Alma Metals Accelerates Briggs Drilling and Expands Operational Capacity

Drilling Campaign Targets Resource Upgrade at Briggs

Alma Metals Limited (ASX:ALM) is deep into a significant drilling campaign at its Briggs Copper Project in Queensland, with six holes completed totaling just over 2,080 metres since late April. The program aims to convert a substantial portion of the inferred resources into the indicated category, a critical step for supporting the Pre-Feasibility Study (PFS) announced late last year.

The company plans to drill an additional 35 holes this year, adding around 11,500 metres, followed by another 35 holes in 2027 to complete the upgrade of the resource base. This extensive program includes high-priority infill drilling focused on the early mining phases, as well as exploratory holes aimed at expanding the mineral resource estimate by targeting satellite geochemical anomalies adjacent to the current resource footprint.

All drill holes so far have intersected geology and mineralisation consistent with expectations, with assay results from the first three holes expected imminently and the next three due later this quarter. These results will be pivotal in refining the resource model and informing the upcoming interim resource update, which will underpin revisions to the project's scoping study and provide the first detailed production and financial metrics.

Operational Boost from New Exploration Camp

To support the accelerated drilling schedule, Alma Metals acquired a fully equipped 16-person exploration camp and relocated it to the Briggs site. The camp, featuring ensuite rooms, air conditioning, and a purpose-built kitchen, is designed to withstand Queensland’s cyclone conditions and is expected to be commissioned by August.

This addition effectively doubles on-site accommodation capacity and enables the deployment of a second drill rig, a move expected to significantly increase drilling efficiency and data generation. The camp also facilitates the presence of technical and management staff on site, improving oversight and project management quality.

Financial Position Strengthened by $4 Million Placement

Alma Metals bolstered its balance sheet with a $4 million share placement at $0.01 per share, attracting strong demand from existing institutional and sophisticated investors, including Lowell Resources Funds Management and company directors. The capital raise, completed during the quarter, supports the expanded drilling program and PFS activities.

At quarter-end, Alma reported cash and liquid investments totalling approximately $6.8 million, split between $3.6 million in cash and $3.2 million in listed investments, with no debt on the balance sheet. Exploration and evaluation expenditure during the quarter amounted to around $1.52 million, predominantly on drilling contractor fees and project staff.

Environmental and Metallurgical Programs Advancing

Alongside drilling, Alma is progressing environmental baseline surveys and metallurgical test work essential for the PFS. Consultants have been appointed to manage environmental studies, including waste and tailings characterisation, to comply with state government requirements for major project approvals.

Metallurgical programs are focused on optimising copper and molybdenum recovery, evaluating coarse particle flotation technology, and assessing the potential addition of a molybdenum circuit to the processing flowsheet. These efforts aim to maximise revenue streams and enhance the project’s economic viability.

Joint Venture Earn-In Progress and East Kimberley Update

Alma continues to manage and sole-fund exploration under an earn-in joint venture agreement with Canterbury Resources Ltd, currently holding a 51% interest in Briggs with the option to increase to 70% by spending approximately $4.1 million by mid-2031. Once the 70% interest is achieved, future expenditures will be funded proportionally or diluted as per industry norms.

No exploration activity was undertaken during the quarter at Alma’s East Kimberley Copper Project in Western Australia, where the company holds several granted licences and is negotiating heritage agreements to commence reconnaissance work pending necessary approvals.