REG - Alien Metals Limited - Unaudited Consolidated Interim Results
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RNS Number : 1047B Alien Metals Limited 29 September 2025
Trading Symbols
AIM: UFO
FWB: I3A1
29 September 2025
Alien Metals Limited
("Alien", "Alien Metals" or "the Company")
Unaudited Consolidated Interim Results for the six months ended 30 June 2025
Alien Metals Limited (AIM: UFO), a minerals exploration and development
company, is pleased to announce its unaudited financial results for the six
months ended 30 June 2025 (the "Period"). The results for the Period are
also available on the Company's website at www.alienmetals.uk.
Chairman's Statement
The first half of FY2025 has been a period of continued strategic progress for
Alien, with the business advancing both its flagship Hancock Iron Ore Project
in the Pilbara and its precious and base metals portfolio at Pinderi Hills.
Our flagship Hancock iron ore project continued to grow with the successful
granting of two new Exploration Leases (E47/5157 and E47/5158) adjacent to our
existing leases. These leases expand the exploration area of the Hancock
project by more than 50% from 41.0 km(2) to 63.0km(2).
Following the grant of these leases the Company immediately undertook a
detailed desktop study and field trip to execute a targeted rock chip sampling
programme across these newly granted tenements, with the results of this
successful field work resulting in a significant increase in the exploration
target of up to 27Mt grading between 58% and 62% Fe.
Work to advance the Hancock Project towards production continues, while in
parallel the Company, supported by its corporate advisers Sternship Advisers,
is assessing alternative strategic options for the project.
In May 2025 the Company completed a joint venture of its interest in Elizabeth
Hill Silver with West Coast Silver Limited (ASX: WCE) receiving ~ US$0.6m in
cash, retaining a 30% interest in the project and 30.5 million shares in WCE
currently worth approximately US$4 million. Alien is free carried to decision
to mine. Following re-capitalisation WCE undertook a successful drilling
campaign with shallow silver intercepts showing up to 10,049 g/t Ag and has
identified several high priority drill targets at Elizabeth Hill.
The Company has also received joint venture interest in the Pinderi Hills
Project which is highly prospective for intrusive copper and nickel sulphide
deposits at the base of the very large Munni Munni layered igneous complex, in
addition to PGMs. Pinderi Hills contains the +2Moz PGM Munni Munni Platinum
Group Metals (PGM) deposit. The project received a cooperative funding grant
during the period as part of the Western Australian State Government-funded
Exploration Incentive Scheme ("EIS"), acknowledging its potential value.
The Company raised £1m during May 2025 through Turner Pope Investments, one
of Alien's brokers, and with improvement in share price we received a further
£411,000 on the exercise of warrants, which had previously been issued to
both advisers and investors as part of prior fundraises. We thank existing
shareholders for their ongoing support and welcome new shareholders to the
Company.
The months ahead will be pivotal. At Hancock, finalising a value-maximising
opportunity is our clear priority, while continuing to advance permitting and
engineering work in parallel, and furthering exploration plans at Vivash and
Brockman. At Pinderi Hills, further exploration results will guide our
approach to advancing PGMs.
In a market environment increasingly supportive of both iron ore and critical
minerals, Alien is well positioned. With a strengthened technical and
corporate team, supportive shareholders, and a diversified asset base, the
Company remains focused on building value for shareholders through further
development and or strategic transactions.
On behalf of the Board, I thank our shareholders for their continued support.
Guy Robertson
Executive Chairman
29 September 2025
Financial Highlights
In the six months ended 30 June 2025, the Company made an operating loss of
US$1,245,140 (30 June 2024: US$579,000) and a basic and diluted loss per
share of US$0.009 (30 June 2024: US$0.008).
During the Period, Alien raised £1,000,000 through the placement of
1,250,000,000 shares at a price of 0.08 pence per share. This raise included
the issue of 416,666,666 warrants at an exercise price of 0.12p exercisable
for a period of 12 months from the date of issuance, along with 212,500,000
Broker Warrants at the Placing Price.
Subsequent to period end the Company received ~£411,000 on the exercise of a
proportion of the aforementioned warrants and warrants issued to a broker on
an earlier placement.
The Company also confirmed that the funding facility with Bennelong Capital
had been extended until 31 December 2025 with an undrawn amount remaining of
A$400,000.
