Early days at Ajax but early signs not great, sure it’s the...

Early days at Ajax but early signs not great, sure it’s the first hole but it goes straight through the guts and even if assays are positive it’s still narrow width.

Dan doing his best to remain upbeat (after talking it up for three months) but even if the prospect has been “upgraded” they still need more time to plan follow up drilling and wait for the next tranche of results to wash through.

If CNB is priced accurately then the drop today for HMX was really a downward rerate of the short term potential given the price has moved up from 4c over the last 4-6mths off the back of nearology and positive sentiment towards Ajax but that sentiment seems like it has mostly evaporated now and the price has readjusted as a result.

Plenty going on at Hammer but we just need high grades and wide intersections and thats what is happening over the fence at the moment so I think the market will penalise HMX from here unless they can start delivering in equal measure.

Yes they have Kalman but the market has never valued that for some reason (hence the price hitting 4c recently) so Kalman alone won’t be enough to hold the price up if investors are currently treating Hammer as an exploration play (which they are given the 20% sell off today after unquestionably unsensational results at Ajax).