Highlights

  • September reporting included drill hole 26BRD0042 returning 383.8 metres grading 0.25% copper from 10.2 metres, including a 76.7-metre interval at 0.34% copper.
  • Alma holds a 51% interest in Briggs and operates the project under a joint venture with Canterbury Resources.
  • Results from the first three holes of the 2026 infill programme were disclosed in August and were described as consistent with the resource block model.
  • Attention now turns to integrating assay and geological data into the technical model and advancing the prefeasibility programme.

Alma Metals (ASX:ALM) is refining the geological model of its Briggs Copper Project in Queensland, with 2026 infill drilling providing new assay information for technical studies.

The company has linked the latest holes to resource confidence and prefeasibility work, rather than claiming that a Mining decision has been reached.

Briggs Infill Results Strengthen the Database

September reporting included drill hole 26BRD0042 returning 383.8 metres grading 0.25% copper from 10.2 metres, including a 76.7-metre interval at 0.34% copper. The results identify a higher-grade interval within a broader mineralised zone at the contact between the intrusive core and surrounding volcanic sediments. Individual drill intersections are localised observations and cannot be represented as average grades across the entire project.

Resource and Joint Venture Framework

Alma holds a 51% interest in Briggs and operates the project under a joint venture with Canterbury Resources. The company has a pathway to increase its holding to 70% by undertaking further qualifying expenditure before the contractual deadline. The project’s established resource is reported at approximately 932 million tonnes grading 0.21% copper, with resource classifications applying to the estimate. The scale provides the context for investigating grade distribution through new drilling.

Technical Work Follows Exploration

Results from the first three holes of the 2026 infill programme were disclosed in August and were described as consistent with the resource block model. The company has identified the programme as supporting the resource update and prefeasibility study. Drilling is one component of the study process, which also requires assessment of mine design, processing, infrastructure and Economics before a development decision can be considered.

Outlook: Next Development Priorities

Attention now turns to integrating assay and geological data into the technical model and advancing the prefeasibility programme. The timing and outcome of any mine development remain subject to further studies and approvals.

ALM shares traded at AUD 0.007 on 6 November 2026, with a daily change of 0.00%. Market Capitalisation was approximately AUD 18.44 million.