REG - Alien Metals Limited - Results for the Year Ended 31 December 2025
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RNS Number : 5498H Alien Metals Limited 09 June 2026
9 June 2026
Alien Metals Ltd
("Alien Metals" or "the Company")
Financial Results for the Year Ended 31 December 2025
Alien Metals Ltd (AIM:UFO), a minerals exploration and development company,
announces its audited financial results for the year ended 31 December 2025.
The Company's Annual Report for the year ended 31 December 2025 is set out
below and is being sent to shareholders. It will also be available shortly on
the Company's website: www.alienmetals.uk (http://www.alienmetals.uk) .
Highlights
· Transformational year with execution of strategic joint ventures at
the Elizabeth Hill Silver Project and Munni Munni PGM Project, significantly
reducing funding requirements while retaining substantial exposure to future
exploration and development upside
· Elizabeth Hill joint venture completed with West Coast Silver Limited
(ASX: WCE), with Alien receiving A$500,000 cash and 44.5 million West Coast
Silver shares, and retaining a 30% free-carried interest through to a decision
to mine
· Post transaction drilling at Elizabeth Hill delivered exceptional
high-grade silver results and supported an inaugural JORC 2012 Mineral
Resource Estimate of 141,000t @ 617g/t Ag for 2.8Moz contained silver
· Hancock Iron Ore Project continues to demonstrate strong development
potential, supported by an existing JORC Resource of 8.4Mt @ 60% Fe, an
expanded Exploration Target of 12Mt to 27Mt grading 58% to 62% Fe and robust
Development Study economics
· Alien entered 2026 with exposure to a diversified portfolio of
silver, iron ore, platinum group metals, copper, nickel and gold assets,
funded work programmes across partnered projects and ongoing strategic
discussions regarding advancement of the iron ore portfolio
· Munni Munni joint venture with GreenTech Metals Limited (ASX: GRE)
completed in February 2026, with Alien receiving A$500,000 cash and 47 million
GreenTech Metals shares, and retaining a 30% free-carried interest through to
completion of a bankable feasibility study
Bruce Garlick, Chairman of Alien Metals, commented:
"2025 was a transformational year for Alien Metals, with the completion of two
strategic joint ventures that I believe significantly strengthened the
Company's position whilst reducing funding requirements and retaining
substantial future upside. The rapid advancement of Elizabeth Hill and Munni
Munni by our joint venture partners has reinforced the quality of these
assets, while Hancock continues to demonstrate the potential to become a
highly attractive Pilbara iron ore development opportunity. We believe Alien
entered 2026 with strong momentum, a diversified commodity portfolio and
multiple pathways to unlock further shareholder value."
For further information, please visit the Company's website at
www.alienmetals.uk (http://www.alienmetals.uk) or contact:
Alien Metals Limited
Bruce Garlick
Email: ir@alienmetals.uk
Strand Hanson (Financial and Nominated Adviser)
James Harris / James Dance / Edward Foulkes
Tel: +44 (0) 207 409 3494
Turner Pope (Broker)
Andy Thacker / Guy McDougall
Tel: +44 (0) 203 657 0050
IFC Advisory (Financial PR and Investor Relations)
Tim Metcalfe / Graham Herring / Zach Cohen
Tel: +44 (0) 203 934 6632
Note: Unless otherwise stated, all $ figures in this announcement are
expressed in US dollars unless otherwise stated
CHAIRMAN'S STATEMENT
Dear Shareholders,
I am pleased to present the Chairman's statement for Alien Metals Limited (the
"Company", "Alien Metals", or "Alien") for the year ended 31 December 2025
("FY2025").
FY2025 represented a transformational year for the Company, marked by the
successful execution of two joint venture transactions in respect of the
Elizabeth Hill Silver Project and the Munni Munni platinum-palladium
copper-nickel project. These transactions were undertaken to unlock value from
the Company's portfolio while reducing funding commitments and retaining
meaningful long-term exposure to further exploration success, resource growth
and future development outcomes.
I believe these transactions materially strengthened the Company's strategic
position by bringing in technically capable and well-funded partners to
accelerate development activity across key projects, whilst significantly
reducing Alien's direct funding requirements.
At Elizabeth Hill the joint venture with West Coast Silver Limited (ASX:WCE)
("West Coast Silver" or "WCE") resulted in Alien retaining a 30% interest in
the project, free carried for further exploration expenditure through to a
decision to mine, whilst also receiving A$500,000 in cash and 44,500,000
shares in WCE.
Since the completion of the transaction the project has advanced rapidly with
West Coast Silver reporting an inaugural JORC 2012 compliant Mineral Resource
Estimate for Elizabeth Hill of 141,000 tonnes at 617 g/t silver, containing
2.8 million ounces of silver. Importantly, the success of the 2025 drilling
campaigns demonstrated that mineralisation extends materially beyond the
historical workings and remains open along strike and at depth, reinforcing
management's view that Elizabeth Hill has the potential to evolve into a
significantly larger high-grade silver system. Alien retains direct exposure
not only through its 30% retained project interest, but also through its
substantial equity holding in WCE, providing additional leverage to future
exploration and development success.
The Munni Munni joint venture with GreenTech Metals Limited (ASX:GRE)
("GreenTech") similarly represented a highly positive strategic outcome for
the Company. Through the transaction Alien received A$500,000 in cash, 47
million GreenTech shares and a retained 30% interest in the project, free
carried through to completion of a bankable feasibility study.
Munni Munni is one of Australia's most significant undeveloped platinum group
metals ("PGM") systems and provides Alien with exposure to a strategic suite
of commodities including platinum, palladium, rhodium, gold, copper and
nickel. I believe the project is exceptionally well positioned, in particular
against the backdrop of increasing long-term global demand for critical
minerals and battery-related metals.
The speed with which GreenTech commenced drilling and technical programmes
following execution of the transaction has reinforced our confidence in the
partnership. Work undertaken since completion has included substantial
drilling programmes, twin-hole validation drilling, metallurgical work and
preparations for the re-estimation of the historic resource to JORC 2012
standards. The broader Munni Munni district also continues to demonstrate
significant exploration upside across multiple reef systems and structural
corridors.
The Company is encouraged by the quality, technical capability and funding
position of both West Coast Silver and GreenTech. The joint venture structures
established during 2025 allow Alien shareholders to retain substantial
exposure to exploration and development upside across both Elizabeth Hill and
Munni Munni, whilst materially reducing near-term capital requirements and
funding risk for the Company.
Alongside these strategic transactions, Alien's iron ore projects, including
Hancock, Brockman and Vivash, continued to advance and remain an important
part of the Company's portfolio.
The Hancock Iron Ore Project, located in the central Pilbara region of Western
Australia, continues to demonstrate the characteristics of a potentially
valuable near-term development asset. Hancock benefits from a combination of
high-grade iron ore mineralisation, low forecast strip ratios, direct access
to established transport infrastructure and proximity to Port Hedland, one of
the world's premier bulk commodity export hubs.
During 2025, the Company significantly expanded the Hancock project footprint
through the grant of additional tenements, increasing the project area by more
than 50%. Subsequent fieldwork and technical studies supported the definition
of a materially expanded Exploration Target of between 12Mt and 27Mt grading
between 58% and 62% Fe, highlighting the broader scale potential of the
project beyond the current JORC Mineral Resource of 8.4Mt at 60% Fe.
The Board believes Hancock compares favourably with many emerging Pilbara iron
ore development opportunities due to its combination of grade, scale,
infrastructure access and relatively low anticipated development capital
intensity. The February 2024 Development Study continued to underpin the
project during the year, demonstrating robust project economics including a
forecast NPV10 of A$146 million and IRR of 133%.
Importantly, the Board believes Hancock remains well positioned within a
supportive long-term iron ore market environment. While short-term commodity
price volatility remains a feature of global markets, long-term demand for
Pilbara direct shipping ore continues to be underpinned by Asian steel
production, infrastructure investment and the ongoing requirement for secure
supply from Tier 1 mining jurisdictions.
The Company therefore continued to advance discussions with a number of
strategic parties during the year regarding potential funding, development and
partnership opportunities in relation to Hancock and the broader iron ore
portfolio. I believe these discussions validate the quality of the Company's
iron ore assets and their strategic position within the Pilbara region.
In addition to Hancock, Alien continued to progress exploration activities at
both Brockman and Vivash, where work programmes confirmed further high-grade
iron ore potential. At Brockman, rock chip sampling returned grades of up to
65% Fe, supporting the prospectivity for both direct shipping ore and
Canga-style mineralisation. At Vivash, the project's proximity to major
existing Pilbara iron ore operations and infrastructure continues to enhance
its strategic potential.
Conclusion
I believe Alien's diversified commodity exposure is a significant strength of
the Company. Through its retained interests and equity holdings, Alien now has
meaningful exposure to a diversified portfolio of strategic commodities,
including silver, copper, platinum, palladium, nickel and iron ore across
multiple projects and development stages.
The strategic repositioning undertaken during 2025 has significantly reduced
the Company's direct funding burden whilst preserving substantial upside
exposure. I believe Alien now has a stronger platform from which to pursue
value realisation opportunities, strategic transactions and further project
advancement across the portfolio.
Alien entered 2026 with positive momentum, funded work programmes across its
key partnered assets, increasing technical validation of its projects and
continued engagement with strategic counterparties.
On behalf of the Board, I would like to thank our shareholders for their
continued support during what has been a transformational and strategically
important year for the Company.
Bruce Garlick
Executive Chairman
8 June 2026
OPERATING AND FINANCIAL REVIEW
REVIEW OF OPERATIONS
Exploration and development activities during FY2025 were focused on advancing
the Company's portfolio through a combination of strategic joint ventures,
targeted drilling programmes and value realisation initiatives across its
assets in the Pilbara region of Western Australia.
Silver Project
Elizabeth Hill Joint Venture (30% Alien; 70% West Coast Silver)
The Elizabeth Hill Silver Project is located approximately 70km south of
Karratha in the Pilbara region of Western Australia, within the Pinderi Hills
project area and proximal to the historic high-grade Elizabeth Hill silver
mine.
The project was advanced significantly during 2025 following the execution of
the joint venture with West Coast Silver Limited, establishing a capital-light
pathway to accelerate exploration while retaining exposure to upside.
On 24 March 2025, the Company entered into a joint venture and partial sale
agreement comprising the transfer of a 70% interest in the Elizabeth Hill
Mining Lease (M47/342) and associated silver rights. Consideration included
A$500,000 in cash and 44.5 million WCE shares, with Alien retaining a 30%
free-carried interest through to a decision to mine.
Following completion, WCE commenced an extensive drilling campaign in May
2025. Initial diamond drilling (~1,500m) delivered exceptional high-grade
silver results, confirming the presence of a robust mineralised system. Key
intercepts included:
· 21m @ 1,047g/t Ag (including 1m @ 15,071g/t Ag); and
· 15m @ 723g/t Ag.
Subsequent drilling programmes during July and August 2025 confirmed strong
continuity of mineralisation and returned bonanza-grade results of up to
10,049g/t Ag. These results demonstrated that mineralisation extends beyond
historical workings and remains open along strike and at depth.
A second phase of drilling commenced on 9 October 2025 targeting near-surface
and down-plunge extensions, supported by electromagnetic and magnetic surveys
to refine targeting.
Regional exploration was further advanced through an air core drilling
programme commencing on 13 November 2025 (~2,500m), which identified
additional near-mine and regional targets, highlighting the broader scale
potential of the system.
Collectively, drilling throughout 2025 confirmed visible native silver
mineralisation and demonstrated that Elizabeth Hill is a growing high-grade
silver system with significant expansion potential.
The Elizabeth Hill deposit is historically recognised as one of Australia's
highest-grade silver mines, having produced approximately 1.2Moz of silver at
an average grade of 2,195 g/t Ag between 1998 and 2000. This historical
production, combined with recent drilling results, demonstrates the high-grade
nature of the mineralisation and the exploration potential scale of the
system.
At the date of publication, Alien holds a 30% interest in Elizabeth Hill and
holds 30.5 million shares in West Coast Silver (representing an 8.7% interest
in the issued share capital of West Coast Silver).
Planned 2026 Activities:
Following the release of the inaugural JORC 2012 Mineral Resource Estimate for
Elizabeth Hill of 141kt @ 617g/t Ag for 2.8Moz, West Coast Silver has outlined
a Growth and Development Plan aimed at advancing the project toward near term,
low-capex production. The 2026 programme includes up to 4,000m of RC drilling
to test near-surface mineralisation extensions, up to 2,000m of diamond
drilling to test down-dip and down-plunge targets, geophysical work near-mine
exploration, metallurgical test work, mine planning, financial modelling and
start-up costing. The work is intended to support resource conversion from
Inferred to Indicated, resource expansion, a scheduled Q4 2026 MRE update and
progression of the Elizabeth Hill Scoping Study.
PGE Project
Munni Munni Joint Venture (30% Alien; 70% GreenTech)
The Munni Munni Project is located approximately 80km south of Karratha in the
West Pilbara region of Western Australia and hosts one of Australia's largest
undeveloped platinum group metals (PGM) systems within a large layered
mafic-ultramafic intrusion.
The project hosts a historical JORC (2004) resource of approximately 24Mt at
2.9g/t for 2.2Moz of PGM and gold, comprising palladium, platinum, gold and
rhodium. The project was repositioned during 2025 through the execution of a
strategic joint venture with GreenTech, providing a pathway to advance the
project while retaining exposure to development upside.
A competent person has not undertaken sufficient work to classify the
historical estimate as a current Mineral Resource and it should not be relied
upon as such.
In December 2025, the Company entered into a joint venture agreement under
which GreenTech acquired a 70% interest in the project with the option to
divest an additional 10%. Alien retains a 30% free-carried interest through to
completion of a bankable feasibility study. Consideration included $0.3
million in cash and 47 million GreenTech shares.
GreenTech subsequently completed a $2.8 million capital raising to fund
exploration and technical work programmes, enabling rapid advancement of the
project.
A Phase 1 drilling programme (~6,000m RC and diamond drilling) commenced in
December 2025, focused on validating historical drilling and supporting
conversion of the existing resource to JORC (2012) standards. Initial work has
prioritised the Ferguson Reef, targeting both infill and step-out drilling to
improve resource confidence and assess expansion potential.
In parallel, metallurgical and geological studies were initiated to support
development scenarios, including assessment of both open pit and underground
mining options.
The broader Munni Munni tenement package (~346km²) provides significant
district-scale upside, with multiple targets identified across the intrusion
for additional PGM, nickel and copper mineralisation, including structural
corridors and parallel reef systems.
Planned 2026 Activities:
Assay results from the Phase 1 Munni Munni drilling programme have
demonstrated thicker zones of PGE-Cu-Ni mineralisation across the Ferguson
Reef, including shallow high-grade zones and broader copper-nickel mineralised
envelopes. The results, together with twin-hole drilling and historic core
resampling, are expected to support validation of the historic drilling
database and the re-estimation of the Munni Munni Resource in accordance with
the JORC Code 2012. Further work planned for 2026 includes ongoing exploration
and drilling, metallurgical test work, and open pit and underground mining
studies, aimed at advancing the project toward a development pathway and
feasibility study.
Iron Ore Projects
Hancock Project
The Hancock Iron Ore Project is located approximately 20km northwest of Newman
in the central Pilbara region of Western Australia, with direct access to the
Great Northern Highway and established export infrastructure at Port Hedland
(~300km north).
The project continued to advance toward development and potential value
realisation during 2025 through a combination of tenement expansion, technical
work programmes and strategic partner engagement.
On 9 April 2025, the Company strengthened its development capability with the
appointment of an experienced project development team to assess development
pathways and optimise project outcomes.
The project footprint was expanded following the grant of Exploration Licences
E47/5157 and E47/5158 on 21 May 2025, increasing the total project area by
more than 50% to approximately 63km².
Subsequent fieldwork, including mapping and rock chip sampling programmes
recommenced in June 2025, supporting the definition of a significantly
expanded Exploration Target. On 3 July 2025, an Exploration Target of 12-27Mt
grading between 58% and 62% Fe was defined, highlighting the scale potential
of the project beyond the existing 8.4Mt JORC Mineral Resource.
The February 2024 Development Study continues to underpin the project,
demonstrating robust economics including a JORC Resource of 8.4Mt @ 60% Fe,
NPV₁₀ of A$146 million, IRR of 133% and low initial capital requirements.
During the year, the Company progressed infrastructure, permitting and Native
Title engagement activities in parallel with ongoing discussions with
potential strategic and funding partners to advance development or pursue
value realisation pathways.
Planned 2026 Activities:
Planned work programmes include targeted drilling to support resource
conversion, mine planning and optimisation studies, alongside continued
engagement with potential partners to progress the project toward development.
Brockman
The Brockman Project is located approximately 80km northwest of Tom Price in
the Pilbara region of Western Australia and is prospective for high-grade
direct shipping ore (DSO) iron mineralisation.
Exploration during 2025 focused on advancing drill-ready targets and
confirming the potential for high-grade mineralisation within the Brockman
Iron Formation. Rock chip sampling programmes returned grades of up to 65% Fe,
supporting the prospectivity of both primary DSO and Canga-style
mineralisation.
Heritage surveys and Program of Works approvals were completed, enabling
progression to drill.
Planned 2026 Activities:
Initial drilling is planned to test priority targets, alongside continued
geological work to refine and expand the target pipeline.
Vivash Gorge Project
The Vivash Gorge Project is located approximately 100km northeast of Tom Price
in the Pilbara region of Western Australia, adjacent to Fortescue Metals
Group's iron ore operations, with mineralisation interpreted to extend toward
the Company's tenement.
Exploration during 2025 focused on geological interpretation, field
reconnaissance and target generation, supported by technical studies. The
proximity to established infrastructure within the Pilbara iron ore corridor
enhances the project's development potential.
Planned 2026 Activities:
Planned work programmes include further geological assessment and preparation
for drilling to define the extent and continuity of iron mineralisation.
Outlook
Looking ahead, Alien is well positioned following a transformational year of
significant strategic progress, including execution of joint ventures at both
Elizabeth Hill and Munni Munni, establishing a capital-light model to advance
its key assets while retaining meaningful exposure to exploration and
development upside.
At Elizabeth Hill, West Coast Silver announced an inaugural JORC 2012 Mineral
Resource Estimate of 2.8Moz silver from 141,000t at 617g/t Ag, providing an
initial Mineral Resource foundation for the project. Pit optimisation
confirmed Reasonable Prospects for Eventual Economic Extraction within a
compact open pit on a granted Mining Lease, while mineralisation remains open
along strike and at depth, with further upside from near-mine and regional
targets. Ongoing drilling and geophysics are expected to support resource
conversion, potential resource growth and further economic studies during
2026, representing a key value catalyst for the Company. Importantly, this
work is being funded by the joint venture partner WCE, allowing Alien to
benefit from continued progress at no cost.
At Munni Munni, the joint venture with GreenTech provides a pathway to unlock
the value of one of Australia's largest undeveloped PGM systems. The fully
funded drilling programme commenced in late 2025 is expected to support
resource upgrade and expansion, alongside metallurgical test work and
development studies. With increasing global focus on critical minerals, the
project is well positioned to attract further strategic interest as it
advances toward feasibility.
Hancock remains a core asset with significant development potential, supported
by a robust Development Study and an expanded exploration footprint. The
Company continues to progress permitting, technical work and targeted
exploration while actively engaging with strategic and funding partners to
advance a value-maximising outcome.
Across the broader portfolio, exploration programmes at Brockman and Vivash
are expected to progress drill targeting and further define the potential for
additional iron ore mineralisation within the Pilbara.
Commodity markets remain supportive, with continued strength in silver and
resilient demand for iron ore, while platinum group metals and battery-related
commodities continue to benefit from long-term structural demand. Against this
backdrop, Alien's diversified portfolio provides exposure to multiple
high-value commodities at different stages of development.
With funded work programmes across its key assets, strong partners, and
multiple pathways to value realisation, the Company entered 2026 with positive
momentum and a clear focus on delivering shareholder value through exploration
success, resource growth and strategic transactions.
TRADITIONAL OWNERS
Alien would not be able to operate successfully without the support of the
Traditional Owners and the local communities in which we operate. We continue
to build trust and respect between Alien and our key stakeholders through
transparency, listening, acting on concerns, and looking for innovative and
sustainable ways of ensuring that the Traditional Owners are participating in
the journey to explore and develop, responsibly and sensitively. We are
working closely with our Native Title holders to identify mutually supportive
initiatives which will see a growing range of business and employment
opportunities being developed and importantly ensuring that the local
community has the capability and opportunity to grow with the Company.
FINANCIAL RESULTS AND CONDITION
For the financial year ended 31 December 2025, the Company recorded a loss of
$694,000 (2024: loss of $1,555,000) and a basic and diluted loss per share of
US cents 0.00814 (2024: loss per share of US cents 0.0225).
During the year, Alien strengthened its financial position through a £1
million capital raising completed in May 2025 via the placement of
1,250,000,000 shares at 0.08 pence per share. The placing included 416,666,666
warrants at an exercise price of 0.12 pence, exercisable over 12 months,
together with 212,500,000 broker warrants issued at the placing price.
In December 2025, the Company completed a further placing, raising £1.8
million through the issue of 2,000,000,000 new shares at a price of 0.09 pence
per share. The placing included 666,666,666 warrants on the basis of one
warrant for every three shares, exercisable at 0.135 pence for a period of 12
months, together with 200,000,000 broker warrants issued at the placing price.
Subsequent to year end, the Company received £165,702 from the exercise of
138,084,834 warrants at 0.12 pence, £8,000 from the exercise of 10,000,000
warrants at 0.008 pence and a further £36,500 from the exercise of
27,037,037 warrants at 0.135 pence.
