Alma Metals Limited (ASX: ALM) has announced the successful completion of an oversubscribed share placement, raising $4.0 million (before costs) to accelerate development at its Briggs Copper Project in Queensland. Alma Metals Limited is focused primarily on the development of the Briggs Copper Project in Queensland, Australia, which is a very large, low-grade porphyry deposit offering potential for low to very low strip ratio open pit mining. The capital infusion, secured through the issue of 400 million new fully paid ordinary shares at $0.01 each, saw robust demand from both existing institutional and sophisticated investors, including Lowell Resources Funds Management. Chieftain Securities acted as the sole Lead Manager for the placement.
The placement was structured in two tranches. Tranche 1, comprising 368.2 million shares valued at approximately $3.682 million, will be issued to non-related party investors under the company’s existing ASX Listing Rule capacity, with issuance expected around 14 May 2026. The remaining Tranche 2, consisting of 31.8 million shares worth about $318,000, covers director subscriptions and remains subject to shareholder approval at an Extraordinary General Meeting anticipated in June 2026. The issue price represented a 16.7% discount to the last traded price and a 23.8% discount to the volume-weighted average price during April 2026.
Managing Director Frazer Tabeart noted that the oversubscribed placement reflects strong investor confidence in the Briggs project and its progress. The proceeds are earmarked primarily for the drilling campaign at the Briggs Copper Project, targeting resource growth and the conversion of Inferred Resources to the Indicated category, which is crucial for supporting the ongoing Pre-Feasibility Study. Additionally, funds will support metallurgical test work programs and environmental baseline studies. Upon completion of the placement, Alma Metals will command approximately $5.6 million in cash plus $3.1 million in liquid investments, positioning the company to meet its exploration and evaluation obligations to achieve a 70% joint venture interest in the Briggs project.