Overview of Operations
Iron Ore Projects
Hancock Project
The Hancock Iron Ore Project is located within 20km of the established
regional mining hub of Newman in Western Australia. The Hancock Project
borders licences held by Hancock Prospecting, Mineral Resources, Fortescue,
BHP, and Rio Tinto.
As reported to the market via the Development Study dated February 2024, the
project has a Mineral Resource Estimate of 8.4Mt @ 60% Fe JORC Mineral
Resource, including an upgraded Indicated Resource of 4.5Mt@ 60.2% Fe. It
shows an average annualised EBITDA of A$39m, a pre-tax NPV10 of A$146m and a
pre-tax IRR of 133% and an initial low development Capital Cost of A$28m.
In May, two new exploration leases (E47/5157, E47/5158) were granted with no
Native Title objections, expanding the Hancock footprint from 41 km² to 63
km².
Following the grant of these two new exploration leases, in July 2025, Alien
announced a transformational Exploration Target at the Hancock Iron Ore
Project following helicopter-supported mapping and rock chip sampling. The
work defined an Exploration Target of 12Mt to 27 Mt grading between 58% and
62% Fe, which is in addition to the existing 8.4 Mt @ 60% Fe Mineral Resource.
The programme highlighted significant new mineralised ridges, enhancing the
project's scale and strategic potential.
In parallel, an access agreement with BHP was executed to progress the grant
of tenement E47/5159, further consolidating Hancock's development footprint
During the period, the Company, supported by its corporate adviser Sternship
Advisers, continued to evaluate a range of funding and development pathways
for the Hancock Iron Ore Project. All options are being carefully assessed
with the objective of maximising shareholder value.
The Company continued to engage with the Traditional Owner group, Karlka
Nyiyaparli Aboriginal Corporation RNTBC (KNAC), to plan the remaining heritage
surveys required across the project.
Brockman and Vivash
The Company continues to retain its interests in the Brockman and Vivash iron
ore projects, located in the West Pilbara. While Hancock remains the primary
focus, the Board continues to evaluate a range of potential options for these
additional projects, including farm-in, joint venture, and other development
pathways. In the interim, the Company will commence work on delineating
exploration targets to further demonstrate the broader potential of Alien's
Pilbara iron ore portfolio. Initial work is expected to commence by early
2026.
The Company will continue to review interest in these assets in the context of
its broader Pilbara iron ore strategy and prevailing market conditions.
Nickel, Copper, Platinum Group Elements ("PGE"), Silver ("Ag") & Base
Metals
Pinderi Hills Projects
Elizabeth Hill, along with the Munni Munni PGM prospect, lies within the
Company's Pinderi Hills province, a unified significant tenement holding of
180km(2) south of Karratha, a major Western Australian mining hub.
The Pinderi Hills area incorporates:
1. Elizabeth Hill: The Elizabeth Hill project, historically Australia's
highest-grade silver deposit, is situated approximately 45km south of Karratha
in the 61,000km(2) Achaean Pilbara Block of the Pilbara Craton. The project is
well located, lying 40km from the deep-water port at Dampier and 8km from rail
infrastructure. The known, major silver deposit at the Elizabeth Hill Mine
Site, which has a non-compliant JORC 2004 Resource estimate of 4.05 million
ounces ("Moz") Ag at greater than 200 grams per tonne ("g/t") and produced 1.2
Moz silver at 2,195 g/t (70.24 oz/t Ag). The Elizabeth Hill Silver Project was
mined between 1998 and 2000 via underground mining, primarily between the 62m
and 102m levels. Ag production totalled approximately 16,800 tonnes of ore
grading 2,195 g/t Ag generating 1,170,000 ounces of Ag, including some very
large specimens of native Ag.
During the period West Coast Silver (ASX:WCE), via its wholly owned
subsidiary, Crest Silver Pty Ltd ("Crest"), acquired a 70% interest in the
Elizabeth Hill tenement (M47/342) (the "Elizabeth Hills Assets") as well as
70% of the rights to explore for, and mine, silver from the Pinderi Hill
tenements (the "Pinderi Hill Assets", and together with the Elizabeth Hill
Assets, the "Assets").
A project joint venture holding the Assets (the "JV") has now been formed with
Alien holding the remaining 30% interest in the JV, with WCE holding 70% and
acting as manager of the JV.
WCE will operate and fund the JV through to a decision to mine.
The total consideration value to Alien comprised cash of approximately US$0.6
million and net 30.5 million WCE shares (following sell down of 14 million of
the 44.5 million Consideration Shares), which have a current value of ~US$4
million. Alien retains a 30% interest in the Elizabeth Hill Silver Project
which has significant value being WCE's principal asset.
