Alma Metals (ASX: $ALM) announcement overview

Alma Metals Limited (ASX: $ALM) has announced the completion of a strategic tenement addition at the Briggs Copper Project in Queensland. The addition of three exploration permits for minerals (EPM's) strategically located next to the joint venture with Canterbury Resources Limited aims to support the initiation of a Scoping Study later this year. Core drilling has commenced at Briggs, targeting an upgrade in resource confidence and initial assay results are anticipated in approximately six weeks' time. Under the Joint Venture Agreement, completion of the current drilling program will meet the expenditure requirements to complete Stage 2 of the Earn-In, and for Alma's interest to increase to 51%.

Executive commentary on Briggs Copper Project developments

The acquisition of strategic tenements and the commencement of core drilling mark significant progress for Alma Metals at the Briggs Copper Project. These developments align with our commitment to advancing the Project's potential and enhancing its feasibility. We are optimistic about the prospects of the core drilling program and the anticipated assay results, which will provide valuable insights for the initiation of a Scoping Study. Furthermore, the increase in Alma's interest to 51% under the Joint Venture Agreement demonstrates our dedication to the long-term success of the Briggs Copper Project.

Summary of Alma Metals (ASX: $ALM) announcement

Alma Metals (ASX: $ALM) has successfully completed the addition of three strategic exploration permits for minerals (EPM's) at the Briggs Copper Project, Queensland. The core drilling program, targeting an upgrade in resource confidence and the initiation of a Scoping Study, is underway with initial assay results expected in approximately six weeks' time. The Company's ambition to consolidate its portfolio of EPM's surrounding the Briggs Copper Project into a single Exploration Project reflects its strategic approach to simplify tenure administration. With the completion of the current drilling program, Alma's interest is set to increase to 51%, demonstrating its commitment to the Project's advancement. The developments at Briggs align with the Company's focus on enhancing operational efficiencies and the potential economic viability of the Project.