Hammer’s Mt Isa project includes five copper/gold JORC resources and a range of early-stage greenfield prospects (with high-quality IOCG potential). All of Hammer’s JORC resources are 100% owned with the exception of the Jubilee deposit (51%) which is in a Joint Venture with Glencore.
Hammer has a 100% interest in JORC Resources of copper, gold, molybdenum, rhenum, cobalt & iron
| Deposit | Tonnes Mt | CuEq % | Cu % | Au g/t | Co % | Mo % | Re g/t | Fe % | Comment |
| Kalman (updated) | 39.1 | 1.07 | 0.53 | 0.27 | – | 0.10 | 2.1 | – | O/C 0.4% CuEq; and U/G 1.0% CuEq |
| Jubilee (51% HMX) | 1.4 | – | 1.41 | 0.62 | – | – | – | – | 0.5% Cu |
| Overlander | 1.8 | – | 1.20 | – | 0.05 | – | – | – | 0.7% Cu |
| Lakeview | 0.6 | – | 1.03 | 0.30 | – | – | – | – | 0.3% Cu |
| Mount Philp | 30.5 | – | – | – | – | – | – | 39 |
COPPER-GOLD & IOCG POTENTIAL
Kalman Copper, Gold, Molybdenum and Rhenium Deposit
Kalman is 100% HMX owned and is located 6km east from Hammer’s 100% owned Overlander project. Kalman is one of the world’s highest grade undeveloped Molybdenum and Rhenium projects. An updated Indicated and Inferred Mineral Resource Estimate (“MRE”) was completed in May 2023 with an MRE of 39Mt @ 1.07% Recovered Copper Equivalent, (0.53% Cu, 0.27g/t Au, 0.10% Mo, 2.1g/t Re. Recent drilling has extended the deposit at shallow depths to the North with an updated mineral resource expected in the first half of the year.
With open pit and underground potential, the deposit remains open at depth and along strike.
High-grade mineralisation is evident within the broader Kalman deposit, highlighted by drill intercepts including:
- 7.7m @ 23.4% Cu & 0.5g/t Au from 582m (K-106C)
- 53m @ 2.1% Cu & 0.5g/t Au from 695 (K-106C)
- 31m @ 1.0% Cu & 1.1g/t Au from 221 (K-53)
- 7m @ 0.3% Cu, 3.4% Mo & 57.3g/t Re, within 62m @ 0.65% Mo & 11g/tRe from 206m (K-132)
Elaine Deposit
100% HMX-owned and located 5km east from Hammer’s 51% controlled Jubilee project where drilling has identified broad copper mineralisation, highlighted by up to 206m @ 0.53% Cu (MKED011) & 159m @ 0.50% Cu from 503m (MKED007).
High-grade gold mineralisation is evident within the broader Elaine deposit with drilling intersecting up to 30m @ 6.73g/t Au from 508m (MKED009) & 26m @ 1.7g/t Au from 160m (MKED026).
Overlander Deposit
Located 6km west from Hammer’s 100%-owned Kalman project, the Overlander Project has Indicated and Inferred Mineral Resource Estimate of 1.8Mt at 1.2% Cu (0.7% Cu cut-off) and a large mineralised system with 6km in strike length and significant copper grades from historical drilling.
Significant copper grades and thickness, including:
- 28m @ 1.90% Cu & 16m @ 1.90% Cu, within 75m @ 1.33% Cu (OVRC29)
- 27m @ 1.40%Cu, within 87m @ 0.74% Cu (OVRC30)
- 56m @ 1.40% Cu & 11m @ 2.40% Cu & 10m @ 1.60% Cu, within 89m @ 1.10% Cu (OVRC31)
Jubilee Deposit
Less than 1km from the Barkly highway and 55km from Mt Isa, the Jubilee Deposit is part of the Mt Frosty Joint Venture (51% HMX and operator) with Mount Isa Mines (MIM, 49%) with a Maiden Inferred Resource Estimate of 1.41Mt @ 1.41% Cu & 0.62 g/t Au for 20kt Cu & 28kozAu.
The Jubilee deposit extends from surface with significant potential to extend the resource at depth and along strike. The Company has identified numerous greenfield targets 5km to the west at Black Rock & Sunset.
