Alien Metals Ltd (AIM: UFO), a minerals exploration and development company, is pleased to provide an update on its recent and upcoming activities at the Hancock Iron Ore Project in Newman, Western Australia (“Hancock”) following its successful capital raise, as announced on 22 May 2025.
Highlights:
· The exploration team has mobilised to the Hancock Iron Ore Project to commence a targeted rockchip sampling and assay programme.
· Field work focus will be on identifying and informing an updated Exploration Target over the newly awarded Exploration Leases, E47/5157 and E47/5158, that border the existing Mining Lease at the Company’s flagship Hancock Iron Ore Project.
· Successful completion of the £1,000,000 placement at an issue price of 0.08p, as announced on 22 May 2025.
· Alien’s Joint Venture Partner, West Coast Silver Limited (formerly Errawarra Resources Limited) (ASX: WCE) (“West Coast Silver”), have commenced diamond drilling at the Elizabeth Hill Silver Project, as announced on 30 May 2025.
· The Company is pleased to note that West Coast Silver’s share price increased by 42% between Monday 2 June 2025 (closing price A$0.062) and Friday 6 June 2025 (closing price A$0.088). As at 6 June 2025, the Company’s 30.5 million West Coast Silver shares (representing 12.1% of West Coast Silver’s issued share capital) had a market value of approximately A$2.7 million.
· West Coast Silver, with a current market capitalisation of approximately A$23 million, holds a 70% interest in the Elizabeth Hill Silver Project. Alien Metals retains the remaining 30% free carried through to a decision to mine, providing significant exposure to one of Australia’s highest-grade historical silver mines without funding dilution.
Guy Robertson, Executive Chairman, commented:
“We are pleased to restart exploration at Hancock and to continue building on the significant value embedded in our Pilbara assets. The support shown in the Company’s recent fundraising will enable us to drive forward the next phase of exploration and development. Additionally, we believe the share price uplift of West Coast Silver reflects the growing market recognition of the strategic value of the Elizabeth Hill Silver Project, in which we retain both equity and direct project-level exposure as the diamond drilling currently underway.”
Successful Capital Raise
As announced on 22 May 2025, Alien was pleased to report that it had successfully raised gross proceeds of £1,000,000 (before costs) through the issue of 1,250,000,000 new common shares at no par value each in the Company (“Common Shares”) (the “Fundraise Shares”) at an issue price of 0.08p (the “Placing”).
In connection with the Placing, the Company issued 416,666,666 warrants to subscribers, on the basis of one warrant for every three new Fundraise Shares subscribed. Each warrant entitles the holder to subscribe for one additional Common Share at an exercise price of 0.12p (representing a 50% premium to the Placing Price), exercisable for a period of 12 months from the date of issuance.
Proceeds from the fundraise will be directed towards exploration and development activities at the Hancock Iron Ore Project, general working capital, and to progress studies relating to the Company’s Pinderi Hills tenement package.
Recommencement of Exploration and Development Workstreams
Following Alien’s announcement of 21 May 2025, field activities at Hancock have now recommenced following the recent granting of additional tenements, Exploration Leases E47/5157 and E47/5158 and completion of internal planning. The Company has issued a Heritage Survey Notice covering key areas within the newly granted tenements and mobilised field crews to commence a targeted rock chip sampling and assay programme. This campaign is designed to inform an updated Exploration Target over the newly acquired ground, which lies immediately adjacent to the defined JORC Resource of 8.4Mt @ 60% Fe.
Figure 1: Hancock Project Tenement Summary
West Coast Silver JV Investment
With diamond drill underway at Elizabeth Hill, Alien is also pleased to note the strong share price performance of West Coast Silver over the past week, with an increase of 42% observed between Monday 2 June 2025 (closing price A$0.062) and Friday 6 June 2025 (closing price A$0.088). This values Alien’s 30.5 million West Coast Silver shares at A$2.7 million. Alien maintains a 30% free-carried interest in the Elizabeth Hill Silver Project joint venture and holds 12% of the issued share capital of West Coast Silver. This investment has the potential to deliver significant value upside for Alien shareholders, with recent market movements likely underpinned by active silver exploration at Elizabeth Hill and the broader Pinderi Hills project area.
For further information, please visit the Company’s website at www.alienmetals.uk
