Hammer Metals Limited (AU:HMX) has released an update.
Hammer Metals Limited has completed a significant transaction with Carnaby Resources, becoming its largest shareholder by receiving $4 million in cash and over 9 million shares, which bolsters Hammer’s financial position for continued exploration in Mount Isa. The deal entails future payments that could total $20 million and ensures Hammer retains a 30% stake in the Mount Hope Sub-Blocks with a free carry to production. Meanwhile, Hammer is gearing up for an upcoming diamond drilling program at the Hardway Cu-REE prospect, with further exploration results anticipated in the near future.
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