Ann: Hammer Executes Earn-in with South32 at Isa Valley Project, page-14

Hammer are playing an interesting strategy. They have been clear that exploration success will add more value than developing Kalman in terms of share price.
They are looking to avoid further dilution from capital raising. They drove an incredibly hard bargain and extracted over the odds with Carnaby deal. This gave cash and shares enough for several years exploration. Potential future payments will add several more years. When Carnaby are mining Mount Hope they will get 30% of the profits on the ground they sold.
Yandal is being pushed towards a JORC resource with an eye on NST buying the resource because of its processing plants nearby.
The cash flow will keep Hammer running for 5 to 10 years depending on exploration expenses.
They will remain funded for exploration for years which is great. We can only hope they find something and take the time to drill it out before running off to something else.
Their strategy is sound and they must be feeling pretty good considering how much small cap explorers are struggling to raise money to keep going. I would like to see some new geology talent brought in to bring new ideas, energy and increase the chance of success.
I don't expect a merger between Hammer and Carnaby because they don't match well strategy wise and it will be therefore hard to make work as one company. Carnaby are bold and take significant but calculated risks. Hammer are conservative and prepare for a raindy day even when the sun is shining rather than taking advantage of the sunshine.
DYOR Not investment advice