HAMMER METALS LIMITED — Investor Presentation 2020

Aug 6, 2020

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A New Era for Bronzewing Exploration Investor Presentation August 2020

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ASX:HMX

Highlights

1 Quality gold and copper exploration portfolio

2

Highly refined, advanced stage drill targets

3 Near term newsflow with current Qld drilling and upcoming RC drilling in WA

4 Team responsible for world class gold discoveries in WA

5 Adjacent to world class mines in WA and QLD

6 Fully funded for all 2020 exploration programs

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www.hammermetals.com.au 2
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Positioned in Two of the World’s Great Metal Provinces

YANDAL GOLD PROVINCE 24M Oz of Gold Produced

The Bronzewing South project is located in the heart of the highly prospective Yandal Belt

260km[2] of highly prospective 100% owned tenements that cover corridors of the 4Moz Bronzewing gold mine & 1.1Moz Orelia gold deposits

Region of established infrastructure, adjacent to 2Mtpa plant at Bronzewing, recently acquired by Northern Star for $243M

Multiple anomalies from shallow geochemical RAB and aircore drilling with limited follow-up drilling

Analogous alteration and multi-element geochemistry to Bronzewing that produced over 1.5Moz from 1997-2012

MOUNT ISA PROVINCE World’s Largest Base Metal Province

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Strategic 2,100km[2 ] tenement holding in the largest base metal province in the world

One of the world’s most diverse base metals districts hosting numerous Tier One deposits

Defined JORC 2012 Resources

Kalman – 20Mt @ 1.8% Cu Eq. Jubilee – 1.4Mt @ 1.4% Cu, 0.6g/tAu Overlander – 1.8Mt @ 1.2% Cu Elaine – 9.3Mt @ 1.0% Cu Eq.

Multiple highly prospective Iron Oxide Copper Gold (IOCG) exploration targets

Joint Venture with JOGMEC over ~290km[2 ] area

www.hammermetals.com.au 3

Corporate Snapshot - ASX:HMX

CAPITAL STRUCTURE

BOARD AND MANAGEMENT WITH A TRACK RECORD OF SUCCESS

+30 years experience in the industry Geologist with exploration and development experience Founding Director and NED of Gold Road Resources

Russell Davis Chairman

BSc (Hons) MBA, MAusIMM,AICD

Daniel Thomas Managing Director BSc, MBA

+20 years experience in the industry Industrial Chemist with corporate development experience Previously Business Development Manager Sandfire Resources

+30 years experience in the industry

Ziggy Lubieniecki Non-Executive Director BSc, MAIG

Geologist with exploration and mine management experience Credited with the discovery of Gruyere Gold Deposit (+6.5Moz) AMEC Prospector of the Year 2015

+20 years experience in Mergers and Acquisitions Lawyer with international experience in corporate transactions Consultant providing general council and M&A services to Regent Pacific Group

David Church Non-Executive Director B.Comm, MA, CA

Mark Whittle

+30 years experience in the industry Geologist with 10 years experience in the Mount Isa Region Previously Exploration Manager of Syndicated Metals Limited

Chief Operating Officer BSc (Hons), MSc, FAusIMM, AICD

+30 years experience in the industry Accountant with commercial, corporate finance and public practice experience in Australia and overseas. Partner in corporate advisory firm, Endeavour Corporate

Mark Pitts

Company Secretary B.Bus, FCA, GAICD

SHARES ON ISSUE(M)(Undiluted)	595
MARKET CAP(M) (at 06/08/2020 A$0.046)	27.4
CASH(M) (End Jun. Q2020)	3.0
DEBT(M)	Nil
ENTERPRISE VALUE(M)	24.4
LISTED OPTIONS(M)	155a
UNLISTED OPTIONS(M)	26
PERFORMANCE RIGHTS(M)	8

• a) Listed options are exercisable at $0.03 each with 30 Sep 2020 expiry; would raise additional c.$4.7m if exercised

CAPITAL BREAKDOWN

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16%
Directors
47% Other Top 20
Shareholders
Others
37%
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Bronzewing South Gold Project

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Hammer acquired the Bronzewing South Gold Project in May 2019

100% owned, no royalty - 260km[2] located immediately south of the Bronzewing gold mine (4Moz[1] ), north of the Orelia deposit (1.1Moz), and on trend and proximal to Northern Star’s Julius (335 koz) and Ramone deposits

• Limited exploration over past decade due to previous legal dispute

• Completed Phase 1 exploration at Bronzewing South and North Orelia projects in 2H-CY19

