Ann: Maiden Mineral Resource Estimate - Orelia North Gold Deposit, page-18

INVESTOR GUIDEHAMMER METALSASX: HMXI Company Name: Hammer Metals■ Company ASX code: HMXI Key Areas: Copper, Gold■ Key Personnel: Dan Thomas, Managing Director| Russell Davis, Non-Executive Chairman■ Locations: Mt Isa, Queensland & NorthernGoldfields, WA■ Market Cap as of 30/6/24: $30.13M■ 52 Week share price range:$0.029 - $0.076■ Website: hammermetals.com.auHAMMER METALSASX:HMXHammerMetals.HammerMetalsuCOMPANY PROFILEOwning a big ground position in the Mt Isa region in a rising copper market is delivering major benefits to junior explorer Hammer Metals (ASX:HMX).The company recently traded out a 70% interest in its Mount Hopetenements in a $20 million deal in staged cash and shares payments with fellow explorer Carnaby Resources, with the initial payment increasing Hammer's liquid assets to $14 million.It means Hammer is cashed-up to crank up exploration on its remaining 2,800sqkm tenement position, one of the biggest held by a junior in the Mt Isa region.Hammers 100% owned Kalman copper-molybdenum deposit is also one of the biggest resources held in the region and remains the company's cornerstone asset.The company is also planning to be busy on the exploration front in the second half of the year, with two potential high-impact impact drill programs at its Hardway copper-rare earths prospect, and the large-scale Bullrush copper prospect.Hammer managing director Dan Thomas argues that the company is in line for a market re-rating in line with its existing copper-gold-molybdenum resource base, and its active exploration program, including the recent farm-in deal with South32 on the Isa Valley prospect.Thomas makes the point that sincethe $20 million deal with Carnaby,Hammer's market cap has not changed.That means the value per pound of copper which we have in the portfolio is at an all-time low while the copper price is at record levels."Looking at the Kalman resource,Thomas acknowledges thatmolybdenum makes up a big componentof the copper cquivalent mineralresource estimate."But it is one of the world's highest grade undeveloped moly projects, and you get about 0.6% of copper thrown in there for nothing." Thomas said.Upcoming exploration at Hardway and Bullrush will be closely watched.Hardway sits just off the Barkly Highway between Mt Isa andCloncurry. The deep source of oxide isthe target, with a drilling program about to start. Hammer was awarded $300,000 under the Queensland Government'sexploration incentive scheme for the deepdrilling program.Drilling is also planned at the Bullrush prospect, located on the edge of a large intrusive body which has attracted the attention of Rio Tinto in a joint venture with another junior.Bullrush is a classic coincident gravity and magnetic anomaly prospective for large scale iron ore copper gold deposits.Hammer is looking to introduce a joint venture partner.DAN THOMASMANAGING DIRECTOR