REG - Alien Metals Limited - West Coast Silver: Chairman's Letter

Alien MetalsAnnouncement

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RNS Number : 3800M  Alien Metals Limited  22 December 2025

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK
LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI
2019/310). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION
IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

Trading Symbols

AIM: UFO

FWB: I3A1

22 December 2025

 

Alien Metals Limited

("Alien" or the "Company")

West Coast Silver Chairman's Letter
Alien Metals Limited (AIM: UFO), a minerals exploration and development company, is pleased to release the Chairman's Letter from its joint venture partner, West Coast Silver Limited (ASX: WCE) ("West Coast" or "West Coast Silver") on the achievements and work conducted in 2025 on the Elizabeth Hill Silver Project, in which Alien retains a 30% free-carried interest through to a decision to mine.
The full text of the announcement issued by West Coast Silver is provided below in Appendix A.

 

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

Strand Hanson (Financial and Nominated Adviser)

James Harris / James Dance / 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 entered into a conditional joint venture with
GreenTech Metals Ltd, under which Alien will retain a 30% interest, free
carried to the completion of a bankable feasibility study. Alien also retains
a 30% interest in the Elizabeth Hill Silver Project through a joint venture
with West Coast Silver Limited, which encompasses Elizabeth Hill Mining Lease
and exploration tenements surrounding the historical silver mine, which has
produced some of Australia's highest-grade silver ore during the late 1990s.

 

Appendix A - ASX: WCE ANNOUNCEMENT

Chairman's Letter

Dear Shareholders,

 

2025 was a defining year for West Coast Silver.

 

The Company delivered one of the most active and technically meaningful
exploration programs undertaken at and around the Elizabeth Hill Project,
repositioning it as a district-scale, high-grade silver opportunity with clear
discovery upside. Importantly, this progress has been achieved against a
materially stronger silver market, enhancing the project's strategic and
economic relevance.

 

With silver prices strengthening significantly during the year (currently
~US$66/oz or >A$100/oz) and investor interest returning to high-quality
silver assets, West Coast Silver focused its efforts on advancing its
70%-owned Elizabeth Hill Joint Venture-one of Australia's highest-grade
historical silver mines-with the objective of demonstrating scale, continuity
and repeatability beyond the original mine footprint.

 

2025 Achievements - Re-establishing Elizabeth Hill as a Growth Asset

 

The 2025 exploration program was deliberately designed to move Elizabeth Hill
beyond historical confirmation and toward a modern discovery-led growth story.

 

The Company completed 25 diamond drill holes for approximately 2,300 metres
across two drilling phases(( 1 )), together with a 76-hole aircore drilling
program(( 2 )) totalling over 1,000 metres. Importantly, drilling was not
limited to confirming historical mineralisation but was designed to test
geological concepts aimed at identifying repeat systems beyond the original
mine footprint.

 

 

 

 

 

 

 

Figure 1 & 2: Native Silver samples from Elizabeth Hill

Phase 1 diamond drilling successfully intersected high-grade silver
mineralisation in multiple holes, validating the presence of robust
mineralised structures. Phase 2 drilling materially advanced our understanding
of the system, tightening near-surface oxide continuity and confirming
down-plunge continuity beneath the historic workings. Visible native silver
was observed in multiple drill holes above and below historical workings,
reinforcing the interpretation of a larger and more continuous mineralised
system than previously recognised. The aircore program confirmed multiple
near-mine and regional zones with geological characteristics consistent with
the Elizabeth Hill system. These results support the interpretation that
mineralisation extends beyond the historic mine and has identified several
priority targets for follow-up drilling aimed at discovering repeat high-grade
silver deposits.

 

In parallel, the Company strengthened its technical capability with the
appointment of highly experienced geologists and advisors, completed
high-resolution drone magnetic and Loupe TEM surveys, and continued systematic
geological modelling to integrate drilling, geophysics and geochemistry into a
coherent district-scale exploration framework.

2026 Exploration Program - A Structured Path to Discovery

The Company enters 2026 with strong momentum and a clear, staged exploration
plan.

Early in the year, we expect to receive all outstanding diamond and aircore
assay results. Samples from the diamond drilling program, which tested shallow
historical high-grade silver, are currently undergoing laboratory QA/QC
checks. A subset of samples returned over-limit and were consequently
resubmitted to ALS Canada for additional analytical work, resulting in a
longer-than-anticipated turnaround time.

Technical work in the first quarter will focus on refining exploration
targeting through integrated interpretation of drilling, geophysics and
geochemistry. This includes further drone-based geophysical surveys and the
advancement of approvals to enable deeper drilling.

Field activities are planned to recommence from March, initially concentrating
on high-priority near-mine targets aimed at identifying repeat mineralised
structures. This will be followed by systematic testing of regional Phase 3
targets, including areas north and south of the existing mine that were not
accessible during 2025.

