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ASX: ALM - Alma Metals

Updated: Jul 25, 2023

Alma Metals: A new entry into the top 10 copper resource club

Alma Metals Managing Director Frazer Tabeart on 2GB, 4BC & 6PR Bulls N' Bears Report

Listen to ASX-listed Alma Metals Managing Director Frazer Tabeart talk to Matt Birney on the Bulls N’ Bears Report about Alma’s massive upgrade to its copper resource that kicked the door in at the top 10 club.


Alma Metals is a copper explorer with major projects in central Queensland and the Kimberley region of Western Australia. The company recently released an updated mineral resource for its Briggs porphyry copper project in Queensland that now has Alma placed in the top-10 largest undeveloped copper plays in Australia based on contained metal. It also saw its share price rocket 70 per cent on the day of release.


Matt Birney - Welcome to Bulls N' Bears brought to you today by mineral explorer, Alma Metals.

Matt Birney - ASX code: ALM

Matt Birney - I'm Matt Birney and I'm joined now by the Managing Director of Alma Metals, Frazer Tabeart.

Matt Birney - Hi Frazer.

Frazer Tabeart - Hi Matt

Matt Birney - Okay so Alma Metals is a copper explorer with major projects in central Queensland and the Kimberley region of WA.

Matt Birney - The company recently released an updated mineral resource for its Briggs porphyry copper project in Queensland that now places Alma amongst the Top 10 largest undeveloped copper plays in Australia, based on contained metal. It also saw Alma's share price rocket 70 per cent on the day of the release.

Matt Birney - Okay Frazer what was the old resource at Briggs and what's the new estimate now?

Frazer Tabeart - Yeah so the new estimate Matt is 415 million tonnes at point two five per cent copper that gives us just over 1 million tonnes of contained copper metal and we also have 31 parts per million of molybdenum so that gives us 28 million pounds of knowledge in the new resource.

Frazer Tabeart - Now the previous resource was 143 million tonnes at 0.29 per cent copper and didn't include molybdenum so we've almost tripled the amount of contained metal.

Matt Birney - How far down does the mineralisation start and how deep does it go?

Frazer Tabeart - Well that's a great thing, it starts right at surface and at the moment we've extended it down to about 650 meters down but it's still open down there.

Matt Birney - Now big resource already but where do you see the opportunities to grow? Is it just at depth?

Frazer Tabeart - No not just a depth but a long strike. We've certainly got areas of anomalism open to the South West and to the South so plenty of room to grow this.

Matt Birney - How can we make some kind of comparison? Who else is out there on the ASX with similar scale, similar grade copper project?

Frazer Tabeart - Yeah Caravel is a good comparison. They've got a resource of about 1.2 billion tonnes at 0.24 copper with molybdenum credits so we're about a, I guess a third of that size and growing and that project, their studies have shown an NPV of around about two billion dollars now we're in the ballpark.

Matt Birney - Where is that project?

Frazer Tabeart - That's in Western Australia, about 150 km north of Perth.

Matt Birney - What are some of the better drill hits of your project to date?

Frazer Tabeart - Yeah we'll put the exciting ones recently 366 meters at 0.23 copper and 28 PPM molly it's in the central part of the project and then in the northern part, 442 meters at 0.21 per cent copper plus 30 PPM molly.

Matt Birney - Is there any opportunity to eke out a higher grade core at the project with say less tonnes but high grades?

Frazer Tabeart - Very much so yeah we've got some drill intersections of up to 107 meters at 0.35 per cent copper and in place is 30 meters at 0.55 per cent copper so there's certainly some zones there for follow-up.

Matt Birney - When do you think you'll wrap a set of financial numbers around this project? Scoping study for instance.

Frazer Tabeart - We need to do a little bit more drilling Matt. The rigs are heading back out there later this month, that will give us enough information to consider a scoping study later this year or early next year.

Matt Birney - Frazer Tabeart from Alma Metals.

Matt Birney - Thanks for joining me on Bulls N' Bears and remember we're only here to give you information, not advice, which you should of course seek independently.

Matt Birney - I'm Matt Birney and this is Bulls N' Bears

Outro - For more public company interviews go to the money page on the 6PR, 2GB, 3AW and 4BC websites and click the public companies tab

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