Alma Metals (ASX: ALM) has a 51% stake in the Briggs Copper project in Queensland (Briggs) and can increase this to 70% via additional expenditure. Briggs has a Mineral Resource Estimate (MRE) containing 2Mt Cu (932Mt @ 0.21% copper in inferred and indicated resources at 0.15% Cu cut-off), making it one of Australia’s largest undeveloped copper projects where a future mine could be comparable to many of the world’s top tier porphyry operations.

The latest assays demonstrate the scale and consistency of the resource

Alma has been progressively releasing assay results from its 2025 drilling program. The final set of results was released in January 2026, and these provide significant confidence that there is strong copper mineralisation, not just at Briggs generally but in the exact locations that the company’s geological model has predicted.  The longest mineralised intersection was 620 m @ 0.25% copper and the highest-grade was 30m @ 0.90%.

2026 will be a year of further drilling & a PFS

Alma is planning its next drilling program, which it expects to commence in late March. The primary focus of the campaign will be upgrading Inferred resources in the MRE to Indicated resources along with additional holes to expand the resource footprint outside the current MRE.

The drilling is an integral component of a Pre-Feasibility Study (PFS) that Alma recently committed to, with the drilling data to be used to inform the technical and financial studies in the PFS.

Too early to value, but there’s upside for shareholders

As we observed in our initiation report from November 2025, it is too early to value Alma until publication of the PFS. However, Alma has more than doubled in value since our initiation note and the Company’s ongoing positive results (as well as strength in copper prices) could result in further share price momentum. Please see page 10 for the key risks associated with Alma.