What does a 386.6-metre copper intersection at Briggs mean for Alma Metals (ASX: ALM)?

Sonal Goyal

10 November 2026 06:18 PM AEDT

What does a 386.6-metre copper intersection at Briggs mean for Alma Metals (ASX: ALM)?

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Key Highlights

Alma Metals reported a 386.6-metre intersection grading 0.20% copper from 43 metres in hole 26BRD0046 at Briggs.
The October 2026 results included higher-grade intervals and additional copper-molybdenum intersections between the Briggs Central and Southern porphyries.
The existing Briggs Mineral Resource contains approximately two million tonnes of copper, with most material classified as Inferred.
Alma reported AUD 1.15 million in cash and AUD 3.3 million in listed investments at 30 September 2026.

Alma Metals Limited (ASX:ALM) is a copper exploration and development company focused on the Briggs Copper Project, approximately 50 kilometres west-southwest of Gladstone in Queensland. The company manages the project through a joint venture and is undertaking infill drilling to improve geological confidence in the existing resource. Alma Metals Limited (ASX:ALM) shares closed at AUD 0.006 on 10 November 2026. Its latest drilling results provide additional information for resource classification and future technical studies.

Briggs Infill Drilling Delivers Broad Copper Intersection

On 23 October 2026, Alma Metals Limited (ASX:ALM) announced results from infill drilling at Briggs.

Hole 26BRD0046 intersected 386.6 metres grading 0.20% copper from 43 metres, including 223.2 metres at 0.22% copper and 40.6 metres at 0.31% copper.

Three additional holes between the Briggs Central and Southern porphyries returned intervals ranging from 113.6 to 266 metres, grading approximately 0.13% to 0.14% copper.

The company also reported molybdenum concentrations above the existing resource average in these intersections.

The drilling is intended to improve geological confidence and support potential conversion of Inferred resources into the Indicated category.

The results do not themselves establish an increase in the declared resource or demonstrate economic viability.

Existing Briggs Resource and Project Ownership

The Briggs Project hosts a reported Mineral Resource of approximately 932 million tonnes grading 0.21% copper, containing around two million tonnes of copper.

The estimate includes approximately 137 million tonnes classified as Indicated and 793 million tonnes classified as Inferred.

The resource was reported under the JORC Code 2012 using a 0.15% copper cut-off grade.

Alma Metals Limited (ASX:ALM) currently holds a 51% project interest and has committed to an additional earn-in stage targeting 70% ownership, subject to agreed milestones.

Further drilling and resource modelling will determine whether additional material qualifies for higher-confidence classification.

Exploration Programme and Metallurgical Assessment

Alma resumed a substantial infill drilling programme at Briggs in April 2026.

By late October, approximately 13 holes totalling 4,500 metres had been completed within a broader planned 80-hole programme.

The company also acquired an on-site accommodation Facility during July 2026 to support field activities.

Alongside drilling, metallurgical work is assessing potential copper and molybdenum recovery performance.

Initial metallurgical results were expected before the end of calendar 2026.

These assessments will contribute to evaluating processing Options and informing subsequent development studies.

Financial Position and Funding Requirements

Alma Metals Limited (ASX:ALM) reported cash of approximately AUD 1.15 million at 30 September 2026, alongside listed investments valued at AUD 3.3 million.

Its September Quarterly Report indicated estimated funding availability of approximately 0.5 quarters based on reported expenditure.

For FY2026, Alma recorded a net loss after tax of approximately AUD 3.21 million and net Assets of AUD 7.45 million.

The annual financial statements identified material uncertainty relating to the company's ability to continue as a going concern.

Further funding or asset realisation may be required to maintain exploration and technical activities.

Resource Confidence and Development Risks

Briggs remains a large, relatively low-grade copper resource, making Mining costs, processing performance and copper prices important development considerations.

Most of the existing resource is classified as Inferred, requiring additional drilling before higher-confidence estimates can be established.

The project's future development also depends on metallurgical results, technical studies, financing and joint venture commitments.

Alma Metals Limited (ASX:ALM) is expected to use additional drilling information to support a future resource update and subsequent project evaluation.

Key Insights

Alma's 386.6-metre copper intersection contributes geological information to its ongoing Briggs infill drilling programme.

The principal objective is to improve resource confidence rather than establish a new high-grade discovery.

Further drilling, metallurgical assessment and funding availability will influence the timing and scope of future development studies.

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