Why did Alma Metals (ASX:ALM) raise $4 million in new capital?

Alma Metals raised the funds to accelerate the development of its flagship Briggs Copper Project. The capital will fund a work programme designed to transition the project toward a pre-feasibility study (PFS), including resource growth drilling and metallurgical testing.

How much cash does Alma Metals (ASX:ALM) have after this placement?

Following the successful $4 million raise, Alma Metals reports a total "war chest" of approximately $8.7 million. This consists of roughly $5.6 million in cash and an additional $3.1 million held in liquid investments.

At what price were the new Alma Metals (ASX:ALM) shares issued?

The new shares were issued at $0.01 per share. Given that the share price was $0.012 at the time of reporting, the placement was conducted at a discount to the market price, which is standard for most small-cap capital raisings.

What does this capital raising mean for existing ALM shareholders?

Existing shareholders face dilution as Alma Metals issues 400 million new fully paid ordinary shares. However, the oversubscribed nature of the bid and the participation of institutional investors like Lowell Resources Funds Management suggest strong market validation for the Briggs Copper Project.

What are the specific development goals for the Briggs Copper Project?

The influx of capital is earmarked for a comprehensive work programme focused on de-risking the asset. Key activities include resource growth drilling to expand the known copper deposit, metallurgical test work to determine processing viability, and environmental baseline surveys.

Alma Metals raises $4M for Briggs Copper Project

Written by Jon CuthbertPublished May. 6 2026Last Updated May. 6 2026

Alma Metals (ASX:ALM) bolstered its balance sheet, raising $4 million through an oversubscribed share placement to accelerate development at its flagship Briggs Copper Project.

The capital raising, conducted at $0.01 per share, saw demand from institutional and sophisticated investors, including Lowell Resources Funds Management, necessitating a scale-back of bids.

Chieftain Securities acted as the sole lead manager for the initiative, which will issue 400 million new fully paid ordinary shares across two distinct tranches.

The influx of capital is earmarked for a comprehensive work programme designed to drive the Briggs project towards a pre-feasibility study.

Key activities include resource growth drilling, metallurgical test work, and environmental baseline surveys.

Managing Director Frazer Tabeart noted that the strong investor appetite reflects a "genuine confidence" in the project’s fundamentals, particularly as global demand for large-scale copper assets in Tier-1 jurisdictions continues to strengthen.

Structurally, the placement includes a $3.7 million initial tranche for non-related investors and a secondary $318,000 tranche for director subscriptions, the latter of which awaits shareholder approval this June.

Following the completion of the placement, Alma Metals will boast a formidable war chest of approximately $5.6 million in cash and $3.1 million in liquid investments.

At the time of reporting, Alma Metals’ share price was $0.012.