REG - Alien Metals Limited - Fieldwork Restart at Hancock and Drilling at EH

Alien MetalsAnnouncement

10/06/2025 07:00

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RNS Number : 0877M  Alien Metals Limited  10 June 2025

Trading Symbols

AIM: UFO

FWB: I3A1

10 June 2025

 

Alien Metals Limited

("Alien" or the "Company")

 

Fieldwork Restart at Hancock and Diamond Drilling Underway at Elizabeth Hill

 

Alien Metals Ltd (AIM: UFO), a minerals exploration and development company,
is pleased to provide an update on its recent and upcoming activities at the
Hancock Iron Ore Project in Newman, Western Australia ("Hancock") following
its successful capital raise, as announced on 22 May 2025
(https://www.londonstockexchange.com/news-article/UFO/placing-to-raise-ps1-0-million/17051158)
.

Highlights:

·    The exploration team has mobilised to the Hancock Iron Ore Project to
commence a targeted rockchip sampling and assay programme.

·    Field work focus will be on identifying and informing an updated
Exploration Target over the newly awarded Exploration Leases, E47/5157 and
E47/5158, that border the existing Mining Lease at the Company's flagship
Hancock Iron Ore Project.

·    Successful completion of the £1,000,000 placement at an issue price
of 0.08p, as announced on 22 May 2025.

·    Alien's Joint Venture Partner, West Coast Silver Limited (formerly
Errawarra Resources Limited) (ASX: WCE) ("West Coast Silver"), have commenced
diamond drilling at the Elizabeth Hill Silver Project, as announced on 30 May
2025
(https://www.londonstockexchange.com/news-article/UFO/drilling-commences-at-elizabeth-hill-project/17061822)
.

 

·    The Company is pleased to note that West Coast Silver's share price
increased by 42% between Monday 2 June 2025 (closing price A$0.062) and Friday
6 June 2025 (closing price A$0.088). As at 6 June 2025, the Company's 30.5
million West Coast Silver shares (representing 12.1% of West Coast Silver's
issued share capital) had a market value of approximately A$2.7 million.

 

·    West Coast Silver, with a current market capitalisation of
approximately A$23 million, holds a 70% interest in the Elizabeth Hill Silver
Project. Alien Metals retains the remaining 30% free carried through to a
decision to mine, providing significant exposure to one of Australia's
highest-grade historical silver mines without funding dilution.

 

Guy Robertson, Executive Chairman, commented:

"We are pleased to restart exploration at Hancock and to continue building on
the significant value embedded in our Pilbara assets. The support shown in the
Company's recent fundraising will enable us to drive forward the next phase of
exploration and development. Additionally, we believe the share price uplift
of West Coast Silver reflects the growing market recognition of the strategic
value of the Elizabeth Hill Silver Project, in which we retain both equity and
direct project-level exposure as the diamond drilling currently underway."

 

Successful Capital Raise

 

As announced on 22 May 2025, Alien was pleased to report that it had
successfully raised gross proceeds of £1,000,000 (before costs) through the
issue of 1,250,000,000 new common shares at no par value each in the Company
("Common Shares") (the "Fundraise Shares") at an issue price of 0.08p (the
"Placing").

 

In connection with the Placing, the Company issued 416,666,666 warrants to
subscribers, on the basis of one warrant for every three new Fundraise Shares
subscribed. Each warrant entitles the holder to subscribe for one additional
Common Share at an exercise price of 0.12p (representing a 50% premium to the
Placing Price), exercisable for a period of 12 months from the date of
issuance.

 

Proceeds from the fundraise will be directed towards exploration and
development activities at the Hancock Iron Ore Project, general working
capital, and to progress studies relating to the Company's Pinderi Hills
tenement package.

 

Recommencement of Exploration and Development Workstreams

Following Alien's announcement of 21 May 2025
(https://www.londonstockexchange.com/news-article/UFO/hancock-awarded-two-new-exploration-leases/17048188)
, field activities at Hancock have now recommenced following the recent
granting of additional tenements, Exploration Leases E47/5157 and E47/5158 and
completion of internal planning. The Company has issued a Heritage Survey
Notice covering key areas within the newly granted tenements and mobilised
field crews to commence a targeted rock chip sampling and assay programme.
This campaign is designed to inform an updated Exploration Target over the
newly acquired ground, which lies immediately adjacent to the defined JORC
Resource of 8.4Mt @ 60% Fe.

