Ann: Drilling Commenced at Kalman, page-45

DiscovEx has a 2% royalty over the southern end of the Kalman deposit and some other HMX tenements closer to the Nil Desperandum area. The area marked in blue on the plan below is the ground subject to the royalty. The areas marked in green are held by Carnaby and subject to a 17.5% free carried to decision to mine interest held by DiscovEx. Previously I had no idea that they had an interest in any Hammer ground. Hammer own a lot more ground in the area of the plan but it is not shown.

From DiscovEx Dec 21 quarterly report released Jan 2022: DiscovEx also holds a 2% royalty over Hammer Metals Ltd (ASX: HMX) held tenement EPM13870, which contains a portion of the Kalman Deposit including the down‐plunge extent.