Native Silver intersected at Elizabeth Hill

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

Trading Symbols

AIM: UFO
FWB: I3A1

5 November 2025

Alien Metals Limited

("Alien" or the "Company")

Native Silver intersected in drilling at Elizabeth Hill Silver Project

Alien Metals Limited (AIM: UFO), a minerals exploration and development company, is pleased to report that its joint venture partner, West Coast Silver Limited (ASX: WCE) ("West Coast Silver") has announced that shallow visual native silver and related silver-bearing minerals have been confirmed in four of the five initial drill holes intersecting the up-plunge position of the historically mined Elizabeth Hill Silver Project ("Elizabeth Hill" or the "Project") in the Pilbara region of Western Australia. The Project, in which Alien retains a 30% free-carried interest through to a decision to mine, is operated by West Coast Silver.

Belinda Murray, Executive Director of Alien, commented:

"It is very encouraging to see West Coast Silver continue to deliver such strong early results from its drilling at Elizabeth Hill, including the identification of visible native silver close to surface. These results further reinforce the exceptional potential of one of Australia's highest-grade historical silver deposits. "

The full text of the announcement issued by West Coast Silver is provided below in Appendix A.

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 / Edward Foulkes

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

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 its 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 exploration tenements surrounding the historical silver mine which has produced some of Australia's highest-grade silver ore during the late 1990s.

Competent Person's Statement

Thomas Reddicliffe, BSc (Hons), MSc, a Director and Shareholder of the Company, is a Fellow of the AUSIMM, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration 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'. Thomas Reddicliffe consents to the inclusion in the report of the information in the form and context in which it appears.

Appendix A - ASX: WCE ANNOUNCEMENT

Native Silver intersected in drilling at Elizabeth Hill Silver Project

Highlights

·    Initial five drill holes successfully completed intersecting the up-plunge position of the historically mined high grade Elizabeth Hill silver deposit

·    The mineralized zone is defined by quartz-carbonate veining/stockwork and host to native silver, related silver minerals and base metals

·    Native silver visually identified in two drill holes and confirmed through pXRF[1] analysis

·    Native Silver in hole 25WCDD014 is visually significant and occurs in 3 separate intervals

·    ~1,300m diamond drilling program is projected to conclude mid-November

·   Silver mineralisation has been identified in drill holes 25WCDD013, 14, 16 & 17 (Figures 1 - 7)

Figure 1: Photograph of cut half HQ3 drill core (25WCDD014) from 53.68m to 53.75m

West Coast Silver Limited (ASX: WCE) ("West Coast Silver" or the "Company") is pleased to advise that the follow up diamond drill program to the inaugural diamond drilling at the high-grade historic Elizabeth Hill Silver Project in the Pilbara (Western Australia) has delivered an exceptional start, with shallow visual native silver and related silver-bearing minerals confirmed in four of the first five holes completed (Figure 8, Appendix 1).

Commenting on the results, Executive Chairman Bruce Garlick said:

"We are extremely pleased with this exceptional start to our follow up drill program. To intersect Native silver in two drill holes and silver-bearing minerals in another two holes close to surface is a tremendous result and validates our belief in the near-surface potential at Elizabeth Hill.

Drill Hole Mineralisation: Visual Observations/pXRF

Throughout the drilling process, all drill holes undergo geological logging to assess lithology, alteration, and mineralisation. In four of the initial five completed drillholes, native silver and/or silver minerals were identified and verified using a Vanta portable XRF ("pXRF") device. It is important to note that while pXRF readings provide valuable insights, they should not be considered a substitute for thorough laboratory analysis. These readings reflect elemental concentrations at specific locations rather than providing a comprehensive overview of the entire rock sample.

WCE emphasises that visual estimates of mineral abundance should not be regarded as a proxy or substitute for laboratory analyses, particularly when concentrations or grades are of primary economic significance. Furthermore, visual estimates do not yield information concerning impurities or detrimental physical properties that are pertinent to valuations.

