# ALM: Company Presentation Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/alm-company-presentation--ad833343-a8d5-405e-9734-725d7dfea2a2 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03147148 Publisher: asx Original announcement: 2026-10-01T00:04:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-01T00:14:16.774Z Atlas analysis updated: 2026-10-01T00:14:16.774Z - Company: Alma Metals Limited - Ticker: ALM - Exchange: ASX - Region: Queensland, Australia - Primary commodity: Copper - Secondary commodities: Molybdenum, Silver, Gold - Document categories: Resource update, Drill results - Extracted: 2026-10-01 00:14:17 UTC Narrative sentiment: 0.60 · Bullish ## Minestarters Atlas summary Alma Metals presents the Briggs Copper Project in Queensland, a large-scale porphyry Cu-Mo deposit containing 2Mt of copper metal. The project features a 932Mt resource at 0.21% Cu and is currently undergoing infill drilling to support a forthcoming Pre-Feasibility Study. Reasoning: The presentation restates a Mineral Resource Estimate from April 2025, highlighting the scale and infrastructure advantages of the Briggs project while noting the ongoing infill drilling to upgrade resource confidence. - Positive factor: Large-scale porphyry copper-molybdenum deposit - Positive factor: Significant contained copper metal \(2Mt\) - Positive factor: High-grade indicated portion of resource - Positive factor: Favourable infrastructure proximity - Positive factor: Simple metallurgy with high recovery potential - Negative factor: Resource is primarily Inferred \(793Mt vs 137Mt Indicated\) - Negative factor: Low average grade \(0.21% Cu\) Facts used in scoring: 9 ## Classification and evidence **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The majority of the resource \(793Mt out of 932Mt\) is in the Inferred category. Evidence · text > Inferred 793 0.20 35 0.5 1.6 61 13.5 **Maiden Resource** Polarity: neutral Definition: First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component. Why it applies: The presentation refers to the MRE announced in April 2025 as the baseline. Evidence · text > The Mineral Resource estimate for the Briggs deposit, which was announced on 10 April 2025 ## Extracted facts Stored fact records: 9. Some facts used in scoring do not have a stored record. ## Resource Estimates (9) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/alm-company-presentation--ad833343-a8d5-405e-9734-725d7dfea2a2#fact-resource-facts-0) #### Identity - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: ALM #### Resource scope - Reporting standards: jorc - Mining method: open\_pit #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Total resource tonnage and grade stated in presentation. - Positive factor: Large scale tonnage - Negative factor: Low grade Evidence · text > 932Mt @ 0.21% Cu\* #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/alm-company-presentation--ad833343-a8d5-405e-9734-725d7dfea2a2#fact-resource-facts-1) #### Identity - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: ALM #### Resource scope - Reporting standards: jorc - Mining method: open\_pit #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Indicated portion of the resource. - Positive factor: Higher grade than total resource Evidence · text > 137Mt @ 0.25% Cu #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/alm-company-presentation--ad833343-a8d5-405e-9734-725d7dfea2a2#fact-resource-facts-2) #### Identity - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: ALM #### Resource scope - Reporting standards: jorc - Mining method: open\_pit #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Inferred portion of the resource. - Positive factor: Large tonnage - Negative factor: Lower grade Evidence · text > 793Mt @ 0.20% Cu #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/alm-company-presentation--ad833343-a8d5-405e-9734-725d7dfea2a2#fact-resource-facts-3) #### Identity - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: ALM #### Resource scope - Reporting standards: jorc - Mining method: open\_pit #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: New drill hole results reported in the presentation. - Positive factor: Consistent with expectations Evidence · text > 26BRD0042 10.2 394.0 383.8 0.25 26 0.70 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/alm-company-presentation--ad833343-a8d5-405e-9734-725d7dfea2a2#fact-resource-facts-4) #### Identity - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: ALM #### Resource scope - Reporting standards: jorc - Mining method: open\_pit #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: High grade sub-interval within 26BRD0042. - Positive factor: High grade sub-interval Evidence · text > 131.0 0.31 21 0.81 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/alm-company-presentation--ad833343-a8d5-405e-9734-725d7dfea2a2#fact-resource-facts-5) #### Identity - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: ALM #### Resource scope - Reporting standards: jorc - Mining method: open\_pit #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: High grade sub-interval within 26BRD0042. - Positive factor: High grade sub-interval Evidence · text > 76.7 0.34 23 0.83 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/alm-company-presentation--ad833343-a8d5-405e-9734-725d7dfea2a2#fact-resource-facts-6) #### Identity - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: ALM #### Resource scope - Reporting standards: jorc - Mining method: open\_pit #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Sub-interval within 26BRD0042. Evidence · text > 20.0 0.31 59 0.82 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/alm-company-presentation--ad833343-a8d5-405e-9734-725d7dfea2a2#fact-resource-facts-7) #### Identity - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: ALM #### Resource scope - Reporting standards: jorc - Mining method: open\_pit #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: Sub-interval within 26BRD0042. Evidence · text > 72.45 0.28 43 0.8 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### Fact 9 [Link to this fact](https://atlas-staging.minestarters.com/news/alm-company-presentation--ad833343-a8d5-405e-9734-725d7dfea2a2#fact-resource-facts-8) #### Identity - Region: australia\_qld - Reported Region: Queensland, Australia - Ticker: ALM #### Resource scope - Reporting standards: jorc - Mining method: open\_pit #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-01T00:00:00.000Z Reasoning: High grade sub-interval within 26BRD0042. - Positive factor: High grade sub-interval Evidence · text > 14.0 0.38 35 1.13 #### Tags used in scoring **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.