Transformational Exploration Target at Hancock

Trading Symbols

AIM: UFO

FWB: I3A1

03 July 2025

Alien Metals Limited

("Alien" or "the Company")

Transformational Exploration Target at Hancock Supports Greater Near-Term Strategic Value

Alien Metals Limited (AIM: UFO), a minerals exploration and development company, is pleased to report completion of a helicopter-supported mapping and rock chip sampling programme that has identified significant iron mineralisation on the ridges of recently acquired tenure at its flagship Hancock Iron Ore Project located near the iron ore mining centre of Newman, in the Pilbara region of Western Australia.
An Exploration Target^[1] of up to 27 million tonnes and grade of 62% Fe has been defined, supported by recent exploration work. The lower end of the target is 12 million tonnes at 58% Fe. This Exploration Target is in addition to the Mining Reserve and Mineral Resource estimates, as announced on 08 February 2024.

This Exploration Target is supported by the rock chip sampling and mapping programme completed by a team of geologists in June across the recently granted Exploration Licences E47/5157 and E47/5158, as announced on 21 May 2025.

The JORC Code mandates that the Competent Person cautions that the potential quantity and grade of the Exploration Target is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Highlights

·    The Exploration Target of up to 27 million tonnes at grades of up to 62% Fe is in addition to the 8.4Mt @ 60.0% Fe in Mining Reserve and Mineral Resource estimates.
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·    Strategic value of the Hancock Iron Ore Project significantly increased in a landscape of robust investment activity in the Pilbara iron ore region.
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·    BHP Access Agreement fully executed for the pending tenement E47/5159.
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·    High grade, direct ship iron ore remains in strong demand across the globe.

Guy Robertson, Executive Chairman, commented:

"The Exploration Target at our Hancock Iron Ore Project is an outstanding result that further validates the scale and quality of this high-grade opportunity. The Exploration Target shows that the Hancock Iron Ore Project could be materially larger than previously considered and positions Alien in a very strong commercial and technical position as we advance discussions with potential partners to develop this project."

"With infrastructure access progressing and market interest in high-grade, low-impurity iron ore intensifying, Alien is exceptionally well-placed to complete a value-accretive transaction. The board remains focused on delivering outcomes that unlock the full value of Hancock for shareholders while preserving our strategic optionality across the broader portfolio."

Hancock Rock Chip Sampling Programme and Analysis

In June 2025, a helicopter-supported sampling exercise was conducted on UFO's tenure to verify the location and extent of hitherto-unsampled mineralisation. Traverses were made across the mesas hosting the outcropping Boolgeeda and Weeli Wolli Formation; outcropping mineralisation was sampled with a rock pick. The disposition (dip, strike, magnetic susceptibility and an estimate of stratigraphic thickness) of the mineralisation was recorded.

This exercise indicated that enrichment of iron occurred in areas of structural complexity, particularly at the core of anticlinal folds. Structural thickening has occurred in these locations, with parasitic isoclinal folds increasing the thickness of the mineralisation.

Figure 1: Hancock DSO Iron Project featuring recently defined Exploration Targets

The rock-chip samples were transported to Perth and analysed with a portable x-ray diffraction (pXRF) unit for iron and attendant elements.

These results were plotted on geological maps, and the host geology was interpreted. The strike length and thickness of the mineralisation was inferred from this exercise; the thickness being derived from a combination of field estimations and known thicknesses of similar mineralisation at Sirius Extension and the Ridge C and Ridge E pit designs in the Ore Reserve model. The thickness and bulk density of the mineralisation was varied to provide a range of tonnages depending on mineralisation style.

Figure 2: Hancock DSO Iron Ore Project Rock Chip Sample Locations

The grade of the mineralisation was estimated from the results of the pXRF analysis and represents the median (lower threshold) and one standard deviation above the median (upper threshold) of enriched iron mineralisation, which is defined to be those samples that return a pXRF reading of greater than 50% Fe, this being a natural threshold observed in the data. The Competent Person cautions that pXRF analyses a small volume of the specimen and is to some extent subjective and these results are to be viewed with appropriate caution. The results are observed to be consistent with known mineralisation at Ridge C, Ridge E and Sirius.

BHP Access Agreement Executed

Alien's subsidiary, Mallina Exploration Pty Ltd, has executed an Access Agreement with BHP Iron Ore Pty Ltd ("BHP") in relation to the pending tenement E47/5159.

The Agreement facilitates the withdrawal of BHP's objection, enabling the tenement to proceed through the standard government approval process prior to grant over the coming months.

Recent Australian Market Developments

Recent developments in the Pilbara region underscore the robust investment climate for iron ore. Notably, Rio Tinto and Hancock Prospecting have just this week committed A$2.5 billion to develop the Hope Downs 2 project, with first production anticipated in 2027. This initiative is part of Rio Tinto's broader plan to invest over A$13 billion in new mines, plant, and equipment over the next three years, reinforcing their confidence in the long-term demand for iron ore.

Additionally, the merger of Roy Hill and Atlas Iron into the newly formed Hancock Iron Ore entity signifies a strategic consolidation aimed at enhancing operational efficiency and market positioning. This move reflects a broader industry trend towards strengthening Australia's position in the global iron ore market.

These significant investments and structural realignments by major industry players highlight the enduring appeal and strategic importance of high-grade iron ore assets in Western Australia. Alien is well-positioned to capitalise on this favourable market environment, and we remain committed to advancing our projects to deliver sustained value for our shareholders.

SUMMARY TABLE - EXPLORATION TARGET

Table 1: Hancock Iron Ore Project Exploration Target

The Hancock iron Ore Project Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserve, the JORC code (JORC2012). It is uncertain if further exploration will result in the estimation of a Mineral Resource.

Table 2: Hancock Iron Ore Project Ore Reserves and Mineral Inventory (inclusive of Ore Reserves)²

Table 3: Hancock Mining Inventory²

Table 4: Hancock Iron Ore Project Mineral Resource Table²

Competent Person Statements

The information in this report relates to Exploration Targets and is based on information compiled by Mr. Jeremy Peters. Mr. Peters is a Director of Burnt Shirt Pty Ltd and is a Fellow of The Australian Institute of Mining and Metallurgy (AUSIMM) and Chartered Professional Geologist and Mining Engineer of that organisation who has sufficient experience in the exploration and reporting of Pilbara iron mineralisation and Exploration Targets, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Peters consents to the inclusion in the document of the Exploration Results and Exploration Target in the form and context in which they appear.

Mr. Peters cautions that the potential quantity and grade of the Hancock Exploration Target is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource and that it is uncertain if further exploration will result in the estimation of a Mineral Resource.

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

Turner Pope (Joint Broker)

Andy Thacker / James Pope

Tel: +44 (0) 203 657 0050

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 Ltd 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, and Rhodium) and Gold. The Company has recently entered into a joint venture with West Coast Silver Limited (formerly Errawarra Resources Limited) for the development of the Elizabeth Hill Silver Project, located near Karratha in the Pilbara, which consists of the Elizabeth Hill Mining Lease and explora5on tenements surrounding the historical silver mine which has produced some of Australia's highest-grade silver ore during the late 1990s.