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Highlights
- Alma Metals secures over $1 million to support drilling activities
- Drilling to resume at Briggs Copper Project in July
- Scoping Study scheduled for Q3 2025
Alma Metals (ASX:ALM) is preparing to reignite exploration efforts at its flagship Briggs Copper Project in Queensland, with drilling activities scheduled to restart in July. This next phase of development follows a successful capital raise totaling approximately $1.06 million through a pro-rata rights issue and shortfall placement, which is expected to finalize by 2 July.
The company’s one-for-six pro-rata rights issue closed on 20 June, generating $669,527 in funding via the issue of over 167 million shares at $0.004 each. To complete the raise, Alma has secured commitments for a further $388,039 through the placement of approximately 97 million shares, enabling it to press ahead with drilling activities on schedule.
These funds are earmarked for advancing exploration across geophysical targets within the mineralised zone of the Briggs project. In particular, a drillhole southwest of the existing resource boundary will extend to a depth of 900 metres. This program will support efforts to enhance the project’s resource base, which already boasts over 2 million tonnes of contained copper.
Alma Metals remains singularly focused on the Briggs Copper Project, reflecting its strategy to unlock long-term value through consistent exploration and development. The company also received $250,000 under the Queensland Government’s Collaborative Exploration Initiative, further underpinning its upcoming work program.
Looking ahead, Alma plans to complete a Scoping Study in the third quarter of 2025. This study will evaluate the economic potential of the project, providing key insights into the future scale and scope of operations at Briggs.
While Alma Metals is not currently part of the ASX 200 index, the project’s development is occurring within a broader industry landscape closely watched by market participants. Readers following resource sector movements on the ASX can find broader updates via the ASX 200 performance coverage.
With a well-funded drilling campaign and a defined development path, Alma Metals is positioning itself to play a more prominent role in Australia’s copper sector as global demand for the metal continues to trend upwards.
