REG - Alien Metals Limited - SHARE INCENTIVE PLAN AWARDS

Alien MetalsAnnouncement

21/12/2022 07:00

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RNS Number : 3926K  Alien Metals Limited  21 December 2022

21 December 2022

ALIEN METALS LIMITED

("Alien Metals" or "the Company")

 

SHARE INCENTIVE PLAN AWARDS

 

Alien Metals Limited, the minerals exploration and development company, is
pleased to announce, in accordance with the Share Incentive Plan as approved
by the Board on 14 November 2022 it will issue, subject to the satisfaction of
specified high hurdle performance conditions ("Performance Conditions"), as
outlined below, a total of 178,000,000 Incentive Shares ("Incentive Shares")
to the Company's Iron Ore Company of Australia ("IOCA") executive team,
subject to the achievement of the Performance Conditions set out below in
relation to the development of the Hammersley Iron project.

 

The incentive plan is specifically designed to incentivise the executive team
to deliver the Hancock iron mine into production in a timely manner, minimise
staff turnover and ensure a cost-effective development. The award hurdles are
seen as high value achievements and as such are strongly aligned with
shareholder interests.

 

 Performance Condition               Lloyd Edmunds  Arran Gracie  Troy Whittaker  Bradley Toms    Rod McIllree
 IOCA Offtake Signed             1   5,000,000      5,000,000     5,000,000       Not applicable  Not applicable
 IOCA Finance Term Sheet Signed  2   5,000,000      5,000,000     5,000,000       Not applicable  Not applicable
 Mining Licence Approval         3   10,000,000     10,000,000    10,000,000      3,000,000       Not applicable
 First Ore Mined                 4   5,000,000      5,000,000     10,000,000      4,000,000       5,000,000
 500,000 Fe Tonnes Exported      5   5,000,000      5,000,000     15,000,000      5,000,000       8,000,000
 1,000,000 Fe Tonnes Exported    6   5,000,000      5,000,000     20,000,000      6,000,000       12,000,000
 Total                               35,000,000     35,000,000    65,000,000      18,000,000      25,000,000

 

The award to Rod McIllree, Executive Chairman of the Company, brings the total
options awarded to Rod since he joined the Company to 255,000,000 (being 4.79%
of the issued share capital following the issue of the Windfield Shares
announced yesterday) and constitutes the final option award pursuant to his
appointment to the Board in September. This option award and that announced in
September represents the director and management incentive awards for the next
12 months or so.

 

It is further noted that the respective Incentive Shares will vest and become
awarded vested Incentive Shares once the Board has determined that the
relevant Performance Conditions have been met.

 

Performance Conditions 1 through 5 have a 24-month vesting period and
Performance Condition 6 has a 36-month vesting period.

 

In addition, it is noted that an eligible employee shall have no right to
compensation for any loss in respect of awards under the Plan in the event,
inter alia, their employment ends with the Company.

 

Should there be a change of control in regards to either IOCA or the Company,
the shares will vest immediately.

 

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

 

Alien Metals Limited

Rod McIllree, Executive Chairman

Tel: +44 (0) 20 7138 3204

 

Beaumont Cornish Limited (Nomad)

James Biddle / Roland Cornish

Tel: +44 (0) 207 628 3396

 

WH Ireland Ltd (Joint Broker)

Harry Ansell / Katy Mitchell

Tel +44 (0) 207 220 1666

 

BlytheRay (Financial PR)

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 (0) 20 7138 3204

Notes to Editors

Alien Metals Ltd is a mining exploration and development Company listed on the
AIM market of the London Stock Exchange (LSE: UFO). The Company's focus is on
delivering a profitable, long life direct shipping iron ore operation based
out of the Pilbara in Western Australia. In 2019, the Company acquired 51% of
the Brockman and Hancock Ranges high-grade (Direct Shipping Ore) iron ore
projects and in November 2022 exercised its option to move to 90% once certain
CP's are satisfied. The Company also acquired 100% the Vivash Gorge Iron Ore
project in the west Pilbara in July 2022.

The Company acquired 100% of the Elizabeth Hill Silver Project, which consists
of the Elizabeth Hill Historic Silver Mine Mining Lease and the 115km2
exploration tenement around the mine.

In March 2022 the Company acquired 100% of the former joint venture interest
in the Munni Munni Platinum Group Metals and Gold Project in the West Pilbara,
Western Australia, one of Australia's major underexplored PGE and base metals
projects. Munni Munni holds a historic deposit containing 2.2Moz 4E PGM:
Palladium, Platinum, Gold, Rhodium.

The Company also holds silver, copper and base metal projects in Mexico
however is currently looking at the best way to divest these for the benefit
of shareholders.

 

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