Alien Metals Limited - Unaudited Consolidated Interim Results
29/09/2025 07:00
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 km2 to 63.0km2.
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 180km2 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 61,000km2 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, 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 the Parent - Basic and diluted | (0.009) | (0.008) |
| Notes | As at 30 June 2025 Unaudited $ | As at 31 December 2024 Audited $ | As at 30 June 2024 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 |
| Share capital $ | Warrant reserve $ | Share based payment reserve $ | Options Reserve $ | Foreign exchange translation reserve $ | Retained losses $ | Total equity $ | |||||||
| 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 $ | Share based payment reserve $ | Foreign exchange translation reserve $ | Retained losses $ | Total equity $ | |
| 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 |
| Note | 30 June 2025 Unaudited $ | 30 June 2024 Unaudited $ | ||
| 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 |
| Standard | Impact on initial application | Effective date |
| IAS 21 (Amendment) | Lack of exchangeability | 1 January 2025 |
| 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 |
| 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 |
| 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 |
| 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 |
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