JV Announces Drilling Partner for Elizabeth Hill

Trading Symbols

AIM: UFO

FWB: I3A1

08 May 2025

Alien Metals Limited

("Alien" or the "Company")

Joint Venture Partner Announces Drill Contract Awarded for Elizabeth Hill

Technical Visit Completed to Define Drill Targets

Alien Metals Ltd (AIM: UFO), a minerals exploration and development company, is pleased to provide an update on its Elizabeth Hill Silver Project ("Elizabeth Hill" or the "Project"), in the Pilbara region of Western Australia, where its joint venture partner, Errawarra Resources Ltd (ASX: ERW) ("Errawarra"), has announced a drilling partner for the maiden drill programme.

Following the Company's announcement of 24 March 2025, regarding the conditional joint venture agreement with Errawarra, activities on-site have accelerated in recent weeks, with site visits undertaken and drilling expected to commence imminently. This will follow Errawarra seeking shareholder approval for the transaction at an Extraordinary General Meeting ("EGM") to be held on 19 May 2025.

Highlights:

·    Inaugural drilling contract awarded for Elizabeth Hill.

·    West Core Drilling Pty Ltd ("West Core Drilling") has been awarded the diamond drilling contract under a partial drill for equity (ERW Shares) arrangement. Drilling is anticipated to commence imminently post Errawarra's EGM.

·    Drill targeting is currently being finalised following a site visit by ERW Management to ground truth targets.

·    Regional soils programme targeting regional structures with associated historical silver in soil anomalism is almost completed, with 1,766 soil samples and 89 rock chip samples having been collected.

·    Rock chip sampling aided using XRF technology to qualitatively assess the samples in the field.

·    Laboratory results are expected in 6-8 weeks.

Following a competitive tender process, Errawarra has awarded the diamond drilling contract to West Core Drilling. The upcoming drill programme will be completed under a partial drill-for-equity arrangement and will focus on high-priority mine and near-mine targets. These include:

·    Near-surface mineralisation;

·    Down-plunge extensions; and,

·    Strategic drill holes to enhance the geological understanding and structural orientation of the mineralised system.

Drilling is anticipated to commence in the week following Errawarra's upcoming General Meeting, planned for 19 May 2025.

Guy Robertson, Executive Chairman, commented:

"We are pleased with the progress being made at Elizabeth Hill by our JV partner, Errawarra. The upcoming drill campaign will target extensions of one of Australia's highest-grade historical silver deposits and has the potential to unlock significant value. The commencement of fieldwork and imminent drilling underscores the effectiveness of the partnership and our shared commitment to advancing this high-potential asset."

Targeting for the drill programme is currently being finalised, with active involvement from the Board of ERW and technical consultants, ERM Consulting. A recent site visit completed by management has enabled ground-truthing of the high-priority targets.

As part of Errawarra's ongoing project development planning, Errawarra's management team visited the Radio Hill processing plant, approximately 15 kilometres to the north, which is owned by Artemis Resources (ASX: ARV) and is currently in care and maintenance.

Figure 1 - ERW Management inspecting the Gekko Gravity processing area at the Artemis Resources owned Radio Hill processing plant

During the same site visit, the management team also observed the almost completed regional soil sampling campaign, which is targeting regional structures with associated historical silver in soil anomalism. A total of 1,766 soil samples and 89 rock chip samples have been collected to date during this programme, which is anticipated to be completed in the coming week.

Samples have been dispatched progressively to the laboratory in Perth for analysis, with most assay results expected within 6-8 weeks.

The Company looks forward to keeping shareholders informed as the exploration program progresses and results are received.

Figure 2 - Regional Soil Sampling Locations

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The Elizabeth Hill Project

Elizabeth Hill is one of Australia's high-grade silver projects and has a proven production history outlined below:

·    High grades enabled low processing tonnes: 1.2Moz of silver was produced from just 16,830t of ore at a head grade of 2,194g/t (77.4 oz/t Ag)[1].

·    Previous mining operation ceased in 2000 due to low silver prices (US$5)[2].

·    Simplistic historical processing technique: native silver was recovered via low-cost gravity separation techniques .

·    Untapped potential remains in ground with deposit open at depth, and recent consolidation of land package offers potential to discover more Elizabeth Hill style deposits.

·    Tier 1 Mining Jurisdiction located on a mining lease with potential processing option at the nearby Radio Hill site.

Figure 3 - Tenement Location

Through the consolidation of the surrounding land packages into a single contiguous 180km² package, significant exploration and growth potential exists both near mine and regionally.

The land package holds a significant portion of the Munni Munni fault system, which is considered prospective for repetitive silver deposits.

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

Strand Hanson (Financial and Nominated Adviser)

James Harris / James Dance / Robert Collins

Tel: +44 (0) 207 409 3494

Zeus Capital Limited (Joint Broker)

Harry Ansell / Katy Mitchell

Tel +44 (0) 203 829 5000

CMC Markets (Joint Broker)

Douglas Crippen

Tel: +44 (0) 203 003 8632

Yellow Jersey (Financial PR)

Charles Goodwin / Shivantha Thambirajah / Zara McKinlay

Tel: +44 (0) 203 004 9512

Notes to Editors

Alien Metals Limited is a mining exploration and development company listed on the AIM market of the London Stock Exchange (AIM: UFO). The Company's focus is on delivering a profitable direct shipping iron ore operation from it 90% Hancock iron ore project in the central Pilbara region of Western Australia. The Hancock tenements currently contain a JORC-compliant resource of 8.4Mt iron ore @ 60% Fe and offers significant exploration upside which is targeted to deliver a mining operation of 2Mtpa for 10 years.

These Hancock Project tenements have direct access to the Great Northern Highway, which provides an essential export route to export facilities at Port Hedland, from where more than 500Mt of iron ore is exported annually (30% of global production). The Company also has an interest in two iron ore exploration projects Brockman and Vivash, located in the West Pilbara.

The Company owns one of Australia's largest PGM deposits, Munni Munni which hosts a deposit containing a historic resource of 2.2Moz PGM (Palladium, Platinum, Gold, and Rhodium). The Company has recently entered into a joint venture with Errawarra Resources Limited (Alien 30% Errawarra 70%) for the development of Elizabeth Hill Silver Project, located near Karratha in the Pilbara, which consists of the Elizabeth Hill Mining Lease and exploration tenements surrounding the historical silver mine which has produced some of Australia's highest-grade silver ore during the late 1990's.