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6 stories mentioning ASX:HMXUpdated 14d ago

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Asia

Hammer Metals Receives ASX Waivers to Facilitate Austral Resources Takeover, Gold Asset Demerger; Shares Hit 52-Week High

Hammer Metals (ASX:HMX) said the ASX has granted it two listing rule waivers to facilitate the proposed takeover by Austral Resources and the planned demerger of its Western Australian gold assets held in Carnegie Exploration, according to a Wednesday Australian bourse filing.The first waiver allows Hammer's options and management performance rights to be cancelled for consideration without requiring shareholder approval if the scheme becomes effective, while the second allows Hammer to proceed with a capital reduction in connection with the demerger that may reduce its share price below AU$0.20, subject to shareholder approval, the filing added.The company's shares rose past 1% in recent Wednesday trade and earlier hit a 52-week high.

ASX:HMX
Asia

Austral Resources to Acquire Hammer Metals; Austral Shares Fall Past 8%

Austral Resources Australia (ASX:AR1) will acquire all of the issued securities in Hammer Metals (ASX:HMX) via a scheme of arrangement for a consideration of 1.2903 Austral shares for each Hammer share under a binding scheme implementation deed, according to separate ASX filings on Tuesday.Larvotto Resources (ASX:LRV) confirmed it will not exercise its matching right to submit a counterproposal to the Austral offer.The board of Hammer, which represents 7% of Hammer shares, unanimously recommends that Hammer shareholders vote in favor of the scheme, subject to no superior proposal and the independent expert concluding that the scheme is in the best interests of Hammer shareholders.Hammer shareholders are expected to own around 31.1% of the merged entity following implementation of the scheme.Hammer's Western Australian gold assets currently held in Carnegie Exploration, including the Bronzewing South, Orelia North, and Mt Sefton gold projects, as well as other associated assets, will be de-merged via a capital reduction and in-specie share distribution to Hammer shareholders. The shareholders will own Carnegie Exploration or any such other entity incorporated for the purposes of undertaking the demerger.Austral and Hammer entered into a binding loan agreement for an unsecured loan facility of up to AU$6 million to support Hammer through to scheme implementation.Austral's shares fell over 8% in recent trading on Tuesday, while those of Hammer fell over 1%.

ASX:AR1ASX:HMXASX:LRV
Asia

Larvotto Resources Decides to Not Match Competing Buyout Proposal by Austral Resources for Hammer Metals; Shares Up 6%

Larvotto Resources (ASX:LRV) decided not to submit a counterproposal to match a competing buyout proposal made by Austral Resources (ASX:AR1) for Hammer Metals (ASX:HMX), opting not to exercise its rights under their scheme implementation deed dated June 11, according to a Monday filing with the Australian bourse.The board concluded that the terms required to match the proposal would not meet the value and return thresholds set for growth opportunities in the company's strategic plan, the filing said.Termination of the scheme implementation deed will result in the break fee of about AU$550,000 payable to the company as well as repayment of the outstanding amount of the loan provided by the company to Hammer, per the filing.Larvotto Resources shares rose 6% in morning trade Monday, while Austral Resources shares fell 1%.

ASX:AR1ASX:HMXASX:LRV
Asia

Hammer Metals Identifies High-Grade Mineralization at Queensland Critical Metals Project, Shares Hit Three-Year High

Hammer Metals (ASX:HMX) identified high-grade mineralization during recent drilling at its Kalman critical metals project in Queensland, as well as from the Black Rock iron oxide copper-gold (IOCG) and Lady Jenny copper-gold prospects, according to a Thursday Australian bourse filing.The results were of up to one meter at 3.23% molybdenum and 74 grams per tonne grade of rhenium from 220 meters, or 15.7% copper equivalent recoverable (CuEqRec), and one meter at 4.15% molybdenum and 107g/t rhenium from 267 meters, or 20.7% CuEqRec.Drilling at Black Rock remains widely spaced with considerable potential to delineate a significant copper-gold resource at the prospect, the filing added.The company's shares rose 4% to their highest price since May 2023 in recent Thursday trade.

ASX:HMX
Asia

Hammer Metals Reports High-Grade Results From Queensland Project Resource Upgrade Drilling; Shares Up 5%

Hammer Metals (ASX:HMX) reported further assay results from the current resource upgrade drilling program at its Kalman Critical Metals Project in Queensland, according to a Tuesday Australian bourse filing.The results were up to 165 meters at about 2% copper equivalent recoverable (CuEqRec), comprising 0.5% copper, 0.3 g/t gold, 0.3% molybdenum, and 5.31 g/t rhenium from 175 meters, including 50 meters at 3.2% CuEqRec and 62 meters at 2.3% CuEqRec.Drilling has now been completed, with assays pending for holes drilled at the Black Rock iron oxide copper gold target and the Lady Jenny Copper-Gold Prospect, it added.The company's shares rose almost 5% in recent Tuesday trade.

ASX:HMX
Asia

Larvotto Resources Enters Into Scheme Implementation Deed to Acquire Hammer Metals

Larvotto Resources (ASX:LRV) entered into a binding scheme implementation deed to acquire all the shares of Hammer Metals (ASX:HMX) through a scheme of arrangement, according to a Thursday filing with the Australian bourse.Hammer Metals shareholders will receive one new Larvotto share for every 22 Hammer shares held at the scheme record date, the filing said.After implementation of the scheme, Larvotto shareholders and Hammer Metals shareholders are expected to own about 92.7% and 7.3%, respectively, of the combined entity.The board of Hammer Metals unanimously recommended that shareholders vote in favor of the scheme, provided there is no superior proposal and the independent expert continues to conclude that the scheme is in the best interest of shareholders, per the filing.

ASX:HMXASX:LRV

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