On 15 December 2025, the Company amended its convertible loan with Bennelong
Capital. The amendment was assessed under IFRS 9 and accounted for as a
modification rather than an extinguishment of the original financial
liability. As part of the amendment, A$500,000 of the loan was converted into
equity through the issue of 277,777,777 ordinary shares at 0.09 pence per
share, with the maturity of the remaining balance extended to 30 June 2026.
Subsequent to the year end, a further A$500,000 was repaid in cash, leaving an
outstanding balance of A$318,623, before accrued interest.
As discussed in the Review of Operations, the Group completed a number of
significant portfolio transactions during the year which had a material effect
on its financial results and year-end financial position.
The Group disposed of a 70% interest in Elizabeth Hill, resulting in a loss on
disposal of $948,000, and entered into related arrangements with West Coast
Silver in respect of silver exploration rights, under which WCE acquired a 70%
interest and will fund 100% of future expenditure under the relevant
agreements. Consideration included 44.5 million WCE shares, of which 14
million were sold on Completion, valued at A$378,000 before costs. The
remaining 30.5 million WCE shares held at 31 December 2025 were remeasured to
fair value, giving rise to a gain of $3,892,000.
In December 2025, the Group also entered into an agreement with GreenTech to
sell a 70% interest in the Munni Munni tenements. As GreenTech shareholder
approval was received after year end, the FY2025 effect of this transaction
was limited to reclassification of the relevant asset to current assets held
for sale, with no profit or loss impact in the current year because the fair
value was higher than the carrying amount.
The Group has a working capital surplus of $10,293,000 at 31 December 2025
(2024: deficit of $1,076,000) and had net cash inflows of $1,714,000 (2024:
net cash outflow of $428,000) for the year then ended. The working capital
surplus at 31 December 2025 reflects the Group's balance sheet position at the
year end. However, as set out in the Directors' Report and note 1.7, the
Directors' cash flow forecasts for the going concern assessment period
indicate that the Group's existing cash resources alone are not sufficient to
cover projected expenditure for the 12 months from the date of approval of the
financial statements.
The forecasts assume that:
· in accordance with the provisions of the convertible loan note, the
outstanding balance is repaid in full by 30 June 2026;
· the Group will maintain exploration expenditure across its other
projects; and
· additional liquidity will be available from the exercise of warrants
and/or the realisation of listed investments or via an equity investment.
Because those forecast inflows are not wholly within the Group's control, the
Directors concluded that a material uncertainty exists which may cast
significant doubt on the Group's ability to continue as a going concern,
although the financial statements have nevertheless been prepared on a going
concern basis.
BOARD CHANGES
During the year, the Company implemented several Board and management changes
to support the next phase of its development strategy.
On 11 September 2025, Belinda Murray was appointed Executive Director and
Bruce Garlick was appointed Non-Executive Director of the Company,
strengthening the Board with additional corporate, operational and capital
markets experience aligned with the Company's strategic focus.
As part of this transition, Guy Robertson (Executive Chairman) and Robert
Mosig (Non-Executive Director) stepped down from the Board with effect from 1
October 2025 and continued to assist the Company during a transition period
through to 10 December 2025.
On 16 December 2025, Michael Carter was appointed as an independent
Non-Executive Director, further strengthening the Board with additional
corporate finance and capital markets expertise.
Post-year end, on 21 January 2026, Bruce Garlick was appointed as Executive
Chairman of Alien. As part of Mr Garlick's transition from Non-Executive
Director to Executive Chairman, Belinda Murray resigned as a Board member on
21 February 2026. Bruce has over thirty years' experience in the mining
industry, both in Australia and internationally.
DIRECTORS' REPORT
The directors present their Report, together with the Financial Statements and
Independent Auditor's Report of the Group comprising Alien Metals BVI ("the
Company", or "Alien") and its controlled entities ("the Group") for the year
ended 31 December 2025.
DIRECTORS
The names of the directors who held office at any time during the financial
year and up to the date of this report are noted below. Dates of appointment
and resignation are shown where applicable.
Bruce Garlick Executive Chairman Appointed 21 January 2026
Served as Non-Executive Director from 11 September 2025
Elizabeth Henson Non-executive Director Appointed 4 August 2023
Michael Carter Non-executive Director Appointed 16 December 2025
Belinda Murray Non-executive Director Appointed 11 September 2025; Resigned 21 February 2026
Guy Robertson Executive Chairman Appointed 26 April 2023; Resigned 1 October 2025
Robert Mosig Non-Executive Director Appointed 15 March 2024; Resigned 1 October 2025
PRINCIPAL ACTIVITIES
During the financial year, the principal activities of the Group consisted of
the exploration and evaluation of its mineral projects in Western Australia,
principally in the Pilbara region, together with the advancement of selected
assets through strategic joint venture and farm-out arrangements.
BUSINESS REVIEW
A detailed review of the business of the Group during the year and an
indication of the likely future developments may be found in Chairman's Report
and Review of Operations on pages 1 to 10.
Principal risks and uncertainties are discussed on pages 14 to 22.
ENVIRONMENTAL REGULATIONS
The Group conducts its exploration and evaluation activities in accordance
with applicable laws and regulations in Western Australia. The Directors are
not aware of any material breaches of environmental or other regulatory
requirements during the year.
DIVIDENDS
The Directors recommend that no dividend be paid for the year ended 31
December 2025 (2024: Nil).
DIRECTORS' INTERESTS IN SHARES AND OPTIONS
The Directors serving at 31 December 2025 had the following beneficial
interests in the ordinary shares of the Company, and in options over ordinary
shares. There were no changes in any Director's shareholdings, options or
warrants during the year.
Director Ordinary shares Options
at 31 December 2025 at 31 December 2025
Bruce Garlick - -
Elizabeth Henson 14,455,722 65,000,000
Belinda Murray - -
Michael Carter - -
Further details on options are set out in note 19 to the financial statements.
Directors' remuneration is disclosed in note 8.
SUBSTANTIAL SHAREHOLDERS
The substantial shareholders with more than a 3% shareholding at 31 December
2025 are shown below:
Percentage
HARGREAVES LANSDOWN (NOMINEES) LIMITED 22.54%
INTERACTIVE INVESTOR SERVICES NOMINEES LIMITED 15.35%
HSDL NOMINEES LIMITED 8.59%
VIDACOS NOMINEES LIMITED 6.78%
JIM NOMINEES LIMITED 6.58%
LAWSHARE NOMINEES LIMITED 5.60%
PERSHING NOMINEES LIMITED 5.49%
BARCLAYS DIRECT INVESTING NOMINEES LIMITED 3.84%
FISKE NOMINEES LIMITED 3.75%
The shareholdings disclosed represent cumulative nominee holdings, which
aggregate positions held on behalf of multiple underlying beneficial owners.
As such, the balances do not reflect individual shareholder interests. To the
best of the directors' knowledge, based on notifications received by the
Company as at 31 December 2025, Bennelong Resource Capital Pty Ltd held
6.37% and Northern Standard Limited held 3.75% of the Company's voting rights.
No other beneficial/voting-rights holder was known to hold more than 3%, and
no beneficial/voting-rights holder was known to hold more than 10%, as at 31
December 2025.
SHARES UNDER WARRANT OR OPTION
Unissued ordinary shares of Alien Metals Limited under option at the date of
this report are as follows:
Grant date Expiry date Exercise price Number
Pence under option
26-Sep-22 26-Sep-26 0.80 65,000,000
26-Sep-22 26-Sep-26 1.00 72,500,000
26-Sep-22 26-Sep-26 1.20 80,000,000
26-Sep-22 26-Sep-26 1.40 72,500,000
07-Jul-23 31-Jul-27 0.72 22,500,000
07-Jul-23 31-Jul-27 0.90 30,000,000
07-Jul-23 31-Jul-27 1.08 37,500,000
07-Jul-23 31-Jul-27 1.26 37,500,000
420,000,000
Unissued ordinary shares of Alien Metals Limited under warrant at the date of
this report are as follows:
Grant date Expiry date Exercise price Number
pence under warrant
26-Sep-22 07-Jul-26 0.70 10,000,000
01-Apr-24 18-Apr-27 0.1675 25,000,000
26-Jul-24 06-Aug-27 0.11 27,272,727
16-Dec-25 16-Dec-26 0.135 639,629,628
16-Dec-25 16-Dec-28 0.09 200,000,000
16-Dec-25 16-Dec-28 0.135 302,777,777
1,204,680,132
No person entitled to exercise the options or warrants had or has any right by
virtue of the option to participate in any share issue of the Company or of
any other body corporate.
KEY PERFORMANCE INDICATORS ("KPIs")
The Board monitors the activities and performance of the Group on a regular
basis. The Board uses financial indicators based on budget versus actual to
assess the performance of the Group. The indicators set out below will be used
by the Board to assess performance over the period.
The four main KPIs for the Group are as follows. These allow the Board to
monitor costs and plan future exploration, evaluation and development
activities.
2025 2024
$'000 $'000
Cash and cash equivalents ($) 1,950 224
Other financial assets 5,191 -
Administrative expenses as a percentage of total assets (%) 9% 8%
Exploration costs capitalised during the year ($) 739 1,268
PRINCIPAL RISKS AND UNCERTAINTIES
Risks are formally reviewed by the Board, and appropriate processes are put in
place to monitor and mitigate them. If more than one event occurs, it is
possible that the overall effect of such events would compound the possible
adverse effects on the Group.
The financing, exploration, development and mining of any of the Company's
properties is subject to several factors including the price of copper,
silver, gold, lead, iron ore and zinc, laws and regulations, political
conditions, currency fluctuations, environmental regulations, hiring and
retaining qualified people and obtaining necessary services in jurisdictions
where the Company operates.
The Board periodically carries out robust assessments of the emerging and
principal risks facing the Company including those that would threaten its
business model, future performance, solvency or liquidity. The assessment
includes a review of all material controls including those which are related
to finance, operations and compliance.
The Board effectively acts as the Audit Committee and is responsible for
monitoring the effectiveness of the Company's risk management and internal
control systems. This includes reviewing the principal risks and uncertainties
facing the Company, assessing the adequacy of related controls and mitigation
measures, and overseeing financial reporting, internal control and compliance
matters.
Alien Metals operates with a small team of key personnel and with open lines
of internal communication. Where new risks are identified, they are reported
to the Company Secretary or the Board. Where practicable, a method of
mitigation is determined, and the risk together with any form of mitigation is
presented to the Board for discussion.
The following is a brief discussion of those distinctive or special
characteristics of the Company's operations and industry which may have a
material impact or constitute risk factors in respect of the Company's future
financial performance.
KEY RISK DESCRIPTION OF RISK MITIGATING FACTORS
STRATEGIC RISKS
Exploration, development and future acquisitions The Group's operations are subject to all the hazards and risks incidental to Mineral concessions and project opportunities are evaluated carefully by
exploration, development and the production of minerals, including damage to qualified geologists and management, with independent technical, legal and
life or property, environmental damage and legal liability, which could have a other advisors engaged where appropriate. The Board and management team have
material adverse impact on the business and its financial performance. The significant experience operating in Australia and assessing resource sector
Group may seek to acquire additional mining concessions or projects in opportunities.
Australia or elsewhere. There can be no assurance that suitable opportunities
will be available on acceptable terms or that any acquired projects will
ultimately prove to be economically viable. Exploration and development
programmes entail risks relating to the identification of economic ore bodies,
metallurgical performance, mine design, permitting, construction and
commissioning. If the Group's existing concessions are deemed by management
not to warrant further exploration or development, and the Group is
unsuccessful in identifying or acquiring suitable new projects, the Group may
have limited growth opportunities.
Reserve and resource estimation The Group has announced its maiden mining reserve and associated mining The Group has received an independent assessment of the reserve and resource
inventory. There can be no assurance that future exploration programmes will potential of the Hancock project and believes there is potential to delineate
result in the delineation of additional mineral resources or reserves, or that additional mineral resources in accordance with the JORC Code. Estimates are
existing estimates will prove to be accurate. Reserve and resource estimates prepared and reviewed by appropriately qualified personnel, with independent
are based on assumptions regarding geological continuity, grade, mining advisors engaged where appropriate. Ongoing drilling, sampling and technical
methods, metallurgical recovery, commodity prices, costs and other modifying studies are undertaken to refine the Group's geological understanding and
factors. Changes to these assumptions, or new information obtained through supporting assumptions.
exploration, drilling, mining or test work, may result in revisions to
reported resources and reserves and could have a material adverse effect on
the Group's operations, financial position and prospects.
Mineral concessions and title risk In relation to exploration and mining concessions over which the Group holds The Group is aware of minimum expenditure, reporting and rental obligations
legal rights, failure to comply with the specific terms of those concessions associated with its exploration and mining permits and seeks to maintain
or with applicable mining law may result in fines, suspension, revocation or compliance with those obligations. Prior to entering into agreements relating
other penalties, any of which could have a material adverse effect on the to mineral concessions, formal searches and reviews of legal documentation are
Group's operations and proposed operations. There can also be no assurance undertaken, with legal and tenement due diligence outsourced to specialist
that applications for new tenements, renewals, conversions, transfers or other practitioners where appropriate.
rights will be granted as expected or within the required timeframe
Joint venture and counterparty risk The Group has joint ventured certain projects and may in future enter into The Group undertakes commercial, legal and technical due diligence before
additional joint ventures, earn-in arrangements, royalties, farm-in agreements entering into material agreements and seeks to document clearly the parties'
or other strategic transactions. Such arrangements expose the Group to rights and obligations. The Board and management team have experience
counterparty risks, including failure to fund committed expenditure, negotiating and managing joint venture and commercial arrangements in the
non-performance, disputes regarding work programmes or ownership interests, mining sector. Counterparty performance and compliance with key contractual
differing strategic objectives, insolvency of a counterparty, or delays in obligations are actively monitored.
project execution and decision-making. Any such event may delay exploration or
development activities, increase costs, dilute the Group's interest or
adversely affect the Group's ability to realise value from its projects.
FINANCIAL RISKS
Requirement for additional funding Failure to obtain sufficient financing for the Group's projects may result in The Group has an experienced Board and management team with significant
delays or the indefinite postponement of exploration, development or experience in financing mining activities. The Group has been successful in
production activities, or even the loss of interests in concessions or raising funds in the past and intends to raise additional funds in future to
projects. Additional financing may not be available when required or, if support the ongoing development of the business, where required.
available, may only be obtainable on terms that are unfavourable to the Group
and potentially dilutive to shareholders. In the absence of adequate funding
or cost reductions, the Group may not be able to continue as a going concern.
Liquidity risk The Group's approach to managing liquidity risk is to seek to ensure that it Cash balances and cash flow projections are reviewed by the Board on a regular
has sufficient liquidity to meet liabilities when due. Accounts payable are basis. The Board does not commit to material expenditure unless it is
generally subject to normal trade terms and short contractual maturities. In satisfied that sufficient funding is available or reasonably expected to be
the short term, liabilities are expected to be funded by available cash available.
resources and, where necessary, additional funding.
Capital management risk The Group's objective when managing capital is to safeguard its ability to To maintain or adjust the capital structure, the Group may issue new shares,
continue as a going concern and to maintain access to adequate funding for its obtain debt funding, amend expenditure programmes or sell assets. Management
exploration and development projects so that it can provide returns for regularly reviews cash flow forecasts to assess whether the Group has
shareholders and benefits for other stakeholders. The Group manages its sufficient cash reserves to meet future working capital requirements and take
capital structure in light of changes in economic conditions and the risk advantage of business opportunities.
characteristics of its underlying assets.
Financial instrument market risk The Group may be exposed to market risk in relation to certain financial The Group monitors the nature and extent of its exposure to market movements
instruments, including convertible instruments, options, warrants and in relation to financial instruments. The Group does not currently consider
investments. Changes in market conditions may affect the fair value of such this exposure to be material.
instruments and could impact the Group's financial results.
Foreign currency risk The Group's exploration and administration expenditure is principally incurred The Group does not currently hedge foreign exchange risk. At year end, most of
in Australian dollars, and it is therefore exposed to movements in exchange the Group's cash resources were held in Australian dollars, which reduced
rates. In addition, movements in pounds sterling, Australian dollars and other transactional foreign exchange exposure. Management monitors foreign currency
relevant currencies may affect the presentation of the consolidated statement exposures on an ongoing basis.
of financial position when the net assets of subsidiaries and the parent
company are translated into the Group's reporting currency.
Credit risk The Group's credit risk is primarily attributable to cash balances and the The Group seeks to place cash deposits with well-capitalised financial
financial stability of the institutions holding those funds. The Group's institutions with appropriate credit standing and monitors its exposure to
maximum exposure to credit risk is therefore largely limited to its cash financial counterparties on an ongoing basis.
deposits.
Investment risk The Group may from time to time hold shares or other interests in listed or The Group monitors the performance and liquidity of its investments and has
unlisted mining companies or resource sector investments. There may not always previously been successful in realising value from investments where
be a liquid market for such investments, and it may not always be possible to appropriate.
realise value at the optimum time or price.
EXTERNAL RISKS
Commodity price risk The Group's ability to obtain further financing and the economic viability of The Group monitors commodity price trends and market conditions as part of its
its projects may depend in part on the market prices of commodities including project evaluation, budgeting and capital allocation processes. The Group does
iron ore, copper, silver, lead and zinc. The Group's resources, reserves and not currently hedge its exposure to commodity prices.
financial results may be materially affected by fluctuations in commodity
prices, over which the Group has no control. A sustained reduction in
commodity prices may prevent the Group's properties from being economically
mined, result in the curtailment of activities, or lead to the impairment or
write-off of assets.
Regulatory, fiscal and legal change risk The Group may be adversely affected by changes in mining, environmental, The Board and management monitor legal and regulatory developments relevant to
heritage, employment, taxation, royalties, foreign investment or other laws the Group's activities and seek external advice where appropriate. The
and regulations in the jurisdictions in which it operates. Such changes could Directors consider Australia to be a relatively stable jurisdiction for
affect the Group's costs, project timing, ability to obtain approvals and responsible resource development, although regulatory policy changes may still
overall project economics. affect the Group's operations and project economics.
Geopolitical and macroeconomic risk Although the Group operates in Australia, it may be adversely affected by The Group monitors macroeconomic and geopolitical developments as part of its
broader geopolitical instability, including war, armed conflict, sanctions, planning and funding activities and seeks to maintain financial and
trade disputes, terrorism or significant international political tensions. operational flexibility where practicable. The Group's assets are located in
Such events may impact commodity prices, investor sentiment, capital Australia, which reduces direct sovereign exposure relative to some other
availability, inflation, foreign exchange rates, fuel and energy prices, mining jurisdictions.
supply chains, shipping and the availability or cost of contractors,
consumables and equipment. Global economic uncertainty may also adversely
affect the Group's ability to finance and develop its projects.
Climate change and severe weather risk The Group's operations and projects may be adversely affected by The Group considers climatic and environmental factors in project planning and
climate-related risks, including acute physical risks such as cyclones, operational decision-making and seeks to maintain appropriate health, safety
flooding, bushfires, storms, extreme heat and other severe weather events, as and environmental controls. The Board and management monitor regulatory
well as chronic changes in climatic conditions. Such events may disrupt access developments and stakeholder expectations relevant to climate and
to project areas, damage infrastructure, delay exploration and development environmental matters. Site activities and work programmes are planned with
activities, affect the availability or cost of water and energy, and increase regard to seasonal and weather-related conditions where practicable.
rehabilitation and operating costs. The Group may also be exposed to
transition risks arising from evolving regulation, stakeholder expectations,
reporting obligations and market requirements relating to greenhouse gas
emissions, environmental performance and decarbonisation.
OPERATIONAL RISKS
Reliance on contractors and service providers The Group relies on contractors and third-party service providers to implement The Group has operated in Australia for several years and has established
exploration and development programmes. Failure by a contractor or service relationships with a range of contractors and service providers. Contractor
provider to perform its services properly, safely, on time or within budget performance is monitored as part of project execution and management
could delay operations, increase costs or have a materially adverse effect on oversight.
the Group.
Key personnel The Group's business is dependent on retaining the services of a relatively The Board effectively operates as the Nomination and Remuneration Committee
small number of key personnel of the appropriate calibre as the business and is responsible for succession planning and ensuring remuneration is
develops. The success of the Group is and will continue to be dependent to a sufficient to attract and retain personnel of the necessary calibre. The Group
significant extent on the expertise and experience of its directors and senior has demonstrated an ability to attract new directors and personnel when
management. The loss of one or more of these individuals could have a required.
materially adverse effect on the Group. The Group does not currently maintain
key person insurance.
Native title, heritage, land access and community relations risk The Group's exploration and development activities may be affected by native The Group seeks to engage with relevant stakeholders in a timely and
title rights and interests, Aboriginal heritage protections, pastoral and land respectful manner and to comply with applicable native title, heritage and
access arrangements, and the need to maintain constructive relationships with land access requirements. Specialist legal, heritage and other advisers are
traditional owners, landholders, local communities and other stakeholders. engaged where appropriate. The Group aims to maintain appropriate policies and
Delays in obtaining heritage clearances, negotiating access arrangements or procedures to support responsible engagement, access planning and compliance.
securing stakeholder support may restrict or delay the Group's ability to
undertake exploration, development or mining activities. Changes in applicable
laws, regulations or stakeholder expectations may also increase costs or
impose additional obligations.
Environmental risk The Group's operations are subject to environmental regulation in the The Group has an experienced Board and management team with awareness of these
jurisdictions in which it operates. Such regulation covers a wide variety of risks. Concessions are evaluated carefully prior to acquisition for
matters including prevention of waste, pollution control, land disturbance, environmental issues and consultants are engaged to advise on specific risks
environmental protection, labour matters and health and safety. The Group may where appropriate. The Group seeks to maintain appropriate environmental
be subject to clean-up costs and liability for toxic or hazardous substances controls and procedures and has a strong environmental compliance record.
that may exist on or under properties covered by its concessions or that may
be produced in the course of its operations. Failure to comply with
environmental laws, regulations or licence conditions, or failure to obtain or
maintain environmental approvals, may result in penalties, suspension of
activities, closure of operations and/or revocation of concessions.
