What Alma Metals does

Alma Metals Limited (ASX:ALM) is an Australian copper exploration and development company founded in 2017 and incorporated in Guernsey, operating primarily from Subiaco, Western Australia. The company focuses on two copper projects: the flagship Briggs Copper Project in Central Queensland (covering 245km2 under three Exploration Permits for Minerals plus an application), where it holds a 51% joint venture interest with Canterbury Resources (ASX:CBY) and is funding a stage-3 earn-in to reach 70%; and the East Kimberley Copper Project in Western Australia (1,400km2), which targets sediment-hosted copper mineralisation analogous to the Central African Copperbelt and is accessed via a Heritage Protection Agreement with the Balanggarra Aboriginal Corporation. Briggs hosts a JORC-compliant Inferred Mineral Resource of 415Mt at 0.25% Cu and 31ppm Mo, containing approximately 1 million tonnes of copper, plus 73 million pounds of molybdenum and 16.5 million ounces of silver byproduct credits.

The company's underlying technology is conventional but technically substantive: porphyry copper exploration via geological modeling, geochemical soil sampling (the deposit outcrops at surface, making soil geochemistry highly effective), VTEM (versatile time domain electromagnetic) airborne surveys, diamond drilling, and JORC-compliant resource estimation. Metallurgical locked-cycle flotation testwork has demonstrated up to 95% copper recovery into clean concentrates grading up to 29% Cu at coarse grind sizes, with up to 73% molybdenum recovery to concentrates containing up to 3,200ppm Mo. A 13,750m drilling campaign (1,250m exploration + 12,500m infill) commenced in April 2026 ahead of a Prefeasibility Study managed with Mining Plus.

Alma Metals is pre-revenue and generates no operating income today. Its business model is standard junior mining: capital is raised via ASX-listed share placements and rights issues to fund exploration and feasibility work, with intended future revenue from offtake of copper concentrate (with molybdenum and silver byproduct credits) to smelters and commodity traders. Distribution of concentrate is expected to leverage the project's proximity to the Gladstone deep-water port, rail, power, and gas pipeline infrastructure. Current go-to-market is sales-led in the capital-markets sense: targeting institutional and retail investors through ASX announcements, the company's investor website, email newsletters, LinkedIn, X/Twitter, YouTube video library, and participation in investor conferences including the RIU Explorers Conference (February 2026) and the Noosa Mining Investor Conference (July 2025), supplemented by analyst coverage from Pitt Street Research.

Name

Alma Metals

Legal name

Alma Metals Limited

Website

https://almametals.com.au

Company type

Public

Founded year

2017

Operating status

Operating

Short description

Alma Metals (ASX:ALM) is an Australian copper exploration and development company advancing the Briggs Copper Project in Central Queensland (51% JV interest, earning to 70%) and the East Kimberley Copper Project in Western Australia, targeting future offtake of copper concentrate to smelters via Gladstone port.

Ownership category

akta.pro rank

Product category

Copper Mineral Exploration and Development

SIC

Metal Mining (1000)

akta.pro primary industry

Copper Exploration & Resource Development (IMAKADAA)

akta.pro secondary industry

Copper Mine Engineering, EPC & Expansion Projects (IMAKADAM)

Keywords

• Copper exploration
• Porphyry copper mining
• Mineral resource development
• Copper concentrate production
• ASX-listed mining

Headquarters

HQ city

St Peter Port

HQ country

Guernsey

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Technology or R&D, Personnel, Marketing or Sales, Others

Revenue model

1. Pre-Revenue Exploration Stage: Alma Metals is a pre-revenue exploration and development company. Future revenue will be generated through sale of copper concentrate produced from mining operations at the Briggs Copper Project. The company is currently in the exploration phase, advancing through scoping study and pre-feasibility study stages.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels9 records

Core offering

Alma Metals is a pre-revenue Australian copper exploration and development company advancing two flagship copper projects: the Briggs Copper Project in Central Queensland (245km2 joint venture with Canterbury Resources, currently 51% interest) and the East Kimberley Copper Project in Western Australia (1,400km2). The company is currently drilling to expand and upgrade the Briggs JORC Inferred Resource of 415Mt @ 0.25% Cu and 31ppm Mo ahead of a planned Prefeasibility Study, with future revenue intended to come from sale of copper concentrate to smelters and commodity traders.

