High-Grade Silver Results around Elizabeth Hill

Trading Symbols

AIM: UFO

FWB: I3A1

15 May 2025

Alien Metals Limited

("Alien" or the "Company")

High-Grade Silver Results Up to 920g/t from Surface Sampling ~300m north and ~150m to the south of Elizabeth Hill

Alien Metals Ltd (AIM: UFO), a minerals exploration and development company, is pleased to report that its joint venture partner, Errawarra Resources Ltd (ASX: ERW) ("Errawarra"), has recorded multiple high-grade silver results from recent surface sampling at the Elizabeth Hill Silver Project in Western Australia.

Highlights:

·    Portable XRF ("pXRF") surface sampling has returned multiple high-grade silver ("Ag") results up to 920g/t

·   Gossanous and ferruginous float has generated new potential silver target areas near the historic Elizabeth Hill mine

·   High-grade readings have been recorded ~300m to the north and ~150m to the south of the known Elizabeth Hill mineralisation envelope and correlate with the location of the Munni Munni Fault system

·    Samples returning elevated Ag readings are typically from iron-rich, gossanous-like material

·    Further exploration now planned, including trenching, additional sampling and metal detecting

·    Inaugural drilling program to commence in the coming weeks

·    Samples collected have been dispatched to the laboratory for further analytical testing, with results expected in 6-8 weeks

The recent surface sampling at the Elizabeth Hill Project has returned multiple elevated pXRF silver (Ag) readings, including high-grade results up to 920g/t Ag. Several pXRF silver target locations have been identified across the project area, with 37 surface samples returning elevated silver results of greater than 50g/t Ag, including areas approximately 150m south of the historic Elizabeth Hill mine site and approximately 300m north of the mine, including a highest recorded silver value of 920g/t Ag.

Guy Robertson, Executive Chairman, commented:

"These new high-grade silver readings confirm our belief that the Elizabeth Hill Project remains significantly underexplored. The pXRF results support the potential for further silver mineralisation beyond the historically defined system and align with the planned drill targets. We look forward to the commencement of drilling by Errawarra and updating shareholders as exploration progresses."

Figure 1 - Locations of elevated Silver (Ag) readings via pXRF

Table 1 - pXRF highlights (results greater than 100g/t Ag) at Elizabeth Hill

The high-grade silver results (>50g/t Ag) are typically associated with iron-rich, gossanous-like float material, which may be indicative of mineralised extensions to the known system.

Further work is now planned to investigate these encouraging areas, including:

1.            Additional surface sampling;

2.            Metal detector surveys to identify more material in the vicinity; and

3.            Targeted trenching to identify potential mineralised structures at surface.

The samples collected have been dispatched to the lab for analytical testing with assay results expected in 6-8 weeks.

The Company cautions that while pXRF readings provide a useful indication of mineral content and approximate grades, they are not a substitute for laboratory-derived assay grades and will not be used in any resource estimation. All samples will be sent to an independent laboratory for accurate analysis, with assay results expected in 6-8 weeks. Portable XRF results reported in this announcement are considered semi-quantitative.

Alien will continue to update the market as further exploration results become available.

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/oz)[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 2 - 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.

To read Errawarra's announcement, please click below:

https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02946743-6A1264624&v=7bc42bd11d853ed5e8c28f2ffcd6a069ee5cd6b4 

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.

Competent Person's Statement

The information in this announcement relating to the Elizabeth Hill Silver Project is based on information compiled by Thomas Reddicliffe, BSc (Hons), MSc, Fellow of the AUSIMM (Director of Errawarra Resources Limited) and has been reviewed 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 announcement of the information in the form and context in which it appears. Mr Toms has declared that he holds Performance Rights in the Company.