Rehabilitation, closure and environmental liability risk The Group may incur significant costs and liabilities associated with The Group considers rehabilitation and environmental obligations in project
environmental rehabilitation, mine closure obligations, legacy issues and planning and operational activities and seeks to comply with applicable
compliance with environmental conditions attached to its concessions and environmental laws, licence conditions and reporting requirements. Management
approvals. Estimates of rehabilitation and closure costs are inherently reviews environmental obligations on an ongoing basis and engages specialist
uncertain and may change over time as a result of changes in laws, operating advisers when appropriate.
plans, disturbance footprints, technical assumptions, environmental conditions
or stakeholder expectations. Any increase in such liabilities may have a
material adverse effect on the Group's financial position and results.
Regulatory approvals and permitting The operations of the Group require approvals, licences and permits from The Group has significant experience operating in Australia and believes that
various regulatory and governmental authorities. There can be no guarantee it holds, or will be able to obtain, the approvals, licences and permits
that the Group will be able to obtain, maintain or renew all necessary required under applicable laws and regulations in respect of its current
approvals, licences and permits required to explore, develop or operate its projects. The Group uses internal and external expertise to support permitting
projects, or that these will be granted within the timeframe anticipated by processes where appropriate.
the Group. Delays or failures in obtaining such approvals may adversely affect
project timing, costs and viability.
Infrastructure, logistics and supply chain risk The Group's activities may depend on the availability of contractors, The Group seeks to use experienced contractors and service providers and to
equipment, transport, fuel, power, water and other infrastructure and plan procurement and logistics requirements in advance where practicable.
services. Disruptions to supply chains, shortages of labour or equipment, Management monitors key supply, access and infrastructure dependencies as part
transport constraints, power interruptions, fuel price increases or other of project planning and budgeting.
infrastructure limitations may delay exploration, development or production
activities and increase costs.
Competition The Group competes with numerous other companies and individuals in the search The Group and its management team have significant experience in mining
for and acquisition of mineral claims, leases and other mineral interests, as operations in Australia. Through its experience, relationships and track
well as for the recruitment and retention of qualified employees and record, the Group seeks to position itself as a credible and lower-risk
contractors. There is significant competition for mineral opportunities and counterparty in competitive situations.
skilled personnel and, as a result, the Group may be unable to acquire further
mineral concessions or retain key resources on acceptable terms.
Conflicts of interest Certain directors and officers of the Group may also serve as directors or The Group's Articles of Association set out the framework for dealing with
officers of other companies involved in mineral exploration and development, conflicts of interest. Directors are required to disclose relevant interests
including entities that may be involved in joint venture arrangements with the and, where appropriate, abstain from voting on the relevant matter. The Board
Group. Consequently, there is the potential for conflicts of interest to considers potential conflicts as part of its review of material arrangements,
arise, including in relation to joint venture negotiations, funding decisions, including joint venture arrangements.
operational matters, project opportunities or transactions. Any such conflicts
may affect decision-making or the allocation of opportunities between the
Group and other entities.
Health and safety The Group operates in an environment with work-related hazards and risks of The Group has established and published health, safety, environmental and
injury and accident. Its activities therefore require a comprehensive health community relations policies and seeks to maintain clear safe operating
and safety programme and a commitment to continuous improvement, including procedures covering its activities. Active participation of staff and
learning from incidents, updating procedures and encouraging staff and contractors in the development, implementation and improvement of these
contractor participation in identifying and reporting unsafe conditions. procedures is encouraged.
Failure to manage health and safety risks effectively may result in injury,
operational disruption, legal liability, reputational damage and financial
loss.
Cybersecurity and information systems risk The Group relies on information technology systems and third-party service The Group seeks to maintain IT security measures, access controls, backup
providers for financial reporting, communications, document management, procedures and third-party protections proportionate to the size and nature of
geological and operational data, regulatory compliance and other business the business. Management monitors cyber and information security risks and may
processes. Cyber-attack, phishing, ransomware, unauthorised access, system engage specialist advisers where appropriate. Staff awareness and responsible
failure, data corruption or data loss, or disruption affecting the Group or use of systems are encouraged through internal procedures and controls.
its service providers could lead to operational interruption, loss of
confidential or commercially sensitive information, financial loss,
reputational damage, regulatory consequences and delays to project activities.
Payment obligations Under mineral property concessions and certain other contractual arrangements The Directors maintain internal controls and monitoring procedures designed to
to which a member of the Group is or may become a party, the Group is or may ensure payment and other contractual obligations are identified and complied
become subject to payment and other obligations. Failure to comply with such with in a timely manner.
obligations when due could, in addition to any other remedies available to
counterparties, result in penalties, dilution or forfeiture of the Group's
interests.
INTERNAL CONTROLS
The Board recognises the importance of maintaining an effective system of
internal control and risk management, including both financial and
non-financial controls. During the year, the Board reviewed the Group's
control environment and any related areas for improvement.
The Directors consider that, given the current size and activities of the
Group, internal controls appropriate to the Group's operations have been in
place during the year. Whilst no system of internal control can provide
absolute assurance against material misstatement or loss, the Board will
continue to review the effectiveness and adequacy of the Group's internal
controls in light of its current activities and planned development.
GOING CONCERN
These financial statements have been prepared on a going concern basis, as set
out in note 1.7.
The Directors have prepared cash flow forecasts for the period ending 30 June
2027, taking into account the cost and operational structure of the Group,
planned exploration and evaluation expenditure, licence commitments and
working capital requirements. These forecasts indicate that, whilst the Group
had a working capital surplus of $10,293,000 at 31 December 2025, the Group's
existing cash resources alone, absent additional sources of capital, are not
sufficient to cover projected expenditure for the 12 months from the date of
approval of these financial statements. Accordingly, the forecasts assume
additional liquidity during that period, including proceeds from the exercise
of warrants and/or the realisation of listed investments, in order to meet
operational objectives and liabilities as they fall due.
As an exploration and development company, the Group is dependent on access to
funding and other sources of liquidity to advance its projects. Because the
forecast inflows referred to above are not wholly within the Group's control,
these conditions indicate the existence of a material uncertainty which may
cast significant doubt on the Group's ability to continue as a going concern.
Nevertheless, after considering the forecasts and the funding options
available to the Group, the Directors have a reasonable expectation that the
Group will be able to continue in operational existence for the foreseeable
future. Accordingly, they continue to adopt the going concern basis of
accounting in preparing these financial statements.
DIRECTORS' AND OFFICERS' INDEMNITY INSURANCE
During the financial year, the Company maintained insurance cover for its
Directors and Officers under a Directors' and Officers' liability insurance
policy. The Company has not provided any qualifying indemnity cover for the
Directors.
PROVISION OF INFORMATION TO AUDITOR
So far as each Director is aware, at the date this report was approved:
· there is no relevant audit information of which the Company's auditor
is aware; and
· each Director has taken all the steps that he or she ought to have
taken as a Director, to make himself or herself aware of any relevant audit
information and to establish that the Company auditor' is aware of that
information.
AUDITOR
PKF Littlejohn LLP has expressed its willingness to continue in office as
auditor.
This report was approved by the Board on 8 June 2026 and signed on its behalf.
BRUCE GARLICK
Executive Chairman
Perth, WA
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors are responsible for preparing the Annual Report and the
Financial Statements in accordance with applicable law and regulations,
including the AIM Rules for Companies.
The Directors are required to prepare financial statements for each financial
year. The Directors have elected to prepare the Group Financial Statements in
accordance with UK-adopted International Accounting Standards. The Directors
must not approve the Financial Statements unless they are satisfied that they
give a true and fair view of the state of affairs of the Group and of the
profit or loss of the Group for that period. In preparing these Financial
Statements, the Directors are required to:
· select suitable accounting policies and then apply them consistently
· make judgments and accounting estimates that are reasonable and
prudent
· state whether applicable UK-adopted International Accounting
Standards have been followed, subject to any material departures disclosed and
explained in the Financial Statements, and
· prepare the Financial Statements on the going concern basis unless it
is inappropriate to presume that the Group will continue in business.
The Directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Group's transactions and disclose with
reasonable accuracy at any time the financial position of the Group. They are
responsible for safeguarding the assets of the Group and hence for taking
reasonable steps for the prevention and detection of fraud and other
irregularities.
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the Group's website,
https://www.alienmetals.uk (https://www.alienmetals.uk) . In accordance with
AIM Rule 26, certain information is required to be made available on the
Group's website.
The Directors confirm that they have complied with the above requirements in
preparing these Financial Statements.
CORPORATE GOVERNANCE REPORT
The Board of Alien Metals Limited (the "Company") recognises the importance of
high standards of corporate governance in supporting the long-term sustainable
success of the Company and its subsidiaries (together, the "Group"). The Board
is committed to maintaining governance arrangements that are proportionate to
the size, nature and stage of development of the Group, while supporting
effective decision-making, accountability and oversight of risk.
For the year under review, the Directors have reported against the 2024 UK
Corporate Governance Code (the "Code"). The Board supports the Code's
principles-based approach and the flexibility provided by the comply or
explain framework. The Board considers that this approach is appropriate
having regard to the size, resource base and stage of development of the
Group. Where the Company has not complied fully with a provision of the Code,
the Board has provided a clear explanation and described the alternative
arrangements in place.
The Company has a modest resource base and a clear mandate to allocate capital
efficiently in support of the Group's development plans. The Board therefore
seeks to maintain an appropriate balance between preserving resources and
maintaining governance arrangements that are effective, transparent and fit
for purpose. As the Group evolves, the Board will continue to review and
enhance the Company's governance framework.
During the year, the Board comprised three Directors: an executive chairman
and two non-executive directors. The Board considers that its current
composition provides appropriate oversight of the Group at its present size
and stage of development.
Governance reporting and significant Board decisions
In line with the 2024 Code, the Board seeks to ensure that governance
reporting explains not only the Company's governance framework, but also the
principal Board decisions taken during the year and their outcomes in the
context of the Group's strategy and objectives. The Board's approach is to
focus on decisions that are material to the development of the Group, the
stewardship of its assets, the management of risk and the promotion of
long-term shareholder value.
During the year, the Board's most significant areas of focus included:
· oversight of the Group's exploration and development activities in
Australia
· review of the Group's funding requirements, cash flow forecasts and
going concern assumptions
· Board composition and succession
· oversight of principal risks, internal controls and the annual
reporting process, and
· engagement with shareholders and other stakeholders in support of the
Group's long-term strategy.
In taking these decisions, the Board had regard to the likely long-term
consequences of its decisions, the interests of shareholders and other
stakeholders, the Company's reputation for high standards of business conduct,
and the need to maintain an appropriate control environment while preserving
financial flexibility.
Principle 1: Board leadership and company purpose
The Group's objective is to develop its portfolio of exploration projects in a
manner intended to deliver value for shareholders while recognising the risks
inherent in the sector and supporting development in the communities in which
the Group operates. The Group's current projects are located in Australia.
At any stage of a project's development, the Board will consider a sale,
farm-out, joint venture or other transaction if, in the opinion of the Board
and, where required, shareholders, that course of action is in the best
interests of the Company.
The Executive Chairman is responsible for leadership of the Board and for
overseeing the long-term strategic direction of the Company in accordance with
the schedule of matters reserved for Board decision. The Board is responsible
for setting the Group's strategic objectives, approving significant
transactions, monitoring performance and ensuring that the Group has
appropriate governance, risk management and internal control arrangements in
place.
The Board usually meets at least four times each year and more frequently
where required. The Chairman is responsible for ensuring that Board decisions
are taken based on appropriate information and constructive discussion. All
Directors attended each Board meeting held during the year (where applicable).
The Company has procedures in place to identify, monitor and manage conflicts
of interest. Directors are required to declare any interests and changes to
their external commitments. These are reviewed by the Board and, where
appropriate, conflicts are managed through appropriate safeguards, including
abstention from discussion or voting.
The Company has adopted an Anti-Corruption and Bribery Policy and a Share
Dealing Code to support high standards of business conduct and compliance with
applicable legal and regulatory obligations, including AIM Rule 21 and the
Market Abuse Regulation requirements relevant to dealings in the Company's
securities.
Culture
The Board recognises that culture is a key component of effective governance
and long-term success. Given the Group's size, culture is set principally
through Board leadership, decision-making, expected standards of behaviour,
the conduct of senior personnel and the way in which the Group engages with
employees, contractors and other stakeholders.
The Board's desired culture is one of integrity, accountability, prudent risk
awareness, open communication and responsible stewardship of shareholder
capital. The Board monitors culture through regular interaction with
management, employees and contractors, through its review of business conduct
and decision-making, and through its oversight of risk, health and safety and
stakeholder engagement.
The Board also considers how the desired culture is embedded across the Group.
In the Group's case, this is achieved through direct Board oversight, clearly
communicated expectations, the application of key policies, close working
relationships across the business, and regular consideration of whether
behaviours and decisions are aligned with the Group's purpose, strategy and
values. Where concerns arise, the Board expects management to take appropriate
remedial action.
Principle 2: Division of responsibilities
The division of responsibilities between the Chairman and management is
clearly defined. The Chairman is responsible for Board leadership and
governance, while management is responsible for the day-to-day operation of
the Group within the strategic and control framework approved by the Board.
Each Director has a letter of appointment or service agreement setting out the
responsibilities of the role. Directors are expected to allocate sufficient
time to the Company to discharge their duties effectively.
At least half the Board, excluding the Chair, should comprise independent
non-executive directors. During the year, the Board comprised an executive
chairman and two non-executive directors, both of whom the Board considers to
be independent.
The Company has established an Audit and Risk Committee and a Nomination and
Remuneration Committee to assist the Board in fulfilling its responsibilities
in relation to audit, risk, nomination and remuneration matters. The Audit and
Risk Committee is chaired by Elizabeth Henson, with Bruce Garlick and Michael
Carter as members. The Nomination and Remuneration Committee comprises
Elizabeth Henson as Chair, with Bruce Garlick and Michael Carter as members.
The Board keeps the composition of these committees under review, having
regard to the size of the Board and the Group's stage of development.
Principle 3: Composition, succession and board performance review
The Board and its advisers bring significant mining sector and commercial
experience and have access to a broad network of industry contacts. The Board
leads the process for Board appointments and is responsible for reviewing
Board size, structure and composition, including the balance of executive and
non-executive representation and the mix of skills, knowledge, experience and
personal qualities required to support the Group's strategy.
In considering Board composition and succession, the Board seeks an
appropriate balance of skills, experience, independence, background and
perspective. The Board supports diversity, inclusion and equal opportunity and
believes that appointments should be made on merit against objective criteria,
while recognising the benefits that a diverse and inclusive Board can bring to
the quality of discussion and decision-making.
The Board keeps succession planning under review, considering the Group's
strategy, operational needs and leadership requirements.
The Board does not currently undertake a formal annual externally facilitated
board performance review. However, the Chairman keeps the performance of the
Board, its committees and individual Directors under ongoing review and
provides feedback where appropriate. The chairman also invites feedback from
the non-executive directors and the company secretary.
The Board considers that, at the current stage of the Group's development, the
time and cost of a formal externally facilitated process would not be
proportionate. Nonetheless, the Board recognises the value of a structured
board performance review process and will continue to assess whether more
formal arrangements should be introduced as the Group grows.
Principle 4: Audit, risk and internal control
The Audit and Risk Committee assist the Board in monitoring the integrity of
the financial statements, overseeing the relationship with the external
auditor, reviewing the appropriateness of significant accounting policies and
judgements, considering going concern, and overseeing the Group's risk
management and internal control framework.
The Board reviews the emerging and principal risks facing the Group and
considers the systems in place to identify, assess, manage and monitor those
risks. The Board's review of the control environment covers material controls,
including financial, operational, reporting and compliance controls
Risk management and internal control framework
The Board recognises the importance of maintaining a sound risk management and
internal control framework that is appropriate for the size, complexity and
risk profile of the Group. The framework includes:
· Board oversight of principal and emerging risks
· regular review of cash balances, cash flow forecasts and funding
requirements
· review of operational, financial, reporting and compliance
controls
· direct reporting lines within a small organisational structure
· review of key legal, regulatory, licence and payment obligations
· oversight of health and safety and environmental matters, and
· use of external advisers where specialist input is required.
During the year, the Board monitored the Group's risk management and internal
control framework and carried out a review of its effectiveness. This review
covered the Group's material controls, including financial, operational,
reporting and compliance controls. The Board recognises that no system of
internal control can eliminate risk entirely and that such systems are
designed to manage rather than eliminate the risk of failure to achieve
business objectives.
Based on the review performed, the Board was not aware of any material
controls that had failed to operate effectively at the balance sheet date. The
Board's review did not identify any material controls that had failed to
operate effectively at the balance sheet date.
Independence of the external auditor
The independence of the auditor is considered annually. In assessing
independence, the Board considers:
· the ratio of audit to non-audit fees
· the length of tenure
· whether there are any material relationships between the Group,
its directors and senior management and the audit firm or audit team, and
· the extent to which the auditor demonstrates constructive
challenge and professional scepticism.
Audit and non-audit fees are disclosed in the financial statements. The Board
considers the nature and extent of any non-audit services when assessing
auditor independence and approves any such services in advance.
During the year, PKF Littlejohn LLP provided VAT taxation compliance services.
Effectiveness of the external audit process
In considering the effectiveness of the external audit process, the Board
considers:
· the effectiveness of the audit plan, its delivery and execution
· the knowledge and experience of the audit team, and
· the robustness of the audit process and findings.
During the year, the Board considered the following key issues in relation to
the financial statements:
· the appropriateness of the Group's accounting policies
· the carrying value of the Group's intangible assets and the
related impairment assessment
· the accounting treatment and disclosure of the disposal of
Elizabeth Hill and Munni Munni, including the related IFRS 5 considerations
· the going concern basis of preparation, including cash flow
forecasts and funding requirements, and
· the review of audit and non-audit services and related fees.
Internal audit
The Board considers annually whether an internal audit function is required.
Given the scale of the Group's operations, its flat organisational structure
and the cost of establishing such a function, the Board does not currently
consider a separate internal audit function to be proportionate. This position
is kept under review.
Going concern
The Directors have reviewed cash flow forecasts for the relevant assessment
period. These forecasts indicate that additional funds may be required within
the next 12 months to support the Group's planned activities and working
capital requirements.
Where this gives rise to a material uncertainty related to going concern, that
is stated clearly, together with the Directors' basis for continuing to adopt
the going concern basis of accounting and cross-reference to the relevant note
to the financial statements and the auditor's report.
Relations with stakeholders
The Company is committed to maintaining an open and constructive dialogue with
shareholders and recognises the importance of understanding the interests of
the Group's wider stakeholders in promoting the long-term success of the
Company.
Although the Company is incorporated in the British Virgin Islands, the Board
has regard to the stakeholder-focused principles reflected in section 172 of
the Companies Act 2006 as a matter of good governance. In making decisions,
the Board considers the likely long-term consequences of those decisions, the
interests of employees, contractors and business partners, the impact of the
Group's operations on communities and the environment, and the importance of
maintaining the Company's reputation for high standards of business conduct.
During the year, the Board engaged with stakeholders through, among other
things:
· the AGM and direct engagement with shareholders
· presentation at conferences and publication of recordings and slide
decks on the Group's exploration activities
· review of relationships with collaborators and business
counterparties, and
· engagement with employees and monitoring of company culture.
The Board believes these arrangements assist it in understanding stakeholder
interests and in taking those interests into account when making decisions.
The Chairman and other Directors, where appropriate, are available to engage
with major shareholders and other stakeholders to understand their views and
concerns.
The AGM is used as an important opportunity to communicate with shareholders.
Separate resolutions are proposed for each issue, proxy votes are recorded,
and the results of voting are published on the Company's website following the
meeting. Shareholders attending the AGM are given the opportunity to ask
questions.
The Company's website remains the primary source of information for
shareholders and includes information about the Group's activities and recent
announcements.
Principle 5: Remuneration
The Company has established a Nomination and Remuneration Committee to assist
the Board in fulfilling its responsibilities in relation to nomination and
remuneration matters.
At the date of this report, the Committee comprises Elizabeth Henson as Chair,
with Bruce Garlick and Michael Carter as members. Elizabeth Henson was
appointed Chair of the Committee on 28 April 2026.
The Board recognises that remuneration arrangements should support the Group's
long-term strategy and culture, while enabling the Company to attract, retain
and motivate individuals of appropriate calibre.
The Board is responsible for developing remuneration policy and determining
the remuneration packages of Directors. This includes salary, fees, benefits
where applicable, discretionary bonus arrangements, and participation in share
option arrangements, where considered appropriate.
The Board seeks to ensure that remuneration outcomes are proportionate,
transparent and aligned with the Company's purpose, values, strategy and risk
profile. In setting remuneration, the Board considers:
· the responsibilities and time commitment of the individual
· relevant market comparators
· the stage of development and financial position of the Group
· the need to avoid rewarding excessive risk-taking, and
· wider pay and employment conditions, so far as relevant in the
context of the Group's size.
Remuneration policy
The Company's remuneration policy is intended to support long-term sustainable
success and to align, where appropriate, the interests of Directors and senior
management with those of shareholders. The policy is designed to be clear and
straightforward, reflecting the size and stage of development of the Group.
