Alien Metals Limited (AIM: UFO) has agreed an extension to its convertible loan facility with Bennelong Resource Capital, pushing the repayment date back nine months to 30 September 2027.
The company said no fees or charges are payable for the extension and all other material terms remain unchanged.
The facility provides three tranches: A$1 million under Tranche 1 and A$500,000 each under Tranches 2 and 3.
Tranche 1 has already been fully drawn and, where repaid, cannot be redrawn. Tranches 2 and 3 therefore provide up to A$1 million of remaining availability.
Alien said the amended facility gives it greater flexibility while it considers alternative capital sources and potential asset sales.
The company is also reviewing strategic options for its Pilbara iron ore portfolio, comprising the 90%-owned Hancock Project and 100%-owned Vivash and Brockman projects.
Options under consideration include continued low-cost technical work, joint ventures, strategic partnerships, asset sales or other monetisation structures.
Alien said renewed interest in iron ore, with direct-shipping ore recently trading around US$100 per tonne, has encouraged discussions with potential third parties.
At Munni Munni, Alien retains a 30% interest free carried through completion of a bankable feasibility study and also owns approximately 10.1% of joint-venture partner GreenTech Metals.
The project hosts a historic 2.2 million ounces of platinum-group metals and gold under JORC 2004, with an updated resource expected during Q4 2026.
Alien also retains a 30% free-carried interest in the Elizabeth Hill Silver Project and owns approximately 7% of West Coast Silver.
West Coast recently raised A$6 million to accelerate exploration, with a resource update expected in early Q4.
The free-carried structures mean Alien currently expects no immediate funding requirement for either Munni Munni or Elizabeth Hill.
Funding for the company’s Georgina Basin IOCG Project will depend on completion of its technical review, target ranking and future exploration programme.
For investors, the loan extension reduces near-term refinancing pressure and gives Alien more time to unlock value from its portfolio before the facility falls due.
The next key catalysts are progress on iron ore monetisation or partnership discussions, resource updates from Munni Munni and Elizabeth Hill, and definition of the next exploration programme at Georgina Basin.
