Alma Metals director adds to shareholding

Alma Metals (ASX:ALM) non-executive director Valentine Chitalu has purchased more shares in the junior copper explorer on market.

Chitalu added a further 2.75 million shares to his portfolio at a cost of $24,725.25, which equates to around $0.009 per share.

He now holds just over 10 million shares and 1.25 million options, exercisable at $0.04 before 19 September 2024.

Directors buying shares at market price generally signals a vote of confidence in the company’s future potential. 

Chitalu has a 30-year international career spanning several fields including private equity, corporate finance, development economics and capital markets.

Last month, executive Chairman Alasdair Cooke contributed $200,000 to a placement to boost his indirect shareholding by 25 million shares. 

Alma Metals raised $1.77 million to undertake further drilling at its Briggs Copper Deposit in Queensland. 

The company started drilling an initial 2,000m in June to evaluate the intrusive contact on the southwest side of the Briggs Central resource.

Alma Metals is targeting an upgrade in resource confidence to support a Scoping Study later this year.

This drilling will also provide material for the next stage of metallurgical test-work, which will include an evaluation of molybdenum recoveries for the first time at Briggs.

Initial results from the drilling campaign are expected in August.

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Images: Alma Metals
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Written By Angela East
Managing Editor Angela East is an experienced business journalist and editor with over 15 years spent covering the resources and construction sectors and more recently working as a communications specialist handling media relations for junior resources companies.