WCE's last few month's activities, which included completion of its inaugural
drilling campaign (containing high grade shallow silver intercepts of 1,615
g/t over 13m in 25WCDD011 including 2m at 10,049 g/t) and its A$6m placement,
have fast-tracked the commencement of an intensive exploration campaign at
Elizabeth Hill and the surrounding near-mine and regional targets.
2. Munni Munni: The Munni Munni PGE deposit historic JORC 2004 Resource
estimated 24Mt @ 2.9g/t PGE and gold for 2.2Moz PGE and gold consisting of
1.14Moz palladium, 0.83Moz palatinum, 152Koz gold and 76Koz rhodium.
3. Several other deposits that are prospective for platinum, palladium,
rhodium, silver, nickel, copper, lead, and zinc, all of which are metals that
are required to support the push into renewable energy across the world.
In parallel, the Western Australian Government awarded Alien a grant of up to
A$120,000 under the Exploration Incentive Scheme to co-fund deep diamond drill
holes targeting the basal units of the Munni Munni ultramafic complex.
Outlook
Looking ahead, Alien is well positioned with a diversified portfolio of
commodities aligned to global demand trends. Iron ore remains the backbone of
the business, with Hancock advancing towards development at a time when
benchmark iron ore prices continue to demonstrate resilience, underpinned by
robust Chinese steel production and growing seaborne demand. At the same time,
silver has strengthened meaningfully over the half year, reaching multi-year
highs on the back of its dual role as both a precious and industrial metal,
while platinum group metals and critical battery minerals such as lithium and
nickel continue to attract strategic investor attention.
The breadth of the Company's asset base, spanning near-term iron ore
production at Hancock, the historically high-grade Elizabeth Hill silver mine,
and the large-scale and diverse Munni Munni PGM system, provides shareholders
with exposure to multiple high-value commodities. Importantly, our silver
portfolio is being advanced at no cost to Alien through the active work
programmes of our joint venture partner West Coast Silver, ensuring steady
technical progress and ongoing news flow.
With commodity markets supportive, corporate interest in our projects remains
strong, and the Company will continue to assess a range of strategic options
across its portfolio. This combination of robust market fundamentals, a
pipeline of quality projects, and the efforts of experienced in-house team and
partners underpins a positive outlook for the remainder of the year.
Board and management changes
Subsequent to the period end, Guy Robertson and Robert Mosig announced their
resignations with effect from 01 October 2025, with both continuing to assist
the company until 10 December 2025. Bruce Garlick and Belinda Murray were
appointed Non-Executive Director and Executive Director of Alien Metals
respectively on 11 September 2025. In addition, Christopher Maiolo's
consultancy agreement expires on 30 September 2025, following a planned
handover to the incoming executive team.
For further information please visit the Company's website at
www.alienmetals.uk
(file:///C%3A/Users/jamesmahony/Westend%20Corporate%20Dropbox/Alien%20Metals/Financial/FY2023/230630%20Interims/www.alienmetals.uk)
, or contact:
Alien Metals Limited
Guy Robertson
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) 207 220 1666
CMC Markets (Joint Broker)
Douglas Crippen
Tel: +44 (0) 203 003 8632
Yellow Jersey (Financial PR)
Charles Goodwin / Shivantha Thambirajah
Tel: +44 (0) 203 004 9512
Notes to Editors:
Alien Metals Limited is a mining exploration and development company listed on
the AIM market of the London Stock Exchange (AIM: UFO). The Company's focus is
on delivering a profitable direct shipping iron ore operation from it 90%
Hancock Iron Ore Project in the central Pilbara region of Western Australia.
The Hancock tenements currently contain a JORC-compliant resource of 8.4Mt
iron ore @ 60% Fe and offer significant exploration upside which is targeted
to deliver a mining operation of 2Mtpa for 10 years.
These Hancock Project tenements have direct access to the Great Northern
Highway, which provides an essential export route to export facilities at Port
Hedland, from where more than 500Mt of iron ore is exported annually (30% of
global production). The Company also has an interest in two iron ore
exploration projects Brockman and Vivash, located in the West Pilbara.
The Company owns the Elizabeth Hill Silver Project, located near Karratha in
the Pilbara, which consists of the Elizabeth Hill Mining Lease and exploration
tenements surrounding the historical silver mine which has produced some of
Australia's highest-grade silver ore during the late 1990's. The Company also
owns one of Australia's largest PGM deposits, Munni Munni which hosts a
deposit containing a historic resource of 2.2Moz PGM (Palladium, Platinum,
Gold, and Rhodium).
