By: Ecofin Agency

Aton Resources has raised about $2.8 million to advance exploration and development of its Hamama gold project in Egypt, as the Canadian junior miner works toward a potential start of production in 2027.

The TSX Venture-listed company said on August 12 that it had completed a C$4 million financing. The proceeds will support exploration and development work at Hamama, with the goal of bringing the project into production over the medium term.

Hamama is one of the deposits covered by the Abu Marawat exploration license, a 57.7-square-kilometer concession explored by Aton Resources in Egypt. The area also includes the Abu Marawat and Semna deposits.

Aton targets the start of mining at Hamama in 2027. The project contains 137,000 ounces of gold-equivalent indicated mineral resources and 341,000 ounces of gold-equivalent inferred resources. A pre-feasibility study was announced in December, while exploration work continues at the site.

Aton Moves Hamama Toward Production

The new funding should help Aton advance Hamama in an Egyptian gold industry still largely dominated by Sukari, operated by AngloGold Ashanti. The country’s largest gold mine and one of Africa’s biggest, Sukari has annual production capacity of about 500,000 ounces.

Hamama’s development also comes as gold prices remain high after gains since 2025 and Egyptian authorities pursue reforms aimed at attracting more mining investment. The government wants to increase mining’s contribution to GDP to 6%, from less than 1% currently.

Hamama, however, still has several milestones to clear before production. Aton must continue work to convert resources into mineable reserves, complete the required economic and technical studies, and secure the financing needed to build the mine.

Progress on these steps will determine whether Aton can meet its 2027 production target.