Alma Metals Reports High-Grade Copper Intersections at Briggs Copper Project

Drilling Results and Geological Insights

Alma Metals Limited has reported initial assay results from its latest drilling campaign at the Briggs Copper Project, located in Central Queensland. The standout result from drill hole 24BRD0026 includes an intersection of 276m at 0.45% copper (Cu) and 24 parts per million (ppm) molybdenum (Mo) from the surface. This includes a higher-grade section of 49m at 1.01% Cu and 17ppm Mo starting from just 3m below the surface.

The drilling program is part of an infill drilling initiative aimed at identifying potential areas for higher-grade starter pit operations. The hole was drilled to test for near-surface, higher-grade copper mineralization and was completed at a depth of 283.9m. The core showed strong mineralization throughout, recording the best copper intersection at Briggs since its discovery.

Resource Confidence and Future Plans

The drilling is also targeting an upgrade in resource confidence sufficient to support the initiation of a Scoping Study later this year. Further assay results from additional drill holes are expected within the next 4-6 weeks. Completion of the current drilling program will meet the expenditure requirements to complete Stage 2 of the Earn-In under the Joint Venture Agreement with Canterbury Resources Ltd, thereby increasing Alma’s interest in the project to 51%.

Alma Metals Managing Director, Frazer Tabeart, expressed optimism about the results, stating, 'These results demonstrate that significantly higher copper grades are present within the Briggs resource and give us confidence in our strategy to define a higher overall resource grade. The wide zone of high-grade starting at surface is particularly important and will be a focus for follow-up drilling.'

Geological Context and Assay Details

The first hole, 24BRD0026, was drilled towards the southwest to cross the geological contact between the granodiorite and the older volcanic sediments. The hole intersected mineralized porphyritic granodiorite in the upper part and mineralized volcanic sediments in the lower part. Assay results indicate that the entire hole was mineralized from surface, recording the best copper intersection at Briggs since discovery.

Significant intersections from drill hole 24BRD0026 include:

• 0.0m to 276.0m: 276.0m @ 0.45% Cu and 24ppm Mo
• 3.0m to 52.0m: 49.0m @ 1.01% Cu and 17ppm Mo
• 119.0m to 145.0m: 26.0m @ 0.40% Cu and 11ppm Mo
• 159.0m to 188.0m: 29.0m @ 0.41% Cu and 36ppm Mo
• 202.0m to 266.3m: 64.3m @ 0.39% Cu and 31ppm Mo