en.Wedoany.com Reported - Australian copper exploration company Alma Metals has completed an oversubscribed share placement, raising $4 million. The funds will be used to finance drilling activities at the company's Briggs Copper Project in Queensland. Alma Metals will issue 400 million shares in two tranches at $0.01 per share, representing a 16.7% discount to the last traded price and a 23.8% discount to the volume-weighted average price. The first tranche of 368.2 million shares is expected to be issued around May 14, 2026. The remaining 31.8 million shares will be issued to directors in a second tranche, which is subject to shareholder approval at an upcoming general meeting in June 2026.

Directors electing to participate in the placement include Executive Chairman Alasdair Cooke ($225,000), Independent Director Valentine Chitalu ($50,000), Non-Executive Director John Deane ($25,000), and Managing Director Dr. Frazer Tabeart ($18,000). Chieftain Securities acted as the sole lead manager for the placement. The $4 million raised will be used for drilling activities at Briggs, aimed at converting Inferred Resources to Indicated Resources to support a Pre-Feasibility Study. Alma Metals will also use the funds to support metallurgical test work and environmental baseline studies.

Managing Director Frazer Tabeart said: "This placement reflects genuine investor confidence in Briggs and the company's efforts to advance the project." Tabeart added: "With this funding, we are well-positioned to execute the drilling program and associated Pre-Feasibility Study, at a time when the fundamentals for large copper assets in Tier-1 jurisdictions have never been stronger." He also stated: "We welcome new shareholders and thank existing shareholders for their continued support, including major shareholders who have again demonstrated their confidence in the company."

The company commenced a drilling program at the Briggs Copper Project late last month, comprising 1,250 meters of exploration drilling across 4 holes and 12,500 meters of infill drilling across 41 holes. These drilling programs are expected to be completed by the end of 2026, with the entire campaign to be finished within the next 12 to 15 months. Alma Metals is an Australian copper exploration company focused on its projects in Queensland and the Kimberley region of Western Australia.

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