Alien Metals Ltd (AIM: UFO) has entered into a conditional agreement to acquire the Georgina Basin iron-oxide copper-gold project in Australia’s Northern Territory, while also announcing board and management changes aimed at strengthening its corporate and technical capabilities.
The minerals exploration and development company has agreed to acquire 100% of Knox Resources Pty Ltd from ASX-listed Venari Minerals Ltd. Knox owns the Georgina Basin Project, which comprises a package of granted exploration tenements covering around 2,500 square kilometres.
The acquisition remains subject to the satisfactory completion of due diligence by Alien Metals.
Alien said the project has demonstrated iron-oxide copper-gold potential, with previous exploration identifying elevated copper, bismuth, silver and uranium pathfinder elements in drilling, including intersections of high-grade uranium mineralisation.
At the Leichhardt East prospect, previous drilling returned 0.32 metres grading 0.24% uranium oxide, 819 parts per million copper and 0.15 grams per tonne silver from 689.09 metres. Additional uranium intercepts included 0.75 metres at 0.11% uranium oxide from 481.1 metres and 0.90 metres at 374 parts per million uranium oxide from 693.3 metres.
At Leichhardt West, previous drilling returned copper intersections including 0.25 metres at 0.22% copper from 536.05 metres and 1 metre at 0.15% copper from 600 metres. At Banks, drilling returned 4 metres at 226 parts per million copper, 1.55 parts per million bismuth and 0.43 grams per tonne silver.
Alien said more than 90 conceptual IOCG-style targets have been identified by SRK, with three drill-ready anomalies at Georgina Central: Leichhardt East, Leichhardt West and Banks.
The company added that a geophysical modelling approach using ambient noise tomography constrained gravity data had identified three gravity anomalies that remain inadequately tested. These targets are considered drill-ready, giving Alien the opportunity to rapidly advance exploration, subject to available funding.
Previous owners and Venari have spent around A$4.8 million advancing the Georgina Basin Project, including more than 4,000 metres of exploration drilling, airborne magnetic and radiometric surveys, gravity surveying, VTEM airborne electromagnetic work and geophysical modelling.
The total consideration for the acquisition is £200,000, comprising £100,000 in cash and the issue of 90,260,854 new Alien Metals shares at 0.11079p per share. The issue price is based on the 20-day volume-weighted average price to 30 June 2026 and represents a slight premium to the closing mid-price on 5 July 2026.
As part of the proposed changes, Vincent Fayad is expected to join the Alien Metals board as executive director following completion of the acquisition. He will also take on the role of chief executive officer.
Fayad brings more than 20 years of listed company experience and more than 40 years of professional experience in mergers and acquisitions, corporate finance, governance and executive management.
Michael Carter, currently a non-executive director, will become non-executive chairman. Bruce Garlick, currently executive chairman, will move to a non-executive role following Fayad’s appointment and remain on the board for a transition period to support an orderly handover.
Alien also plans to strengthen its technical team through a service agreement with Venari, bringing in Matthew Healy and Paul Abbott as technical consultants. The company said the pair have more than 50 years of combined experience across geology, exploration and mining, with knowledge of copper-gold projects and the Georgina Basin asset.
Incoming chairman Michael Carter said the Georgina Basin Project had significant potential, particularly given the exploration work already completed and its demonstrated prospectivity.
Subject to completion, Alien’s portfolio will include the Georgina Basin copper-gold-uranium project, its Western Australian iron ore assets, a 30% interest in the Elizabeth Hill silver project and exposure to the Munni Munni platinum group metals and copper project.
Alien said proposed work over the next 12 months at Georgina Basin includes exploration drilling of two holes at central tenement prospects, airborne magnetic and gravity surveying, geophysical modelling and target generation, and engagement with the Central Land Council to advance tenement applications on Aboriginal Freehold Land.
Separately, Alien confirmed that the repayment date for around A$400,000 outstanding under its convertible loan facility with Bennelong has been extended from 30 June 2026 to 31 December 2026, providing additional funding flexibility as the company progresses exploration across Georgina Basin and its wider portfolio.