Product overview

Alma Metals is an Australian copper exploration and development company with two core copper projects: the Briggs Copper Project (Central Queensland, 245km2) and the East Kimberley Copper Project (Western Australia, 1,400km2). The company's primary focus is advancing the Briggs Copper Project through exploration drilling, resource upgrades, and feasibility studies toward development. The Briggs project is a joint venture with Canterbury Resources (ASX:CBY) where Alma can earn up to 70% interest.

Differentiator

Problem solved

Functional benefit

Products and services

• Briggs Copper Project

Quantifiable outcome

• Up to 95% copper recovery into clean concentrates containing up to 29% copper
• +3 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Canterbury Resources (ASX:CBY)coreStrategic or Co-development PartnerJoint venture partnership for the Briggs Copper Project. Alma Metals satisfied stage 2 earn-in requirements to reach 51% JV interest, with stage 3 earn-in to increase to 70% through additional project expenditure of $10m by June 30, 2031. Alma is funding stage 3 to reach 70% interest.
• Balanggarra Aboriginal CorporationcoreStrategic or Co-development PartnerHeritage Protection Agreement sets out protocols for Alma to seek clearance for exploration programs at the East Kimberley Copper Project. The area is subject to travel and access restrictions requiring approval by traditional owners.
• Mining PlusminorImplementation/ SI/ Consulting PartnerEngaged to study potential open pit mining operations at Briggs on an owner-operated basis, provide capital and operating cost estimates and conceptual project layout for PFS.
• Pitt Street ResearchminorGTM or Marketing PartnerAnalyst coverage providing research reports on Alma Metals including initiation report and quarterly updates on drilling results and project progress.

Scale indicators14 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Canterbury Resources: ASX-listed (ASX:CBY) mineral exploration company and Alma's direct JV partner in the Briggs Copper Project. Holds 49% interest in Briggs. Directly comparable as a small-cap Australian copper/gold explorer with interests in porphyry copper systems.
• Caravel Minerals: ASX-listed (ASX:CVV) copper developer advancing the Caravel Copper Project in Western Australia. Comparable as a small-to-mid cap Australian copper developer in pre-development/feasibility stages. Alma's Company Secretary (Dan Davis) also serves as CFO of Caravel, indicating direct operational familiarity.
• Hot Chili Limited: ASX-listed (ASX:HCH) copper-gold developer advancing the Costa Fuego project in Chile. Comparable as a mid-stage copper developer focused on porphyry-style deposits targeting global electrification demand.
• Coda Minerals: ASX-listed (ASX:COD) copper explorer advancing the Elizabeth Creek Copper Project in South Australia, targeting sediment-hosted copper and IOCG deposits. Comparable as an Australian junior copper explorer in early-to-mid development stages.
• Kincora Copper: ASX-listed (ASX:KCC) porphyry copper-gold explorer with projects in Mongolia and Australia. Comparable as a junior explorer focused on porphyry copper systems with similar geological targeting approach.
• SolGold plc: LSE/TSX-listed porphyry copper explorer focused on the Alpala project in Ecuador. Comparable as a pure-play porphyry copper explorer at feasibility/development stage targeting large-scale Tier-1 deposits.

Broad incumbents

• Sandfire Resources: ASX-listed (ASX:SFR) major copper producer operating the DeGrussa copper-gold mine in Western Australia and developing the Motheo copper mine in Botswana. Comparable as an established Australian copper producer with porphyry-style deposits, though significantly larger and in production.
• First Quantum Minerals: LSE/TSX-listed major copper producer operating Cobre Panama and Taca Taca projects. Alma's Non-Executive Director John Dean is GM of Cobre Panama and Feasibility Manager for Taca Taca. Relevant incumbent comparable for porphyry copper development and large-scale operations.
• Rio Tinto: ASX-listed (ASX:RIO) global mining major with significant copper operations including the Oyu Tolgoi porphyry copper-gold mine in Mongolia. Relevant incumbent comparable for large-scale porphyry copper development expertise and likely acquirer profile.
• Freeport-McMoRan: NYSE-listed (NYSE:FCX) world's largest publicly traded copper producer with major porphyry copper operations globally. Relevant incumbent comparable representing the benchmark for Tier-1 porphyry copper asset valuations and likely acquisition counterparty.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/almametals
• YouTubeyoutube.com/@almametalslimited
• LinkedInlinkedin.com/company/alma-metals

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alma Metals