Description of silver mineralisation

Drill hole 25WCDD014

Diamond drill hole 25WCDD014 contained three intervals of native silver mineralisation identified by geological logging and confirmed by pXRF analysis (Appendix 2). The geologically logged intervals of native silver mineralisation occur within the following intervals of the core photos below:

·    53.57m to 54.07m - 1% to 2% observed native silver (Figure 2).

·    66.24m to 66.42m - 1% observed native silver (Figure 3).

·    74.52m to 74.95m - 1% observed native silver (Figure 4).

Figure 2: Photograph of cut half HQ3 drill core (25WCDD014) from 53.45m to 54.18m showing 2mm to 4mm grains of native silver hosted within and adjacent to 1cm to 3cm thick carbonate veins in an ultramafic host rock. The native silver content is estimated at 1% to 2% by volume.

Figure 3: Photograph of cut half HQ3 drill core (25WCDD014) from 65.96m to 66.60m showing 1% visually estimated, 2mm to 3mm long native silver grains hosted in and adjacent to 1cm to 10cm thick carbonate veins in an ultramafic host rock.

Figure 4: Photograph of cut half HQ3 drill core (25WCDD014) from 74.42m to 75.11m showing 1% visually estimated, 2mm to 4mm long native silver grains hosted within and adjacent to 1cm to 3cm thick carbonate veins in an ultramafic host rock.

Drill hole 25WCDD013

Diamond drill hole 25WCDD013 contained approximately 5%, brown, oxidised carbonate-quartz veins, up to 5cm wide, from 14.80m to 16.60m depth (Figure 5). Within and adjacent to these veins, black, secondary minerals (1%), ranging from1mm to 2mm in size, were identified and have been confirmed by pXRF to contain silver (Appendix 2).

Figure 5: Photograph of HQ3 diamond drill core (25WCDD013) from 14.48m to 17.65m showing several, up to 5cm wide, carbonate-quartz veins with 1mm to 2mm black silver-bearing minerals (1%) confirmed by pXRF in moderately weathered ultramafic host rock.

CAUTIONARY STATEMENT

It is important to note that while pXRF readings provide valuable insights, they should not be considered a substitute for thorough laboratory analysis. These readings reflect elemental concentrations at specific locations rather than providing a comprehensive overview of the entire rock sample.

WCE emphasises that visual estimates of mineral abundance should not be regarded as a proxy or substitute for laboratory analyses, particularly when concentrations or grades are of primary economic significance. Furthermore, visual estimates do not yield information concerning impurities or detrimental physical properties that are pertinent to valuations.

Drill hole 25WCDD016

Diamond drill hole 25WCDD016 showed black oxidised minerals up to 2cm long and approximately 1% of the breccia from 44.59m to 44.61m (Figure 6). These minerals are hosted in a carbonate-matrix breccia and pXRF confirmed the presence of silver in this mineral (Appendix 2).

Figure 6: Photograph of HQ3 diamond drill core (25WCDD016) from 44.56m to 44.75m showing several up to 2cm long black minerals from 44.59m to 44.61m forming approximately 1% of the breccia. These minerals are hosted in a carbonate-matrix breccia and pXRF confirmed the presence of silver in the black mineral.

CAUTIONARY STATEMENT

It is important to note that while pXRF readings provide valuable insights, they should not be considered a substitute for thorough laboratory analysis. These readings reflect elemental concentrations at specific locations rather than providing a comprehensive overview of the entire rock sample.

WCE emphasises that visual estimates of mineral abundance should not be regarded as a proxy or substitute for laboratory analyses, particularly when concentrations or grades are of primary economic significance. Furthermore, visual estimates do not yield information concerning impurities or detrimental physical properties that are pertinent to valuations.

Drill hole 25WCDD017

Diamond drill hole 25WCDD017 contained trace amounts of observed native silver, occurring as 1mm to 2mm grains at 43.61m within a quartz vein in a late fracture (Figure 7), and were confirmed by pXRF (Appendix 2).

Figure 7. Photograph of HQ3 diamond drill core (25WCDD017) from 43.58m to 43.82m showing several up to 2mm wide native silver grains (<0.5%) confirmed by pXRF within a massive quartz vein.

