Alma Metals (ASX:ALM) will recommence drilling at its Briggs Copper Project next month after raising around $1.06 million from its rights issue and shortfall placement, expected to be complete by 2 July.
Foster Stockbroking was engaged with the management of the shortfall placement, where the company will conclude its total raising with an additional $388,039 from secured commitments at issue of the remaining 97.01 million shares.
The company has concluded its one-for-six pro-rata rights issue as of 20 June, raising $669,527 in exchange for 167.38 million shares at $0.004 per share.
Funds will be used to streamline operations in mid-July for the company to test geophysical targets across the mineralised system.
Southwest of the resource estimate boundary of the Briggs Copper Project, drilling will be conducted at one drillhole to a depth of 900m.
Briggs boasts more than 2 million tonnes of contained copper, which the company intends to expand on in upcoming drilling programs.
After receiving $250,000 of funding from the Queensland Government’s Collaborative Exploration Initiative, a Scoping Study is expected to be completed in Q3 2025 as reported by Mining.com.au.
Alma Metals is an Australian copper explorer focused solely on the development of its Briggs Copper Project in Queensland.
Alma Metals will be attending the Noosa Mining Investor Conference, held between 23-25 July, at the Peppers Noosa Resort.
Mining.com.au is an official media partner of this year’s conference.
Write to Maddison Elliott at Mining.com.au
Images: Alma Metals