The Board considers that the remuneration policy supports:
· clarity and transparency in remuneration disclosure
· alignment with the Group's strategy and long-term objectives
· recruitment and retention of individuals with the required
experience and capability
· appropriate alignment with shareholder interests
· reinforcement of the Group's desired culture and values, and
· the avoidance of excessive risk-taking.
The Company does not currently operate post-employment shareholding
requirements. The treatment of share options on cessation of office or
employment, including resignation, is determined by the terms of the relevant
director's service contract or letter of appointment together with the
applicable share plan rules. Accordingly, options do not automatically lapse
on resignation in all cases, and their treatment depends on the relevant
contractual and plan terms.
Given the Group's current stage of development, traditional profit-based
performance measures are not always appropriate. The Board may therefore use
discretion in considering individual and corporate performance, including
progress against strategic, operational and financing objectives.
Malus and clawback
The Board has adopted malus and clawback arrangements in respect of executive
remuneration where appropriate. These provisions are intended to support
accountability and protect shareholders in circumstances such as material
misstatement, serious misconduct, fraud, gross negligence, material failure of
risk management or internal controls, or conduct likely to result in
significant reputational damage to the Company. Directors' service contracts
and incentive documentation are reviewed periodically to ensure they remain
appropriate and consistent with the Company's governance framework.
Where applicable, malus and clawback provisions may be invoked in
circumstances including material misstatement, serious misconduct, fraud,
gross negligence, material failure of risk management or internal controls, or
conduct likely to result in significant reputational damage to the Company.
The Board considers the duration of any such provisions by reference to the
nature of the relevant remuneration arrangement and the period during which
the relevant risk may reasonably crystallise. No malus or clawback provisions
were exercised during the year.
Non-Executive Director share options
Provision 34 of the Code states that the remuneration of non-executive
directors should not include share options or other performance-related
elements. One non-executive director participates in the Company's share
option arrangements. This is a departure from Provision 34 of the Code. The
Board considers this appropriate in the Company's specific circumstances,
having regard to the Company's size, stage of development and the limited
quantum of options involved. The Board believes this assists alignment with
shareholders in a growth-focused business operating in a capital-intensive
sector. The Board keeps the position, including the continuing independence of
the relevant Director, under regular review.
Provisions not applied
The Company has applied the principles of the Code in a manner the Board
considers proportionate to its size and stage of development. The areas in
which the Company has not complied fully with certain provisions of the Code,
together with the Board's explanations and alternative arrangements, are set
out below.
Workforce engagement
The Company has not appointed a director from the workforce, established a
workforce advisory panel or designated a non-executive director for workforce
engagement, as contemplated by Provision 5 of the Code. Given the Group's
small workforce, the Board considers direct engagement between the Board,
management and employees to be the most effective and proportionate
arrangement at present. This approach enables issues to be escalated promptly
and allows the Board to remain close to the culture and operations of the
Group. The Board will keep this under review as the Group develops.
Open advertising
The Board does not always use open advertising and/or an external search
consultancy for the appointment of the chairman and non-executive directors.
Given the size of the Company and the specialist skills and experience
required, the Board considers that a targeted approach can in some
circumstances be more effective. Appointments are nevertheless made following
consideration of the skills, experience, independence and overall contribution
required by the Board.
Board performance review
The Board does not currently carry out a formal annual board performance
review as contemplated by Provision 21. Instead, the Chairman maintains an
ongoing process of performance assessment and feedback in respect of the
Board, its committees and individual Directors. The Board considers this
proportionate at the current stage of the Group's development but will
continue to assess whether a more formal process should be introduced.
Board committees
Although the Company has established an Audit and Risk Committee and a
Nomination and Remuneration Committee, the Company does not currently meet all
the Code's expectations regarding committee composition, having regard to the
size of the Board and the limited number of non-executive directors available
to serve on committees. The Board considers the current committee structure
and membership to be appropriate and proportionate in the Company's
circumstances and will continue to review committee composition as the Group
develops.
Performance-related pay for Non-Executive Directors
One non-executive director participates in the Company's share option
arrangements. This is a departure from Provision 34 of the Code. The Board
considers this appropriate in the Company's specific circumstances, having
regard to the Company's size, stage of development and the limited quantum of
options involved. The Board believes this assists in alignment with
shareholders in a growth-focused business operating in a capital-intensive
sector. The Board keeps the position, including the continuing independence of
the relevant Director, under regular review.
Fair, balanced and understandable
The Directors consider that the Annual Report and Financial Statements, taken
as a whole, are fair, balanced and understandable and provide the information
necessary for shareholders to assess the Group's position, performance,
business model and strategy.
Further details are set out in the Statement of Directors' Responsibilities on
page 25.
Viability statement
In accordance with the UK Corporate Governance Code published in July 2018,
which remains applicable for the year ended 31 December 2025 (as the revised
requirements under the 2024 Code for Provision 29, are effective for periods
beginning on or after 1 January 2026), the Directors have assessed the
prospects of the Group, taking into account its current position, principal
risks and uncertainties. In performing this assessment, the Directors have
considered the Group's cash position, forecast expenditure and available
funding options, noting the nature of the Group's operations as an exploration
and development company and its reliance on external funding. The period
considered by the Directors to June 2027 reflects the Group's short‑ to
medium‑term funding horizon and planning cycle, which is considered
appropriate given the stage of development of the Group's projects and the
inherent uncertainty associated with future funding.
Based on this assessment, the Directors have a reasonable expectation that the
Group will be able to continue in operation and meet its liabilities as they
fall due over the period of their assessment, noting that this conclusion is
subject to the successful raising of additional funding as disclosed in
Note 1.7 (Going Concern). The Board's assessment of the Group's position and
principal risks is disclosed in the Directors' Report.
Elizabeth Henson
Senior Independent Non-Executive Director
For and on behalf of the Board
8 June 2026
INDEPENDENT AUDITOR'S REPORT
Opinion
We have audited the financial statements of Alien Metals Limited (the 'Group')
for the year ended 31 December 2025 which comprise the Consolidated Statement
of Profit or Loss and Other Comprehensive Income, the Consolidated Statement
of Financial Position, the Consolidated Statement of Changes in Equity, the
Consolidated Statement of Cash Flows and notes to the financial statements,
including significant accounting policies. The financial reporting framework
that has been applied in their preparation is applicable law and UK-adopted
international accounting standards.
In our opinion, the financial statements:
· give a true and fair view of the state of the Group's affairs as at
31 December 2025 and of its loss for the year then ended; and
· have been properly prepared in accordance with UK-adopted
international accounting standards.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing
(UK) (ISAs (UK)) and applicable law. Our responsibilities under those
standards are further described in the Auditor's responsibilities for the
audit of the financial statements section of our report. We are independent of
the Group in accordance with the ethical requirements that are relevant to our
audit of the financial statements in the UK, including the FRC's Ethical
Standard as applied to listed entities, and we have fulfilled our other
ethical responsibilities in accordance with these requirements. We believe
that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Material uncertainty related to going concern
We draw attention to Note 1.7 in the financial statements, which indicates
that the Group had a working capital surplus of $10,293,000 and cash on hand
of $1,950,000 as at 31 December 2025 and that the Group will be required to
raise further finance, equity, and/or debt to fund its projected expenditure
for the next twelve months. As stated in Note 1.7, these events or conditions,
along with the other matters as set forth in Note 1.7, indicate that a
material uncertainty exists that may cast significant doubt on the Group's
ability to continue as a going concern. Our opinion is not modified in respect
of this matter.
In auditing the financial statements, we have concluded that the directors'
use of the going concern basis of accounting in the preparation of the
financial statements is appropriate. Our evaluation of the directors'
assessment of the Group's ability to continue to adopt the going concern basis
of accounting included:
· Reviewing and challenging cashflow forecasts prepared by management
covering the 12 months from the approval of these financial statements and the
related key assumptions;
· Confirming the mathematical accuracy of the cashflow forecasts;
· Ascertaining the Group's current financial position and cash
reserves;
· Discussing the Group's strategies regarding future fund raises;
· Reviewing regulatory announcements made by the Joint Operators of
exploration projects not wholly owned by the Group; and
· Reviewing post-year end arrangements entered into by the Group.
In relation to the Group's reporting on how it has applied the UK Corporate
Governance Code, we have nothing material to add or draw attention to in
relation to:
· The directors' statement in the financial statements about whether
the directors considered it appropriate to adopt the going concern basis of
accounting; and
· The directors' identification in the financial statements of the
material uncertainty related to the entity's ability to continue as a going
concern over a period of at least twelve months from the date of approval of
the financial statements
Our responsibilities and the responsibilities of the directors with respect to
going concern are described in the relevant sections of this report.
Our application of materiality
Materiality for the consolidated financial statements as a whole was set at
$344,000 (2024: $343,000) based on 1.5% of gross assets (2024: 2%). Gross
assets include exploration and evaluation assets which make up most of the
financial statement balances and the going concern of the group is dependent
on its ability to fund operations going forward including the valuation of its
assets which represent the underlying value of the Group.
Performance materiality and the triviality threshold for the financial
statements was set at $240,000 (2024: $240,000) and $17,000 (2024: $17,000)
respectively. In determining performance materiality, we considered
management's attitude to correcting misstatements identified, our cumulative
knowledge of the exploration industry and its specific trends, the consistency
in the level of judgement required in key accounting estimates and the
stability in key management personnel.
For each component in the scope of our Group audit, we allocated a materiality
that is less than our overall Group materiality. The range of performance
materiality allocated across components was between $168,000 and $144,000
(2024: $168,000 and $144,000). We also agreed to report to the Board of
Directors any other differences below the threshold for triviality that we
believed warranted reporting on qualitative grounds. The amount was determined
based upon where the areas of significant risk arose.
Our approach to the audit
In designing our audit, we determined materiality and assessed the risks of
material misstatement in the financial statements. In particular we looked at
areas involving significant accounting estimates and judgements by the
directors and considered future events that are inherently uncertain, such as
the carrying value of exploration and evaluation assets including assets under
construction and the fair value assigned to embedded derivatives, share
warrants and share options. We also addressed the risk of management override
of internal controls, including among other matters consideration of whether
there was evidence of bias that represented a risk of material misstatement
due to fraud.
A full scope audit was performed on the complete financial information of four
of the components of the Group and the remaining three components were not in
scope based on their size, level and activity and contribution to the Group's
risk assessment.
Of the four in scope components of the Group, one is located in the British
Virgin Islands while the rest are located in Australia. The Group audit team
audited all in scope components and no component auditors were used. The
engagement team conducted audit work in the United Kingdom but interacted
regularly with the management team in Australia during all stages of the audit
and was responsible for the scope and direction of the audit process. This, in
conjunction with additional procedures performed, gave us appropriate evidence
for our opinion on the Group financial statements.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were
of most significance in our audit of the financial statements of the current
period and include the most significant assessed risks of material
misstatement (whether or not due to fraud) we identified, including those
which had the greatest effect on: the overall audit strategy, the allocation
of resources in the audit; and directing the efforts of the engagement team.
These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters. In addition to the matter
described in the Material uncertainty related to going concern section we have
determined the matters described below to be the key audit matters to be
communicated in our report.
Key Audit Matter How our scope addressed this matter
Valuation of intangible assets and assets under construction (Note 2 and 15)
The carrying value of intangible assets related to exploration and evaluation Our work in this area included:
assets; and the related assets under construction amounted to $10,700,000 and
$61,000 respectively as at 31 December 2025 and as such, are material. · Substantive testing on additions capitalised to intangible assets and
assets under construction during the year to assess whether they are:
o Appropriately capitalised in accordance with IFRS 6 and IAS 16 Property,
The value of these assets is dependent on the successful development of the Plant and Equipment for exploration and evaluation assets and assets under
Group's mineral resources in Western Australia. Management is required to construction respectively; and
assess by reference to IFRS 6 Exploration and Evaluation Assets whether there
are potential indicators of impairment of the Group's exploration and o Allocated to a valid legal right to explore which is owned by the Group.
evaluation assets at each reporting date and, if potential indicators of
impairment are identified, · Obtaining, reviewing and critically assessing management's impairment
assessment and obtaining supporting evidence for management's key inputs and
judgements therein;
Management is required to perform a full assessment of the recoverable value · Assessing whether impairment indicators exist in line with IFRS 6,
of the exploration and evaluation assets in accordance with IAS 36 Impairment including considering factors such as the licence status and its expiry date;
of Assets.
· Reviewing the licences terms to ensure that any minimum expenditure
terms enclosed have been adequately met or are expected to be met over the
licence period;
· Discussing with management their plans regarding future exploration
on the licence areas; and
Given the inherent judgement involved in the assessment of whether there are · Assessing the appropriateness of the accounting policies and
indications of impairment in exploration and evaluation assets, as required by disclosures included in the financial statements in accordance with IFRS 6.
IFRS 6, there is a risk the carrying amount of exploration and evaluation
assets are overstated and should be impaired. We note that the recoverability of the carrying value of exploration and
evaluation assets wholly owned by the Group is dependent upon the Group
successfully securing additional funding or obtaining the financial support of
a joint venture partner or similar. On exploration and evaluation assets
that are part of joint operations, the Group has a free carry period where the
partners fund 100% of exploration expenditure until a decision to mine is
made.
We furthermore draw attention to the Group's prospecting licenses: Vivash
Gorge (E47/3071) and Munni Munni (E47/3322) that are due to expire in October
and December 2026, and for which renewal applications will be submitted. The
Directors are not aware of any reason why the licences would not be expected
to be renewed.
Other information
The other information comprises the information included in the annual report,
other than the financial statements and our auditor's report thereon. The
directors are responsible for the other information contained within the
annual report. Our opinion on the Group financial statements does not cover
the other information and, except to the extent otherwise explicitly stated in
our report, we do not express any form of assurance conclusion thereon. Our
responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the course of the audit, or otherwise
appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements, we are required to
determine whether this gives rise to a material misstatement in the financial
statements themselves. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information, we are
required to report that fact.
We have nothing to report in this regard.
Corporate governance statement
We have reviewed the directors' statement in relation to going concern,
longer-term viability and that part of the Corporate Governance Statement
relating to the Group's compliance with the provisions of the UK Corporate
Governance Code specified for our review by the Listing Rules.
Based on the work undertaken as part of our audit, we have concluded that each
of the following elements of the Corporate Governance Statement is materially
consistent with the financial statements or our knowledge obtained during the
audit:
· Directors' statement with regards the appropriateness of adopting
the going concern basis of accounting and any material uncertainties
identified set out on page 23;
· Directors' explanation as to their assessment of the Group's
prospects, the period this assessment covers and why the period is appropriate
set out on page 21;
· Directors' statement on whether they have a reasonable
expectation that the Group will be able to continue in operation and meets its
liabilities set out on page 21;
· Directors' statement that they consider the annual report and the
financial statements, taken as a whole, to be fair, balanced and
understandable set out on page 32;
· Board's confirmation that it has carried out a robust assessment
of the emerging and principal risks set out on page 12;
· The section of the annual report that describes the review of
effectiveness of risk management and internal control systems set out on page
21 and 27; and
· The section describing the work of the audit committee set out on
page 27.
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities, the
directors are responsible for the preparation of the financial statements and
for being satisfied that they give a true and fair view, and for such internal
control as the directors determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, the directors are responsible for
assessing the Group's ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis
of accounting unless the directors either intend to liquidate or to cease
operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that
an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and
are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and
regulations. We design procedures in line with our responsibilities, outlined
above, to detect material misstatements in respect of irregularities,
including fraud. The extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below:
· We obtained an understanding of the Group and the exploration sector
to identify laws and regulations that could reasonably be expected to have a
direct effect on the financial statements. We obtained our understanding in
this regard through discussions with management and independent research;
· We determined the principal laws and regulations relevant to the
Group in this regard to be those arising from the British Virgin Islands
("BVI") Business Companies Act, AIM Rules, local tax legislation and local
environmental, employment and health and safety laws;
· We designed our audit procedures to ensure the audit team considered
whether there were any indications of non-compliance by the Group with those
laws and regulations. These procedures included, but were not limited to:
Ø Discussions with management regarding compliance with laws and regulations
by the Group;
Ø Reviewing of board meeting minutes; and
Ø Reviewing of regulatory news announcements.
· We also identified the risks of material misstatement of the
financial statements due to fraud. We considered, in addition to the
non-rebuttable presumption of a risk of fraud arising from management override
of controls, that there was potential for management bias in relation to the
carrying value of intangible assets. We addressed these risks by challenging
the assumptions and judgements made by management when auditing these
significant accounting estimates (see the Key Audit Matters section of our
report); and
· As in all of our audits, we addressed the risk of fraud arising from
management override of controls by performing audit procedures which included,
but were not limited to: the testing of journals; reviewing accounting
estimates for evidence of bias; and evaluating the business rationale of any
significant transactions that are unusual or outside the normal course of
business.
Because of the inherent limitations of an audit, there is a risk that we will
not detect all irregularities, including those leading to a material
misstatement in the financial statements or non-compliance with regulation.
This risk increases the more that compliance with a law or regulation is
removed from the events and transactions reflected in the financial
statements, as we will be less likely to become aware of instances of
non-compliance. The risk is also greater regarding irregularities occurring
due to fraud rather than error, as fraud involves intentional concealment,
forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial
statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
(http://www.frc.org.uk/auditorsresponsibilities) . This description forms part
of our auditor's report.
Use of our report
This report is made solely to the Group's members, as a body, in accordance
with our engagement letter dated 17 March 2026. Our audit work has been
undertaken so that we might state to the Group's members those matters we are
required to state to them in an auditor's report and for no other purpose.
To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone, other than the Group and the Group's members as a
body, for our audit work, for this report, or for the opinions we have formed.
Alistair Roberts (Engagement Partner)
For and on behalf of PKF Littlejohn LLP
Registered Auditor
30 Churchill Place
London
E14 5RE
8 June 2026
GENERAL INFORMATION
These consolidated financial statements comprise Alien Metals Limited (the
"Company") and the entities it controlled at the end of, or during, the year
(together, the "Group").
The consolidated financial statements are presented in US dollars ($), which
is the presentation currency of the Group. Individual entities within the
Group have functional currencies determined by the primary economic
environment in which they operate, including Australian dollars (A$), pounds
sterling (£) and Mexican pesos (MSN), and their results and financial
position have been translated into US dollars for the purposes of preparing
these consolidated financial statements.
Alien Metals Limited is a public company limited by shares, incorporated in
the British Virgin Islands and admitted to trading on AIM. The Company's
registered office and principal place of business are:
Registered office Principal office
Craigmuir Chambers Level 2, 10 Ord Street
PO Box 71 West Perth WA 6005
Road Town Tortola Australia
British Virgin Islands
A description of the nature of the Group's operations and its principal
activities is included in the Directors' Report, which is not part of these
financial statements.
The financial statements were authorised for issue in accordance with a
resolution of the directors on 8 June 2026. The Directors have the power to
amend and reissue the financial statements.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 31 December 2025
2025 2024
Note $'000 $'000
Exploration and evaluation expenditure written off 15 (411) (10)
Loss on disposal of exploration and evaluation assets 5 (1,211) -
Marketing and business development costs (120) (94)
Personnel expenses 7 (313) (366)
Professional fees 6 (1,265) (763)
Other general and administration expenses (314) (144)
Fair value gain / (loss) on finance assets 4 3,892 (3)
Fair value loss on finance liabilities (634) (37)
Other losses - (52)
Foreign exchange loss (79) (28)
Finance income 9 4 6
Finance costs 9 (243) (64)
Loss before income tax (694) (1,555)
Income tax expense 10 - -
Loss for the year (694) (1,555)
Other comprehensive income/ (loss)
Items which may be reclassified to profit or loss
Foreign currency translation difference of foreign operations 1,324 (1,405)
Total comprehensive income / (loss) for the year 630 (2,960)
Loss per share (cents per share)
Basic 11 (0.00814) (0.02248)
Diluted 11 (0.00814) (0.02248)
The above consolidated statement of other comprehensive income should be read
in conjunction with the accompanying notes on pages 48 to 93.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As of 31 December 2025
2025 2024
Note $'000 $'000
Assets
Cash and cash equivalents 12 1,950 224
Trade and other receivables 13 53 137
Prepayments 60 26
Other financial assets 4 4,586 -
Capitalised exploration assets held for sale 14 5,191 -
Total current assets 11,840 387
Capitalised exploration 15 10,700 16,435
Property, plant, and equipment 16 63 361
Other financial assets 4 5 8
Total non-current assets 10,768 16,804
Total assets 22,608 17,191
Liabilities
Trade and other payables 17 596 754
Borrowings 18 538 675
Derivative financial instruments 18 406 33
Employee benefits 7 7 1
Total current liabilities 1,547 1,463
Payable in relation to Mallina acquisition - 12
Total non-current liabilities - 12
Total liabilities 1,547 1,475
Net assets 21,061 15,716
The above consolidated statement of financial position should be read in
conjunction with the accompanying notes on pages 48 to 93.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)
As of 31 December 2025
2025 2024
Note $'000 $'000
Equity
Share capital 19 87,883 83,848
Warrants reserve 19 745 458
Share-based payments reserve 19 705 750
Foreign exchange translation reserve 19 199 (1,125)
Accumulated losses 11 (68,471) (68,215)
Total Equity 21,061 15,716
The Financial Statements were approved and authorised for issue by the Board
of Directors on 8 June 2026 and were signed on its behalf by:
Bruce Garlick
Executive Chairman
The above consolidated statement of financial position should be read in
conjunction with the accompanying notes on pages 48 to 93.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2025
Foreign
Share-based exchange
Share Warrants payments translation Accumulated
capital reserve reserve reserve losses Total equity
$'000 $'000 $'000 $'000 $'000 $'000
Balance on 1 January 2024 82,097 834 854 279 (67,368) 16,696
Loss for the year - - - - (1,555) (1,555)
Foreign exchange translation difference on
foreign operations - - - (1,404) - (1,404)
Total comprehensive loss for the year - - - (1,404) (1,555) (2,959)
Transactions with owners in their capacity as owners - - - - - -
Contributions of equity, net of transaction costs 1,751 - - - - 1,751
Transfer to accumulated losses on exercise of
warrants or options - (436) (272) - 708 -
Share-based payment transactions 60 168 - - 228
Balance on 31 December 2024 83,848 458 750 (1,125) (68,215) 15,716
The above consolidated statement of changes in equity should be read in
conjunction with the accompanying notes on pages 48 to 93.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2025
Foreign
Share-based exchange
Share Warrants payments translation Accumulated
capital reserve reserve reserve losses Total equity
$'000 $'000 $'000 $'000 $'000 $'000
Balance on 1 January 2025 83,848 458 750 (1,125) (68,215) 15,716
Loss for the year - - - - (694) (694)
Foreign exchange translation difference on
foreign operations - - - 1,324 - 1,324
Total comprehensive income for the year - - - 1,324 (694) 630
Transactions with owners in their capacity as owners - - - - - -
Contributions of equity, net of transaction costs 4,035 - - - - 4,035
Share-based payment settlement - - (20) - - (20)
Transfer to accumulated losses on the exercise of
warrants or options - (154) - - 154 -
Transfer to accumulated losses on the expiry of
warrants or options - (235) (49) - 284 -
Share-based payment transactions 676 24 - - 700
Balance on 31 December 2025 87,883 745 705 199 (68,471) 21,061
The above consolidated statement of changes in equity should be read in
conjunction with the accompanying notes on pages 48 to 93.
