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

Following September’s publication of a much-anticipated maiden iron ore resource estimate (‘MRE) in excess of 10Mt Direct Shipping Ore (‘DSO’) on its Hancock Iron Ore Project (‘the Project’) in the Pilbara region of Western Australia.

Alien has today released the results of an initial independent scoping study (‘the Scoping Study’). Optimisations completed using an iron ore price of US$100/tonne (compared with a current spot price of US$123.4/tonne for Fine China Import 62% Fe grade), resulted in the design pits extracting all of the initial JORC resources identified to date (10.4Mt @ 60.4% Fe) over an estimated 8-year with Life of Mine (‘LOM’).

With operating costs of <US$60/tonne Free-on-Board (‘FOB’) resulting in potential annual operating cashflow of greater than US$50/tonne at current spot prices along with significant opportunity to substantially enlarge the Project’s total resource, management are now focussed on accelerating development, permitting and mine design with a view to moving into production within a short timeframe.

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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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