Alma Metals Invites Shareholders to Snap Up Discounted Shares for $2.5M Raise

Alma Metals Launches Share Purchase Plan

Alma Metals Limited has announced a new Share Purchase Plan (SPP) aimed at raising up to $2.5 million by offering existing shareholders in Australia and New Zealand the opportunity to purchase additional shares at a discounted price. The offer price is set at 0.6 cents per share, representing a 15% discount to the recent 20-day volume weighted average price prior to the announcement on 26 November 2025.

The plan allows eligible shareholders to invest amounts ranging from $500 up to a maximum of $30,000, regardless of the size of their current holding. The maximum number of new shares to be issued under the plan is 416,666,667, which would increase the total shares on issue to approximately 2.28 billion if fully subscribed.

Purpose and Use of Funds

Funds raised through the SPP will primarily support Alma’s infill drilling program at the Briggs Copper Project, a key asset in the company’s portfolio. This drilling is critical to advancing the project’s development and potentially enhancing resource estimates. Additionally, proceeds will be allocated to general working capital and to cover the costs associated with the offer itself.

The offer is non-renounceable, meaning shareholders cannot transfer their rights to purchase shares under the plan. Applications must be received by 5pm Perth time on 17 December 2025, with new shares expected to be issued around 24 December 2025 and subsequently quoted on the ASX.

Potential Impact and Investor Considerations

While the discounted share price presents an attractive entry point, investors should be mindful of the risk that the market price of Alma shares may fluctuate between the offer date and the issue date. The company has also reserved the right to scale back applications in the event of oversubscription, which could result in shareholders receiving fewer shares than applied for.

Alma’s board recommends shareholders seek independent financial advice before participating. The offer excludes shareholders outside Australia and New Zealand due to regulatory restrictions, and the company has made clear that the SPP is not underwritten, leaving subscription levels uncertain until the closing date.

Looking Ahead

This capital raising initiative underscores Alma Metals’ commitment to advancing its copper exploration efforts while managing its capital structure prudently. Market participants will be watching closely to see the level of shareholder uptake and how the additional funds translate into progress at the Briggs Copper Project in the coming months.