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(Tabular amounts rounded to nearest thousand of US dollars unless otherwise
stated)
Notes 6 months to 30 June 2025 Unaudited 6 months to 30 June 2024 Unaudited
$ $
Continuing operations
Administration expenses (712,000) (579,000)
Operating Loss (712,000) (579,000)
Other net gains 7 90,000 -
Loss Before Interest and Income Tax (622,000) (579,000)
Net finance (Costs) / Income (76,000) 1,000
Corporation tax expense - -
Loss for the period (698,000) (578,000)
Profit/(Loss) attributable to:
- owners of the Company (698,000) (578,000)
Profit/(Loss) for the period (698,000) (578,000)
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Currency translation differences (552,000) (288,000)
Total comprehensive (loss)/income (1,250,000) (866,000)
Attributable to: 0
- owners of the Company (1,250,000) (866,000)
Total comprehensive income (loss)/income (1,250,000) (866,000)
Loss per share (cents) from continuing operations attributable to owners of (0.009) (0.008)
the Parent - Basic and diluted
CONDENSED CONSOLIDATED BALANCE SHEET
(Tabular amounts rounded to nearest thousand of US dollars unless otherwise
stated)
Notes As at As at As at
30 June 2025 31 December 2024 Audited 30 June 2024
Unaudited $ Unaudited
$ $
Non-Current Assets
Intangible assets 4 15,756,000 16,435,000 16,935,000
Assets under construction 381,000 361,000 421,000
Plant and equipment - - 10,000
Right of use asset - - 12,000
16,137,000 16,796,000 17,378,000
Current Assets
Other financial assets 7 1,604,000 - -
Trade and other receivables 243,000 171,000 120,000
Cash and cash equivalents 942,000 224,000 697,000
2,789,000 395,000 817,000
Total Assets 18,926,000 17,191,000 18,195,000
Non-Current Liabilities
Contract liabilities - 13,000 -
Current Liabilities
Trade and other payables 859,000 755,000 668,000
Convertible note 849,000 708,000 637,000
Total current Liabilities 1,708,000 1,463,000 1,305,000
Total Liabilities 1,708,000 1,476,000 1,305,000
Net Assets 17,218,000 15,715,000 16,890,000
Equity Attributable to owners of the Company
Share Capital 85,056,000 83,848,000 83,157,000
Warrant reserve 618,000 458,000 834,000
Options reserve 731,000 730,000
Share based payment reserve - 20,000 854,000
Foreign exchange translation reserve (273,000) (1,125,000) (9,000)
Retained losses (68,914,000) (68,216,000) (67,946,000)
Total equity attributable to owners of
the Company 17,218,000 15,715,000 16,890,000
Total Equity 17,218,000 15,715,000 16,890,000
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
(Tabular amounts rounded to nearest thousand of US dollars unless otherwise
stated)
Share capital Warrant reserve Foreign exchange translation reserve Retained losses Total equity
$ $ Share based payment reserve $ $ $
$ Options
Reserve
$
As at 1 January 2025 83,848,000 458,000 20,000 730,000 (1,125,000) (68,216,000) 15,715,000
Comprehensive income
(Loss) for the period - - - - - (698,000) (698,000)
Other comprehensive income - - - - - (698,000) (698,000)
Currency translation differences - - - - 852,000 - 852,000
Total comprehensive income - - - - 852,000 (698,000) 154,000
Issue of ordinary shares 1,468,000 - (20,000) - - - 1,448,000
Cost of share issue (260,000) - - - - - (260,000)
Share-based payment
Transactions - 161,000 - - - - 161,000
Total transactions with owners 1,208,000 161,000 (20,000) - - - 1,348,000
As at 30 June 2025 85,056,000 619,000 - 730,000 (273,000) (68,914,000) 17,218,000
Share capital Warrant reserve Foreign exchange translation reserve Retained losses Total equity
$ $ Share based payment reserve $ $ $
$
As at 1 January 2024 82,097,000 834,000 854,000 279,000 (67,368,000) 16,696,000
Comprehensive income - - - - - -
(Loss) for the period - - - - (578,000) (578,000)
Other comprehensive income - - - - - -
Currency translation differences - - - (288,000) - (288,000)
Total comprehensive income - - - (288,000) (578,000) (866,000)
Issue of ordinary shares 1,125,000 - - - - 1,125,000
Cost of share issue (65,000) - - - - (65,000)
Total transactions with owners 1,060,000 - - - - 1,060,000
As at 30 June 2024 83,157,000 834,000 854,000 (9,000) (67,946,000) 16,890,000
CONDENSED CONSOLIDATED CASH FLOW STATEMENT
(Tabular amounts rounded to nearest thousand of US dollars unless otherwise
stated)
30 June 2025 Unaudited 30 June 2024 Unaudited
$ $
Note
Cash flows from operating activities
Loss before taxation (698,000) (578,000)
Adjustments for: -
Loss on sale of exploration assets 933,000 -
