Hammer (HMX) are indeed in a JV of the new Trafalgar deposit...

Hammer (HMX) are indeed in a JV of the new Trafalgar deposit discovery and will retain only 40 % of it. However they have JVs on only 15% of their ground holding and have retained all existing JORC Resources 100% except Jubilee which is in JV with Glencore.Hammer 100% Owned Deposits: JORC ResourcesKalman - 20Mt @ 1.8% Cu Eq (0.61% Cu & 0.34 g/t Au) - lots of deeper potential here with geophysical targets untestedElaine - 9.3Mt @ 0.95% Cu Eq (0.82% Cu & 0.19 g/t Au) - lots of potential along trend, e.g. Blue Ceasar 25m @1.62% CuOverlander - 1.8Mt @ 1.2% Cu & 0.05% CoHammer 49% Owned Deposit: JORC ResourceJubilee - 1.4Mt @ 1.4% Cu & 0.62 g/t Au - lots of expansion potentialHammer 40% Owned Trafalgar Deposit/Discovery - First 2 holes 55m @ 1.12% Cu & 0.3 g/t Au, & 32m @ 1.04% Cu & 0.25% CuThe mineralised trend can be traced from just south of Trafalgar at Victory north to the Jubilee Deposit. Hammer have about 5km of the trend between about 5km north of Trafalgar to the Jubilee Deposit in their 100% owned ground.Hammer have retained a large number of prospects in 100% ground. e.g. Kings/Charlotte, a possible IOCG breccia pipe, Sunset (drill results include 24m @1.41% Cu & 0.49 g/t Au and 14m @ 2.57% Cu), Lady Kate (15m @ 2.01% Cu & 0.34 g/t Au), Blackrock, and many more.CNB need to generate JORC Resources which are assets, everything else is exploration potential. The analysis below may give some idea why I like JORC Resources.Lets look at the two bigger Hammer JORC Resources at Kalman and Elaine. From HMX March 2021 presentation: Multiple existing JORC 2012 Resources containing >400kt Cu, including the Kalman Project - 20Mt @1.8% Cu Eq and Elaine 9.3Mt @ 0.95% Cu Eq. So 400,000t Cu @ $12,000/t =$4.8 Billion contained metal. So Hammer already have JORC resources with $4.8 billion of contained metal. Contained metal does not equate directly to market cap or underlying NPV of the assets. The mining economics will determine the NPV and the market has assumed a certain NPV when pricing the shares. In a detailed study the mining costs, metallurgical recovery, mining method, waste ore ratio and many other things are taken into account to put a net present value on a deposit (NPV).