• Numerous zones of highly anomalous gold identified at both projects

• Phase 2 exploration ongoing - an aggressive follow-up AC and RC program

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Hammer Metals Limited
E36/854
1. Includes previously mined resources
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North Orelia – Prospective Structural Trends

Mineralisation, Structure & Geology Multiple targets identified in 14km Orelia Trend

Orelia Trend is along strike from former Cockburn & Lotus pits (Mt Mclure Operation) now held by Northern Star hosting the 1.1Moz Au Orelia Resource

Results from AC drilling on the Orelia trend to date have confirmed the presence of shallow gold mineralisation >2km strike length at Target 1 and anomalous levels of gold at Target 4

Historical AC drilling on Hammer’s tenure was inadequate often drilling vertical holes to a depth of 21m

Shallow vertical historic drilling failed to detect these mineralised trends

Orelia is characterised by near vertical shear hosted mineralisation. Angled holes have an increased chance of discovering mineralised zones

Magnetic imagery also assisting in the identification of the ultramafic contact zones, which appear to be closely associated with gold mineralisation at Target 1

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HMX
OreliaTrend
Lotus Pit
1
2
6
Northern Star’s
OreliaResource
1.1Moz
3
4
Cockburn Pit
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Refer ASX Announcement 25 May 2020

North Orelia –– Successful Drilling to Date

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Bronzewing Mine Discovery drill hole showed 0.3g/t Au in a depleted zone with
intercepts of 4m 1.8g/t Au from 48m and 12m @ 1.1g/t Au from 72m
Refer ASX Announcement 3 August 2020
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Target 1 - Gold mineralisation intersections and trends on magnetic imagery
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Bronzewing South

Hammer’s First Pass 2019 Drilling Program

Bronzewing South Property’s 5km strike length has multiple high-priority targets highlighted by geochemical, geophysical and structural analysis

Limited exploration at a depth of >100m has occurred (23 RC/DD holes)

Hammer’s program focussed on the existing geochemical anomalies, reprocessed geophysics and the IP survey results

Drilling concentrated on areas located predominantly against the Eastern shear zone

High-grade, shallow mineralisation intercepted in Hammer’s Phase 1 limited drilling program[1] :

▪ 10m at 1.97g/t Au from 129m[1] , including;

• ➢ 1m at 16g/t Au from 137m and 2m at 3.39g/t Au from 110m

• ▪ 8m at 1.36g/t Au from 199m[2] , including;

• ➢ 1m at 6.2g/t Au and 4m at 2.49g/t Au from 226m including 1m at 9.3g/t Au from 229m

▪ 5m at 1.91g/t Au from 147m[3] in, including;

• ➢ 2m at 4.38g/t Au from 147m

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Phase 1 drill locations (* - indicates no intersections >1g/t Au)

Refer ASX Announcement 2 October 2019 1. in BSWRC006

1. in BSWRC004 3. in BWSRC011

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Bronzewing South – A New Perspective

Multiple untested targets identified from the first pass program

Updated view of project geology based upon the first phase RC program adding further definition to the geological domains of the area

Previous exploration has focused predominantly on the Eastern Shear zone to follow up promising historical AC results

Updated geophysical interpretation has identified gravity lows, which at Bronzewing appear to be coincident with gold mineralisation

Coincident geochemical and structural targets with limited deep RC drilling. Several of the best RC results were on the periphery of the dolerite contact

Initial plans for the Bronzewing South Property in 2020 were the completion of a detailed gravity survey over key target areas (now complete) and the completion of an AC program (outstanding) focusing on the edge of the dolerite package on an area that is coincidental to the Bronzewing gold mineralisation

Hammer was awarded a $150,000 WA Exploration Incentive Grant to partly fund diamond drill testing of gravity lows in proximity to Hammer’s best RC drilling results

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Multiple RC
Targets
Initial AC drilling to
refine deeper drilling
RC targets in
prospective horizon
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Refer ASX Announcement 25 May 2020

Ken’s Bore

Compelling Target to be drilled in upcoming RC program

Ken’s Bore is located 12km to the south of Bronzewing. Significant gold values in rock chips of 22.2g/t, 12.9g/t, 6.1g/t and 7.7g/t have been returned from this area (Refer to ASX announcement dated 2 October 2019).

A review of open file reports of work conducted by Audax Resources Ltd noted that rock chip sampling in the same area reported grades of up to 497g/t - see to ASX release date 2 October 2019.

Drilling will test beneath the zone of high-grade rock chips which is adjacent to an untested ground EM anomaly recently remodelled by Hammer.