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2025
2025 2024
Note $'000 $'000
Cash flows from operating activities
Cash paid to suppliers and employees (1,733) (927)
Payments for exploration expensed through profit or loss (2) -
Interest paid (7) (1)
Interest received 4 6
Net cash used in operating activities 12(b) (1,738) (922)
Cash flows from investing activities
Proceeds from sale of exploration assets 280 -
Proceeds from sale of financial assets at fair value through
Profit or loss 244 -
Proceeds from sale of property, plant, and equipment 42 34
Payments for capitalised exploration (990) (1,370)
Payments for intangible assets (2) -
Net cash used in investing activities (426) (1,336)
Cash flows from financing activities
Proceeds from issue of shares 4,229 1,904
Proceeds from convertible note - 66
Repayment of right-of use lease liability - (22)
Payments for capital raising costs (351) (118)
Net cash from financing activities 3,878 1,830
Net cash increase / (decrease) in cash and cash equivalents 1,714 (428)
Cash and cash equivalents on 1 January 224 676
Effects of exchange rate fluctuations on cash held 12 (24)
Cash and cash equivalents on 31 December 12(a) 1,950 224
The above consolidated statement of cash flows should be read in conjunction
with the accompanying notes on pages 48 to 93.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2025
1 MATERIAL ACCOUNTING POLICIES
The principal accounting policies adopted in the preparation of the financial
statements are set out below. These policies have been consistently applied to
all the years presented, unless otherwise stated.
1.1 NEW OR AMENDED UK ADOPTED INTERNATIONAL ACCOUNTING STANDARDS
The Group has adopted all the new and amended Accounting Standards and
Interpretations issued by the International Accounting Standards Board
("IASB") and endorsed by the UK Endorsement Board ("UKEB") that are mandatory
for the current reporting period. No change to accounting policies was
required.
A number of new standards, amendments and interpretations have been issued but
are not yet effective for the year ended 31 December 2025 and have not been
adopted by the Group. These include amendments to IFRS 9 and IFRS 7 relating
to the classification and disclosure of financial instruments, Annual
Improvements to IFRS Standards, and amendments to IAS 21. The Directors have
assessed the expected impact of these standards and do not consider that their
adoption will have a material effect on the Group's financial statements.
1.2 BASIS OF PREPARATION
These general-purpose financial statements have been prepared in accordance
with UK adopted international accounting standards.
The financial statements have been prepared under the historical cost
convention, except where applicable for assets and liabilities measured at
fair value in accordance with UK adopted international accounting standards.
Critical accounting estimates
The preparation of the financial statements in conformity with UK adopted
international accounting standards requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in
applying the Group's accounting policies. The areas involving a higher degree
of judgement or complexity, or areas where assumptions and estimates are
significant to the financial statements, are disclosed in note 2.
1.3 PARENT ENTITY INFORMATION
These financial statements present the results and financial position of the
Group.
1.4 PRINCIPLES OF CONSOLIDATION
The consolidated financial statements incorporate the assets and liabilities
of all subsidiaries of Alien Metals Limited ("company" or "parent entity") as
of 31 December 2025 and the results of all subsidiaries for the year then
ended. Alien Metals Limited and its subsidiaries together are referred to in
these financial statements as the 'Group'.
Subsidiaries are all those entities over which the Group has control. The
Group controls an entity when the Group is exposed to, or has rights to,
variable returns from its involvement with the entity and can affect those
returns through its power to direct the activities of the entity. Subsidiaries
are fully consolidated from the date on which control is transferred to the
Group. They are de-consolidated from the date that control ceases.
Intercompany transactions, balances, and unrealised gains on transactions
between entities in the Group are eliminated. Unrealised losses are also
eliminated unless the transaction provides evidence of the impairment of the
asset transferred. Accounting policies of subsidiaries have been changed where
necessary to ensure consistency with the policies adopted by the Group.
The acquisition of subsidiaries is accounted for using the acquisition method
of accounting. A change in ownership interest, without the loss of control, is
accounted for as an equity transaction, where the difference between the
consideration transferred and the book value of the share of the
non-controlling interest acquired, is recognised directly in equity
attributable to the parent.
Non-controlling interest in the results and equity of subsidiaries are shown
separately in the statement of profit or loss and other comprehensive income,
statement of financial position, and statement of changes in equity of the
Group. Losses incurred by the Group are attributed to the non-controlling
interest in full, even if that results in a deficit balance.
When the Group loses control over a subsidiary, it derecognises the assets
including goodwill, liabilities, and non-controlling interest in the
subsidiary together with any cumulative translation differences recognised in
equity. The Group recognises the fair value of the consideration received and
the fair value of any investment retained together with any gain or loss in
profit or loss.
1.5 FOREIGN CURRENCY TRANSLATION
Items included in the Financial Statements of the Group's entities are
measured using the currency of the primary economic environment in which the
entity operates (the 'functional currency'). The functional currency of the
Company is Pounds Sterling; the functional currency of the Australian
subsidiaries is Australian dollars and the Mexican subsidiary is Mexican
pesos. The Financial Statements are presented in US dollars, rounded to the
nearest thousand.
Foreign currency transactions
Foreign currency transactions are translated into the functional currency
using the exchange rates prevailing at the dates of the transactions or
valuation where such items are re-measured. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation at
year-end exchange rates of monetary assets and liabilities denominated in
foreign currencies are recognised in the Consolidated Statement of
Comprehensive Income.
Foreign operations
The results and financial position of all the Group's entities (none of which
has the currency of a hyperinflationary economy) that have a functional
currency different from the presentation currency are translated into the
presentation currency as follows:
· assets and liabilities for each statement of financial position
presented are translated at the closing rate at the date of that statement of
financial position
· income and expenses for each statement of comprehensive income
presented are translated at average exchange rates (unless this average is not
a reasonable approximation of the cumulative effect of the rates prevailing on
the transaction dates, in which case income and expenses are translated at the
dates of the transactions); and
· all resulting exchange differences are recognised in other
comprehensive income, if material.
On consolidation, exchange differences arising from the translation of the net
investment in foreign entities, and of monetary items receivable from foreign
subsidiaries for which settlement is neither planned nor likely to occur in
the foreseeable future, are taken to other comprehensive income. When a
foreign operation is sold, such exchange differences are recognised in the
income statement as part of the gain or loss on sale.
1.6 CURRENT AND NON-CURRENT CLASSIFICATION
Assets and liabilities are presented in the statement of financial position
based on current and non-current classification.
An asset is classified as current when it is either expected to be realised or
intended to be sold or consumed in the Group's normal operating cycle, it is
held primarily for the purpose of trading, it is expected to be realised
within 12 months after the reporting date, or the asset is cash or cash
equivalent unless restricted from being exchanged or used to settle a
liability for at least 12 months after the reporting date. All other assets
are classified as non-current.
A liability is classified as current when it is either expected to be settled
in the Group's normal operating cycle, it is held primarily for the purpose of
trading, it is due to be settle within 12 months after the reporting date, or
there is no unconditional right to defer the settlement of the liability for
at least 12 months after the reporting date. All other liabilities are
classified as non-current.
Deferred tax assets and liabilities are always classified as non-current.
1.7 GOING CONCERN
The consolidated financial statements have been prepared on a going concern
basis, which contemplates continuity of normal business activities and the
realisation of assets and settlement of liabilities in the normal course of
business. At 31 December 2025, the Group had a working capital surplus of
$10,293,000 and cash on hand of $1,950,000.
The Directors have prepared cash flow forecasts for the period ending 30 June
2027, taking into account the Group's cost base, planned exploration and
evaluation expenditure, licence commitments and working capital requirements.
These forecasts indicate that, notwithstanding the working capital surplus at
31 December 2025, the Group's existing cash resources alone are not
sufficient to cover projected expenditure for the 12 months from the date of
approval of these financial statements. Accordingly, the forecasts assume the
need for additional liquidity during that period, including proceeds from the
exercise of warrants and/or the realisation of listed investments, in order
for the Group to meet operational objectives and liabilities as they fall due.
The Directors note that such forecast inflows are not wholly within the
Group's control. Accordingly, these conditions indicate the existence of a
material uncertainty which may cast significant doubt on the Group's ability
to continue as a going concern and, therefore, that the Group may be unable to
realise their assets and discharge their liabilities in the normal course of
business.
Nevertheless, after reviewing the cash flow forecasts and the funding options
available, as well as the track record in raising funds as and when required,
the Directors have a reasonable expectation that the Group will continue in
operational existence for the foreseeable future. Accordingly, the
consolidated financial statements have been prepared on a going concern basis.
2 CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
The preparation of the financial statements requires management to make
judgements, estimates and assumptions that affect the reported amounts in the
financial statements. Management continually evaluates its judgements and
estimates in relation to assets, liabilities, revenue, and expenses.
Management bases its judgements, estimates and assumptions on historical
experience and on other various factors, including expectations of future
events, management believes to be reasonable under the circumstances. The
resulting accounting judgements and estimates will seldom equal the related
actual results. Judgements estimates and assumptions that have a significant
risk of causing a material adjustment to the carrying amounts of assets and
liabilities (refer to the respective notes) within the next financial year are
discussed below.
Capitalised exploration and evaluation expenditure
Judgement is applied in determining whether exploration and evaluation
expenditure meets the Group's accounting policy for capitalisation under IFRS
6 and whether facts and circumstances support the ongoing recovery of those
amounts. Management considers, among other matters, the status of the Group's
rights to explore, the results of exploration activities, whether substantive
future expenditure is planned and budgeted, and whether the Group intends to
continue exploration in the relevant area. IFRS 6 requires exploration and
evaluation assets to be tested for impairment when facts and circumstances
suggest that carrying amount may exceed recoverable amount.
Estimate uncertainty arises in assessing the recoverability of capitalised
exploration and evaluation expenditure. This depends on assumptions such as
the success of future exploration programmes, the discovery of economically
recoverable resources, future commodity prices, development feasibility,
licence renewal, and the ability to recover the carrying amount through
successful development or sale. Changes in these assumptions could result in a
material adjustment to the carrying amount of exploration and evaluation
assets in future reporting periods. Refer to note 15.
Share-based payment transactions
The Group measures the cost of equity-settled transactions with employees by
reference to the fair value of the equity instruments at the date at which
they are granted. The fair value is determined using a Black-Scholes options
pricing model, or other such appropriate valuation methodology, using the
assumptions detailed in note 19. The Group may also issue equity instruments
in settlement of creditor balances, with the settlement recognised by
reference to the fair value of the equity instruments issued or the liability
settled, as appropriate.
Fair value of financial instruments
Management uses valuation techniques to determine the fair value of financial
instruments (where active market quotes are not available) and non-financial
assets. This involves developing estimates and assumptions consistent with how
market participants would price the instrument.
Management bases its assumption on observable data as far as possible, but
this is not always available. In that case, management uses the best
information available. Estimated fair values may vary from the actual prices
that would be achieved in an arm's length transaction at the reporting date.
Refer to note 22.
2 CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS
(continued)
Capitalised exploration assets held for sale
Judgement is required in determining whether non-current assets or disposal
groups satisfy the criteria to be classified as held for sale, including
whether the sale is highly probable and the asset is available for immediate
sale in its present condition. Estimation uncertainty arises in measuring such
assets at the lower of carrying amount and fair value less costs to sell,
including estimates of expected sale proceeds, costs to sell and timing of
disposal. Changes in these assumptions may result in a material adjustment to
the carrying amount in future periods. Refer to note 14.
3 OPERATING SEGMENTS
Accounting Policy
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker. The Chief Operating
Decision Maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Board of
Directors that makes strategic decisions.
Segment results, include items directly attributable to a segment as well as
those that can be allocated on a reasonable basis. The Board of Directors
considers there to be only one operating segment during the year, the
exploration, development and exploitation of mineral resources, and two
geographical segments, being Australia and United Kingdom.
For management purposes, the Group's activities are reviewed by geographical
area, being the UK and Australia. Activities in the UK are mainly
administrative in nature, while activities in Australia relate to the
exploration for gold, copper, silver and other base metals.
Discrete information is reported to the Board, being the Chief Operating
Decision Maker, for the Group as a whole. Accordingly, significant operating
decisions are based on analysis of the Group as one segment. The tables below
present the Group's segment result and reconciliation to loss from continuing
operations before tax by geographical area.
The Group generated no other income during the year ended 31 December 2025
(2024: nil).
There have been no changes to the basis of segmentation or the measurement
basis for the segment profit or loss since 31 December 2024.
UK Australia Total
2025 $'000 $'000 $'000
Segment profit / (loss) 70 (1,734) (1,664)
Fair value gain on revaluation of financial assets - 3,892 3,892
Fair value loss on financial liabilities (634) - (634)
Finance income 4 - 4
Finance costs (241) (2) (243)
Central administrative expenses (1,441) (608) (2,049)
(Loss) / profit from continuing operations before tax (2,242) 1,548 (694)
3 OPERATING SEGMENTS (continued)
UK Australia Total
2024 $'000 $'000 $'000
Segment loss - (10) (10)
Fair value gain on revaluation of financial assets - - -
Fair value loss on financial liabilities (37) - (37)
Finance income 5 1 6
Finance costs (64) - (64)
Central administrative expenses (1,019) (431) (1,450)
(Loss) / profit from continuing operations before tax (1,115) (440) (1,555)
The tables below present the Group's segment assets and liabilities by
geographical area.
UK Australia Total
2025 $'000 $'000 $'000
Reportable segment assets - 15,952 15,952
Reportable segment liabilities - - -
Reportable net segment assets - 15,952 15,952
Corporate assets 1,983 4,673 6,656
Corporate liabilities (1,400) (147) (1,547)
583 20,478 21,061
2024
Reportable segment assets - 16,796 16,796
Reportable segment liabilities - (12) (12)
Reportable net segment assets - 16,784 16,784
Corporate assets 285 110 395
Corporate liabilities (1,038) (426) (1,464)
(753) 16,468 15,715
4 OTHER FINANCIAL ASSETS
Accounting Policy
Investments and other financial assets are initially measured at fair value.
Transaction costs are included as part of the initial measurement, except for
financial assets at fair value through profit or loss. Such assets are
subsequently measured at either amortised cost or fair value depending on
their classification. Classification is determined based on both the business
model within which such assets are held and the contractual cash flow
characteristics of the financial asset unless an accounting mismatch is being
avoided.
Financial assets are derecognised when the rights to receive cash flows have
expired or have been transferred and the Group has transferred substantially
all the risks and rewards of ownership. When there is no reasonable
expectation of recovering part, or all, of a financial asset, the carrying
value is written off.
Financial assets at fair value through profit or loss
Financial assets not measured at amortised cost or at fair value through other
comprehensive income are classified as financial assets at fair value through
profit or loss. Typically, such financial assets will be either: (i) held for
trading, where they are acquired for the purpose of selling in the short-term
with an intention of making a profit, or a derivative; or (ii) designated as
such upon initial recognition where permitted. Fair value movements are
recognised in profit or loss.
Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income include
equity investments which the Group intends to hold for the foreseeable future
and has irrevocably elected to classify them as such upon initial recognition.
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses on financial
assets which are either measured at amortised cost or fair value through other
comprehensive income. The measurement of the loss allowance depends upon the
Group's assessment at the end of each reporting period as to whether the
financial instrument's credit risk has increase significantly since initial
recognition, based on reasonable and supportable information that is
available, without undue cost or effort to obtain.
Where there has not been a significant increase in exposure to credit risk
since initial recognition, as 12-month expected credit loss allowance is
estimated. This represents a portion of the asset's lifetime expected credit
losses that is attributable to a default event that is possible within the
next 12 months. Where a financial asset has become credit impaired, or where
it is determined that credit risk has increased significantly, the loss
allowance is based on the asset's lifetime expected credit losses. The amount
of expected credit loss recognised is measure on the probably weighted present
value of anticipated cash shortfalls over the life of the instrument
discounted at the original effective interest rate.
For financial assets mandatorily measured at fair value through other
comprehensive income, the loss allowance is recognised in other comprehensive
income with a corresponding expense through profit or loss. In all other
cases, the loss allowance reduces the asset's carrying value with a
corresponding expense through profit or loss.
4 OTHER FINANCIAL ASSETS (continued)
2025 2024
$'000 $'000
Current 4,586 -
Non-current 5 8
4,591 8
Listed ordinary shares - designated at fair value through
profit or loss 4,586 -
Deposits and bonds 5 8
4,591 8
The carrying amount of the Group's other financial assets are denominated in
the following currencies:
2025 2024
$'000 $'000
Australian Dollars 4,591 8
Reconciliation
Reconciliation of the fair values at the beginning and end of the current and
previous financial year are set out below:
Listed shares Deposits and Total
bonds
$'000 $'000 $'000
Balance on 1 January 2024 - 7 7
Additions - 1 1
Balance on 31 December 2024 - 8 8
Issue of 44,500,000 WCE shares at A$0.027 per share 772 - 772
Gain on initial recognition of WCE shares 602 - 602
Sale of 14,000,000 WCE shares at A$0.027 per share (244) - (244)
Fair value revaluation of 30,500,000 WCE shares 3,290 - 3,290
Effects of foreign exchange 166 (3) 163
Balance on 31 December 2025 4,586 5 4,591
2025 2024
$'000 $'000
Fair value movement on revaluation of financial assets 3,892 -
5 JOINT VENTURE ARRANGEMENTS
Accounting Policy
The Company's interests in unincorporated joint arrangements are classified as
joint operations under IFRS 11 Joint Arrangements. In a joint operation, the
Group recognises its share of assets, liabilities, revenues and expenses in
relation to its interest.
On disposal of an interest in an exploration and evaluation asset that results
in a joint operation, the Group derecognises the portion of the asset sold and
recognises any consideration received, with the resulting gain or loss
recognised in profit or loss. Contingent consideration is recognised when it
is highly probable that a significant reversal of cumulative revenue will not
occur, or when the consideration becomes receivable.
Exploration and evaluation assets are accounted for under IFRS 6 Exploration
for and Evaluation of Mineral Resources and are carried at cost less
impairment. Expenditure incurred by the joint venture partner during a
free-carry period is not recognised by the Group until the free-carry period
ends.
On 6 May 2025. A.C.N. 643 478 371 Pty Ltd (A.C.N.), a subsidiary of Alien
Metals Limited, completed the sale of a 70% interest in tenement M47/342 to
Crest Silver Pty Ltd (Crest Silver), a subsidiary of West Coast Silver Limited
(formerly Errawarra Resources Limited). As a result of this transaction, Crest
Silver holds a controlling interest in the tenement, with A.C.N. retaining a
30% free-carried interest.
On the same date, Alien Metals Australia Pty Ltd (AMA), also a wholly owned
subsidiary of Alien Metals Limited, signed an unincorporated joint venture
with Crest Silver in respect of certain tenements (M47/123-M47/126, E47/3322
and E47/4422) to explore for silver. Under the terms of this joint venture,
Crest Silver is required to fund 100% of exploration expenditure up to a
decision to mine, despite holding a 70% interest. Should a decision to mine be
made, the joint venture parties must jointly apply for a mining lease.
Tenements outside a mining decision remain under the free-carry period.
The total consideration received under the above agreements was cash and
44,500,000 fully paid ordinary shares in West Coast Silver.
The lithium and LCT joint venture agreement previously entered into with West
Coast Silver on 26 April 2024 was terminated in full on 25 June 2025. All
rights, obligations, and clauses, including any first right of refusal
provisions, ceased on termination.
Impairment Considerations
Following the disposal of the 70% interest in Tenement M47/342, Alien Metals
Limited retains a 30% free-carried interest in the tenement. The transaction
represents a significant change in the Group's economic interest and future
cash flow expectations from this asset. Under IAS 36 Impairment of Assets,
this constitutes an indicator of impairment, and the Group is required to
assess the recoverable amount of the remaining interest at the reporting date.
Management has considered the fair value of the retained 30% interest with
reference to the consideration received for the 70% interest under the joint
venture arrangement, and current market information. In the absence of
separate objective evidence supporting a higher value for the retained
interest as at 31 December 2025, management concluded that the implied
transaction pricing provided the best available evidence of value.
