Larvotto Resources Limited (ASX:LRV) has addressed a recent announcement from Hammer Metals Limited (ASX:HMX) concerning a non-binding indicative offer (NBIO) received from Austral Resources Limited (ASX:AR1). Larvotto is a mineral exploration and development company focused on precious and critical metals. It holds a Scheme Implementation Deed (SID) with Hammer, executed 11 June 2026, outlining its intent to acquire Hammer’s shares through a scrip-based combination.
Larvotto noted Hammer’s ASX release described the Austral NBIO as incomplete, conditional, and not an offer capable of acceptance, remaining non-binding and indicative. Hammer’s board, while noting the Austral NBIO “could” become a superior proposal, unanimously recommends the Larvotto offer. This is conditional on no superior proposal emerging and the Independent Expert’s ongoing favourable conclusion. Larvotto’s Matching Right has not been triggered, as the Austral NBIO is not sufficiently developed. The proposed Austral transaction’s share exchange ratio remains undefined.
Larvotto highlighted key benefits its offer presents to Hammer shareholders: exposure to near-term precious and critical metals production from its Hillgrove gold and antimony project, anticipated to commission shortly. The company detailed its robust financial position, with A$81.7 million cash at bank (31 March 2026) and an A$15 million capital commitment. Larvotto also noted its greater market capitalisation and higher average daily trading liquidity compared to Austral Resources.
Larvotto reiterates its belief that its offer for Hammer under the Larvotto SID remains a compelling proposition. The company affirmed its commitment to keeping the market informed of any material developments, particularly if Hammer determines the Matching Right is triggered.