Hammer will test this target as part of the upcoming RC program at Target 1 at North Orelia.

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Section through the Kens Bore Target showing modelled geophysical plate, rock chip locations and one of the proposed RC holes.

Bronzewing South Gold Project What's Next in 2020

Further untested prospects to be drilled in ongoing Bronzewing South program across Orelia North, Bronzewing South and Ken’s Bore

1

AC Program - COMPLETE

• Recently completed program was designed to infill and further test the extent of mineralisation at Target 1 whilst also completing further testing of Target 4

• Results confirm multiple trends of shallow gold mineralisation over a 2km trend, providing multiple compelling RC drilling targets at North Orelia

2

RC Program - PLANNING

• RC Program to follow North Orelia AC program testing high priority targets generated at Target 1, commencing early September

• Testing of previously identified EM anomaly at the Ken’s Bore EM target, which occurs in close proximity to the high-grade historical rock chips (up to 497g/t Au[1] )

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EIS Grant for Co-funded Diamond Drilling

• Western Australian Government Exploration Incentive Scheme (“EIS”) Grant of $150,000 awarded to Hammer to partly fund the diamond drilling of a compelling gravity and structural target at its Bronzewing South Gold Project

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Refer ASX Announcement 25 May 2020

1. Refer ASX Announcement 2 October 2019

Mt Isa Province

2,100km[2 ] landholding covering a range of greenfield to advanced development study projects

High quality IOCG targets including Overlander, Andy’s Hill, Perentie & the Mt Philip Breccia.

Hammer’s Mt Isa tenements are surrounded by existing Tier One producing mines and established infrastructure owned major corporates, including:

• Glencore (Mt Isa, George Fisher, Ernest Henry, Lady Loretta)

▪ South 32 (Cannington)

• MMG (Dugald River)

Hammer currently undertaking a Phase 2 program of $6M JV with JOGMEC, whereby JOGMEC can earn up to a 60% interest in the JV tenure

Drill testing of the high priority Shadow and Toby prospects is imminent

Ongoing non-dilutive exploration to continue, as evidenced by Hammer’s recent successful Queensland Government CEI grants ($283k of funding in 2020)

Hammer retains its interest in all its JORC compliant resources (all 100%, except for the Jubilee deposit which is in joint venture with Mount Isa Mines – HMX 51%)

Deposit	**Tonnes Mt **	**CuEq % **	Cu %	Au g/t	Co %	Mo %	Re g/t	Fe %	Comment
Kalman	20.0	1.80	0.61	0.34	-	0.14	3.7	-	0.75% CuEq cut-off
Jubilee	1.4	-	1.41	0.62	-	-	-	-	0.5% Cu cut-off
Elaine	9.3	0.95	0.82	0.19	-	-	-	-	0.7% CuEq cut-off
Overlander	1.8	-	1.20	-	0.05	-	-	-	0.7% Cu cut-off
Mount Philp	30.5	-	-	-	-	-	-	39

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Mt Isa: Shadow Prospect

Mt Philip Breccia IOCG Target

Adjacent to Mt Philp Hematite Deposit, outcropping copper oxides and sulphides

Mapping indicates surface mineralisation is associated with a multiphase magnetite-altered breccia which has a marginal zone of silica-magnetite alteration

The current extent of the breccia is c.450m in strike length and up to 150m in width, though zones of copper mineralisation within the silicamagnetite alteration trend haves been observed sporadically for up to 4km to the south

The Shadow target was recently tested by the current diamond drilling campaign in Mount Isa

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Long section (looking west) along the plus 4km Shadow Trend showing the magnetic response in plan (top) and as a long section looking west (base) with Cu rock chip response. The Shadow prospect is a rank 1 drilling target and the shadow trend will be evaluated in more detail during the Phase 2 program.

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Shadow key geological units with rock chip sampling. Cu greater than 2% and Au greater than 1g/t annotated
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Refer ASX Announcement 10 September 2019 and 12 May 2020 Note: The Shadow Prospect is part of the JOGMEC Joint Venture

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Mt Isa: Toby Prospect

Compelling Target – Coincidental EM, VTEM and Rock Chip Anomalies

Located close to the intersection of the Ballara, Kalman West and Pilgrim Faults, a zone of major structural complexity on the eastern margin of the Mt Philp Breccia and west of the Pilgrim Fault

Historical reconnaissance rock chip sampling at Toby has obtained individual peak grades of up to 18.4g/t Au, 76g/t Ag and 15.1% Cu