CAUTIONARY STATEMENT

It is important to note that while pXRF readings provide valuable insights, they should not be considered a substitute for thorough laboratory analysis. These readings reflect elemental concentrations at specific locations rather than providing a comprehensive overview of the entire rock sample.

WCE emphasises that visual estimates of mineral abundance should not be regarded as a proxy or substitute for laboratory analyses, particularly when concentrations or grades are of primary economic significance. Furthermore, visual estimates do not yield information concerning impurities or detrimental physical properties that are pertinent to valuations.

Drill hole 25WCDD015

Diamond drill hole 25WCDD015 did not contain any observable silver mineralisation and no significant silver was detected in the pXRF (Appendix 2). Laboratory analysis is required to determine the presence or absence of silver in this drill hole.

Drill Plan and location of silver mineralisation

Drill holes were planned to intersect and verify near surface mineralisation in historical drill holes at the northern end of previous underground workings (Figure 8).

Figure 8. Map showing the geological setting, location of drill holes which contained native silver and silver oxide and sulphide minerals and selected historical drill results

Note: Call out results in Figure 8 have previously been shown in ASX Announcement dated 15 October 2025

Cross Sections and location of silver mineralisation

Drill holes 25WCDD013 & 25WCDD014

These drill holes were targeting the prospective interaction of the Munni Munni fault and the granite/ultramafic contact, as well as targeting mineralisation at the top of the historical Elizabeth Hill mine sequence (Figure 9).

Figure 9: Cross section with historical drilling and recently completed drill holes. Diamond drill hole 25WCDD014 terminated at the top of historical underground workings

Drill hole 25WCDD016

This drill hole was targeting the prospective interaction of the Munni Munni fault and granite/ultramafic contact in the northern up plunge position representing the oxide component of the deeper, native silver and silver sulphide mineralisation (Figure 10).

Figure 10. Cross section with historical drilling and recently completed drill hole 25WCDD016

Drill hole 25WCDD017

This drill hole was targeted to intersect the prospective ultramafic rock and granite contact as well as the Munni Munni fault above the historical underground workings (Figure 11). Drill hole 25WCDD017 was designed to twin historical reverse circulation percussion drill hole EC100 and verify its reported mineralisation (EC100: 14m @ 404g/t Ag from 28m; refer to ASX Announcement dated 16^th July 2025).

Figure 11: Cross section with historical drilling and recently completed drill hole 25WCDD017

Drill hole 25WCDD015

Drill hole 25WCDD015 intersected the Munni Munni fault and the contact between ultramafic rock and granite (Figure 12). Although no visible silver mineralisation was observed during geological logging anomalous Ag and Pb was reported in spot pXRF analyses in the down hole interval 51.18m to 59.36m. The location of this interval is consistent with mineralisation reported in nearby historic drill holes(Figure 12). The subsequent assaying of the core from this drill hole will determine the presence and extent of any silver or any associated mineralisation within this zone.

Figure 12: Cross section with historical drilling and recently completed drill hole 25WCDD015

Laboratory Testing

Core from the first three holes has been cut, and half-core has been sampled and dispatched for laboratory analysis. Core cutting and sampling activities are continuing, with analytical results expected mid-December 2025 to early January 2026 (indicative).

Ongoing drilling, sampling and submission will vary depending on drilling progress.

Result timeframes may vary pending on laboratory analysis requirements for further analysis of any over-grade silver mineralisation.

Selected samples have been submitted for expediated laboratory processing.

The Elizabeth Hill Project

Elizabeth Hill is historically one of Australia's highest 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 (70.5 oz/t Ag)^[2].

•   Previous mining operation ceased in 2000: because of low silver prices (US$5)^[3].

•   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. Radio Hill is a third-party-owned processing facility; WCE has no current agreement in place."

Figure 6: 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, and other fault systems subparallel to the Munni Munni fault system, which are considered prospective for Elizabeth Hill look-a-like silver deposits.

Appendix 1: Drill hole Collar Details