Alma Metals (ASX:ALM) has completed an oversubscribed share placement to raise $4 million to fund drilling at the Briggs Copper Project in Queensland.
The company will issue 400 million shares at an issue price of $0.01 per share in two tranches, representing a 16.7% discount to the last trading price and a 23.8% discount to the volume-weighted average price.
Tranche one will include the issuance of 368.2 million shares on or around 14 May 2026. The remaining 31.8 million shares will be issued to directors in tranche two, which is subject to shareholder approval at an upcoming general meeting in June 2026.
Directors who have elected to participate in this placement include Executive Chairman Alasdair Cooke for $225,000, independent director Valentine Chitalu for $50,000, non-executive director John Dean for $25,000, and Managing Director Dr Frazer Tabeart for $18,000.
Chieftain Securities is acting as the sole Lead Manager for this placement.
Funds will be used for a drilling campaign at Briggs aimed at converting inferred resources to the indicated category to support a Prefeasibility Study.
Alma will also use the funds to support metallurgical testwork and environmental baseline studies.
Managing Director Frazer Tabeart says the placement reflects “genuine investor confidence in Briggs” and what the company has done to advance it.
“With this funding in place, we are well positioned to execute our drilling program and associated prefeasibility studies, all at a time when the fundamentals for large-scale copper assets in tier-one jurisdictions have rarely been stronger,” Tabeart adds.
“We welcome new shareholders and are grateful for the continued support of existing shareholders, including our substantial holders who again demonstrated their conviction in the company.”
As reported by Mining.com.au, the company started a ‘major’ drilling campaign at the Briggs Copper Project late last month, including 1,250m of exploration drilling across four holes and 12,500m of infill drilling across 41 holes.
These drilling initiatives are expected to be completed by the end of 2026, with the overall campaign to be completed in the next 12–15 months.
Alma Metals is an Australian copper explorer focused on its projects in Queensland and the Kimberley region of Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Alma Metals