Accordingly, the retained Elizabeth Hill interests were written down on a
consistent proportional basis, resulting in an impairment charge of A$638,000
in respect of exploration and evaluation assets and A$83,000 in respect of
property, plant, and equipment.
5 JOINT VENTURE ARRANGEMENTS (continued)
The Board acknowledges that the assessment of recoverable amount involves
significant judgement, including assumptions about future exploration success,
commodity prices, and potential third-party participation in additional
mineral rights. If future events differ from current expectations, the
recoverable amount of the retained interest may change, and an impairment
charge may be required in future periods.
Impact on Exploration and Evaluation Assets
Note M47/342
$'000
M47/342 and headframe 3,164
Portion disposed 2,317
Cash consideration received (322)
Share consideration received 4 (772)
Foreign exchange differences (12)
Loss on sale of exploration assets 1,211
6 PROFESSIONAL FEES
Accounting Policy
Professional fees are recognised as an expense in profit or loss as incurred
unless they are directly attributable to the acquisition of an asset, the
issue of equity instruments, or another transaction for which the relevant
IFRS requires or permits capitalisation. Fees directly attributable to the
issue of equity instruments are recognised as a deduction from equity, net of
any related tax effect.
2025 2024
$'000 $'000
Audit fees 99 89
Legal fees 228 169
Accounting fees 131 142
Tax consulting fees 84 -
NOMAD and Investor relation fees 123 83
Other consulting and administration fees 600 280
1,265 763
7 PERSONNEL EXPENSES AND EMPLOYEE BENEFITS
Accounting Policy
Short-term employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual
long service leave expected to be settled wholly within 12 months of the
reporting date are measured at the amounts expected to be paid when the
liabilities are settled.
Other long-term employee benefits
The liability for annual and long service leave, not expected to settle within
12 months of the reporting date, are measured at the present value of expected
future payments to be made in respect of services provided by employees up to
the reporting date using the projected unit credit method. Consideration is
given to expected future wage and salary levels, experience of employee
departures and periods of service. Expected future payments are discounted
using market yields at the reporting date on corporate bonds with terms to
maturity and currency that match, as closely as possible, the estimated future
cash outflows.
Defined contribution superannuation expense
Contributions to defined contribution superannuation plans are expensed in the
period in which they are incurred.
The table below sets out personnel costs expensed during the year.
2025 2024
Note $'000 $'000
Director's remuneration 8 286 297
Staff salaries 154 203
Superannuation 15 19
Other associated personnel expenses 26 2
481 521
Expensed in capitalised exploration and evaluation 168 220
Expensed in personnel expenses 313 301
481 521
The table below sets out employee benefits at the reporting date.
Current
Salary accrual 4 -
Superannuation 3 2
7 2
8 DIRECTORS REMUNERATION
Details of remuneration
Details of the remuneration of key management personnel of the Group are set
out in the following tables.
Short-term benefits Share-
based
payments ((1))
Cash salary Termination Options Total
and fees benefits
2025 $'000 $'000 $'000 $'000
Non-Executive Directors
Elizabeth Henson 72 - 16 88
Bruce Garlick 13 - - 13
Michael Carter 2 - - 2
Executive Directors
Belinda Murray 57 - - 57
Former Directors
Guy Robertson 59 13 - 72
Robert Mosig 42 12 - 54
245 25 16 286
2024
Non-Executive Directors
Elizabeth Henson 64 - 84 148
Former Directors
Guy Robertson 77 - - 77
Robert Mosig 49 - - 49
Alwyn Vorster 23 - - 23
213 - 84 297
((1) ) Amounts disclosed in respect of share-based payments
relate to the accounting expense recognised during the year for options
granted in 2023. These amounts do not represent options granted during the
year. The expense is recognised over the vesting period of the options, which
extends to August 2025.
8 DIRECTORS REMUNERATION (continued)
Details of remuneration (continued)
The proportion of remuneration linked to long-term incentives, and the fixed
proportion are as follows:
Fixed Remuneration At risk - LTI
2025 2024 2025 2024
2025 % % % %
Non-Executive Directors
Elizabeth Henson 82 43 18 57
Bruce Garlick 100 - - -
Michael Carter 100 - - -
Executive Directors
Belinda Murray 100 - - 100
Former Directors
Guy Robertson 100 100 - -
Robert Mosig 100 100 - -
Alwyn Vorster - 100 - -
9 NET FINANCE COSTS
Accounting Policy
Interest income
Interest income is recognised as interest accrues using the effective interest
method. This is a method of calculating the amortised cost of a financial
asset and allocating the interest income over the relevant period using the
effective interest rate, which is the rate that exactly discounts estimated
future cash receipts through the expected life of the financial asset to the
net carrying amount of the financial asset.
Finance costs
Finance costs attributable to qualifying assets are capitalised as part of the
asset. All other finance costs are expensed in the period in which they are
incurred.
9 NET FINANCE COSTS (continued)
2025 2024
$'000 $'000
Interest income on deposits 4 6
Interest expense on financial liabilities measured at
amortised cost
Interest expense on short-term loans (7) -
Interest expense on convertible loan note (182) (64)
Interest expense (189) (64)
Other finance charges (54) -
Total finance costs (243) (64)
Net finance costs (239) (58)
10 INCOME TAX EXPENSE
Accounting Policy
Tax for the period comprises current and deferred tax. Tax is recognised in
the income statement, except to the extent that it relates to items recognised
directly in equity. In this case the tax is also recognised directly in other
comprehensive income or directly in equity, respectively. The current income
tax charge is calculated based on the tax laws enacted or substantively
enacted at the end of the reporting period in the countries where the
Company's subsidiaries and associates operate and generate taxable income.
Management periodically evaluates positions taken in tax returns with respect
to situations in which applicable tax regulation is subject to interpretation.
It establishes provisions where appropriate based on amounts expected to be
paid to the tax authorities.
Deferred income tax is recognised, using the liability method, on temporary
differences arising between the tax bases of assets and liabilities and their
carrying amounts in the consolidated Financial Statements. However, the
deferred tax is not accounted for if it arises from initial recognition of an
asset or liability in a transaction other than a business combination that, at
the time of the transaction, affects neither accounting nor taxable profit or
loss. Deferred income tax is determined using tax rates (and laws) that have
been enacted, or substantially enacted, by the end of the reporting period and
are expected to apply when the related deferred income tax asset is realised,
or the deferred income tax liability is settled.
Deferred income tax assets are recognised only to the extent that it is
probable that future taxable profit will be available against which the
temporary differences can be utilised.
10 INCOME TAX EXPENSE (continued)
Accounting Policy (continued)
Deferred income tax liabilities are provided on taxable temporary differences
arising from investments in subsidiaries, associates and joint arrangements,
except for deferred income tax liability where the timing of the reversal of
the temporary difference is controlled by the Group, and it is probable that
the temporary difference will not reverse in the foreseeable future.
Generally, the Group is unable to control the reversal of the temporary
difference for associates. Only where there is an agreement in place that
gives the Group the ability to control the reversal of the temporary
difference not recognised.
Deferred income tax assets are recognised on deductible temporary differences
arising from investments in subsidiaries, associates and joint arrangements
only to the extent that it is probable the temporary difference will reverse
in the future and there is sufficient taxable profit available against which
the temporary difference can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current tax
liabilities, and when the deferred income tax assets and liabilities relate to
income taxes levied by the same taxation authority on either the taxable
entity or different taxable entities where there is an intention to settle the
balances on a net basis.
Iron Ore Company of Australia Pty Ltd, a subsidiary of the Company, and its
wholly owned subsidiary Mallina Exploration Pty Ltd have formed an income tax
consolidated group under the tax consolidation regime. The head entity and
subsidiary in the tax consolidate group continue to account for their own
current and deferred tax amounts. The tax consolidated group has applied the
'separate taxpayer within group' approach in determining the appropriate
amount of taxes to allocate to members of the tax consolidated group.
Goods and Services Tax ('GST') and other similar taxes
Revenues, expenses, and assets of the Australian entities are recognised net
of the amount of, unless the GST incurred is not recoverable from the tax
authority. In this case it is recognised as part of the cost of the
acquisition of the asset or as part of the expense. Receivables and payables
are stated inclusive of the amount of GST receivable or payable. The net
amount of GST recoverable from, or payable to, the tax authority is included
in other receivables or other payables in the statement of financial position.
2025 2024
$'000 $'000
Loss before tax from continuing operations (694) (1,556)
Tax at the Australian tax rate of 30% (2024: UK tax rate of
25%) (208) (389)
Non-deductible expenses 495 79
Non-assessable income (1,186) -
Timing differences 516 (313)
Tax losses utilised not previously brought to account 383 623
- -
No charge to taxation arises due to the losses incurred.
The Group has accumulated tax losses of approximately $35,698,000 (2024:
$35,379,000) available to carry forward against future taxable profits.
11 EARNINGS / (LOSS) PER SHARE
Accounting Policy
Basic earnings / (loss) per share
Basic earnings per share is calculated by dividing the profit / (loss)
attributable to the owners of Alien Metals Limited, excluding any costs of
servicing equity other than ordinary shares, by the weighted average number of
ordinary shares outstanding during the financial year, adjusted for bonus
elements in ordinary shares issued during the year.
Diluted earnings / (loss) per share
Diluted earnings per share adjusts the figures used in the determination of
basic earnings per share to accounts for the after-income tax effect of
interest and other financing costs associated with dilutive potential ordinary
shares and the weighted average number of shares assumed to have been issued
for no consideration in relation to dilutive potential ordinary shares.
2025 2024
$'000 $'000
Basic and diluted profit / (loss) per share
Loss after income tax attributable to owners of
Alien Metals Limited (694) (1,555)
cents cents
Loss per share (cents per share)
Basic (0.00814) (0.02248)
Diluted (0.00814) (0.02248)
Number Number
Weighted average number of ordinary shares
Issued ordinary shares on 1 January 7,509,915,386 6,361,794,174
Effect of shares issued 1,016,031,103 558,613,347
Weighted average number of ordinary shares on 31 December 8,525,946,489 6,920,407,521
12 CASH AND CASH EQUIVALENTS
Accounting Policy
Cash and cash equivalents include cash on hand, deposits held at call with
financial institutions, other short-term, highly liquid investments with
original maturities of three months or less that are readily convertible to
known amounts of cash, and which are subject to an insignificant risk of
changes in value. For the statement of cash flows presentation purposes, cash
and cash equivalent also includes, bank overdrafts, which are shown within
borrowings in current liabilities on the statement of financial position.
(a) Reconciliation of cash recorded in the Statement of Financial
Position to Statement of Cash Flows
2025 2024
$'000 $'000
Cash on hand 1,950 224
Balance as per statement of cash flows 1,950 224
(b) Reconciliation of cash flows from operating activities
2025 2024
$'000 $'000
Cash flows from operating activities
Loss for the year (694) (1,555)
Exploration expenditure expensed or impaired 398 10
Loss on disposal of exploration and evaluation assets 1,211 -
Net finance expense 182 64
Other non-cash losses 53 54
Equity-settled share-based payments 197 148
Net loss on foreign exchange transactions 88 28
Fair value gain on financial assets (3,892) 3
Fair value loss on financial liabilities 272 -
Fair value loss on derivative liabilities 362 -
Gain on trade creditors settled by the issue of shares (40) -
Loss on cancellation of convertible note - 37
Change in trade and other receivables 116 125
Change in prepayments (32) (20)
Change in other financial assets - (5)
Change in trade and other payables 49 195
Change in contract liabilities (13) -
Change in employee benefits 5 (6)
Net cash used in operating activities (1,738) (922)
12 CASH AND CASH EQUIVALENTS (continued)
(c) Non-cash investing and financing activities
2025 2024
$'000 $'000
Partial settlement of convertible note via issue of shares 160 -
Settlement of trade creditors via issue of shares 94 -
254 -
(d) Changes in liabilities arising from financing activities
Other short Convertible Total
term loans loan
$'000 $'000 $'000
Balance on 1 January 2024 - 500 500
Loan drawdown - 66 66
Transaction costs - 56 56
Interest expense - 112 112
Transfer to equity - conversion and commitment warrants - 57 57
Transfer to equity - conversion shares - 5 5
Foreign currency differences - (121) (121)
Balance on 31 December 2024 - 675 675
Interest expense 7 181 188
Interest paid (7) - (7)
Transfer to equity - partial loan conversion in shares - (330) (330)
Convertible loan modification adjustment - 272 272
Transfer to equity - conversion warrants - (247) (247)
Transfer to equity - rollover warrants (22) (22)
Foreign currency differences - 9 9
Balance on 31 December 2025 538 538
13 TRADE AND OTHER RECEIVABLES
2025 2024
$'000 $'000
Trade receivables 9 -
VAT and GST Receivable 16 113
Other receivables 28 24
53 137
The carrying amount of the Group's trade and other receivables are denominated
in the following currencies:
2025 2024
$'000 $'000
UK Pound Sterling 3 72
Australian Dollars 50 99
53 171
14 CAPITALISED EXPLORATION ASSETS HELD FOR SALE
Accounting Policy
Non-current assets and disposal groups are classified as held for sale if
their carrying amount will be recovered principally through a sale transaction
rather than through continuing use. For this to be the case, the asset or
disposal group must be available for immediate sale in its present condition,
and the sale must be highly probable. Non-current assets and disposal groups
classified as held for sale are measured at the lower of their carrying amount
and fair value less costs to sell and are not depreciated or amortised while
classified as held for sale.
At 31 December 2025, the Group classified the Munni Munni tenements as
non-current assets held for sale following entry into a binding Heads of
Agreement with GreenTech for the sale of a 70% legal and beneficial interest
in those tenements, together with an option for GreenTech to acquire a further
10%, which management considered highly probable to be exercised at year end.
The tenements comprise E47/3322, E47/4422, M47/123, M47/124, M47/125 and
M47/126.
Management assessed the requirements of IFRS 5 Non-current Assets Held for
Sale and Discontinued Operations and concluded that, as at 31 December 2025,
the assets met the criteria to be classified as held for sale. In reaching
this conclusion, management considered that it was committed to a plan to
sell, the assets were available for immediate sale in their present condition
subject only to customary conditions precedent, a specific purchaser had been
identified, commercial terms had been agreed, and completion was expected
within 12 months of the reporting date.
14 CAPITALISED EXPLORATION ASSETS HELD FOR SALE (continued)
Upon classification as held for sale, the relevant assets were measured at the
lower of carrying amount and fair value less costs to sell. Management
determined that the agreed transaction provided observable evidence of fair
value and that fair value less costs to sell was not lower than carrying
amount. Accordingly, no impairment loss was recognised on classification as
held for sale.
The carrying amount of the assets classified as held for sale at 31 December
2025 was $5,191,000 (equivalent to A$7,767,000). The assets were previously
classified as exploration and evaluation assets and are presented within
current assets at 31 December 2025. No liabilities were associated with the
disposal group.
15 EXPLORATION AND EVALUATION
Accounting Policy
The Group may hold interests in exploration assets solely or jointly with
third parties under joint arrangements, including arrangements where the Group
is free carried during certain exploration or evaluation phases. Exploration
and evaluation expenditure incurred is capitalised as an exploration and
evaluation asset in respect of each separate area of interest for which the
rights of tenure are current, and where:
· Such expenditure is expected to be recouped through successful
development and exploitation of the area of interest, or alternatively, by its
sale; or
· Exploration activities in the area of interest have not yet reached a
stage that permits a reasonable assessment of the existence or otherwise of
economically recoverable reserves, and active and significant operations in,
or relating to, the area are continuing.
Capitalised costs include costs directly related to exploration and evaluation
activities, such as acquisition of rights to explore, topographical,
geological, geochemical and geophysical studies, exploratory drilling,
trenching, sampling, and associated activities. General and administrative
costs are expensed as incurred. Where the Group participates in joint
operations, exploration and evaluation expenditure is capitalised only to the
extent of the Group's interest in, and obligations under, the arrangement, in
accordance with IFRS 11 Joint Arrangements. Expenditure incurred and funded
by joint venture partners during periods in which the Group is free carried is
not recognised as exploration and evaluation assets of the Group.
When an area of interest is abandoned, or the directors decide that it is not
commercially viable, any accumulated costs in respect of that area are written
off in the period the decision is made.
Exploration and evaluation assets are assessed for impairment when facts and
circumstances suggest that the carrying amount may exceed its recoverable
amount. Any impairment loss is recognised as an expense in the statement of
profit or loss.
Once the technical feasibility and commercial viability of extracting a
mineral resource are demonstrable, the capitalised expenditure for the area of
interest is reclassified to development assets and is tested for impairment
before reclassification.
On the partial disposal of an exploration asset or entry into a joint
arrangement, the carrying amount of the exploration and evaluation asset is
derecognised to the extent of the interest disposed of. Any retained interest
continues to be recognised as an exploration and evaluation asset and is
assessed for impairment in accordance with the policy below.
15 EXPLORATION AND EVALUATION (continued)
Accounting Policy
Exploration and evaluation assets are recorded at cost and are not amortised.
The assets are reviewed at each reporting date for indicators of impairment in
accordance with IFRS 6. Where indicators of impairment are identified, the
assets are tested for impairment under IAS 36 Impairment of Assets. Any
impairment loss is recognised as an expense in the statement of profit or
loss.
2025 2024
$'000 $'000
Balance as at 1 January 16,435 16,593
Additions 739 1,268
Disposals (2,053) -
Impairment (411) (10)
Transfer to non-current assets held for sale (5,191) -
Foreign exchange differences 1,181 (1,416)
As at 31 December 10,700 16,435
Exploration costs relate to the initial acquisition of the licences and
subsequent expenditure incurred in evaluation the projects. In accordance with
IFRS 6, the Directors undertook an assessment of the following areas and
circumstances which could indicate the existence of impairment:
· The Group's right to explore in an area has expired or will expire in
the near future without renewal
· No further exploration or evaluation is planned or budgeted for
· A decision has been taken by the Board to discontinue exploration and
evaluation in an area due to the absence of a commercial level of reserves.
· Sufficient data exists to indicate that the book value may not be
fully recovered from future development and production.
16 PROPERTY, PLANT, AND EQUIPMENT
Accounting Policy
Assets under construction are stated at historical cost less accumulated
depreciation and any accumulated impairment losses. Assets under construction
are not depreciated until they are completed and brought into use.
All assets are subject to annual impairment reviews. An asset's carrying
amount is written down immediately to its recoverable amount if the asset's
carrying amount is greater than its estimated recoverable amount.
Subsequent costs are included in the asset's carrying amount or recognised as
a separate asset, as appropriate, only when it is probable that future
economic benefits associated with the item will flow to the Group and the cost
of the item can be measured reliably. The carrying amount of the replacement
part is derecognised. All other repairs and maintenance are charged to the
Consolidated Statement of Comprehensive Income during the financial period in
which they are incurred.
16 PROPERTY, PLANT, AND EQUIPMENT (continued)
Accounting Policy
The asset's residual value and useful economic lives are reviewed, and
adjusted if appropriate, at the end of each reporting period.
Gains and losses on disposal are determined by comparing the proceeds with the
carrying amount and are recognised within 'Other net gains / (losses)' in the
Consolidated Statement of Comprehensive Income.
Construction in progress
2025 2024
$'000 $'000
Balance as at 1 January 361 455
Additions 2 -
Disposals - (55)
Portion disposed (264) -
Impairment (53) -
Foreign exchange differences 17 (39)
As at 31 December 63 361
17 TRADE AND OTHER PAYABLES
2025 2024
$'000 $'000
Trade payables 449 523
Other payables and accrued expenses 147 232
596 755
The carrying amount of the Group's trade and other payables are denominated in
the following currencies:
2025 2024
$'000 $'000
UK Pound Sterling 325 310
US Dollars 125 6
Australian Dollars 146 439
596 755
18 BORROWINGS
Accounting Policy
Loans and borrowings are initially recognised at fair value net of directly
attributable transaction costs and are subsequently measured at amortised cost
using the effective interest method.
Where a convertible instrument contains a host liability and a derivative
component that does not meet the criteria for equity classification, the host
liability is recognised initially at fair value and subsequently measured at
amortised cost using the effective interest method, while the derivative
component is recognised separately at fair value through profit or loss.
Changes in the fair value of the derivative component are recognised in profit
or loss.
Borrowings denominated in foreign currencies are translated at the closing
exchange rate at each reporting date, with exchange differences recognised in
profit or loss.
The carrying amount of current borrowings approximates fair value due to the
short-term nature of those instruments. The fair value of the convertible note
host liability also approximates carrying value at the reporting date.
(a) Carrying amount of borrowings
Book value Book value
2025 2024
$'000 $'000
Current
Convertible note - Host 538 675
Potential conversion warrants 236 28
Conversion feature 170 5
Total borrowings 944 708
18 BORROWINGS (continued)
(b) Reconciliation of convertible note - host liability
2025 2024
$'000 $'000
Balance on 1 January 675 507
Effective interest charge 181 112
Partial conversion into ordinary shares (344) -
IFRS 9 modification loss (25) -
Transaction costs of new loan - 56
Loan drawdown - 66
Foreign exchange adjustment on initial recognition /
opening position - (3)
Fair value of commitment warrants - (19)
Fair value of conversion warrants and conversion feature - (33)
Foreign exchange revaluation 51 (11)
Balance on 31 December 538 675
(c) Reconciliation convertible note - derivative liability
2025 2024
$'000 $'000
Balance on 1 January 33 -
Recognition of conversion feature 161 5
Recognition of conversion warrants 202 28
Revaluation of derivative liability - 1
Foreign exchange revaluation 10 (1)
Balance on 31 December 406 33
Convertible note
The Group's borrowings at 31 December 2025 comprise a convertible note host
liability measured at amortised cost and a derivative liability measured at
fair value through profit or loss.