By progressing from near-mine opportunities to broader regional targets, the
2026 program is designed to balance resource growth with discovery upside,
while maintaining capital discipline.

Key milestones for shareholders in 2026 include the release of outstanding
assay results, refinement of priority drill targets, and the commencement of
follow-up drilling programs aimed squarely at discovery.

Looking Ahead

West Coast Silver enters 2026 with a rare combination of attributes: control
of a historically proven, high-grade silver system; a strengthened technical
foundation; and a clear, disciplined pathway to discovery. The Board remains
focused on delivering tangible exploration success and unlocking long-term
value for shareholders.

On behalf of the Board, I thank our shareholders for their continued support
and our technical team for their dedication and professionalism. We look
forward to the year ahead with confidence and a clear focus on delivering
discovery-driven value.

Yours sincerely,

Bruce Garlick

Executive Chairman

West Coast Silver Limited

The Elizabeth Hill Project

Elizabeth Hill is historically one of Australia's highest grade silver
projects and has a proven production history outlined below:

 

•   High grades enabled low processing tonnes: 1.2Moz of silver was
produced from just 16,830t of ore at a head grade of 2,194g/t (70.5 oz/t
Ag)(( 3 )).

•    Previous mining operation ceased in 2000: because of low silver
prices (US$5)(( 4 )).

•   Simplistic historical processing technique: native silver was
recovered via low-cost gravity separation techniques.

•   Untapped potential remains in ground with deposit open at depth and
recent consolidation of land package offers potential to discover more
Elizabeth Hill style deposits.

•  Tier 1 Mining Jurisdiction located on a mining lease with potential
processing option at the nearby Radio Hill site. Radio Hill is a third-party
owned processing facility; WCE has not current agreement in place.

Figure 3: Tenement Location

 

Through the consolidation of the surrounding land packages into a single
contiguous 180km(2) package significant exploration and growth potential
exists both near mine and regionally. The land package holds a significant
portion of the Munni Munni fault system, and other fault systems subparallel
to the Munni Munni fault system, which are considered prospective for
Elizabeth Hill look-a-like silver deposits.

 

This ASX announcement has been authorised for release by the Board of
Directors of West Coast Silver Limited. For further information, please
contact:

 

Bruce Garlick

Executive Director

West Coast Silver Limited

E: info@westcoastsilver.com.au

 

Competent Person Statement

The information in this announcement that relates to Exploration Results is
based on information reviewed by Mr Max Nind who is a Member of the Australian
Institute of Geoscientists. Mr Nind is a consultant to West Coast Silver and a
full-time employee of ERM Australia Consultants Pty Ltd.

Mr Nind has sufficient experience that is relevant to the style of
mineralisation and type of deposits under consideration, and to the activity
being undertaken to qualify as a Competent Person as defined in the 2012
Edition of the Joint Ore Reserves Committee (JORC) 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves', and a
Specialist under the VALMIN Code 2015 Edition of the 'Australasian Code for
Public Reporting of Technical Assessments and Valuations of Mineral Assets'.
Mr Nind consents to the inclusion in the announcement of the matters based on
this information and in the form and context in which it appears.

Forward-Looking Statements

Statements in this announcement which are not statements of historical facts,
including but not limited to those relating to the proposed transaction, are
forward-looking statements. These statements instead represent management's
current expectations, estimates and projections regarding future events.
Although management believes the expectations reflected in such
forward-looking statements are reasonable, forward-looking statements are
based on the opinions, assumptions and estimates of management at the date the
statements are made and are subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.

Accordingly, investors are cautioned not to place undue reliance on such
statements.

Cautionary Statement

This document is confidential and may not be reproduced, redistributed or
passed on, directly or indirectly. This document is neither a prospectus nor
an offer to subscribe for fully paid ordinary shares. West Coast Silver and
its directors, employees and consultants make no representations or warranty
as to the accuracy, reliability or completeness of this document, and have no
liability, including liability to any person by reason of negligence of, or
contained in or derived from, or for any omissions from this document, except
liability under statute that cannot be excluded. This document contains
reference to certain targets and plans of West Coast Silver which may or may
not be achieved. The performance of West Coast Silver may be influenced by a
number of factors, uncertainties and contingencies, many of which are outside
the control of the Company and its directors, staff and consultants.

(( 1 )) Refer ASX Announcements "High-Grade Silver Intercepts Near Surface at
Elizabeth Hill" dated 16 July 2025 & "Additional Silver Confirmed at
Elizabeth Hill Drilling" dated 24 November 2025

(( 2 )) Refer ASX Announcement "Geological Indicators for Silver in Aircore
Drilling" dated 18 December 2025

 3  WAMEX Annual Report,1 April 2014 to 31 March 2015, Elizabeth Hill Silver
Project, Global Strategic Metals NL, p16

 4  www.kitco.com/charts/silver

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