Alma Metals agreed to acquire two exploration permits for minerals from Tropex Metals, adjacent to the Briggs Copper Project in Queensland.

The acquisition, comprising EPM27894 Ulam Range and EPM 27956 (Rocky Point), will be executed by Alma Metals Australia, a wholly-owned subsidiary of Alma.

Upon transfer of the exploration permits, Alma will issue $50,000 worth of ordinary shares to Tropex, which will be kept in an escrow account for six months.

The permits will be integrated into the Briggs, Mannersley, and Fig Tree Hill joint venture between Alma and Canterbury Resources (ASX:CBY), forming part of Alma’s earn-in expenditure.