Three conductive plates were modelled from the recently completed ground EM survey completed as part of the Phase 1 program

The target will initially be tested with diamond drilling to gather further high-quality geological information in the current JOGMEC JV program

Second phase drilling program recently tested by the Joint Venture after the completion of the first round of drilling

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Toby Prospect showing the fixed loop ground EM survey layout, modelled conductive plates and rock chip sample Cu and Au response. Cu grades above 2% and Au grades above 1g/t annotated in black and red respectively

Refer ASX Announcement 21 December 2016 and 12 May 2020 Note: The Toby Prospect is part of the JOGMEC Joint Venture

www.hammermetals.com.au 14

Kalman Deposit: Copper-Gold-Molybdenum-Rhenium

100% HMX owned - 360kt of Copper Equivalent Metal

Indicated and Inferred Mineral Resource Estimate of 20Mt @ 0.61% Cu, 0.34g/t Au, 0.14% Mo, 3.7g/t Re.

Open pit and underground potential; the deposit remains open at depth and along strike

High-grade mineralisation is evident within the Kalman deposit, highlighted by drill intercepts including:

▪ 7.7m @ 23.4% Cu & 0.5g/t Au from 582m[1]

▪ 53m @ 2.1% Cu & 0.5g/t Au from 695m[2]

• 31m @ 1.0% Cu & 1.1g/t Au from 221m [3]

• 7m @ 0.3% Cu, 3.4% Mo & 57.3g/t Re, within;

• ➢ 62m @ 0.65% Mo & 11g/t Re

Hammer was recently awarded a CEI grant to undertake a magneto telluric (MT) survey over Kalman and the northern margin of the Mt Philp Breccia

Preliminary imagery indicates that the MT method identifies the Kalman Deposit along with a number of unexplained conductive anomalies – potential Kalman lookalike targets

Hammer aims to continue unlocking value from the Kalman Deposit utilising non-dilutive funding sources and other strategic options available to it

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Southern magneto telluric profile looking southeast. The Kalman Cu resource wireframe is shown
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1. in K-106C 3. in BWSRC011

Refer ASX Announcement 27 September 2016 & 12 May 2020 1. in K-106C

Mt Isa: What's Next in 2020

Exploration programs have commenced across Hammer’s Mt Isa portfolio

1

JOGMEC Joint Venture: Phase 2 – FIRST RESULTS PENDING

• Initial diamond drilling phase completed, primarily testing the Shadow and Toby prospects, with assays pending

• Follow up RC drilling and further target generation is planned primarily over these prospects

• A number of other high-ranking targets and advancing grassroots targets may be considered by the JV prior to the start of a follow up program

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Critical Minerals Drilling - ONGOING

• Collaborative Exploration Initiative Grant from the Queensland Government to 100% fund diamond drilling at Koppany currently underway

• Hammer has identified REE anomalism in historical Koppany drilling

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Aggressive Exploration to Deliver News & Milestones

Parallel workstreams to provide consistent newsflow

Bronzewing South (WA)

Selective Targeting

Orelia AC Drilling

RC drilling (Orelia and Ken’s Bore)

EIS diamond drilling (Bronzewing South)

Ongoing, results driven exploration

Mt Isa (QLD)

Diamond drilling (Shadow & Toby)

RC Drilling (JOGMEC JV)

JOGMEC Phase 2

CEI – Koppany Drilling

Greenfields project advancement (100% owned Kings, Alice, Perentie and others)

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Q3-CY2020 Q4-CY2020
Jul Aug Sep Oct Nov Dec
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ONGOING Results Driven Exploration & Development Program

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Contact

Daniel Thomas, Managing Director daniel@hammermetals.com.au

Suite 1, 827 Beaufort Street, Mt Lawley, Western Australia 6052 Phone: +61 8 6369 1195 www.hammermetals.com.au

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Appendix: Joint Venture with JOGMEC

JOGMEC to spend up to A$6million to earn 60% interest in JV tenure

Field work on JV area commenced in January this year on each of the four joint venture areas (Even Steven, Mount Philp Breccia, Dronfield West and Malbon)

The Phase 1 program was designed to collect baseline data on large IOCG targets in addition to programs designed to enable drill targeting of prospects such as Shadow, TobyCharlie, Trafalgar and Pearl with drilling having recently commenced as part of the Phase 2 Phase 1 program highlights included:

• Geological mapping at Shadow indicates that surface mineralisation is associated with a multiphase magnetite-altered breccia which has a marginal zone of silica-magnetite alteration

• Fixed loop ground EM survey was conducted over Toby and Charlie to further define three identified conductive plates

