Alma Metals Limited announced that it has exercised its option to commence an Earn-In Joint Venture at the Briggs, Mannersley and Fig Tree Hill copper project in Queensland. The Project includes the Briggs Central copper deposit, where an Inferred Resource of 143Mt @ 0.29% Cu has been defined. Under the terms of the Option and Earn-In Joint Venture Agreement signed with owner Canterbury Resources Limited, Alma can ultimately reach 70% ownership of the Project through completing staged exploration and evaluation programs. During the completed Option phase Alma sole funded more than $750,000 of assessment activity including: 12-hole (1,446m) RC drilling program confirming extensive porphyry copper-molybdenum mineralization up to 750m along strike from the existing mineral resource at the Central Porphyry Grid-based soil sampling program providing high resolution, low detection level gold and multi-element geochemistry across the entire Briggs porphyry system, and Metallurgical test-work confirming potential for excellent metallurgical recoveries from Briggs copper mineralization .

Soil sampling on a nominal 100m x 50m grid over the Briggs porphyry copper system shows anomalous copper greater than 0.1% over three areas. Geological mapping and limited drilling (diamond core and RC percussion) confirms that each of these three anomalies define outcropping mineralized granodioritic to tonalitic intrusions and adjacent volcanic sediments containing copper bearing quartz stockworks. The central area also contains the Briggs Central Inferred Resource (143Mt @ 0.29% Cu).

Determination of grade and tonnage ranges for the exploration targets were defined as follows: The surface area of each exploration target was defined using the 0.1% copper in soils contour. The surface area for the Briggs Central exploration target excludes the area occupied by the inferred mineral resource. Surface geological mapping confirmed outcrop of mineralized felsic intrusive rocks and enclosing mineralized volcanic sediments, both with copper bearing quartz stockworks within these 0.1% Cu outlines.

The 0.1% copper contour also corresponds extremely well with lows in airborne magnetic data which are interpreted to represent magnetite destruction caused by phyllic alteration. directly related to known (drilled) and predicted mineralization. The exploration targets are assumed to be subvertical, the same geometry as the current Inferred Resource published for Briggs Central.

A specific Gravity of 2.6 was used to calculate tonnages. This is the same SG that was used for the Briggs Central Mineral Resource Estimate and is based on numerous measurements from drill core (see ASX released dated 18 August 2021) The tonnage ranges were calculated based on +/-30% of the calculated volume to a depth of 550m. This is consistent with the depth of the Inferred Resource estimate in the Briggs Central Porphyry (see cross-section, The range of copper grades was determined from a statistical evaluation of copper assays from all existing drilling within the three exploration targets, including those used for the Mineral Resource Estimate at Briggs Central.