May 15, 2026
Alma Metals (ASX:ALM) has completed a capital raise, totalling $3.6 million, via the issue of around 368.2 million shares at $0.01 per share.
The funds, combined with existing cash and liquid investments, position Alma to fully fund stage three of the Briggs earn-in under its joint venture agreement with Canterbury Resources (ASX:CBY). This will enable Alma to reach a 70% joint venture interest in the project.
Tranche two of the placement, subject to shareholder approval, will comprise around 31.8 million shares. Shareholder approval is expected to be gained at a general meeting in June.
In April 2026, Alma began a drilling campaign at Briggs, with the aim of expanding and upgrading the resource ahead of a Prefeasibility Study.
Up to 1,250m of exploration drilling will be conducted across four holes to test surface geochemical copper anomalism outside of the resource estimate, as well as 12,500m of infill drilling across 41 holes to convert the estimate from inferred to indicated, both to be completed by the end of 2026.
The overall drilling campaign is expected to be completed in the next 12–15 months.
Alma says the primary objectives of drilling include resource conversion, to test depth extensions of known mineralisation, and drilling at ‘high-priority’ extensional targets to grow the total contained copper beyond 2 million tonnes at a 0.15% copper cut-off.
Briggs also hosts a current resource of 73 million pounds of molybdenum and 16.5 million ounces of silver in indicated and inferred categories.