Gain on revaluation of financial assets (1,025,000) -
Share based payments (18,000) -
Finance charges 70,000
Exchange difference (60,000) 23,000
(Increase) in trade and other receivables (70,000) 141,000
Decrease / (Increase) in trade and other payables 305,000 (58,000)
Net cash used in operations (563,000) (472,000)
Cash flows from investing activities
Proceeds from sale of financial assets 240,000 -
Purchase of intangible assets (534,000) (668,000)
Purchase of fixed assets - -
Net cash used in investing activities (294,000) (668,000)
Cash flows from financing activities
Proceeds from issue of shares 1,296,000 1,125,000
Proceeds from short-term loan 576,000 -
Repayment of short-term loan (259,000) -
Proceeds from convertible note - 66,000
Cost of share issue (97,000) (65,000)
Net cash from financing activities 1,516,000 1,126,000
Decrease in cash and cash equivalents 659,000 (14,000)
Cash and cash equivalents at beginning of period 224,000 676,000
Exchange differences on cash 59,000 35,000
Cash and cash equivalents at end of period 942,000 697,000
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. General Information
The principal activity of Alien Metals Ltd ('the Company') and its
subsidiaries (together 'the Group') is the exploration and development of
mineral resource assets. The Company's shares are listed on the AIM Market of
the London Stock Exchange. The Company is incorporated and domiciled in the
British Virgin Islands.
The address of the Company's registered office is Craigmuir Chambers PO BOX
71, Road Town, Tortola, British Virgin Islands, Virgin Islands.
2. Basis of Preparation
The consolidated interim financial statements have been prepared in accordance
with the requirements of the AIM Rules for Companies. As permitted, the
Company has chosen not to adopt IAS 34 "Interim Financial Statements" in
preparing this interim financial information. The consolidated interim
financial statements should be read in conjunction with the annual financial
statements for the year ended 31 December 2024, which have been prepared in
accordance with UK-adopted International Accounting Standards ("UK-adopted
IAS").
The consolidated interim financial statements set out above do not constitute
statutory accounts. They have been prepared on a going concern basis in
accordance with the recognition and measurement criteria of UK-adopted IAS.
Statutory financial statements for the year ended 31 December 2024 were
approved by the Board of Directors on 30 June 2025.
The consolidated interim financial statements are presented in United States
dollars as the Company believes it to be the most appropriate and meaningful
currency for investors. Functional currency of all four Australia based
subsidiaries A.C.N. 643 478 371 Pty Ltd, Iron Ore Company of Australia Pty
Ltd, Alien Metals Australia Pty Ltd and Mallina Exploration Pty Ltd is
Australian Dollars. The functional currencies of the Company and its
subsidiary in Mexico, Compañía Minera Estrella de Plata SA de CV ("CMEP"),
are pounds sterling and Mexican pesos respectively.
Going concern
Given the Group's current cash position and its demonstrated ability to raise
capital, the Directors have a reasonable expectation that the Group has
adequate resources to continue in operational existence for the foreseeable
future. Thus, they continue to adopt the going concern basis of accounting
preparing the consolidated interim financial statements for the period ended
30 June 2025. Whilst the Directors are confident that they will be able to
secure the necessary funding as and when required, the current conditions do
indicate the existence of a material uncertainty that may cast doubt regarding
the applicability of the going concern assumption.
The factors that were extant at 31 December 2024 are still relevant to this
report and as such reference should be made to the going concern note and
disclosures in the 2024 Annual Report.
Risks and uncertainties
The Board continuously assesses and monitors the key risks of the business.
The key risks that could affect the Group's medium-term performance and the
factors that mitigate those risks have not substantially changed from those
set out in the Group's 2024 Annual Report and Financial Statements, a copy of
which is available on the Group's website: https://www.alienmetals.uk. The key
financial risks are liquidity risk, capital management risk, price risk,
foreign exchange risk, credit risk and investment risk.
