REG - Alien Metals Limited - Transaction secured for JV partner at Munni Munni

Alien MetalsAnnouncement

02/02/2026 07:00

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RNS Number : 2703R  Alien Metals Limited  02 February 2026

 

Trading Symbols

AIM: UFO

FWB: I3A1

2 February 2026

 

Alien Metals Limited

("Alien" or the "Company")

Alien Metals completes significant transaction to secure joint venture partner for Munni Munni Platinum Group Metals Project
Alien Metals Limited (AIM: UFO), a minerals exploration and development company, is pleased to announce that further to the Company's announcement on 1 December 2025 (the "Announcement"), it has completed its partial asset sale and joint venture transaction with Australian publicly listed company; GreenTech Metals Limited (ASX: GRE) ("GreenTech") in respect of the Munni Munni Platinum-Palladium-Copper-Nickel Project ("Munni Munni" or the "Project") and surrounding tenements in the West Pilbara region of Western Australia ("Transaction").
Highlights
·    GreenTech has completed the acquisition of a 70% interest in the Project, comprising four Mining Leases and two Exploration Licences (~180km²), with Alien (via its wholly owned subsidiary, Alien Metals Australia Pty Ltd ("AMA")) retaining the remaining 30% interest in the Project.
·    All conditions precedent to the Transaction have been satisfied or waived, and, pursuant to the terms of the Transaction, a project joint venture holding the Project (the "JV") has now been formed. Alien holds 30% interest in the JV, with GreenTech holding a 70% interest and acting as manager of the JV.
·    GreenTech will operate and solely fund the JV through to completion of a bankable feasibility study, meaning Alien's 30% interest is free carried through this period. During this free-carry period, Alien retains the right, inter alia, to be consulted and be party to the making of material decisions in relation to the JV via meetings of the management committee, which has been established from completion of the Transaction.
·    Consideration for the Transaction comprises:
o  A$0.5 million cash payment to AMA which has now been settled; and
o  the issue to AMA of 47 million ordinary shares (the "Consideration Shares") in the capital of GreenTech ("GreenTech Shares"). As at the GRE closing share price of A$0.13 on 30 January 2026, the value of Consideration Shares is A$6.11 million.
·    Alien may sell down up to 9,090,909 Consideration Shares in instalments of no more than A$20,000 per trading day from completion of the Transaction, with the balance of the Consideration Shares subject to a 6-month voluntary escrow from their date of issue.
·    GreenTech retains a right, exercisable within 12 months of completion of the Transaction, to acquire a further 10% interest in the Project for the issue of a further 20,000,000 GreenTech Shares, subject to certain conditions precedent set out in the Announcement.
·    Following completion, Alien retains significant exposure to upside through:
o  its 30% free-carried JV interest (to BFS); and
o  an indirect 17.4% equity holding in GreenTech through the issue of the Consideration Shares to AMA.

 

Value of Consideration: The total consideration value to Alien is
approximately A$6.61 million, comprising A$0.5 million cash plus the value of
the Consideration Shares of approximately A$6.11 million (based on the GRE
closing price (A$0.13) on 30 January 2026, being the last practicable day
prior to this announcement) before accounting for the cost of the free carry.

 

Use of proceeds: As noted in the Company's announcement on 11 December 2025,
Alien, via AMA, has received A$0.5 million in cash consideration, which will
further support the cash position of the Company and will enable the Company
to pay down a portion of the balance of the funding facility with Bennelong
Resource Capital Pty Ltd while being able to commit expenditures to advance
the Company's broader portfolio of assets.

 

Executive Chairman, Bruce Garlick, commented:

"This Transaction with GreenTech Metals Limited is a meaningful step in
executing Alien's partner-led strategy. We have secured a high-quality joint
venture partner to advance Munni Munni, while retaining a 30% interest that is
free carried through to completion of a bankable feasibility study. This
structure preserves exposure to the upside while materially reducing funding
requirements and execution risk for Alien shareholders."

 

"Alongside the consideration received under the Transaction, Alien owns 30.5
million shares in West Coast Silver Ltd which, as at 30 January 2026, were
worth approximately A$6.7 million. These equity positions represent a material
asset for the Company and further strengthen Alien's balance sheet and
portfolio leverage."

 

Silver rights

As part of the Transaction, Alien (via AMA) has entered into a restated joint
venture arrangement and mineral rights deed with Crest Silver Pty Ltd (ACN 682
706 403) (Crest), a wholly-owned subsidiary of West Coast Silver Ltd (ASX:
WCE) with respect to the historic silver rights joint venture that is
established over the Project between those parties (Silver Rights JV).
Pursuant to the Silver Rights JV, Alien (via AMA) and Crest retain a joint
venture interest of 30% and 70%, respectively, in the rights to explore for
and mine silver at the Project.

 

Pursuant to the terms of the Transaction, GreenTech will not acquire an
interest in the silver rights over the Tenements.

Crest will operate and solely fund the Silver Rights JV through to a decision to mine, meaning Alien's 30% interest is free carried through this period.

 

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

Strand Hanson (Financial and Nominated Adviser)

James Harris / James Dance / Edward Foulkes

Tel: +44 (0) 207 409 3494

 

Zeus Capital Limited (Joint Broker)

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

 

Turner Pope (Joint Broker)

Andy Thacker / Guy McDougall

Tel: +44 (0) 203 657 0050

 

Yellow Jersey (Financial PR)

Charles Goodwin / Shivantha Thambirajah

Tel: +44 (0) 203 004 9512

 

Notes to Editors

Alien Metals Ltd is a mining exploration and development company listed on the
AIM market of the London Stock Exchange (AIM: UFO). The Company 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 base 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 Ltd, under which Alien has divested a 70%
interest 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, which encompasses the Elizabeth Hill Mining Lease
M47/342, which has produced some of Australia's highest-grade silver ore
during the late 1990s.

 

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