• Ground gravity surveys identified grassroots targets at Malbon on the northern margin of the Wimberu granite within the Timberu Formation (Figure 8). Anomalous gravity responses are also present in the Dronfield northwest JV area and below elevated soil geochemical responses within the Even-Steven JV area

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Appendix: Critical Minerals Exploration – Mount Isa

Two Collaborative Exploration Initiative grants from the Queensland Government to advance Hammer’s critical mineral exploration activities

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Northern magneto telluric profile looking north. The interpreted position of the Pilgrim and Fountain Range Faults, Mount Philp Breccia and inverted magnetics and gravity shown
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100% funding of two high potential projects within Hammer’s portfolio:

1. A magnetotelluric survey has been completed to investigate subsurface fault architecture in the vicinity of:

2. ➢ the Kalman Cu-Au-Mo-Re Deposit and

3. ➢ the Mount Philp Breccia

4. Diamond drilling of two holes at Rare Earth Element (REE) prospects at Koppany. Hammer identified REE anomalism in historical Koppany drilling, including:

5. ➢ 158m at 0.39% LREO from 76m including 12m at 2% LREO from 156m in KOP005

6. ➢ 121m@ 0.38% LREO from 142m including 22m at 0.79% LREO in KOP007.

7. ➢ Peak values over any one metre interval include 1.7% Cerium, 1.15% Lanthanum, 0.26% Neodymium and 0.13% Praseodymium

Refer ASX Announcement 3 July 2019

www.hammermetals.com.au 20

Appendix: Jubilee Deposit: Copper-Gold

Jubilee is part of the Mt Frosty JV (HMX, 51% and operator) with Mount Isa Mines (MIM, 49%) and is <1km from the Barkly highway & 55km from Mt Isa

Maiden Inferred Resource Estimate released in December 2018 of 1.41Mt @ 1.41% Cu & 0.62 g/t Au for 20kt Cu & 28kozAu

Excellent preliminary metallurgical results of >90% copper recovery to rough concentrate

Jubilee deposit extends from surface with significant potential to extend the resource at depth and along strike

Hammer have identified Jubilee & Elaine analogous greenfield targets 5km to the west at Black Rock & Sunset

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• Refer ASX Announcement 20 December 2018

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Appendix: Overlander Deposit - Copper-Gold

100% HMX owned and located 6km west from Hammer’s 100% Kalman project

Indicated and Inferred Mineral Resource Estimate of 1.8Mt at 1.2% Cu (0.7% Cu cut-off)

Large mineralised system with 6km in strike length 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)

Potential to extend current resource as the deposits remains open at depth and along strike

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Overlander prospect (looking north) showing the location of Overlander south,
central and north with the IOCG target
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• Refer ASX Announcement 26 August 2015

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Appendix: Elaine Deposit - Copper-Gold

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100% HMX owned and located 5km east from Hammer’s 51% controlled Jubilee project

Inferred Mineral Resource Estimate of 9.3Mt @ 0.82% Cu & 0.19g/tAu

Drilling has identified broad copper mineralisation, highlighted by up to 206m @ 0.53% Cu & 159m @ 0.50% Cu from 503m

High-grade gold mineralisation is evident within the broader Elaine deposit, with drilling intersecting up to 30m @ 6.73g/t Au from 508m & 26m @ 1.7g/t Au from 160m*

Preliminary metallurgical results of 90% copper recovery to cleaner concentrate**

Multiple targets identified along strike from the current resource – Elaine 2, Elaine 3 & Blue Caesar

• Refer ASX HMX Announcement 15 December 2016, ASX AKN Announcements dated 7 November 2011 and 13 June 2012 and the Competent Persons Statement

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View northwest from Elaine towards Jubilee
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• ** Refer ASX AKN Announcement 23 July 2013 and the Competent Persons Statement

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Disclaimer and Competent Persons Statement

The announcement of this presentation to the ASX platform has been authorized by Daniel Thomas, Managing Director, Hammer Metals Limited

Disclaimer

This presentation by its nature contains summarised information. See Hammer’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au for more information.

Within this presentation there may be certain forward- looking statements, opinions and estimates. These are based on assumptions and contingencies which are subject to change without notice and are not guarantees of future performance. Hammer assumes no obligation to update such information. Recipients of this document are cautioned to not place undue reliance on such forward-looking statements.

To the extent permitted by law, Hammer and its officers, employees, related bodies corporate and agents disclaim all liability, direct, indirect or consequential for any loss or damage suffered by a recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information.

