How Will Alma Metals Unlock Value from 2Mt Copper at Briggs?

Briggs Project, A Major Copper Asset in Queensland

Alma Metals Limited has provided a comprehensive update on its flagship Briggs Copper Project located in Central Queensland, Australia. The project boasts a substantial mineral resource estimate (MRE) exceeding 2 million tonnes of copper metal, positioning it as Queensland’s largest undeveloped copper asset. With Alma currently earning up to a 70% interest in the porphyry copper-molybdenum deposit, the company is advancing rapidly towards unlocking the project's potential.

The Briggs deposit features a simple geological geometry and continuous outcropping along a 2.2-kilometre strike, which supports efficient large-scale open-pit mining with potentially low strip ratios. Coupled with highly favourable metallurgy delivering approximately 95% copper recovery, the project promises a straightforward processing approach that could translate into lower capital and operating costs.

Strong Market Backdrop and Strategic Timing

Alma’s announcement comes amid a tightening global copper market, with analysts forecasting significant supply deficits through 2025 and 2026. The metal’s critical role in electric vehicles, renewable energy infrastructure, and data centres underpins robust demand growth. Morgan Stanley’s recent outlook highlights a looming copper deficit, while industry figures like Robert Friedland describe copper demand as “essentially infinite.”

In this context, Alma Metals offers one of the few pure-play ASX-listed copper exposures with a large-scale asset in a stable, Tier 1 mining jurisdiction. The company’s relatively low enterprise valuation of around A$25 million compared to its resource scale provides investors with leveraged exposure to rising copper prices.

Upcoming Drilling and Pre-Feasibility Study

Building on a positive scoping study completed in November 2025, Alma is preparing to embark on a major drilling campaign exceeding 25,000 metres over approximately 18 months. This program aims to expand and upgrade the mineral resource, particularly converting inferred resources to indicated categories, and to support detailed mine planning at an aspirational mining rate of 30 million tonnes per annum.

Complementary metallurgical test work will focus on optimising recoveries of copper, molybdenum, silver, and gold, including evaluating the addition of a molybdenum recovery circuit. The company is also investigating coarse particle flotation technologies that could reduce capital intensity and improve tailings management.

Infrastructure and Location Advantages

The Briggs Project benefits from proximity to excellent infrastructure, including a deep-water port at Gladstone just 60 kilometres away, multiple high-voltage power lines, heavy haulage railways, gas pipelines, and major regional roads. This infrastructure reduces capital expenditure requirements and supports efficient project development. Additionally, the region offers a skilled industrial and mining workforce and straightforward land ownership arrangements.

Looking Ahead

Alma Metals’ strategic focus on copper in a jurisdiction with strong mining credentials, combined with a large-scale, high-quality resource and positive market dynamics, positions the company well for the next phase of growth. The upcoming drilling results and pre-feasibility study will be critical milestones to watch as they will shape the project’s development trajectory and investment appeal.