Ann: Hammer to sell 70% of Mt Hope Sub Blocks to Carnaby for $20m, page-19

Great to see Hammer management finally getting the message they can't just continue mining the shareholders.

I am not as bullish as some here given what we have been through over the last few years - also recalling the recent vote to self-deal more shares as 'bonus' which you can bet your house on will be duly doled out as soon as possible.
From memory it was Dec 23 when they also voted themselves 7 million performance rights for making a deal they did 3 months later, coincidence? Also those rights mean they shovelled into their own pockets more than they got from the Queensland Government CEI grant.

But still, we got $20 million ... well, no we got $4m in cash and $5m in shares - be interesting to see if there's any lock-up on selling the shares (unlike when Hammer last raised and did not lock up their broker who booked an instant profit at shareholders expense), the remaining $11m is payable when and IF an open pit decision is made and when and IF new developments are made on the sub-blocks. Good options to have but not bankable.

Assuming a lock up, we now have enough cash to get through the next 12 to 18 months but the spotlight is right back on management producing results - they have bought themselves some breathing space, paid themselves handsomely for doing so, but they really need to start delivering.

Hoping all the believers keep buying and get us back to the dizzy heights of where we were three years ago!