Alma Metals Boosts Briggs Copper Project with $4M Capital Raise and Second Drill Rig Deployment

Extensive Drilling Program Focused on Resource Upgrade and Expansion

Alma Metals has designed its Briggs drilling program with distinct phases to methodically enhance the mineral resource estimate and explore new targets. The exploration drilling includes four holes covering roughly 1,250 metres to test surface geochemical copper anomalies beyond the current resource boundary. This exploration could expand the resource footprint within the mining area if new mineralisation is discovered. Soil geochemical mapping has identified a 500 ppm copper contour enveloping the entire mineral resource estimate and extending 400–500 metres westward, indicating further prospectivity adjacent to known mineralisation.

The core of the 12-15 month program is a high-priority infill drilling campaign aimed at converting inferred resources to indicated resources in the early mining phase. This phase involves 41 holes totaling approximately 12,500 metres, scheduled for completion by the end of 2026. All completed drill holes so far have intersected geology and mineralisation consistent with pre-drilling expectations based on the existing mineral resource estimate block model. A third phase plans 35 additional holes (~17,500 metres) in the first half of 2027 to convert the remaining inferred resources to indicated status, providing updated resource estimates to support engineering, mining, and scheduling components of the Pre-Feasibility Study.

Infill Drilling Progress and Assay Schedule Through Mid-2026

As of the latest update, six drill holes totaling 2,082.6 metres have been completed since the program began in late April 2026. Detailed technical data for each hole, including GDA94/56 coordinates, elevations, azimuths, and depths ranging from 269.1 to 405.2 metres, confirm that the geology and mineralisation encountered align with expectations, reinforcing confidence in the mineral resource model and reducing exploration risk.

Assay results from the first three drill holes are expected shortly, with additional results to follow later in the quarter. This phased assay release will provide ongoing data to update the mineral resource estimate and support interim resource revisions for the Scoping Study, enabling publication of key production and financial metrics. Converting resources from inferred to indicated status is critical for advancing the Pre-Feasibility Study, as indicated resources offer higher confidence for project development and engineering design.

New Exploration Camp Deployment Doubles Drilling Capacity and Enhances On-Site Operations

In the June quarter, Alma acquired a modular 16-person exploration camp relocated from South Australia to Briggs in central Queensland. Each room includes ensuite facilities, television, reverse-cycle air-conditioning, and a personal refrigerator. The camp features a purpose-built kitchen and mess facility for on-site meal preparation. Contractors have anchored the camp to cyclone-resistant stumps compliant with Queensland standards and reconnected electrical and plumbing systems. Commissioning is expected by August 2026.

This infrastructure investment significantly enhances operations by enabling a second drill rig at Briggs, effectively doubling drilling capacity and accelerating resource growth and Pre-Feasibility Study activities. The camp also allows technical and management staff to be based on-site, improving contractor supervision, reducing travel fatigue, and boosting overall project management efficiency. This upgrade supports Alma's accelerated development timeline.

Advancing Environmental Baseline Surveys and Metallurgical Test Work

Alma is progressing environmental baseline surveys and metallurgical test work as integral parts of the Pre-Feasibility Study. The company has engaged consultants to manage environmental surveys to meet State Government requirements for major project approvals. While specific consultant details and budgets were not disclosed, characterization of waste and tailings chemistry is a key environmental study component.

Metallurgical test work continues alongside drilling and environmental programs, utilizing drilling samples for research to optimize copper and molybdenum recovery and update the processing flowsheet. Evaluations include coarse particle flotation and potential process improvements. Geotechnical logging of selected drill holes will inform rock mass stability for open pit design in the Pre-Feasibility Study. This integrated approach advances resource definition, environmental compliance, metallurgical optimization, and geotechnical engineering concurrently.

$4 Million Capital Raise Fuels Accelerated Project Development

Alma completed a $4.0 million share placement at $0.01 per share, reflecting strong investor confidence in the Briggs project. The placement attracted participation from existing institutional and sophisticated investors, including Lowell Resources Funds Management and company directors. This targeted placement indicates management's confidence in near-term milestones and project progress.

The capital raise supports Alma's Stage-3 joint venture earn-in commitment to increase its interest from 51% to 70% by investing approximately $4.1 million by 30 June 2031. Funds will be directed toward the expanded drilling program and Pre-Feasibility Study initiatives. As of 30 June 2026, Alma held approximately $6.8 million in cash and liquid investments, with no debt, providing financial flexibility for upcoming development activities.

Joint Venture Earn-In Agreement and Path to 70% Ownership

Alma operates under an earn-in joint venture agreement with Canterbury Resources Ltd (ASX:CBY) at Briggs. The staged agreement, initially disclosed on 18 August 2021, allows Alma to earn up to 70% ownership through progressive expenditure. Alma has met conditions to hold 51% and is advancing Stage-3, which involves spending about $4.1 million by 30 June 2031 to reach 70%. After achieving this, each party will fund future expenditures proportionally or face dilution under standard joint venture terms.

This performance-based earn-in aligns Alma’s interests with resource growth and development goals, requiring committed capital and resources to gain majority ownership. The remaining $4.1 million Stage-3 commitment aligns with Pre-Feasibility Study budgets and the accelerated drilling program. This structure reduces Canterbury Resources' funding burden while granting Alma operational control and incentives to maximize project value.

Upcoming Work Programs and Pre-Feasibility Study Milestones

Alma has outlined a robust work plan for the coming quarter and beyond, focused on delivering the Pre-Feasibility Study. Infill drilling will continue upgrading resources to the Indicated category, supporting higher-confidence development planning. Exploration drilling will test satellite geochemical targets beyond the current resource boundary to potentially expand the mineable footprint. Metallurgical test work remains a priority to optimize copper and molybdenum recovery, reflecting the deposit’s multi-metal nature.

The drilling and Pre-Feasibility Study activities will extend over the 12-15 month program horizon. The study will incorporate updated resource estimates from infill drilling, optimized processing flowsheets, completed environmental baseline surveys, and geotechnical data for open pit planning. Assay results from early drilling will feed into resource updates used to revise the Scoping Study and publish key production and financial metrics, marking significant project milestones.

Briggs Copper Project Overview and Strategic Development

The Briggs Copper Project, Alma Metals’ flagship asset, is located in central Queensland. The current mineral resource estimate defines a copper-molybdenum deposit primarily classified as inferred, requiring conversion to indicated through systematic infill drilling. The resource is suitable for open pit mining, supported by geotechnical logging and rock stability assessments within the Pre-Feasibility Study.

Surface soil geochemical mapping reveals a 500 ppm copper contour covering the entire resource estimate and extending 400–500 metres west, indicating potential for resource expansion through satellite target drilling. Alma’s strategy focuses on advancing Briggs through Scoping, Pre-Feasibility, and ultimately Feasibility Study stages to support potential mining development. Exploration permits and mining claims provide tenure security for this progression. The Pre-Feasibility Study announced in November 2025 is a key milestone, with current drilling and environmental programs supplying critical data for engineering, mining, and scheduling components. This systematic approach aligns with industry standards for copper-molybdenum projects transitioning from exploration to development.