Competent Persons Statements

Certain exploration drilling results relating to the Mount Isa Project were first disclosed under JORC code 2004 and have not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed.

Resource Estimates

Where the Company refers to Mineral Resource Estimates for the following projects:

• the Kalman Deposit (refer ASX 27 Sept 2016);

• the Overlander North and South Deposit (refer ASX 26 Aug2015); and

• the Jubilee Deposit (refer ASX 21 December2018).

It confirms that it is not aware of any new information or data that materially affects the information included in those announcements and all material assumptions and technical parameters underpinning the resource estimates with those announcements continue to apply and have not materially changed.

The Minerals Resource Estimates shown for Mt Philp and Elaine were prepared and disclosed by previous owners refer to attached Mineral Resource Estimate Appendices

The information in this presentation that relates to Exploration Results or Mineral Resources is based on information compiled by Mark Whittle who is a fellow of the Australian Institute of Mining and Metallurgy and an employee of Hammer Metals Limited. Mr Whittle has sufficient experience which is relevant to the style of mineralisation under consideration to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” (The JORC Code). Mr Whittle consents to the inclusion in the presentation of the matters based on their information in the form and context in which it appears.

Mr Whittle has an interest in Hammer Metals Limited shares and options.

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The information in this report that relates to previous exploration results was prepared and first disclosed under a pre-2012 edition of the JORC code.

The data has been compiled and validated. It is the opinion of Hammer Metals that the exploration data is reliable. Nothing has come to the attention of Hammer Metals that causes it to question the accuracy or reliability of the historic exploration results.

In the case of the pre-2012 JORC Code exploration results, they have not been updated to comply with 2012 JORC Code on the basis that the information has not materially changed since it was last reported.

Kalman Resource Estimate & Notes on Copper Equivalence Calculation and Metallurgical Recoveries

The Kalman Mineral Resource Estimate was updated in August 2016 in accordance with the JORC Code (2012 Edition). (Refer to the ASX Release dated 27th September 2016 for full details of the Resource Estimate.) The company is not aware of any new information or data that materially affects the information in the HMX ASX announcement dated September 27[th] , 2016. All material assumptions and technical parameters underpinning the mineral resource estimate continue to apply and have not materially changed.

Kalman Deposit Mineral Resource Estimate

(Reported at 0.75% CuEq cut-off above 100m RL and 1.4% CuEq cut-off below 100m RL)

Classification	Mining Method	CuEq Cut-Off	Mt	Cu Eq %	Cu %	Mo %	Au g/t	Ag g/t	Re g/t
Indicated	Open Pit	0.75%	7.1	1.5	0.48	0.12	0.27	1.4	2.9
Inferred	Open Pit	0.75%	6.2	1.6	0.44	0.15	0.24	1.5	3.9
Inferred	Underground	1.40%	7.0	2.4	0.89	0.16	0.5	2.9	4.5
	Total		20.0	1.8	0.61	0.14	0.34	1.9	3.7

• Note: (1) Numbers rounded to two significant figures

• Note: (2) Totals may differ due to rounding

• Note: (3) CuEq = Cu + (0.864268 * Au) + (0.011063 * Ag) + (4.741128 * Mo) + (0.064516 * Re)

Copper equivalent (CuEq) grades were calculated using estimated block grades for Cu, Au, Ag, Mo and Re.

The CuEq calculation is based on commodity prices and metallurgical recovery assumptions as detailed in this release. Prices agreed to by Hammer were a reflection of the market as at 14/02/2014 and forward looking forecasts provided by consensus analysis. Metal prices provided are:

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The CuEq calculation is based solely on commodity prices without assumptions about recovery or payability of the different metals. Prices agreed to by Hammer were a reflection of the market as at 14/02/2014 and forward looking forecasts provided by consensus analysis. Metal prices provided are: Cu: US$7,165/t, Au: US$1,324.80/oz, Ag: US$22.40/oz, Mo: US$16.10/lb The forward looking price for Rhenium was estimated using available historical and current prices - Re: US$5,329/kg

The CuEq equation is CuEq = Cu + 0.594464Au + 0.010051Ag + 4.953866Mo + 0.074375Re and was applied to the respective elements estimated within the resource block model.

Assumed Metallurgical Recoveries

Based on the testing completed and the current understanding of the material characteristics it has been assumed that the Kalman material can be processed using a “typical” concentrator process flowsheet. The mass balance and stage metallurgical recovery of the four major elements were based on the metallurgical test results from the molybdenum zone sample and benchmarks. The final overall recovery (Table 3) was established from the mass balance and benchmarked against other operations and projects.

