licence and retain the northern part which hosts the Mt. Koklun greenstone belt and anomaly. The retained area of the Gozohn licence now covers 129.6 square kms (Figure 10).

Figure 10:  Gozohn licence showing the relinquished and retained areas  

Business plan and strategic objectives

The Group's strategic objectives are to be a successful gold exploration company that through deploying systematic exploration techniques can lead to the discovery of a significant gold mineral resource in the short to medium term (2 to 5 years) on its mineral exploration properties in Liberia. The Group will seek to achieve these aims through managing its operations safely and sustainably, with a view to ensuring that, subject to successfully discovering commercially viable and extractable gold deposits, the Group will be in an optimal position to create value and generate returns for Shareholders and significant benefits for all stakeholders including local communities.

There are a number of risks associated with newly listed entities at the early exploration stage in the natural resources sector, especially in West Africa. The Board regularly reviews the risks to which the Group is exposed and endeavours to mitigate them as far as possible.

The following summary, which is not exhaustive, outlines some of the risks and uncertainties the Group may be exposed to:

Political conditions, government regulations, macroeconomic volatility and regulatory risks

The Company's earnings growth may be constrained by delays or shutdowns as a result of political, commercial or legal instability in Liberia. The ability of the Company to generate long-term value for shareholders could be impacted by these risks.

Changes may occur in local political, fiscal and legal systems, which might adversely affect the ownership or operation of the Group's interests including, inter alia, changes in exchange rates, currency, exchange control regulations changes in government and in legislative, fiscal and regulatory regimes. The Group's strategy has been formulated in light of the regulatory environment as at the latest practicable date prior to the publication of this Document and what are deemed to be probable future changes (though due regard should be given to the uncertainty in making predictions involving political governance risks). 

Regional instability due to corruption, bribery and generally underdeveloped corporate governance policies have the potential to impact the Group's profitability in Liberia and, as a result, the Company's share value. These risks could have a materially adverse effect on the profitability, the ability to finance or, in extreme cases, the viability of the Group. 

Within Liberia, a number of economic and political factors have contributed to a lack of infrastructure investment. As such, the country lacks well-developed infrastructure connections, which could impact the profitability of the Group. 

Economic problems in Liberia, including high rates of unemployment, may lead to a reduction in local, skilled workforce such that geologists, mining engineers and other technically qualified and skilled individuals have gone abroad for work. International investors have moved away from deploying capital to Liberia, leading to significant underinvestment within its exploration and mining sector. These factors may create operational challenges to the Group.

The licences owned are subject to various laws and regulations relating to the protection of the environment and the Group is also required to comply with applicable health and safety and other regulatory standards. Environmental legislation in particular can comprise numerous regulations which might conflict with one another, and which cannot be consistently interpreted. Such regulations typically cover a wide variety of matters including, without limitation, prevention of waste pollution and protection of the environment, labour regulations and worker safety. The Group may also be subject under such regulations to clean-up costs and liability for toxic or hazardous substances which may exist on or under any of its properties or which may be produced as a result of its operations. As a result, although all necessary environmental consents are in place to enable the extraction of battery metals to take place, and the Group intends to operate in accordance with high standards of environmental practice and comply in all material respects, full compliance with applicable environmental laws and regulations may not always be ensured.

Any failure to comply with relevant environmental, health and safety and other regulatory standards may subject the Group to extensive liability, fines and/or penalties and have an adverse effect on the business and operations, financial results or financial position of the Group. Furthermore, the future introduction or enactment of new laws, guidelines and regulations could serve to limit or curtail the growth and development of the Group's business or have an otherwise negative impact on its operations. Any changes to, and increases in, current regulation or legal requirements, with the enforcement thereof, may have a material adverse effect upon the Group in terms of additional compliance costs.

No operating history

The Group is a newly formed entity with less than one year of operating history. However, the Board and Management of the Group have considerable exploration, development and mining experience in the West Africa region, in particular in Liberia, Sierra Leone and Guinea. This experience has helped lead the Group to making a significant new gold discovery in the Nimba exploration licence, within 9 months of the Company's IPO.

