Alma Metals (ASX: $ALM) Announcement

Alma Metals Ltd (ASX: $ALM) has successfully raised $1.77 million through a Placement at 0.8c per new share. The funds will be used to finance additional drilling at the Briggs copper deposit in Central Queensland. The Placement includes Director participation of $200,000, subject to shareholder approval. In addition to the Placement, Alma will offer eligible shareholders the opportunity to participate in a Share Purchase Plan (SPP) to raise up to $1 million on the same terms as the Placement.

Executive Commentary

The funds raised through the Placement and Share Purchase Plan will be primarily allocated to further resource extension and infill drilling at the Briggs, Mannersley, and Fig Tree Hill copper project in Queensland. This drilling, scheduled to commence in Q2 2024, aims to evaluate extensions to the inferred mineral resource and to assess higher-grade zones within the resource. The results of this drilling will provide material for metallurgical test-work, which is part of the scoping studies planned for completion by year-end.

Summary

Alma Metals Ltd (ASX: $ALM) has successfully secured $1.77 million through a Placement and plans to raise an additional $1 million via a Share Purchase Plan. The funds will be utilized for further resource extension and infill drilling at the Briggs, Mannersley, and Fig Tree Hill copper project in Queensland. The company aims to evaluate extensions to the inferred mineral resource and assess higher-grade zones within the resource. The drilling will also provide material for metallurgical test-work, a precursor to the scoping study scheduled to commence in the second half of 2024. This strategic move demonstrates Alma's commitment to advancing its copper project and enhancing its understanding of the resource potential.