Critical accounting estimates
The preparation of condensed interim financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets
and liabilities, income and expenses, and disclosure of contingent assets and
liabilities at the end of the reporting period. Significant items subject to
such estimates are set out in note 4 of the Group's 2024 Annual Report and
Financial Statements. Actual amounts may differ from these estimates. The
nature and amounts of such estimates have not changed significantly during the
interim period.
3. Accounting Policies
The same accounting policies, presentation and methods of computation have
been followed in these condensed interim financial statements as were applied
in the preparation of the Group's annual financial statements for the year
ended 31 December 2024 except for the impact of the adoption of the Standards
and interpretations described below and new accounting policies adopted as a
result of changes in the Group.
3.1 Changes in accounting policy and disclosures
(a) New and amended standards mandatory for the first time for the financial
periods beginning on or after 1 January 2025.
The International Accounting Standards Board (IASB) issued various amendments
and revisions to International Financial Reporting Standards and IFRIC
interpretations. The amendments and revisions were applicable for the period
ended 30 June 2025 but did not result in any material changes to the Financial
Statements of the Group.
These new standards include:
Standard Impact on initial application Effective date
IAS 21 (Amendment) Lack of exchangeability 1 January 2025
IFRS18
Financial statement
presentation
1 January 2025
b) There are no new standards, amendments and interpretations in issue but not
yet effective or not yet endorsed which have been early adopted.
4. Intangible assets - exploration and evaluation costs
The movement in capitalised exploration and evaluation costs during the period
was as follows:
Exploration & Evaluation at Cost and Net Book Value $
Balance as at 1 January 2025 16,435,000
Additions 386,000
Asset disposals (2,011,000)
Foreign exchange 946,000
As at 30 June 2025 15,756,000
5. Loss per share
The calculation of loss per share is based on a retained loss of $698,000 for
the six months ended 30 June 2025 (six months ended 30 June 2024: $578,000)
and the weighted average number of shares in issue in the period ended 30 June
2025 of 7,759,530,732 (six months ended 30 June 2023: 6,958,460,842).
No diluted earnings per share is presented for the six months ended 30 June
2025 or six months ended 30 June 2024 as the effect on the exercise of share
options would be to decrease the loss per share.
6. Joint Venture Arrangements
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 44,500,000
fully paid ordinary shares in West Coast Silver Limited at an issue price of
$0.027 per share, equating to A$1,201,500 in total.
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 and current market information.
While the Group's carrying amount of the asset exceeds the implied value
based on the transaction, the Board believes that the quoted market value of
West Coast Silver Limited shares received, together with potential future
upside from the retained interest and the ongoing joint venture, supports the
recoverable amount of the asset. Accordingly, no impairment has been
recognised at 30 June 2025.
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 Disposed
Note M47/342
$
M47/342 2,802,000
Portion disposed 2,011,000
Cash consideration received (321,000)
Share consideration received 7 (772,000)
Foreign exchange 15,000
Loss on sale of exploration assets 7 933,000
7. Other financial assets
The movement in other financial assets during the period was as follows:
Listed
Shares Deposits Total
$ $ $
Balance as at 1 January 2025 - 8,000 8,000
Issue of 44,500,000 WCE shares at $0.01735 per share 772,000 - 772,000
Gain on initial recognition of 44,500,000 WCE shares
at $0.03847 per share ((1)) 601,000 - 601,000
Sale of 14,000,000 WCE shares at $0.01735 (243,000) - (243,000)
Rent deposit refund - (3,000) (3,000)
Fair value revaluation of 30,500,000 WCE shares
at $0.05141 per share ((1)) 447,000 - 447,000
Foreign exchange 22,000 - 22,000
As at 30 June 2025 1,599,000 5,000 1,604,000
Reconciliation of Other Gains
Note
Total
$
((1)()) Gain on revaluation of WCE shares 1,048,000
Foreign exchange movement (average exchange rate for period) (22,000)
Net fair value gain on WCE shares 1,025,000
Loss on sale of exploration assets 6 (933,000)
Other losses (2,000)
Net other gains 90,000
8. Post balance sheet events
On 12 September 2025, the Company received £411,000 through the exercise of
warrants.
9. Approval of interim financial statements
The condensed interim financial statements were approved by the Board of
Directors on 30 September 2025.
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