Alma Metals (ASX: ALM)Share Price and News
About Alma Metals
Alma Metals (ASX: ALM) is an advanced exploration-stage company focused on developing one of Australia's largest undeveloped copper projects. The company holds a 51% stake in the Briggs Copper Joint Venture project, located in Queensland, with the right to increase that ownership to 70% through additional expenditure.
The Briggs project hosts a Mineral Resource Estimate of 2 million tonnes of contained copper, derived from 932 million tonnes at 0.21% copper using inferred and indicated resources at a 0.15% copper cut-off. This places Briggs among the most significant undeveloped copper deposits in Australia, and an eventual operation at Briggs could be comparable to many of the world's top tier porphyry-style mines.
Alma Metals' Company History
Alma Metals listed on the ASX with a clear focus on copper exploration, a commodity increasingly central to the global energy transition. The company's primary effort has been directed toward understanding and expanding the Briggs Copper project in Queensland, a large-scale porphyry-style deposit with characteristics that set it apart from many of its Australian peers.
Over successive drilling campaigns, Alma Metals steadily built its understanding of the Briggs resource, demonstrating strong copper mineralisation across a wide and consistent footprint. The deposit geometry, metallurgy and location were identified early as attributes that could support a very low-cost mining operation. Importantly, the deposit remains open in all directions, meaning the existing resource estimate is likely not the full picture.
Following a significant body of exploration work, Alma Metals completed a Scoping Study and subsequently committed to a Preliminary Feasibility Study (PFS). This represents a meaningful step forward in the project's development journey, moving Briggs from pure exploration into formal technical and financial evaluation.
In January 2026, the company released the final set of assay results from its 2025 drilling program, which were the best ever drill results recorded at Briggs. The longest mineralised intersection in that program was 620 metres at 0.25% copper, and the highest grade intersection was 30 metres at 0.90% copper. These results reinforced the scale and consistency of the resource, and confirmed that the copper mineralisation is appearing in the precise locations predicted by the company's geological model.
Alma Metals' Future Outlook
The near-term outlook for Alma Metals is defined by two key workstreams running in parallel: an expanded drilling program and the formal Preliminary Feasibility Study.
The next drilling campaign is expected to commence in late March 2026. The primary focus of this program will be upgrading Inferred resources within the Mineral Resource Estimate to the higher-confidence Indicated category. Additional holes are also planned to expand the resource footprint beyond the boundaries of the current resource estimate. This dual objective of upgrading resource confidence while simultaneously growing the resource size is an important derisking step that investors in exploration-stage companies should watch closely.
The drilling data gathered during this campaign will feed directly into the PFS, providing the technical inputs needed for the financial and engineering studies that make up the feasibility work. The PFS is an integral step and that a formal valuation of Alma Metals will be considered once the PFS is published.
The broader copper market context is also highly relevant to Alma Metals' outlook. Large, development-ready copper projects in Tier 1 mining jurisdictions are increasingly scarce globally, precisely at a time when demand is accelerating due to rapid electrification, renewable energy investment and decarbonisation trends. Briggs, located in Queensland with quality infrastructure access and favourable metallurgy, is positioned to benefit from the emerging copper crunch. The Briggs development timeline aligns with forecasts for widening copper supply deficits and rising prices, making it a leveraged play on the energy transition for investors willing to accept exploration-stage risk.
Since November 2025, Alma Metals has more than doubled in value. Ongoing positive drilling results and strength in the copper price have both contributed to this share price momentum.
Is Alma Metals (ASX: ALM) a Good Stock to Buy?
We believe Alma Metals represents a compelling copper exploration opportunity for investors with an appropriate risk tolerance and a longer-term investment horizon. The Briggs project has genuine scale, with a 2 million tonne contained copper resource that positions it among Australia's most significant undeveloped copper deposits.
The quality of the latest drilling results is encouraging. The confirmation that copper mineralisation is appearing where the geological model predicted adds credibility to management's understanding of the deposit and reduces the technical risk around further resource growth. The fact that the deposit remains open in all directions is an additional positive, suggesting meaningful resource expansion potential as drilling continues.
The decision to commit to a PFS is another key positive signal. It demonstrates that management and the joint venture partners are confident enough in the project fundamentals to invest in the rigorous technical and financial work required at this stage. The outcome of the PFS will be the single most important de-risking event for the project and is likely to be a major share price catalyst when published.
That said, investors should be clear-eyed about where Alma Metals sits in the development cycle. The key challenge ahead is upgrading the majority of the existing resource from the Inferred category to Indicated and Measured categories, a process that requires continued drilling success and takes time.
Risks include the possibility that future drilling results are less compelling than those released to date, broader copper price volatility, potential funding requirements as the PFS and subsequent studies progress, and the inherent uncertainties of moving a project from exploration through to development.
For growth-oriented investors seeking leveraged exposure to copper and the energy transition through an advanced Australian exploration company with genuine scale, Alma Metals warrants close attention over the next 12 months as drilling results and the PFS progress.
Our Stock Analysis
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Frequently Asked Questions
Alma Metals (ASX: ALM) is an advanced exploration-stage company focused on developing the Briggs Copper Joint Venture project in Queensland, Australia. It holds a 51% stake in the project, with the right to increase that to 70% through further expenditure.