 

Figure 1: Hancock Project Tenement Summary

 

West Coast Silver JV Investment

With diamond drill underway at Elizabeth Hill, Alien is also pleased to note
the strong share price performance of West Coast Silver over the past week,
with an increase of 42% observed between Monday 2 June 2025 (closing price
A$0.062) and Friday 6 June 2025 (closing price A$0.088). This values Alien's
30.5 million West Coast Silver shares at A$2.7 million. Alien maintains a 30%
free-carried interest in the Elizabeth Hill Silver Project joint venture and
holds 12% of the issued share capital of West Coast Silver. This investment
has the potential to deliver significant value upside for Alien shareholders,
with recent market movements likely underpinned by active silver exploration
at Elizabeth Hill and the broader Pinderi Hills project area.

 

For further information, please visit the Company's website at
www.alienmetals.uk (http://www.alienmetals.uk/) or contact:

Strand Hanson (Financial and Nominated Adviser)

James Harris / James Dance / Robert Collins Tel: +44 (0) 207 409 3494

 

Zeus Capital Limited (Joint Broker)

Harry Ansell / Katy Mitchell Tel +44 (0) 203 829 5000

 

Turner Pope (Joint Broker)

Ben Turner / James Pope

Tel: +44 (0) 203 657 0050

 

CMC Markets (Joint Broker)

Douglas Crippen

Tel: +44 (0) 203 003 8632

 

Yellow Jersey (Financial PR)

Charles Goodwin / Shivantha Thambirajah / Zara McKinlay Tel: +44 (0) 203 004
9512

 

Notes to Editors

Alien Metals Ltd is a mining exploration and development company listed on the
AIM market of the London Stock Exchange (AIM: UFO). The Company's focus is on
delivering a profitable direct shipping iron ore operation from it 90%
Hancock iron ore project in the central Pilbara region of Western Australia.
The Hancock tenements currently contain a JORC-compliant resource of 8.4Mt
iron ore @ 60% Fe and offers significant exploration upside which is
targeted to deliver a mining operation of 2Mtpa for 10 years.

These Hancock Project tenements have direct access to the Great Northern
Highway, which provides an essential export route to export facilities at Port
Hedland, from where more than 500Mt of iron ore is exported annually (30% of
global production). The Company also has an interest in two iron ore
exploration projects Brockman and Vivash, located in the West Pilbara.

The Company owns one of Australia's largest PGM deposits, Munni Munni which
hosts a deposit containing a historic resource of 2.2Moz PGM (Palladium,
Platinum, and Rhodium) and Gold. The Company has recently entered into a joint
venture with West Coast Silver Limited for the development of the Elizabeth
Hill Silver Project, located near Karratha in the Pilbara, which consists of
the Elizabeth Hill Mining Lease and exploration tenements surrounding the
historical silver mine which has produced some of Australia's highest-grade
silver ore during the late 1990s.

 

 Hancock Iron Ore Project

 

Table 1: Hancock Iron Ore Project Mineral Resource Table(1)

 

 Classification Category  Prospect     Mass               Average Value

                                       (Million Tonnes)
                          Fe                              SiO(2)       Al(2)O(3)  P     LOI  MnO

                          %                               %            %          %     %    %
 INDICATED                Sirius Ext.  2.8                59.8    3.9  4.09       0.17  5.4  0.05
                          Ridge C      0.7                60.9    4.9  3.27       0.12  3.7  0.03
                          Ridge E      1.0                61.0    5.2  3.30       0.12  3.4  0.02
 Sub Total - Indicated                 4.5                60.2    4.3  3.79       0.15  4.7  0.04
 INFERRED                 Sirius Ext.  3.1                59.6    4.6  3.99       0.17  5.2  0.05
                          Ridge C      0.4                60.8    4.6  3.07       0.14  4.4  0.03
                          Ridge E      0.3                59.8    4.9  3.64       0.17  5.0  0.02
 Sub Total - Inferred                  3.8                59.7    4.6  3.88       0.17  5.1  0.05
 TOTAL                                 8.4                60.0    4.4  3.83       0.17  4.9  0.05

 

1.    Refer AIM: UFO Announcement dated 8 February 2024 'Iron Ore
Development Study delivers excellent project economics'.

 

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