During the year ended 31 December 2025, the host liability was measured using
the effective interest method. This included recognition of $34,392 of
interest relating to the December 2024 quarter that had not been accrued at 31
December 2024. Management does not consider this amount to be material to the
prior year financial statements.
18 BORROWINGS (continued)
Convertible note (continued)
On 15 December 2025, the convertible note was modified. As part of the
modification, approximately 38.27% of the outstanding balance was converted
into ordinary shares of the Company. The modification was accounted for under
IFRS 9 and resulted in a modification loss of $246,828 recognised in profit or
loss.
In connection with the modification, the Company issued 277,777,777 conversion
warrants and 25,000,000 rollover warrants, each exercisable at 13.5 pence per
share and expiring on 16 December 2028. The fair value attributed to those
warrants was recognised on modification and reduced the carrying amount of the
host liability.
Following modification, the host liability continued to be measured at
amortised cost using the effective interest method. Foreign exchange
differences arising on translation of the liability into the Group's
presentation currency were recognised in profit or loss.
The derivative liability arose in the prior year on initial recognition of the
conversion feature and warrants and is measured at fair value through profit
or loss. During the current year, the movement in the derivative liability
primarily reflects the modification of the convertible note as well as foreign
exchange retranslation into the Group's presentation currency.
19 SHARE CAPITAL AND RESERVES
Accounting Policy
Ordinary shares are classified as equity. Incremental costs directly
attributable to the issue of new shares or options are shown in equity as a
deduction, net of tax, from the proceeds.
Other reserves consist of the share-based payment reserves and the foreign
currency translation reserve.
19 SHARE CAPITAL AND RESERVES (continued)
Issued capital
Ordinary shares
Number of shares Amount in $'000
2025 2024 2025 2024
Balance on 1 January 7,509,915,386 6,361,794,174 83,848 82,097
Issue of fully paid shares for cash 3,250,000,000 1,142,121,212 3,719 1,895
Issue of fully paid shares converted from
warrants 373,531,570 - 555 -
Issue of fully paid shares in lieu of fees 136,706,941 6,000,000 193 15
Issue of fully paid shares in partial settlement
of convertible note 277,777,777 - 330 -
Capital raising costs - - (762) (159)
Balance on 31 December 11,547,931,674 7,509,915,386 87,883 83,848
Ordinary shares entitle the holder to participate in dividends and the
proceeds on the winding up of the company in proportion to the number of and
amounts paid on the shares held. The fully paid ordinary shares have no par
value, and the company does not have a limited amount of authorised capital.
On a show of hands every member present at a meeting in person or by proxy
shall have one vote and upon a poll each share shall have one vote.
There is no current on-market share buy-back.
Reserves
2025 2024
$'000 $'000
Warrants reserve 745 458
Options reserve 697 730
Share-based payments reserve 8 20
Foreign currency translation reserve 199 (1,125)
Balance on 31 December 1,649 83
Warrants reserve
The warrants reserve represents the fair value of warrants issued by the
Group. Amounts recognised in this reserve are transferred to issued capital
when the warrants are exercised. If the warrants expire unexercised, the
related balance is transferred to accumulated losses. Refer to note 11.
19 SHARE CAPITAL AND RESERVES (continued)
Options reserve
The options reserve represents the fair value of options granted to directors,
employees, consultants and other eligible persons. Amounts recognised in this
reserve are transferred to issued capital when the options are exercised. If
the options lapse or are cancelled, the related balance is transferred to
accumulated losses. Refer to note 11.
Share-based payments reserve
The share-based payments reserve represents amounts recognised for
equity-settled share-based payment arrangements involving directors, employees
and consultants, including shares to be issued in satisfaction of goods or
services received. Amounts recognised in this reserve are transferred to
issued capital when the shares are issued.
Foreign currency translation reserve
The foreign currency translation reserve comprises exchange differences
arising on the translation of the financial statements of foreign operations
from their functional currencies to the Group's presentation currency. These
exchange differences are recognised in other comprehensive income and
accumulated in the reserve. On disposal of a foreign operation, the relevant
balance is reclassified to profit or loss.
Movement in reserves
Warrants Options Share-based Foreign Total
payments Currency
$'000 $'000 $'000 $'000 $'000
Balance on 1 January 2024 834 854 - 279 1,967
Correction to prior year (274) 64 - - (210)
Expiry of 22,342,509 Mar-19 Director
options - (28) - - (28)
Expiry of 35,000,000 Oct-21 Director
options - (127) - - (127)
Expiry of 190,000,000 Director options
lapsed on resignation - (117) - - (117)
Fair value of director options expensed
over vesting period - 84 - - 84
Expiry of 23,529,401 Nov-21 warrants (64) - - - (64)
Issue of 7,200,000 broker warrants issued
on 14-Sep-22 24 - - - 24
Issue of 43,816,404 broker warrants issued
On 17-Aug-23 17 - - - 17
Lapsed conversion and commitment
warrants written off in error (98) - - - (98)
Issue of 25,000,000 convertible loan
conversion warrants 19 - - - 19
Shares to be issued to settle debts - - 20 - 20
Foreign currency translation during the period - - - (1,404) (1,404)
Balance on 31 December 2024 458 730 20 (1,125) 83
19 SHARE CAPITAL AND RESERVES (continued)
Movement in reserves (continued)
Warrants Options Share-based Foreign Total
payments Currency
$'000 $'000 $'000 $'000 $'000
Balance on 1 January 2025 458 730 20 (1,125) 83
Issue of 27,272,727 broker warrants issued on 26-Jul-24, exercisable at 0.11 30 - - - 30
pence, expiring 06-Aug-27
Expiry of 7,200,000 Sep-22 warrants (25) - - - (25)
Expiry of 100,000,000 Dec-22 warrants (209) - - - (209)
Issue of 212,500,000 broker warrants, exercisable at 0.08 pence, expiring 158 158
30-May-28
Issue of 200,000,000 broker warrants, exercisable at 0.09 pence, expiring 218 218
16-Dec-29
Exercise of 43,816,404 Aug-23 warrants at 0.2 pence each (18) (18)
Exercise of 181,425,000 May-25 warrants at 0.08 pence each (136) (136)
Issue of 277,777,777 convertible loan conversion warrants, exercisable at 247 247
0.135 pence, expiring 16-Dec-28
Issue of 25,000,000 convertible loan rollover warrants, exercisable at 0.135 22 22
pence, expiring 16-Dec-28
Fair value of director options expensed over vesting period - 16 - - 16
Expiry of 55,000,000 director unvested options issued 26-Sep-22, lapsed on - (49) (49)
resignation
Issue of shares to settle supplier debts - - (20) - (20)
Shares to be issued to suppliers to settle debts - - 8 - 8
Foreign currency translation during the period - - - 1,324 1,324
Balance on 31 December 2025 745 697 8 199 1,649
20 SHARE-BASED PAYMENTS
Accounting Policy
The Group operates equity-settled share-based payment arrangements.
Equity-settled share-based payments include options, warrants and shares
issued to directors, employees, consultants, brokers and other service
providers in exchange for goods or services.
The fair value of options and warrants is determined at the grant date using
an appropriate valuation model, typically the Black-Scholes option pricing
model, taking into account the terms and conditions on which the instruments
were granted. The fair value of shares issued in settlement of services or
liabilities is determined by reference to the fair value of the shares issued,
or the fair value of the goods or services received where that can be measured
reliably.
The fair value of equity-settled share-based payments is recognised as an
expense, or where appropriate as a transaction cost, with a corresponding
increase in equity. Where awards vest immediately, the expense is recognised
in full at the grant date. Where awards are subject to vesting conditions, the
expense is recognised over the vesting period based on the number of awards
expected to vest.
Market conditions are reflected in the grant date fair value of the award.
Non-market vesting conditions are taken into account in estimating the number
of awards expected to vest.
Upon exercise of options or warrants, the amount previously recognised in the
relevant reserve is transferred to share capital and share premium together
with any consideration received. Where options or warrants lapse, expire or
are cancelled, the amount previously recognised in the relevant reserve is
transferred to accumulated losses.
If the terms of an equity-settled award are modified, the Group recognises, as
a minimum, the services received measured at the grant date fair value of the
award, together with any incremental fair value arising at the date of
modification. If an award is cancelled, any unrecognised expense is recognised
immediately unless the cancellation is accounted for as a modification or
replacement of the original award.
Share-based payment arrangements
The Company operates share-based payment arrangements under which options and
other equity instruments may be granted to directors, employees, consultants
and other service providers. The terms of such instruments, including vesting
conditions, exercise price and contractual life, are determined by the Board
at the date of grant.
Options granted do not carry rights to dividends or voting prior to exercise.
On exercise, each option converts into one ordinary share of the Company.
The Company may also issue warrants to brokers, advisers and other service
providers, typically in connection with fundraising and other corporate
transactions. Warrants are exercisable into ordinary shares in accordance with
their terms of issue.
From time to time, the Company may issue ordinary shares to settle amounts due
to creditors, consultants or other service providers. Where such shares are
issued in exchange for goods or services, the transaction is accounted for as
an equity-settled share-based payment.
20 SHARE-BASED PAYMENTS (continued)
Options
On 31 December 2025, a summary of the Group options issued and not exercised
under the share-based payment arrangements are as follows. Options are settled
by the physical delivery of shares:
Expired / Vested and
Exercise Balance at Granted Exercised forfeited Balance at exercisable
Grant Vesting Expiry Price the start of during during during the end of at the end of
date date date (pence) the year the year the year the year the year the year
26-Sep-22 26-Mar-23 26-Sep-26 0.80 67,500,000 - - (12,500,000) 55,000,000 55,000,000
26-Sep-22 26-Sep-23 26-Sep-26 1.00 67,500,000 - - (12,500,000) 55,000,000 55,000,000
26-Sep-22 26-Sep-23 26-Sep-26 1.20 75,000,000 - - (15,000,000) 60,000,000 60,000,000
26-Sep-22 26-Sep-23 26-Sep-26 1.40 75,000,000 - - (15,000,000) 60,000,000 60,000,000
07-Jul-23 01-Aug-24 31-Jul-27 0.72 5,000,000 - - - 5,000,000 5,000,000
07-Jul-23 01-Aug-24 31-Jul-27 0.90 7,500,000 - - - 7,500,000 7,500,000
07-Jul-23 01-Aug-24 31-Jul-27 1.08 10,000,000 - - - 10,000,000 10,000,000
07-Jul-23 01-Aug-24 31-Jul-27 1.26 10,000,000 - - - 10,000,000 10,000,000
07-Jul-23 01-Aug-25 31-Jul-27 0.72 5,000,000 - - - 5,000,000 5,000,000
07-Jul-23 01-Aug-25 31-Jul-27 0.90 7,500,000 - - - 7,500,000 7,500,000
07-Jul-23 01-Aug-25 31-Jul-27 1.08 10,000,000 - - - 10,000,000 10,000,000
07-Jul-23 01-Aug-25 31-Jul-27 1.26 10,000,000 - - - 10,000,000 10,000,000
350,000,000 - - (55,000,000) 295,000,000 295,000,000
At the reporting date, the weighted average remaining contractual life of
options outstanding at year end was 0.92 years.
20 SHARE-BASED PAYMENTS (continued)
Options (continued)
The key valuation assumptions made at valuation date under the Black &
Scholes option pricing model are summarised below:
Number of Exercise Grant Vesting Expiry Life of the Volatility Risk free Fair value Share price
options Price Date Date Date options rate at grant at grant
date date
(pence) (years) % % (pence) (pence)
1 55,000,000 0.80 26-Sep-22 26-Mar-23 26-Sep-26 4.00 95 4.43 0.0856 0.23
2 55,000,000 1.00 26-Sep-22 26-Sep-23 26-Sep-26 4.00 95 4.43 0.0755 0.23
3 60,000,000 1.20 26-Sep-22 26-Sep-23 26-Sep-26 4.00 95 4.43 0.0675 0.23
4 60,000,000 1.40 26-Sep-22 26-Sep-23 26-Sep-26 4.00 95 4.43 0.0611 0.23
5 5,000,000 0.72 07-Jul-23 01-Aug-24 31-Jul-27 4.07 102 4.10 0.2171 0.72
6 7,500,000 0.90 07-Jul-23 01-Aug-24 31-Jul-27 4.07 102 4.10 0.2031 0.72
7 10,000,000 1.08 07-Jul-23 01-Aug-24 31-Jul-27 4.07 102 4.10 0.1914 0.72
8 10,000,000 1.26 07-Jul-23 01-Aug-24 31-Jul-27 4.07 102 4.10 0.1814 0.72
9 5,000,000 0.72 07-Jul-23 01-Aug-25 31-Jul-27 4.07 102 4.10 0.2171 0.72
10 7,500,000 0.90 07-Jul-23 01-Aug-25 31-Jul-27 4.07 102 4.10 0.2031 0.72
11 10,000,000 1.08 07-Jul-23 01-Aug-25 31-Jul-27 4.07 102 4.10 0.1914 0.72
12 10,000,000 1.26 07-Jul-23 01-Aug-25 31-Jul-27 4.07 102 4.10 0.1875 0.72
20 SHARE-BASED PAYMENTS (continued)
Options (continued)
On 31 December 2024, a summary of the Group options issued and not exercised
under the share-based payment arrangements are as follows. Options are settled
by the physical delivery of shares:
Expired / Vested and
Exercise Balance at Granted Exercised forfeited Balance at exercisable
Grant Vesting Expiry Price the start of during during during the end of at the end of
date date date (pence) the year the year the year the year the year the year
29-Mar-19 29-Jun-19 28-Mar-24 0.25 3,085,627 - - (3,085,627) - -
29-Mar-19 29-Sep-19 28-Mar-24 0.25 3,085,627 - - (3,085,627) - -
29-Mar-19 29-Mar-20 28-Mar-24 0.25 6,171,255 - - (6,171,255) - -
01-Oct-19 01-Oct-19 28-Mar-24 0.22 3,000,000 - - (3,000,000) - -
01-Oct-19 01-Oct-19 28-Mar-24 0.30 3,000,000 - - (3,000,000) - -
01-Oct-19 01-Oct-19 28-Mar-24 0.45 4,000,000 - - (4,000,000) - -
22-Oct-21 22-Apr-22 22-Oct-24 1.00 10,000,000 - - (10,000,000) - -
22-Oct-21 22-Apr-22 22-Oct-24 1.15 10,000,000 - - (10,000,000) - -
22-Oct-21 22-Apr-22 22-Oct-24 1.45 15,000,000 - - (15,000,000) - -
26-Sep-22 26-Mar-23 26-Sep-26 0.80 77,500,000 - - (10,000,000) 67,500,000 67,500,000
26-Sep-22 26-Sep-23 26-Sep-26 1.00 85,000,000 - - (17,500,000) 67,500,000 67,500,000
26-Sep-22 26-Sep-23 26-Sep-26 1.20 95,000,000 - - (20,000,000) 75,000,000 75,000,000
26-Sep-22 26-Sep-23 26-Sep-26 1.40 87,500,000 - - (12,500,000) 75,000,000 75,000,000
Carried forward 402,342,509 - - (117,342,509) 285,000,000 285,000,000
20 SHARE-BASED PAYMENTS (continued)
Options (continued)
On 31 December 2024, a summary of the Group options issued and not exercised
under the share-based payment arrangements are as follows. Options are settled
by the physical delivery of shares:
Expired / Vested and
Exercise Balance at Granted Exercised forfeited Balance at exercisable
Grant Vesting Expiry Price the start of during during during the end of at the end of
date date date (pence) the year the year the year the year the year the year
Brought forward 402,342,509 - - (117,342,509) 285,000,000 285,000,000
07-Jul-23 01-Aug-24 31-Jul27 0.72 17,500,000 - - (12,500,000) 5,000,000 5,000,000
07-Jul-23 01-Aug-24 31-Jul27 0.90 22,500,000 - - (15,000,000) 7,500,000 7,500,000
07-Jul-23 01-Aug-24 31-Jul27 1.08 27,500,000 - - (17,500,000) 10,000,000 10,000,000
07-Jul-23 01-Aug-24 31-Jul27 1.26 30,000,000 - - (20,000,000) 10,000,000 10,000,000
07-Jul-23 01-Aug-25 31-Jul27 0.72 5,000,000 - - - 5,000,000 5,000,000
07-Jul-23 01-Aug-25 31-Jul27 0.90 7,500,000 - - - 7,500,000 7,500,000
07-Jul-23 01-Aug-25 31-Jul27 1.08 10,000,000 - - - 10,000,000 10,000,000
07-Jul-23 01-Aug-25 31-Jul27 1.26 10,000,000 - - - 10,000,000 10,000,000
532,342,509 - - (182,342,509) 350,000,000 350,000,000
At the reporting date, the weighted average remaining contractual life of
options outstanding at year end was 1.89 years.
20 SHARE-BASED PAYMENTS (continued)
Warrants
On 31 December 2025, a summary of the Group warrants issued and not exercised
are as follows. Warrants are settled by the physical delivery of shares:
Expired / Vested and
Exercise Balance at Granted Exercised forfeited Balance at exercisable
Grant Vesting Expiry Price the start of during during during the end of at the end of
date date date (pence) the year the year the year the year the year the year
14-Sep-22 14-Sep-22 14-Sep-25 2.50 7,200,000 - - (7,200,000) - -
20-Dec-22 20-Dec-22 20-Dec-25 2.50 100,000,000 - - (100,000,000) - -
17-Aug-23 17-Aug-23 17-Aug-26 0.20 43,816,404 - (43,816,404) - - -
01-Apr-24 01-Apr-25 01-Apr-27 0.1675 25,000,000 - - - 25,000,000 25,000,000
26-Jul-24 06-Aug-24 06-Aug-27 0.011 - 27,272,727 - - 27,272,727 27,272,727
30-May-25 30-May-25 30-May-28 0.08 - 212,500,000 (181,425,000) - 31,075,000 31,075,000
16-Dec-25 16-Dec-25 16-Dec-28 0.09 - 200,000,000 - - 200,000,000 200,000,000
16-Dec-25 16-Dec-25 16-Dec-28 0.135 - 277,777,777 - - 277,777,777 277,777,777
16-Dec-25 16-Dec-25 16-Dec-28 0.135 - 25,000,000 - - 25,000,000 25,000,000
176,016,404 742,550,504 (225,241,404) (107,200,000) 586,125,504 586,125,504
At the reporting date, the weighted average remaining contractual life of
warrants outstanding at year end was 2.80 years.
20 SHARE-BASED PAYMENTS (continued)
Warrants (continued)
The key valuation assumptions made at valuation date are summarised below:
Number of Exercise Grant Vesting Expiry Life of the Volatility Risk free Fair value Share price
options Price Date Date Date options rate at grant at grant
date date
(pence) (years) % % (pence) (pence)
1 25,000,000 0.1675 01-Apr-24 01-Apr-25 01-Apr-27 3.00 75.00 4.12 0.059 0.13
2 27,272,727 0.011 26-Jul-24 06-Aug-24 06-Aug-27 3.03 98.96 4.11 0.009 0.013
3 212,500,000 0.08 30-May-25 30-May-25 30-May-28 3.00 95.85 4.05 0.006 0.009
4 200,000,000 0.09 16-Dec-25 16-Dec-25 16-Dec-28 3.00 100 3.74 0.082 0.011
5 277,777,777 0.135 16-Dec-25 16-Dec-25 16-Dec-28 3.00 100 3.75 0.6709 0.112
6 25,000,000 0.135 16-Dec-25 16-Dec-25 16-Dec-28 3.00 100 3.75 0.6709 0.112
20 SHARE-BASED PAYMENTS (continued)
Warrants (continued)
On 31 December 2024, a summary of the Group warrants issued and not exercised
are as follows. Options are settled by the physical delivery of shares:
Expired / Vested and
Exercise Balance at Granted Exercised forfeited Balance at exercisable
Grant Vesting Expiry Price the start of during during during the end of at the end of
date date date (pence) the year the year the year the year the year the year
17-Nov-21 17-Nov-21 17-Nov-24 8.50 23,529,401 - - (23,529,401) - -
14-Sep-22 14-Sep-22 14-Sep-25 2.50 7,200,000 - - - 7,200,000 7,200,000
20-Dec-22 20-Dec-22 20-Dec-25 2.50 100,000,000 - - - 100,000,000 100,000,000
01-Jul-23 01-Jul-24 01-Jul-26 0.52 10,000,000 - - (10,000,000) - -
01-Jul-23 01-Jul-24 01-Jul-25 n/a 250,000 - - (250,000) - -
01-Jul-23 01-Jul-24 01-Jul-27 n/a 250,000 - - (250,000) - -
17-Aug-23 17-Aug-23 17-Aug-26 0.20 - 43,816,404 - - 43,816,404 43,816,404
01-Apr-24 01-Apr-25 01-Apr-27 0.1675 - 25,000,000 - - 25,000,000 25,000,000
141,229,401 68,816,404 - (34,029,401) 176,016,404 176,016,404
At the reporting date, the weighted average remaining contractual life of
options outstanding at year end was 1.28 years.
21 RELATED PARTIES
Accounting Policy
Key management personnel compensation
Directors' remuneration is expensed as the related service is provided. A
liability is recognised for the amount expected to be paid if the Group has a
present legal or constructive obligation to pay this amount because of past
service provided by the employee and the obligation can be estimated reliably.
Other key management personnel transactions
Several key management personnel, or their related parties, hold positions in
other companies that result in them having control or significant influence
over these companies.
A number of these companies transacted with the Group during the year. The
terms and conditions of these transactions were no more favourable than those
available, or which might reasonably be expected to be available, in similar
transactions to non-key management personnel related companies on an arm's
length basis.
