Alma Metals (ASX:ALM) is making strides at its Briggs Copper Project in Queensland, driven by increasing global copper demand. The project recently achieved an upgrade in resource confidence, now including an indicated category of 110 million tonnes @ 0.27% copper, within a total resource of 439 million tonnes @ 0.25% copper. This enhancement provides greater certainty for mine planning and economic viability assessments.
The Briggs project stands out due to its surface-level resource, potential for a higher-grade starter pit, and metallurgical recoveries reaching up to 95% copper at coarse grind sizes. These factors could positively impact economic modeling and lower capital and operating costs. Furthermore, multiple high-priority copper-in-soil anomalies remain untested, offering significant upside in terms of both grade and tonnage expansion.
With a Scoping Study expected by mid-2025, Alma Metals is strategically positioned to capitalize on the anticipated copper supply shortfall. The International Energy Agency (IEA) forecasts a potential 30% supply shortfall by 2035, driven by declining ore grades and rising demand from electrification and artificial intelligence. As other copper projects advance and mergers and acquisitions increase in the sector, the enterprise value of Alma’s assets offers investors significant opportunity for longer-term exposure in the copper market. The company plans further drilling in H2 2025 to convert inferred resources to indicated and expand the current resource estimate footprint.