Exploration and development risks

Following the Group's early exploration success in the Nimba licence, there still remains a high degree of risk as mineral exploration and development can be highly speculative and as of yet no mineral resource has been defined. The economics of developing mineral properties are also affected by many factors including the cost of operations, variations of the grade of ore mined, fluctuations in the price of the minerals being mined, fluctuations in exchange rates, costs of development, infrastructure and processing equipment and such other factors as government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals and environmental protection.

In addition, the grade of mineralisation ultimately mined may differ from that indicated by drilling results and such differences could be material. As a result of these uncertainties, there can be no guarantee that mineral exploration and development of any of the Group's investments will result in profitable commercial operations.

Liquidity risk

Whilst the directors are confident that the Group will be able to raise additional funds as and when required and will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the consolidated financial statements there can be no assurance that such funds as may be required will be raised.

Industry-specific risks

The natural resources sector is inherently tied to the performance of the global economy and fluctuations in the price of global commodities. As a result, segments of the natural resources sectors (or even the sector as a whole) could be affected by changes in general economic activity levels and other changes which are beyond the Group's control. The revenues and earnings from developing its assets will rely on commodity prices, and the Group will be unable to control the prices for commodities which may adversely affect the Group's business, results of operations, financial condition or prospects.

Key performance indicators

Appropriate key performance indicators will be identified in due course as the business strategy is implemented.

Gender analysis

A split of directors by gender during the year is shown below:

Directors and employees                     

The Group currently has only male directors and is committed to promoting gender equality based on relevant skills and experience as it progresses through its life cycle. The Group currently has only male directors but is committed to promoting gender equality based on relevant skills and experience as it progresses through its life cycle.  At the current stage of exploration the Group sourced individuals with experience not only in the sector but also in the wider West African and African settings. The Board, however, is diversified from an ethnicity perspective, originally having three (now two) directors of African heritage which is appropriate given the Company is a Liberian majority owned, and Liberian focussed, entity.

Environment, Social and Corporate Governance (ESG)

As a new Group focused on early-stage exploration, we aim to conduct our business with honesty, integrity and openness, respecting human rights and the interests of our shareholders, employees and local community stakeholders. We aim to provide timely, regular and reliable information on the business to all our shareholders and conduct our operations to the highest standards.

Environment

The Group has in place all necessary environmental permissions for the Nimba and Gozohn licences which have been the focus of exploration activity during the year. These permits are issued by the Environmental Protection Agency (EPA) of Liberia according to the prevailing laws of the country. 

Social

The Group has conducted exploration work in the Gozohn and Nimba licences during 2022. The Group adheres to the social requirements within the country of working with local communities at all times, engaging with them so they are aware of our activities and where possible recruiting labour from nearby communities. 

The Mineral Law of Liberia requires that 2% of exploration expenditure be invested in education or health facilities in the exploration licences where the work is conducted. The Group recently completed the handover of this 2% for the Nimba licence (over $6,000) to the local communities and has plans to complete the handover of funds to the Gozohn community during 2023.

Corporate Governance

Being a public Group listed on the LSE Standard Exchange, the Group adheres to all required Governance rules and has in place the necessary structure of Board committees to oversee the business of the Group to ensure adherence to best practice procedures.

Health and Safety

We strive to create a safe and healthy working environment for the wellbeing of our staff and create a trusting and respectful environment, where all members of staff are encouraged to feel responsible for the reputation and performance of the Group. We aim to establish a diverse and dynamic workforce with team players who have the experience and knowledge of the business operations and markets in which we operate. Through maintaining good communications, members of staff are encouraged to realize the objectives of the Group and their own potential.

Executive Chairman

27 April 2023

These financial statements were approved and authorised for issue by the Board of Directors on 27 April 2023 and were signed on its behalf by:

Nicholas Karl Smithson

Executive Director

27 April 2023