Ann: Additional Holes at Trafalgar Copper Gold Discovery, page-115

Lets look at the two bigger JORC Resources at Kalman and Elaine. From HMX March 2021 presentation:

Multiple existing JORC 2012 Resources containing >400kt Cu, including
the Kalman Project - 20Mt @1.8% Cu Eq and Elaine 9.3Mt @ 0.95% Cu Eq

So 400,000t Cu @ $12,000/t = $4.8 Billion contained metal. So Hammer already have JORC resources with $4.8 billion of contained metal.

Contained metal does not equate directly to market cap or underlying NPV of the assets. The mining economics will determine the NPV and the market has assumed a certain NPV when pricing the shares. So I am confident that Trafalgar has at least $100 million of contained metal but the deposit is not worth that to market cap. It becomes more of an asset when JORC resources are proved up.