Process Stage Bulk Rougher	% Rec’y	Copper 95	Molybdenum 95	Gold 82	Rhenium 86	Silver(1) 82	(1) No data available for Silver recoveries so they have been assumed similar to
Overall	% Rec’y	86	86	74	77	74	Gold Recoveries

It is the company’s opinion that the metals used in the metal equivalent equation have reasonable potential for recovery and sale based on metallurgical recoveries in flotation test work undertaken to date. There are a number of well-established processing routes for copper molybdenum deposits and the sale of resulting copper and molybdenum concentrates.

www.hammermetals.com.au 25

Overlander Mineral Resource Estimate

The 100%-owned Overlander Project is situated 60 kilometres to the southeast of the mining centre of Mount Isa in North West Queensland and 6 kilometres to the west of Hammer’s Kalman copper-gold-molybdenum-rhenium deposit. It is a high-priority target area for both shear-hosted copper and IOCG copper mineralisation. The Overlander North and South copper Deposits are situated approximately one kilometre apart within a common shear zone.

Drilling in the Overlander North deposit extends to a vertical depth of approximately 430m and the mineralisation was modelled from surface to a depth of approximately 420m below surface. Drilling in the Overlander South deposit extends to a vertical depth of approximately 215m and the mineralisation was modelled from surface to a depth of approximately 180m below surface. The resource estimates are based on good quality RC and diamond drilling data. Drill hole spacing is predominantly on a 40m by 20m spacing with additional drill holes between sections targeted at the higher grade cores of the deposits.

Following additional drilling in 2014 and 2015, The Mineral Resource Estimates for the Overlander North and South shearhosted copper Deposits were revised by Haren Consulting and reported in accordance with the guidelines of the JORC Code (2012 Edition). They contain combined resources of 1,772,000 tonnes at 1.2% copper in the indicated and inferred categories (Refer to the ASX release dated August 26[th] 2015). The company is not aware of any new information or data that materially affects the information in the HMX ASX announcement. All material assumptions and technical parameters underpinning the mineral resource estimate continue to apply and have not materially changed.

Overlander North and South Mineral Resource Estimate

(Reported at 0.7% Cu cut-off)

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|||||||
|---|---|---|---|---|---|
|Overlander North Resource|
|Classification|Tonnes|Cu %|Co (ppm)|Cu t|Co t|
|Indicated|253,000|1.4|254|3,414|64|
|Inferred|870,000|1.3|456|11,350|396|
|Total|1,123,000|1.3|410|14,764|461|
|Overlander South Resource|
|Classification|Tonnes|Cu %|Co (ppm)|Cu t|Co t|
|Indicated|-|-|-|-|-|
|Inferred|649,000|1|500|6,352|327|
|Total|649,000|1|500|6,352|327|
|Overlander Combined Mineral Resource|
|Classification|Tonnes|Cu %|Co (ppm)|Cu t|Co t|
|Indicated|253,000|1.4|254|3,414|64|
|Inferred|1,518,000|1.2|476|17,700|723|
|Total|1,772,000|1.2|445|21,112|788|

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• Note: (1) Numbers rounded to two significant figures to reflect appropriate levels of confidence

• Note: (1) Totals may differ due to rounding

Jubilee Mineral Resource

Estimate

The 51%-owned Jubilee Deposit is situated 50 kilometres west of Mount Isa in North West Queensland.

It is a high-priority target area for shear-hosted copper mineralisation.

Mineralisation was modelled from surface to a depth of approximately 325m below surface.

The resource estimates are based on good quality RC and diamond drilling data. Drill hole spacing is predominantly on a 50m by 40m spacing with additional drill holes between sections targeted at the higher grade cores of the deposits.

The Mineral Resource Estimate was conducted by H&S consultants Pty Ltd and reported in accordance with the guidelines of the JORC Code (2012 Edition). They contain combined resources of 1.41Mt at 1.41% copper and 0.62g/t Au in the inferred category (Refer to the ASX release dated December 20[th] , 2018). The company is not aware of any new information or data that materially affects the information in the HMX ASX announcement. All material assumptions and technical parameters underpinning the mineral resource estimate continue to apply and have not materially changed.

