Australia's Hammer Metals rises on buyout proposal from Austral Resources

Hammer Metals

03/08/2026 01:57

** Shares of Australia's Hammer Metals HMX.AX rise as much as 15.2% to A$0.076, their biggest intraday pct gain since July 7
** Stock touches its highest level since July 20
** The copper-gold miner says it receives takeover proposal from Austral Resources Australia AR1.AX 
** Says deal values company at A$0.087 per Hammer share or approximately A$80.7 million ($56.85 million)
** Deal is at a premium of 31.8%, as of Hammer's last close
** Hammer board unanimously agree Austral proposal constitutes a "superior proposal"
** Says Austral has increased the proposed unsecured working capital facility for Hammer from A$5 million to A$6 million 
** YTD, stock up more than 100%, including day's moves

($1 = 1.4194 Australian dollars)

 (Reporting by Aamir Sheik Khalid in Bengaluru)
 ((Aamir.SheikKhalid@thomsonreuters.com))