Australian explorer Hammer says it has been forced to take cost-cutting measures as the impact of COVID-19 bites on all industries.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
Hammer which has tenements in the North West including Mt Philp Breccia and a joint venture with Japan Oil, Gas and Metals National Corporation (JOGMEC) says the measures will conserve cash resources, maximise exploration and allow it to capitalise on new opportunities as they arise.
Hammer managing director Daniel Thomas said non-executive directors had agreed to a 50% pay cut and he and his COO would agree to a 30% pay cut.
"Hammer remains in a sound position to withstand protracted subdued financial markets and our cash balance at December 31 was $2.1m and we raised an additional $1.14m through a share purchase plan," Mr Thomas said.
"The JOGMEC activities remain fully funded by JOGMEC as part of their joint venture earn in and a further $283,000 in government expenditure will be utilised by Hammer to complete the Collaborative Exploration Incentive programs in Mount Isa."
Earlier Hammer told the ASX they had completed first stage exploration at the JOGMEC project including detailed gravity studies and ground electromagnetic surveys.
Elsewhere they had started a magnetic telluro survey at Kalman and the northern portion of Mt Philp Breccia and were planning work for a second exploration grant at Koppany.
READ ALSO: Warmer weather continues for next few days
While you are here, subscribe to our weekly email newsletter delivered to your inbox at 6am every Friday.