Jubilee Inferred Mineral Resource Estimate

(Reported at 0.5% Cu cut-offs)

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||||||||
|---|---|---|---|---|---|---|
|Category|Domain|Mt|Cu %|Cu (t)|Au g/t (Cut)|Au oz (Cut)|
|Inferred|Mod-Slightly Weathered|0.07|1.51|1,000|0.55|1,200|
|Inferred|Fresh|1.34|1.41|19,000|0.63|27,100|
|Inferred|Total|1.41|1.41|20,000|0.62|28,300|
|•|Note: (1) Totals may differ due to rounding|

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Elaine Project Mineral Resource Estimate & Notes on Copper Eqv Calculation and Metallurgical Recoveries

The 100%-owned Elaine Cu-Au deposit is situated on granted exploration licence 14022, approximately 50km east of Mount Isa in North West Queensland.

A resource estimate was first completed and reported to ASX by previous owners (Chinalco Yunnan Copper Resources Limited, now AUKing Limited) on 18[th] October 2012. The resource was conducted by Mine Development Associates. The company is not aware of any new information or data that materially affects the information in the AKN ASX announcement. All material assumptions and technical parameters underpinning the mineral resource estimate continue to apply and have not materially changed.

A review of the Resource Estimate was completed for the purpose of compiling this statement and the principles and methodology of the resource estimation procedure and the resource classification procedure are considered to comply. The Elaine Project Mineral Resource Estimate is based on approximately 30 holes to a depth of 450 metres below surface. The current resource totals 9.3 million tonnes (Mt) grading 0.82% Cu and 0.19g/t Au and is classified as being all in the Inferred category. The resource is tabulated below at a variety of CuEq % cut-offs.

CuEq cut-off %	Mt	CuEq %	Cu %	Au g/t	Elaine Inferred Mineral Resource Estimate Metal Equivalent Information-The Copper Equivalent (CuEq) equation has been
0.10	64.34	0.34	0.31	0.05	calculated to reflect current and forecast pricing.
0.20	32.77	0.54	0.49	0.08	CuEq grades were calculated using estimated block grades for Cu and
0.25	26.10	0.62	0.56	0.09	Au. Metal prices used were:
0.30	22.81	0.67	0.60	0.10	• Cu: US$5,400/t;
0.40	17.81	0.76	0.68	0.12	• Au: US$1,300/oz;
0.50	15.05	0.82	0.73	0.13	The copper equivalent equation is: CuEq % = Cu % + (Au ppm *
0.60	12.47	0.88	0.77	0.15	0.70216)
0.70	9.31	0.95	0.82	0.19	Cut-offs of 0.7% have been applied for reporting Mineral Resources.
0.80	6.46	1.04	0.87	0.25

Metallurgical test-work indicated that acceptable copper-cobalt sulphide concentrates could be produced via conventional processing methods. Based on the test-work conducted, it is the company’s opinion that all metals used in the metal equivalent calculation have a reasonable potential to be recovered.

Mt. Philp Mineral Resource Estimate

The Mineral Resource Estimate is based on 48 diamond and reverse circulation (RC) drillholes completed in 2011 for a total of 3,801 metres (m). Drilling comprises fans located on a nominal 100 m pattern along the strike length of the ironstone. The Mineral Resource was estimated and reported in-house by Cerro Resource NL.

The current resource totals 19.1 million tonnes (Mt) grading 41.4% iron and 37.9% silica (Table 1-1) in the Indicated category and 11.4 million tonnes (Mt) grading 33.8% iron and 47.4% silica in the Inferred category. This resource is open at depth.

A resource estimate was first completed and reported to ASX by previous owners on 28[th] September 2012. The company is not aware of any new information or data that materially affects the information in the ASX announcement. All material assumptions and technical parameters underpinning the mineral resource estimate continue to apply and have not materially changed.

Mt Philp Deposit Mineral Resource Estimate

		Mt Philp	Mineral Resource	Mineral Resource
Classification	Mt	Fe %	P %	SiO2%		Al2O3 %	LOI %
Indicated	19.11	41	0.02		38	1.2	0.29
Inferred	11.40	34	0.02		48	2.0	0.31
Total	30.51	39	0.02		42	1.6	0.30

• Note: (1) Numbers rounded to two significant figures to reflect appropriate levels of confidence • Note: (1) Totals may differ due to rounding

		April 2013 Elaine	Metallurgical Testwork	Metallurgical Testwork	Metallurgical Testwork
Test	No.	Product	%	Cu %	Rec’y	ppm	Au %	Rec’y
Test	11	Final cleaner concentrate Rougher concentrate	29.9 8.1		92.2 96.0	2.73 1.22		31.7 54.4
Test	13	Final cleaner concentrate Rougher concentrate	22.9 11.6		77.1 91.6	0.88 0.67		23.9 42.3

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