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TPI provides its latest research note on Alien Metals Limited (UFO.L).

Alien has today announced that following the signing of an Earn-in Agreement (the ‘Agreement’) with Capstone Mining Corp (‘Capstone’) (TSX: CS) on 22 October 2020, covering its Donovan 2 Copper-Gold Volcanogenic Massive Sulphide project (the ‘Project’) in Mexico.

Capstone has confirmed completion of their initial 2020 obligation for exploration expenditures and will now advance to the next phase of the Agreement. With Alien having managed to get the previous drilling permit re-granted at the end of 2020, Capstone has indicated a planned initial 2,500m drilling program as part of its required US$450,000 commitment to the Agreement in 2021.

Although provisional planning is already underway, drill locations are expected to be finalised on receipt of Capstone’s Induced Polarisation (‘IP’) geophysical survey results which are now in the final stages of reporting and interpretation. Post the fund raise of 23 November 2020, the Group is well capitalised with around £4.3m (US$5.8m) cash for its planned 2021 programme of works.

This leaves Alien well positioned to advance its other highly prospective base and precious metals projects in Mexico and Australia, along with any newly identified opportunities.

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We would draw your attention to the various disclaimers in the document both at the beginning and at the end of the note. Retail clients (as defined by the rules of the FCA) must not rely on the research document. In particular you should note that the research document is a non-independent marketing communication. The analyst who has prepared the research is aware that TPI provides research to Alien Metals Limited. Accordingly the research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibitions on dealing ahead of its dissemination.

The information in the document is published solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The material contained in the document is general information intended for recipients who understand the risks associated with equity investment in smaller companies. It does not constitute a personal recommendation as defined by the FCA or take into account the particular investment objectives, financial situation or needs of individual investors nor provide any indication as to whether an investment, a course of action or the associated risks are suitable for the recipient.

Copyright © 2021 Turner Pope Investments (TPI) Limited, all rights reserved.


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