Alma Metals (ASX: ALM) has completed an oversubscribed share placement to raise $4.0 million to advance the Briggs copper project in Central Queensland.
The company said the proceeds would primarily fund drilling, targeting resource growth and inferred-to-indicated resource conversion to support the pre-feasibility study, plus metallurgical test work and environmental baseline surveys.
“This oversubscribed placement reflects genuine investor confidence in Briggs and the work we have done to advance it,” Alma Metals managing director Frazer Tabeart said.
“With this funding in place, we are well positioned to execute our drilling program and associated pre-feasibility studies, all at a time when the fundamentals for large-scale copper assets in Tier-1 jurisdictions have rarely been stronger.”
This article first appeared in Industry Queensland.
