Alma Metals Limited has received firm commitments to raise AUD 1.75 million (before costs) via a share placement to institutional, sophisticated and professional investors ("Placement"). The Placement will comprise the issue of 174,528,530 new fully paid ordinary shares at an issue price of AUD 0.01 per share ("New Shares"). 125,200,000 New Shares will be issued in Tranche 1 pursuant to the Company's existing placement capacity under ASX Listing Rule 7.1 and 7.1A.

Settlement of the Tranche 1 Placement shares is expected to occur on 19 September 2022. A further 49,328,530 New Shares will be issued in Tranche 2 subject to receipt of shareholder approval at a shareholder meeting to be convened by the Company. All Placement subscribers are eligible to receive a 1 for 2 attaching option with a 4.0c strike price and two-year term ("Attaching Option").

Attaching Options will be issued subject to receipt of shareholder approval. Company Directors have committed to subscribe for $160,000 of the Placement in accordance with the following table, subject to approval at a shareholder meeting to be convened by the Company. Alma plans to utilise Placement funds for resource extension drilling at the Briggs, Mannersley and Fig Tree Hill copper project in Queensland ("Project", see Figure 1 for location).

The Project includes the Briggs Central copper deposit, where an Inferred Resource of 143Mt @ 0.29% Cu has been defined. 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 confirms that each of these three anomalies define outcropping mineralised intrusions and adjacent volcanic sediments containing copper bearing quartz stockworks.

The central area also contains the Briggs Central Inferred Resource (143Mt @ 0.29% Cu). Follow-up diamond core drilling to test the validity of the exploration targets and expand the Inferred Mineral Resource at Briggs is scheduled to commence in early October. Six deep diamond drill holes for a total of 3,000m are planned, four to expand the existing resource and evaluate the exploration target at Briggs Central, and two to evaluate the exploration target at the Northern Porphyry.