Alma Metals advances Briggs copper project toward major 2027 milestone

Alma Metals Limited (ASX:ALM) is taking its Briggs copper project into its next proving ground: turning a very large geological resource into a mine plan robust enough for a prefeasibility study. The Central Queensland project has a 932 million-tonne JORC resource grading 0.21% copper, containing about 2.0 million tonnes of copper metal, and Alma says a major drilling program is now underway to support a resource update in 2027.

Drilling targets resource conversion and extensions

The immediate work is less about discovering whether copper exists than establishing how much of the resource can be classified with the confidence needed for mine planning. Stage-one infill drilling is designed to convert part of the 793Mt Inferred resource into the Indicated category, while further drilling will test four geochemical anomalies outside the current resource envelope.

The presentation reports 10 holes totalling 3,600 metres completed since early May. Results from the first four holes are described as consistent with expectations, including a highlighted intersection of 383.8 metres at 0.25% copper from 10.2 metres in hole 26BRD0042. That interval included 76.7 metres at 0.34% copper and a narrower 14-metre section at 1.13% copper. These are downhole intersections, not true-width measurements, and remain exploration results rather than a mineable reserve.

Metallurgy offers a conventional processing route

Alma’s early processing work is one of the more tangible parts of the project story. Locked-cycle flotation tests at coarse grind sizes produced reported copper recoveries of 94% to 95% and concentrate grades of 23% to 29% copper, with no penalty elements of concern identified in the presentation. Molybdenum recoveries of 62% to 73% were also reported, while silver was payable in the final concentrates.

Further work is aimed at testing metallurgical variability across the deposit, refining copper recovery and assessing whether a separate molybdenum circuit could add another revenue stream. The company plans to select an additional 12 to 15 samples from the 2026 drilling campaign for testing, alongside studies of silver and gold recoveries and tailings characteristics.

Gladstone infrastructure supports the development case

Briggs sits about 60 kilometres west of Gladstone, with nearby roads, rail, gas pipelines and high-voltage power infrastructure. Alma presents that location, the deposit’s outcropping geometry and the project’s conventional flowsheet as potential advantages for a future open-pit operation. The company is evaluating mine planning around an aspirational 30Mtpa rate, but explicitly says this is not a production target and that it has no reasonable grounds at this stage to believe it can be achieved.

Alma holds 51% of the Briggs joint venture and is earning toward a 70% interest. Its corporate snapshot records A$1.7 million of cash at 31 August 2026, no debt and an enterprise value of A$21.3 million based on the figures presented. Those numbers put the technical program in focus: the next resource update and prefeasibility work may improve definition, but advancing a project of this scale will also require continued access to capital.

2027 resource update becomes the key test

The stated sequence is clear enough: finish the staged drilling, incorporate the results into an updated mineral resource, complete metallurgical and environmental studies, and begin engineering work for the prefeasibility study from mid-2027. The presentation also flags a possible updated scoping study in early 2027, depending on the drilling program.

The important question is whether Briggs can convert its impressive tonnage and encouraging early metallurgy into a higher-confidence, economically coherent development plan. Until the resource classification, mine design, recoveries, capital requirements and permitting work advance, the project remains a sizeable opportunity in evaluation rather than a developed copper operation.