Alma Metals (ASX:ALM) has announced a $2M raise through a share placement at $0.01 per new share to fund additional drilling at the Briggs copper deposit in Central Queensland.

The copper and gold explorer said funds will be utilised to evaluate higher-grade zones within the resource and to extend drilling to the north-east of Briggs Central Target.

Alma Metals also said it expects to publish a revised mineral resource estimate for the Briggs deposit in Q3 2023.

The company's share price closed up 18.18% today.