Lakeview Deposit
The Lakeview copper-gold deposit, located 2km south of the Barkly Highway approximately mid-way between Mt Isa and Cloncurry in north-west Queensland. The deposit lies approximately 4.5km south-east of the Jubilee copper-gold deposit which forms part of the Mt Frosty Joint Venture (HMX 51% and Glencore 49%).
High impact exploration along under-explored copper trend with multiple undrilled exploration targets:
- Existing JORC resources at Kalman (100% HMX), Elaine (100% HMX), Overlander (100% HMX) and Jubilee (51% HMX).
- Exploration success at Ajax, Neptune, Lakeview and Trafalgar (Mt Isa East JV).
- Ideally located close to infrastructure – power and highway traverse northern tenements, rail network connects with Townsville Port.
Mount Isa Joint Ventures and Earn-Ins
Hammer Metals has five active joint ventures in the Mount Isa region, covering 501km2 out of its ~3,400km2 position in the Mount Isa region. Hammer Metals has retained a 100% interest in ~2,940km2 of tenure and a 100% interest in its JORC compliant Mineral Resources at Kalman, Overlander, Elaine and Lakeview.
The table below summaries Hammer Metals’ joint ventures within the Mount Isa Project.
| Joint Venture | Partner | HMX Interest | Blocks | Area (km2) | Proportion of Tenure |
| Mt Frosty JV | Glencore | 51% | 9 | 29 | 1% |
| Dronfield JV | Kabiri Resources Pty Ltd | 80% | 44 | 141 | 4% |
| Mt Hope JV | Carnaby | 49% | 3 | 10 | 0% |
| Isa Valley JV | South32 | 100% | 100 | 321 | 9% |
| Lady Jenny ML (Option) | CVCP | 0% (Option) | N/A | <1 | 0% |
| Total | 156 | 501 | 14% |
Mount Hope JV with Carnaby Resources (HMX ~49%) Cu-Au
Carnaby’s interest in the Mount Hope JV comprises three sub-blocks within Hammer Metals’ EPM26777, located immediately adjacent to Carnaby Resources’ high-profile Mount Hope Copper-Gold Project. Carnaby can earn a 70% interest in the project by making a $5 million payment upon a decision to mine at their Mount Hope project. Hammer Metals will also be entitled to 30% of profits generated from ore mined within the EPM26777 sub-blocks. A further $6 million cash payment will be payable to Hammer Metals upon a final investment decision for any separate new development on the sub-blocks.
Isa Valley Project
South 32 Group Operations Pty Ltd (South32) has entered into an earn-in agreement with Hammer Metals pursuant to which it may acquire up to an 80% interest in EPM28189. The project covers approximately 320km² and includes a highly prospective 30km coverage of the Mount Isa Fault zone. In June 2026, South32 committed to fund an additional $3 million of exploration expenditure over three years, following early geological success targeting Mount Isa-style sediment-hosted lead-zinc-copper mineralisation.
Mt Frosty Joint Venture
The Mt Frosty JV is a 51% Hammer Metals-operated and 49% Mount Isa Mines Ltd (Glencore) partnership. Located less than 1km from the Barkly Highway, the project encompasses the highly prospective Mary Kathleen Shear Zone. Its principal asset is the shallow Jubilee copper-gold deposit, which hosts a maiden Inferred JORC resource of 1.41 million tonnes grading 1.41% copper and 0.62g/t gold.
Lady Jenny Mining Leases – Option with Corella Valley Corporation
The Lady Jenny Mining Leases are located approximately 16km south of the sealed Barkly Highway, which links Mount Isa and Cloncurry, via the Fountain Springs Road. The leases are surrounded by Hammer Metals’ 100%-owned exploration licences and are located near the Company’s defined JORC-compliant Mineral Resources at Kalman, Overlander, Lakeview and Jubilee. Hammer Metals has secured an option to acquire an 80% interest in the Lady Jenny Mining Leases for a payment of A$500,000 by October 2026.
Kabiri Joint Venture
The Kabiri Joint Venture is one of Hammer Metals’ foundational exploration agreements and relates to the Dronfield tenement (EPM18084). Under the joint venture terms, Hammer Metals holds an 80% operating interest in the tenement, with Kabiri Resources Pty Ltd free carried through to completion of a Pre-Feasibility Study.
