Resource definition drilling - Sirius Extension

Trading Symbols

AIM: UFO

FWB: I3A1

02 May 2023                                                                                                                                                      

Alien Metals Ltd

("Alien" or "the Company")

Resource definition drilling completed at Hancock Project - Sirius Extension

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 completed its latest resource definition drilling program at it's flagship Hancock Iron Ore Project ("Hancock"), situated in the prolific iron ore producing region of the Pilbara, Western Australia

Infill diamond core drilling has been completed at the Company's high grade Sirius Deposit. The Sirius Deposit (Sirius) is a key element of IOCA's production plans. Of the Companys 4.2mt Mining Inventory (see announcement 26 April 2023), Sirius accounts for 2.3mt.

Highlights

·    Drilling program consisted of 13 Diamond Coreholes for a total of 1048.9m.

·    Excellent high grade results returned from the handheld portable XRF (pXRF) readings recorded across all holes.

·    Core is scheduled to be taken to the Laboratory imminently and the Company will update the market on those assay results as they become available.

·    Drilling supports further confidence in the Hancock Project Ore Resources and Reserves

·    Given the high conversion rates of Ridges C and E (associated tenement targets) it is expected that Sirius will be upgraded to an Ore Reserve, after the requisite Mineral Resource Estimates and mining studies are completed.

Rod McIllree, Executive Director, commented:

"Completion of this phase of drilling is positive step in the Companys transition from explorer to developer and operator. Given the high conversion rate we have seen on Ridges C and E, we are confident of a further upgrade to the Ore Reserves once assay results have been received and our and external geological experts update the model."

"In the very near term, we are looking forward to updating the market on the significant progress we have made in relation to the Hancock Project. We are currently in the process of finalising preferred tenders for the project capital and operational works, which secures cost certainties and will allow us to finalise and update the feasibility and financial model and metrics for the project."

Figure 1: Location of Hancock Iron Ore Project, Western Australia

This drilling program executed 13 diamond core holes with a combined program of 1048.9m in total. Core recovery across the program has been excellent and the geological information has improved both geological and structural knowledge of the high grade ore zones. This, is now in addition to the 21 holes and 2082.5m previously drilled at Sirius. All holes have been logged for both geology and rock structure. Two of the holes were designed by consultant geotechnical geologists and drilled to provide geotechnical information that will aid in the optimisation and refinement of the currently designed open pit at the Sirius Extension.

Figure 2: Location of Sirius Extension

Throughout drilling, the team collected core pXRF readings to guide the drilling program and provide preliminary data (see in Figure 7). These pXRF measurements support the anticipated high grade iron ore as predicted by the current Mineral Resource Model. The Company is confident that Inferred Resources within Sirius will be upgraded to Indicated category after Labatory results are received, and the requisite modelling and QAQC procedures completed.

Table 1: Diamond drilling infill summary, Hancock Iron Ore Project, May 2023

Figure 3: Location of infill diamond drilling, Hancock Iron Ore Project, May 2023

Now that drilling has been completed, the team will begin processing the core before dispatching the samples to a laboratory in Perth for analysis.

Figure 5: High grade pXRF results on core from hole 23IHD001 and 23IHD004, Hancock Iron Ore Project, May 2023. The above hole 23IHD001  shows 12.3m of interpreted high grade core logged with pXRF up to 67.3%

Figure 6: Core logging at Sirius drill site, Hancock Iron Ore Project, May 2023

High grade pXRF results were identified across the drilling campaign. Evidence as shown in figure 7 from hole 23IHD007, located in the northern section of the resource and drilled southward indicate the hole has intercepted high grade iron ore.

Figure 7: pXRF results on core from hole 23IHD007, Hancock Iron Ore Project, May 2023

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

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 December 2022 moved to 90% legal and beneficial ownership. The Company also acquired 100% of 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 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 various locations around the world however is currently looking at the best way to divest these for the benefit of shareholders.

Competent Person Statement

The information in this announcement that relates to Exploration Results, is based on information compiled by Mr. Bradley Toms who is the Exploration Manager and a full time employee of Alien Metals Ltd. Mr. Toms is a Member of The Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking, to qualify as Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Toms consents to the inclusion in the document of the information in the form and context in which it appears. Mr Toms has declared that he holds Performance Rights in the Company.

Glossary

DSO - Direct Shipping Ore

Fe - Iron

FID - Financial Investment Decision

Mining Proposal - A document submitted to the local state authority for approval by the Department of Mines, Industry Regulation and Safety (DMIRS), that is required before any mining operations can commence.

Mineral Resource - a concentration or occurrence of solid or liquid material of economic interest in or on the Earth's crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

Mineral resource classification - is the classification of mineral resources based on an increasing level of geological knowledge and confidence.

Mining Schedule - the sequencing of operations and the assignment of equipment and people, to ensure that the intended sequencing and production targets are realized

Mt - Million Tonnes

Ore Reserves - the parts of a Mineral Resource that can, at present, be economically mined

pXRF - handheld portable XRF machine. XRF (X-ray fluorescence) is a non-destructive analytical technique used to determine the elemental composition of materials. XRF analyzers determine the chemistry of a sample by measuring the fluorescent (or secondary) X-ray emitted from a sample when it is excited by a primary X-ray source.

Reverse Circulation Drilling - Often referred to as RC drilling, is a method of drilling which uses dual wall drill rods that consist of an outer drill rod with an inner tube. These hollow inner tubes allow the drill cuttings to be transported back to the surface in a continuous, steady flow. Drill results using this method with adequate QA/QC can be used in Mineral Resource Calculations