Larvotto strikes Hammer acquisition to build Queensland copper hub
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Under the deal, approximately $54 million is to be raised with Hammer shareholders receiving one Larvotto share for every 22 currently-owned share at a cost of $0.06 per share.
A key element of the acquisition is the consolidation of Hammer’s Mt Isa portfolio with Larvotto’s existing assets in the region, forming a significantly expanded copper and critical minerals development base. The combined landholding is expected to host around 530,000 tonnes of copper equivalent resources, with the Kalman project highlighted as a cornerstone asset.
Kalman alone hosts a large resource of 39.2 million tonnes grading 1.27 per cent copper equivalent (CuEq) CuEq, containing approximately 420,000 tonnes of copper equivalent metal. Recent drilling has returned high-grade intercepts including 124 metres at 2.2 per cent CuEq and 30 metres at 3.98 per cent CuEq, underscoring the project’s development potential.
Larvotto said the acquisition materially strengthens its broader strategy to build a multi-commodity critical minerals company spanning copper, antimony, gold and other strategic metals. The Mt Isa assets will sit alongside Larvotto’s existing projects, including its near-term producing Hillgrove gold-antimony operation in New South Wales.
“Hammer has assembled one of the most attractive undeveloped copper and critical minerals portfolios in the Mt Isa district,” Larvotto managing director Ron Heeks said in a statement.
“By combining the Hammer assets with our adjacent Mt Isa Project we are creating a district-scale copper portfolio with the resource inventory and development optionality to become a major participant in the region.”
Funding support is reinforced by a $15 million placement to Glencore at a premium, alongside a broader strategic relationship that includes existing partnerships and offtake exposure. Hammer’s assets are also supported by long-standing relationships with major industry players including Glencore and South32.
The transaction is expected to create a more diversified and well-funded group positioned to advance multiple projects toward development and production across the Mt Isa district.
“The Hammer Board believes this transaction delivers compelling value for shareholders while preserving exposure to the significant upside potential of our Queensland copper and critical minerals assets,” Hammer managing director Daniel Thomas said.
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