Company Spotlights
Alma Metals (ASX: ALM) pushes forward with a major 25,000m to 30,000m drilling campaign at its flagship Briggs project in central Queensland, aligning its fast-tracked pre-feasibility work with a tightening global copper market driven by geopolitical supply constraints and widespread structural demand.
In Brief
- Massive Resource Infill Drilling Underway: Alma Metals has committed to a major 25,000m to 30,000m core drilling program comprising approximately 80 holes over the next 12 to 15 months, designed to convert the bulk of its 932 million tonne Briggs mineral resource estimate to the JORC Indicated category.
- Near-Term Interim Milestones: The first phase targets 12,500m (around 40 holes) by December 2026, which will underpin an interim Mineral Resource Estimate (MRE) update and subsequent scoping study revisions at year-end.
- Pre-Feasibility Study (PFS) Timeline Set: Metallurgical testing has commenced on a representative sample suite, laying the groundwork for process flowsheet design and process plant engineering studies. The full PFS is slated for completion by the end of 2027.
- Macro Environment Strengthening: Copper prices continue to robustly test the USD 13,500 to USD 14,000 per tonne range (approximately USD 6.12 to USD 6.35 per pound), with top-tier investment banks like Citi projecting moves toward USD 15,000 per tonne.
- Geopolitical & Demand Catalyst: Persistent supply-side shocks from Middle Eastern conflict impacting critical inputs like sulphuric acid are meeting new structural demand from China’s massive domestic electrification and data centre buildouts.
Alma Metals is rapidly converting the district-scale exploration potential of its flagship Briggs Copper Project in central Queensland into a highly structured, de-risked mining development pathway.
Operating in joint venture with Canterbury Resources (ASX: CBY), Alma’s strategy centres on proving up the commercial viability of its massive, bulk-tonnage porphyry copper system at Briggs.
Armed with new funds from its recently oversubscribed A$4 million placement, the company has officially launched an aggressive 12-to-15-month development schedule.
Rather than waiting on the market, Alma is putting metres into the ground to unlock the project’s true scale precisely as global macro forces squeeze the copper supply chain.
Structural Squeeze Meets Geopolitical Shocks
The structural argument for copper has evolved past simple long-term decarbonisation narratives into an active, near-term supply deficit driven by sudden geopolitical friction, falling supply from existing major mines and urgent infrastructure buildouts.
On the supply side, the market remains highly reactive. Massive seismic events and subsequent operational setbacks at several of the world’s top 10 producing copper mines have severely restricted output.
These baseline vulnerabilities have been compounded heavily by ongoing conflict in the Middle East. The war has effectively bottlenecked regional chemical production, stripping significant volumes of sulphuric acid from the global market.
Because sulphuric acid is a foundational input for copper oxide heap-leach operations, its scarcity has actively curtailed a significant portion of global copper production.
Simultaneously, global demand is accelerating. While Western markets have steadily scaled renewable grids, China has initiated an expansive domestic electrification program, focusing heavily on wide-scale rural power overhauls and a massive buildout of energy-intensive data centres to support modern computing needs. Consequently, Chinese entities have returned to buying copper aggressively on international markets.
This dual-force dynamic is keeping spot copper prices pinned firmly between USD 13,500 and USD 14,000 per tonne (USD 6.12 to USD 6.35 per pound).
Alma’s conservative November 2025 Scoping Study utilised a spot price of USD 4.50 per pound and concluded that Briggs represented a robust opportunity that warranted immediate progression into a Preliminary Feasibility Study (PFS).
With major institutional investment houses, including Citi, recently issuing commodity upgrades with near-term forecasts of USD 15,000 per tonne (USD 6.80 per pound), Alma appears to be very well positioned.
Unpacking the 15-Month Drilling Blueprint
To capture this macro-opportunity, Alma’s corporate focus has fully pivoted from light exploration to definitive engineering metrics.
Management has launched a major 25,000m to 30,000m infill and expansion drilling program designed to systematically convert the bulk of the current 932-million-tonne MRE into the higher-confidence JORC Indicated category.
The development roadmap is divided into two clear, high-impact operational phases:
By upgrading the resource profile to Indicated status, Alma will establish the solid geological foundation required to back formal financial models and reserve calculations through the PFS.
Metallurgical Workstreams and the PFS Horizon
Parallel to the rigs spinning on site, Alma has initiated an advanced metallurgical test program to lock down the engineering parameters of the future mineral processing facility.
The company has selected a number of representative samples distributed across the deposit, ensuring an accurate spatial and geological cross-section of the different ore lithologies. This phase is actively testing comminution (how hard the rock is to crush) and froth flotation characteristics.
Crucially, the team is paying close attention to the recovery metrics of its key by-products: molybdenum, silver, and gold. With a current baseline inventory containing 73 million pounds of molybdenum and 16.5 million ounces of silver, these by-product credits are expected to make critical contributions to revenue.
Moving into early 2027, additional samples derived from the current drilling program will be fed into the metallurgical test work matrix. This will give Alma a statistically representative spread of metallurgical data points well above the typical technical threshold required for a Pre-Feasibility Study.
The end goal is a highly standardised processing flowsheet utilising a conventional Semi-Autogenous Grinding (SAG) mill, ball mill, and a standard froth flotation plant. This conventional, low-risk processing design avoids exotic chemical risks and capital overruns.
Engineering consultants will be engaged late in the first half of 2027 to finalise the mine design, mine scheduling, plant layout, and firm up capital expenditure and operating expenditure profiles, setting up the formal delivery of the Briggs PFS before the conclusion of 2027.
Catalysts to Watch
- Q3-Q4 2026: Steady, ongoing assay results from the Phase 1 drilling campaign, with a specific focus on the 4 step-out holes searching for resource expansions.
- December 2026: Delivery of the interim Mineral Resource Estimate (MRE) update and subsequent upgrades to the project’s Scoping Study financials.
- First Half 2027: Commencement of Phase 2 drilling alongside the formal engagement of engineering consultants for mine and plant design criteria.
- Late 2027: Final metallurgical flowsheet confirmation and the release of the comprehensive Briggs Pre-Feasibility Study.
Bottom Line
Alma Metals represents a highly structured, infrastructure-linked entry point into a rapidly changing copper market.
By eschewing speculative exploration in favour of a massive, systematic resource definition and optimisation campaign, management is methodically transforming a multi-billion-pound porphyry system into a highly technical, investment-ready asset.
Backed by excellent central Queensland infrastructure, substantial by-product credits, and an undeniably strong macro price framework, Alma’s steady march toward its late-2027 PFS marks it out as a key development story to watch in the copper juniors space.
Disclaimer: Small Caps and affiliated companies accept no responsibility for any claim, loss or damage as a result of information provided or its accuracy. The information provided in this article is general in nature and does not constitute financial product advice. It has been prepared without taking into account your personal objectives, financial situation, or needs. Alma Metals is a commercial client of Small Caps, and a conflict of interest may be present through commercial arrangements. Always consult a licensed financial expert before making any investment decisions.
