IOCA executes MOU for iron ore bunker allocation

Trading Symbols

AIM: UFO

FWB: I3A1

4 November 2022

Alien Metals Ltd

("Alien" or "the Company")

IOCA executes MOU for iron ore bunker allocation at Pilbara Ports Utah Point

Alien Metals Ltd (LSE AIM:UFO), a global minerals exploration and development Company, is pleased to announce that its wholly owned subsidiary, Iron Ore Company of Australia Pty Ltd ("IOCA") has entered into a Memorandum of Understanding ("MOU") to enter in an Agreement for the sharing of bunker allocation at the Pilbara Ports Authority's Utah Point export facility with Element 25 Ltd (ASX Code: E25) in relation to the Company's Hancock iron ore project ("Hancock") located in the Pilbara, Western Australia.

Highlights:                         

·    The MOU provides a framework for:

o  sharing of the E25 existing bunker allocation at Utah Point,

o  sharing of offsite storage capacity within proximity of the Port Hedland Port,

o  partnership opportunities in relation to:

§ sub-contractor engagement targeting operational flexibility and reductions to logistics costs; and

§ improve bunker utilisation and overall net tonnage throughput.

o  reviewing investment opportunities to both parties' benefit.

·    IOCA and E25 will work towards executing a formal agreement in Q1 2023.

·    E25 is a manganese producer located immediately south of Newman, Western Australia.

·    Discussions continue with the Pilbara Ports Authority regarding an IOCA independent allocation at Utah Point.

Roderick McIllree, Chairman of Alien Metals, commented: "Execution of this MOU with E25 is an important step towards unlocking the export capacity required for Hancock. We will continue to work with the Pilbara Ports Authority to obtain an independent export allocation at the Utah Point facility in line with our production profile over time however this MOU not only gives us immediate access but also potentially paves the way for IOCA to increase its production capacity through Port Hedland to more than our stated 1.2mt/pa."

Justin Brown, Managing Director of E25 commented: "The opportunity to work with Alien Metals to share subcontractors, optimise transport infrastructure utilisation and overheads as well as overflow storage will assist both parties to reduce logistics costs. The opportunity may also present E25 with an opportunity to charter larger vessels which will further reduce sea freight and improve throughput rates. The cooperation will further assist in providing E25 the ability to put additional material from our planned expansion and optimisation of Butcherbird through Utah Point. Ultimately, we also see the opportunity to reduce our carbon footprint in pursuit of our goal to deliver zero carbon manganese to the fast-growing EV battery market."

Key Terms of the MOU

The non-binding MOU provides a framework for the parties to negotiate an agreement for IOCA to access existing bunker allocation and export capacity at the Pilbara Port Authority's Utah Point export facility at a rate of more than one (1) shipment per calendar month.

The MOU also provides the framework for IOCA to access up to 40,000t of stockpile offsite storage at the E25 facility near Utah. This provides the opportunity to "sprint" additional tonnage to the port whilst loading thereby increasing total tonnes shipped and decreasing the costs overall of each shipment.

Pilbara Ports Authority - Utah Point Export Facility

As announced on 24 October 2022, the Company continues to engage with the Pilbara Ports Authority (PPA) for its own direct access to the Utah Point Public User Facility at Port Hedland, Western Australia for export of iron ore, located approximately 425km from Hancock. High level meetings were recently held in Perth and Port Hedland to highlight the economic potential of Hancock and the need for port allocation. Recent communication from the PPA has continued to encourage the Company that it will receive an export allocation at this facility in line with its production profile for next year. This agreement with E25 provides a pathway to early port access whilst this process is completed.

For further information please visit the Company's website at www.alienmetals.uk, or contact:

Alien Metals Limited

Rod McIllree, Executive Chairman

Bill Brodie Good, CEO

Tel: +44 (0) 20 7138 3204

Beaumont Cornish Limited (Nomad)

James Biddle / Roland Cornish

www.beaumontcornish.com

Tel: +44 (0) 207 628 3396

WH Ireland Ltd (Joint Broker)

Harry Ansell / Katy Mitchell

Tel +44 (0) 207 220 1666

Turner Pope Investments (TPI) Limited (Joint Broker)

Andrew Thacker / James Pope

Tel: +44 (0) 20 3657 0050

BlytheRay (Financial PR)

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 (0) 20 7138 3204

Notes to Editors

Alien Metals Ltd is a mining exploration and development Company listed on the AIM market of the London Stock Exchange (LSE: UFO). The Company's focus is on delivering a profitable, long life direct shipping iron ore operation based out of the Pilbara in Western Australia. In 2019, the Company acquired 51% of the Brockman and Hancock Ranges high-grade (Direct Shipping Ore) iron ore projects and in November 2022 exercised its option to move to 90% once certain CP's are satisfied. The Company also acquired 100% the Vivash Gorge Iron Ore project in the west Pilbara in July 2022.

The Company acquired 100% of the Elizabeth Hill Silver Project, which consists of the Elizabeth Hill Historic Silver Mine Mining Lease and the 115km2 exploration tenement around the mine.

In March 2022 the Company acquired 100% of the former joint venture interest in the Munni Munni Platinum Group Metals and Gold Project in the West Pilbara, Western Australia, one of Australia's major underexplored PGE and base metals projects. Munni Munni holds a historic deposit containing 2.2Moz 4E PGM: Palladium, Platinum, Gold, Rhodium.

The Company also holds silver, copper and base metal projects in Mexico however is currently looking at the best way to divest these for the benefit of shareholders.