Elizabeth Henson
Elizabeth Henson, a director of the Company, received $25,000 (2024: nil) for
consulting and investor relations services on commercial, arms-length terms.
The balance outstanding on 31 December 2025 was $10,000 (2024: $5,000).
Robert Mosig
Robert Mosig, a director of the Company, received $17,000 (2024: nil) for
technical services on commercial, arms-length terms. The balance outstanding
on 31 December 2025 was nil (2024: $5,000).
Bruce Garlick
Royal Corporate Services Pty Ltd, a company for which Bruce Garlick is a
director, received $40,000 (2024: nil) in repayment for commercial,
arms-length consulting services. The balance outstanding on 31 December 2025
was $11,000 (2024: nil).
22 FINANCIAL INSTRUMENTS
Accounting Policy
Recognition and derecognition
Financial assets and liabilities are recognised when the Group becomes a party
to the contractual provisions of the financial instrument.
Financial assets are derecognised when the contractual rights to the cash
flows from the financial asset expire, or when the financial asset and
substantially all the risks and rewards are transferred.
A financial liability is derecognised when it is extinguished, discharged,
cancelled, or expires.
Classification and initial measurement of financial assets
Except for those trade receivables that do not contain a significant financing
component and are measured at the transaction price in accordance with IFRS
15, all financial assets are initially measured at fair value adjusted for
transaction costs (where applicable).
22 FINANCIAL INSTRUMENTS (continued)
Accounting Policy (continued)
For subsequent measurement, financial assets, other than those designated and
effective as hedging instruments, are classified into the following
categories:
· amortised cost
· fair value through profit or loss (FVTPL)
· equity instruments at fair value through other comprehensive income
(FVOCI)
· debt instruments at fair value through other comprehensive income
(FVOCI).
All income and expenses relating to financial assets that are recognised in
profit or loss are presented within finance costs, finance income or other
financial items, except for impairment of trade receivables which is presented
within other expenses.
The classification is determined by both:
· the entity's business model for managing the financial asset; and
· the contractual cash flow characteristics of the financial asset.
Subsequent remeasurement of financial assets
Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the
following conditions (and are not designated as FVTPL):
· they are held within a business model whose objective is to hold the
financial assets to collect its contractual cash flows
· the contractual terms of the financial assets give rise to cash flows
that are solely payments of principal and interest on the principal amount
outstanding.
After initial recognition, these are measured at amortised costs using the
effective interest method.
Discounting is omitted where the effect of discounting is immaterial. The
Group's cash and cash equivalents, trade and most other receivables fall into
this category of financial instruments as well as listed bonds that were
previously classified as held-to-maturity under IAS 39.
Impairment of financial assets
IFRS 9's impairment requirements use more forward-looking information to
recognise expected credit losses - the 'expected credit loss (ECL) model'.
Instruments within the scope of the requirements included loans and other
debt-type financial assets measured at amortised cost and FVOCI, trade
receivables, contract assets recognised and measured under IFRS 15 and loan
commitments that are not measured at fair value through profit or loss.
The Group considers a broad range of information when assessing credit risk
and measuring expected credit losses, including past events, current
conditions, reasonable and supportable forecasts that affect the expected
collectability of the future cash flows of the instrument.
22 FINANCIAL INSTRUMENTS (continued)
Accounting Policy (continued)
In applying this forward-looking approach, a distinction is made between:
· financial instruments that have not deteriorated significantly in
credit quality since initial recognition or that have low credit risk ('Level
1'); and
· financial instruments that have deteriorated significantly in credit
quality since initial recognition and whose credit risk is not low ('Level
2').
· 'Level 3' would cover financial assets that have objective evidence
of impairment at the reporting date.
'12-month expected credit losses', are recognised for the first category
whilst 'lifetime expected credit losses' are recognised for the second
category. The Group does not have any material expected credit losses.
Measurement of the expected credit losses is determined by a
probability-weighted estimate of credit losses over the expected life of the
financial instrument.
The Group makes use of a simplified approach in accounting for trade and other
receivables and records the loss allowance as lifetime expected credit losses.
These are the expected shortfalls in contractual cash flows, considering the
potential for default at any point during the life of the financial
instrument. In calculating, the Group uses its historical experience, external
indicators, and forward-looking information to calculate the expected credit
losses using a provision matrix.
Classification and measurement of financial liabilities
The Group's financial liabilities include borrowings, trade and other payables
and derivative financial instruments.
Financial liabilities are initially measured at fair value, and where
applicable, adjusted for transaction costs unless the Group designated a
financial liability at fair value through profit or loss.
Subsequently, financial liabilities are initially measured at amortised cost
using the effective interest method except for derivatives and financial
liabilities designation at FVTPL, which are carried subsequently at fair value
with gains or losses recognised in profit or loss.
All interest-related charges and, if applicable, changes in an instrument's
fair value that are reported in profit or loss are included within finance
costs or finance income.
Derivative financial instruments
Derivative financial instruments are accounted for at fair value through
profit and loss (FVTPL).
22 FINANCIAL INSTRUMENTS (continued)
Capital risk management
The Group manages its capital to ensure that entities in the Group will be
able to continue as a going concern while maximising the return to
shareholders through the optimisation of the debt and equity balance.
The Group's overall strategy remains unchanged from 2024.
The capital structure of the Group consists of cash and cash equivalents,
borrowings, and equity attributable to equity holders of the parent,
comprising issued capital, reserves and retained earnings.
None of the Group's entities are subject to externally imposed capital
requirements.
Operating cash flows are used to maintain and expand operations, as well as to
make routine expenditures such as tax and general administrative outgoings.
Financial risk management objectives
The Group is exposed to market risk (including foreign currency exchange rate
risk and interest rate risk), credit risk and liquidity risk.
The Group's risk management policies are established to identify and analyse
the risks faced by the Group, to set appropriate risk limits and controls, and
to monitor risks and adherence to limits. Risk management policies and systems
are reviewed on a continuous basis to reflect changes in market conditions and
the Group's activities. The Group does not trade financial instruments,
including derivative financial instruments, for speculative purposes.
Market risk
The Group's activities expose it primarily to the financial risks of changes
in interest rates.
There has been no change to the Group's exposure to market risks or the manner
it manages and measures the risk from the previous period.
Interest rate risk management
The Group is exposed to interest rate risk as entities in the Group borrow
funds at both fixed and floating interest rates. The risk is managed by the
Group by maintaining an appropriate mix between fixed and floating rate
borrowings.
The Group's exposure to interest rate on financial assets and financial
liabilities are detailed in the liquidity risk management section of this
note.
Interest rate risk sensitivity analysis
The sensitivity analysis below has been determined based on the exposure to
interest rates for non-derivative instruments at the balance date.
At balance date, if interest rates had been 100 points higher or lower and all
other variables were held constant, the Group's profit or loss would increase
/ (decrease) by $12,000.
The Group's sensitivity to interest rates has increased during the year mainly
due to the increase in cash held.
22 FINANCIAL INSTRUMENTS (continued)
Foreign currency exchange rate risk management
Foreign exchange risk arises when individual Group entities enter transactions
denominated in a currency other than their functional currency. The Group's
policy is to allow group entities to settle liabilities denominated in their
functional currency with the cash generated from their own operations in that
currency. Where group entities have liabilities denominated in a currency
other than their functional currency, cash already denominated in that
currency will, where possible, be transferred from elsewhere within the Group.
The Group is predominantly exposed to Australian dollars (AUD) and Pound
Sterling (GBP).
As of 31 December 2025, the Group's net exposure to foreign exchange risk was
as follows:
Assets Liabilities
2025 2024 2025 2024
2025 $'000 $'000 $'000 $'000
Pounds Sterling 1,755 207 326 310
Australian Dollar 4,838 157 273 451
Foreign currency sensitivity analysis
The following table details the Group's sensitivity to a 10% (2024: 10%)
increase and decrease in the US dollar against the relevant foreign currencies
and represents management's assessment of the possible change in foreign
exchange rates. The sensitivity analysis includes only outstanding foreign
currency denominated monetary items and adjusts their translation at the
year-end for a 10% (2024: 10%) change in foreign currency rates. A positive
number indicates an increase in profit or loss where the Australian dollar
strengthens against the respective currency. A 10% variation is considered an
appropriate level of sensitivity given recent levels of foreign exchange
volatility.
Impact on profit or loss
2025 2024
$'000 $'000
If USD strengthens by 10% (2024: 10%)
AUD (683) 47
GBP (106) 8
If USD weakens by 10% (2024: 10%)
AUD 683 (47)
GBP 106 (8)
22 FINANCIAL INSTRUMENTS (continued)
Fluctuations in foreign currencies during the current financial year compared
with the prior year are as follows:
2025 2024
% %
AUD (7.15) 9.88
GBP (6.84) 1.56
Credit risk management
Credit risk is the risk that a counterparty fails to discharge an obligation
to the Group. The Group is exposed to credit risk from financial assets
including cash and cash equivalents held at banks and trade and other
receivables.
The Group has adopted a policy of only dealing with creditworthy
counterparties.
The Group only transacts with entities that are rated the equivalent of
investment grade and above. This information is supplied by independent rating
agencies where available and, if not available, the Group uses publicly
available financial information and its own trading record to rate its
customers.
The Group's exposure and the credit ratings of its counterparties are
continuously monitored, and the aggregate value of transactions concluded is
spread amongst approved counterparties.
The Group does not have any significant credit risk exposure to any single
counterparty or any group of counterparties having similar characteristics.
The credit risk on liquid funds is limited because the counterparties are
banks or government agencies with high credit ratings assigned by
international credit rating agencies.
The carrying amount of financial assets recorded in the financial statements,
represents the Group's maximum exposure to credit risk.
Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the Board of
Directors, who have built an appropriate liquidity risk management framework
for the management of the Group's short, medium, and long-term funding and
liquidity management requirements.
The Group manages liquidity risk by maintaining adequate banking and borrowing
facilities by continuously monitoring forecast and actual cash flows and
matching the maturity profiles of financial assets and liabilities.
22 FINANCIAL INSTRUMENTS (continued)
Fair value measurement
Financial assets and financial liabilities measured at fair value in the
statement of financial position are grouped into three levels of a fair value
hierarchy.
The three levels are defined based on the observability of significant inputs
to the measurement, as follows:
· Level 1: quoted prices (unadjusted) in active markets for
identical assets or liabilities
· Level 2: inputs other than quoted prices included within
Level 1, that are observable for the asset or liability, either directly (as
prices) or indirectly (derived from prices); and
· Level 3: inputs for the asset or liability that are not based
on observable market data (unobservable inputs).
The carrying amounts of all financial assets and liabilities recognised in the
financial statements approximate their fair values.
Not measured at fair value
The Group has various financial instruments which are not measured at fair
value on a recurring basis in the statement of financial position.
The Directors consider that the carrying amounts of current receivables,
current payables and current borrowings are a reasonable approximation to
their fair values.
The methods and valuation techniques used for the purposes of measuring fair
values are unchanged compared to the previous reporting period.
23 AUDITOR'S REMUNERATION
Fees payable to the Company's auditor in respect of:
2025 2024
$'000 $'000
PKF Littlejohn LLP
Audit services
Audit of the annual report and financial statements 99 89
Tax advisory services 38 -
Total Auditor's Remuneration 137 89
24 SUBSIDIARIES
The consolidated financial statements incorporate the assets, liabilities, and
results of the following wholly owned subsidiary in accordance with the
accounting policy described in note 1.4:
Name of subsidiary Place of business Parent company Share capital held Principal activities
Arian Silver Corporation (UK) Ltd England and Wales Alien Metals Limited 100% Holding
Arian Silver (Holdings) Limited England and Wales Alien Metals Limited 100% Holding
A.C.N. 643 4787 371 Pty Ltd Australia Alien Metals Limited 100% Exploration
Alien Metals Australia Pty Ltd Australia Alien Metals Limited 100% Exploration
Iron Ore Company of Australia Pty Ltd Australia Alien Metals Limited 100% Exploration
Mallina Exploration Pty Ltd Australia Iron Ore Company of Australia Pty Ltd 100% Exploration
Compañía Minera Estrella de Plata S.A. de C.V. Mexico Alien Metals Limited 100% Exploration
Inter-company transactions, balances, income and expenses on transactions
between group companies are eliminated on consolidation. Profits and losses
resulting from intercompany transactions that are recognised in assets are
also eliminated. Accounting policies of subsidiaries have been changed where
necessary to ensure consistency with the policies adopted by the Group.
25 CAPITAL AND OTHER COMMITMENTS
Exploration expenditure commitments
To maintain current rights of tenure to exploration tenements, the Group is
required to perform minimum exploration work to meet the requirements
specified by the Western Australia State Government. These obligations are not
provided for in the financial statements and are payable as follows:
Other minimum Total minimum
Licence spend spend
fees requirements requirements
$'000 $'000 $'000
Less than 1 year 64 237 301
1 to 5 years 226 648 874
Total 290 885 1,175
The above exploration expenditure commitments exclude amounts relating to the
Elizabeth Hill and Munni Munni tenements, which are subject to joint venture
arrangements. Under the terms of the joint venture arrangements, the joint
venture partner is responsible for funding 100% of the required expenditure
for these tenements. Although the tenements remain registered in the Group's
name, the Group does not expect to incur cash outflows in respect of these
commitments, except to the extent of any residual obligations arising if the
joint venture partner does not meet its obligations.
26 MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
On 21 January 2026, GreenTech shareholders approved the transaction under
which GreenTech would acquire a 70% interest in the Munni Munni
Platinum-Palladium-Copper-Nickel Project in Western Australia. Following
satisfaction or waiver of all conditions precedent, the transaction completed
on 2 February 2026. Under the transaction, GreenTech acquired a 70% interest
in the project, and the Group retained a 30% interest, free carried through to
completion of a bankable feasibility study. Consideration comprised a cash
payment of A$500,000 and the issue of 47 million ordinary shares in GreenTech.
On 2 February 2026, the Company repaid A$500,000 of the convertible loan note.
Subsequent to year end, the Company issued 175,121,871 ordinary shares
following the exercise of warrants at exercise prices ranging from 0.08 pence
and 0.135 pence per share, raising gross proceeds of £210,202.
On 12 May 2026, the Company sold 9,090,909 GreenTech shares at A$0.075 per
share, raising gross proceeds of A$681,818.
On 30 May 2026, 130,291,663 warrants with an exercise price of 0.12 pence per
ordinary share expired unexercised.
26 MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
(continued)
Subsequent to year end, the Group's joint venture partners announced
exploration and resource updates in respect of the Group's retained interests
in the Elizabeth Hill Silver Project and the Munni Munni Project. On 22 April
2026, West Coast Silver Limited (ASX:WCE) announced an inaugural JORC 2012
compliant Mineral Resource Estimate for Elizabeth Hill. In May 2026, GreenTech
Metals Limited announced Phase 1 drilling results for the Munni Munni Project.
These updates do not impact the amounts recognised at year end, however, they
provide further information regarding the development of the Group's retained
project interests.
Other than as noted above, there have been no matters or circumstances have
arisen since the end of the financial year that have significantly affected,
or may significantly affect, the operations of the Group, the results of these
operations, or the state of affairs of the Group in future financial years.
GLOSSARY
The following glossary provides definitions of certain technical terms,
abbreviations and industry terminology used throughout this Annual Report.
Term Definition
Ag Silver
AIM The AIM market operated by the London Stock Exchange
ASX Australian Securities Exchange
BFS / Bankable Feasibility Study A detailed technical and economic study used to determine whether a mining
project is commercially viable and capable of securing project financing
Board The Board of Directors of Alien Metals Limited
Canga A near-surface iron-rich weathered deposit commonly associated with Pilbara
iron ore systems
Code The UK Corporate Governance Code 2024
Company or Alien Alien Metals Limited
Cu Copper
DSO Direct Shipping Ore - high-grade iron ore requiring minimal processing prior
to export
EBITDA Earnings before interest, taxation, depreciation and amortisation
Elizabeth Hill The Elizabeth Hill Silver Project located in the Pilbara region of Western
Australia
Exploration Target A statement of the exploration potential of a mineral deposit expressed as a
range of tonnes and grade. An Exploration Target is conceptual in nature and
insufficient exploration has been completed to estimate a Mineral Resource
Fe Iron
Ferguson Reef The principal mineralised reef system at the Munni Munni Project
FY2025 Financial year ended 31 December 2025
g/t Grams per tonne
GreenTech GreenTech Metals Limited
Group Alien Metals Limited and its subsidiaries
Hancock Project The Hancock Iron Ore Project located in the central Pilbara region of Western
Australia
IRR Internal Rate of Return - a financial metric used to estimate the
profitability of a project investment
JORC Australasian Code for Reporting of Exploration Results, Mineral Resources, and
Ore Reserves
Joint Venture or JV A commercial arrangement between parties to jointly explore, develop, or
operate a project
KPI Key Performance Indicator
Kt Thousand tonnes
MRE Mineral Resource Estimate
Mt Million tonnes
Mtpa Million tonnes per annum
Munni Munni The Munni Munni platinum group metals project in Western Australia
Native Title The recognition under Australian law of the traditional rights and interests
of Aboriginal and Torres Strait Islander peoples in land and waters
Ni Nickel
NPV(10) Net Present Value discounted at 10%, used to assess the economic value of a
project
PFS Pre-Feasibility Study
PGE Platinum Group Elements, including platinum, palladium, and rhodium
Pilbara A mineral-rich region in Western Australia hosting significant iron ore and
precious/base metal deposits
RC Drilling Reverse Circulation drilling, a commonly used mineral exploration drilling
technique
Resource A concentration of minerals of economic interest with reasonable prospects for
eventual economic extraction
Scoping Study An early-stage technical and economic assessment of a mining project
Silver Mineralisation Naturally occurring concentrations of silver-bearing minerals within rock
formations
Traditional Owners Aboriginal groups recognised as the traditional custodians of land within
project areas
UFO The Company's ticker symbol on AIM
West Coast Silver or WCE West Coast Silver Limited
West Pilbara A sub-region of the Pilbara in Western Australia hosting several of the
Group's exploration assets
Notes to Editors
Alien Metals Limited is a mining exploration and development company listed on
the AIM market of the London Stock ("AIM: UFO"). The Company follows a
balanced strategy of advancing and strengthening its asset portfolio through
targeted technical work and project development, while evaluating
partnerships, joint ventures and selective monetisation opportunities that are
value enhancing for shareholders. At the same time, Alien will continue to
consider opportunities to expand our asset based through carefully selected
acquisition opportunities which meet the Board's prudent criteria.
Alien's principal focus is the advancement and development of its 90%-owned
Hancock Iron Ore Project in the central Pilbara region of Western Australia.
The Hancock tenements contain a JORC-compliant resource of 8.4Mt at 60% FE and
offer significant exploration upside, which is targeted to deliver a mining
operation of 2Mtpa for 10 years. The Project benefits from direct access to
the Great Northern Highway, providing a route to export facilities at Port
Hedland, one of the world's largest iron ore export hubs. Alien also holds
exploration interests in the Brockman and Vivash iron ore projects in the West
Pilbara.
Alien additionally retains exposure to two advanced precious and base metal
assets in the Pilbara. At Munni Munni, one of Australia's largest PGM systems
hosting a historic resource of 2.2Moz PGM (Palladium, Platinum, and Rhodium)
and gold, the Company has completed its partial asset sale and joint venture
transaction with GreenTech Metals Limited, under which Alien has divested a
70% interest (with the option to divest a further 10%) in the Munni Munni
tenements to GreenTech and Alien will retain a 30% interest, free carried to
the completion of a bankable feasibility study at Munni Munni. Alien (via
wholly owned subsidiary A.C.N. 643 478 371 Pty Ltd) also retains a 30%
interest in the Elizabeth Hill Silver Project through a joint venture with
Crest Silver Pty Ltd, which encompasses the Elizabeth Hill Mining Lease
M47/342, which has produced some of Australia's highest-grade silver ore
during the late 1990s. Alien retains a 30% interest in the Elizabeth Hill
Silver Project and additionally holds 30.5 million shares in West Coast Silver
Limited, providing both direct project exposure and equity participation in
ongoing development.
Competent Person's Statement
The information that relates to the Hancock Mineral Resources is based on
information compiled by Mr Howard Baker, a Competent Person who is a Fellow
of the Australasian Institute of Mining and Metallurgy (AUSIMM) and is an
employee of Baker Geological Services Limited. Mr Baker has sufficient
experience relevant to the style of mineralisation and type of deposit under
consideration and to the activity which they are undertaking to qualify as a
Competent Person as defined in the 2012 Edition of the "Australasian Code for
the Reporting of Exploration Results, Mineral Resources, and Ore Reserves"
(JORC Code). Mr Baker consents to the disclosure of information in this report
in the form and context in which it appears.
The information in this presentation relating to Hancock Ore Reserves and
Exploration Target is based on information compiled by Mr Jeremy Peters, a
Director of Burnt Shirt Pty Ltd, a Fellow of The Australasian Institute of
Mining and Metallurgy (AUSIMM) and Chartered Professional Geologist and Mining
Engineer of that organisation who has sufficient experience which is relevant
to the style of mineralisation and type of deposit under construction and to
the activity that he is undertaking, to qualify as a Competent Person as
defined in the 2012 Edition of the "Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr
Peters consents to the inclusion in the document of the information in the
form and context in which it appears.
Mark Pudovskis is an Independent Consultant and Competent Person as defined by
the JORC Code 2012 Edition, having more than five years of experience that is
relevant to the style of mineralisation and type of deposit described in the
Report and accepts responsibility for the Vivash and Brockman Exploration
Results and activities he has undertaken and described.
He is a member of both the Australasian Institute of Mining and Metallurgy and
the Australian Institute of Geoscientists. Mark Pudovskis consents to the
inclusion in the report of the information prepared by him in the form and
context in which it appears.
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