Alma Metals (ASX:ALM) raises $0.75M for Briggs drilling campaign

Alma Metals Ltd (ASX:ALM) has successfully secured commitments to raise $750,000 through a Company-led private Placement at 0.75c per new share. The funds, including Director participation of $140,000 subject to shareholder approval, will be utilized to extend the current drilling program at the Briggs porphyry copper deposit in Queensland. The recent drilling results have confirmed the potential for increasing both the size and the grade of the resource at Briggs, positioning it to become a major copper deposit. The new funding will also allow the commencement of a Scoping Study later this year.

Executive Commentary on Briggs Drilling Program

On behalf of the Board, I would like to thank our existing and new investors for their support. Our latest drilling results have confirmed the potential for increasing both the size and the grade of the resource at Briggs, which now clearly has the potential to become a major copper deposit. New funding will be used to extend the current drill program to improve resource confidence and potentially allow commencement of a Scoping Study later this year. We look forward to sharing updates on the ongoing drilling program over the coming months.

Summary of Alma Metals' Fundraising and Drilling Program

Alma Metals Ltd (ASX:ALM) has successfully raised $750,000 through a private Placement to extend the drilling program at the Briggs copper deposit in Queensland. The funds will be used to continue the drilling campaign at Briggs, targeting higher grades on the southern side of the resource. The recent drilling results have confirmed the potential for increasing both the size and the grade of the resource at Briggs, positioning it to become a major copper deposit. The company aims to improve resource confidence and potentially commence a Scoping Study later this year. The ongoing drilling program is expected to provide data to support an upgraded resource estimate and provide material for metallurgical test work. The Briggs project, located in a tier one jurisdiction with exceptional infrastructure, holds significant potential for further expansion in tonnage and grade, enhancing its feasibility and potential economic viability.