Ann: Quarterly Activities and Cash Flow Reports, page-18

Kalman does not fly as a copper deposit, the economics rely on extraction and sale of molybdenum. The market just doesn't believe that molybdenum price is stable at the right price to fund development of Kalman. when Dan can get an offtake agreement with supporting development funding belief will be there. Hammer doesn't believe it either because there are no development plans.
Carnaby have deposits of copper that Hammer does not. They will be pushing for development on the back of the current scoping and PFS studies. No such action at Hammer.
Still have great exploration ground. Perhaps some of the remaining funds can be used to generate a few drill hits adjoining Mount Hope.
DYOR Not investment advice