Pilbara Iron Ore Update and Q2 2026 Work Program

Trading Symbols

AIM: UFO

FWB: I3A1

26 February 2026

Alien Metals Limited

("Alien" or the "Company")

Pilbara Iron Ore Portfolio Update and Q2 2026 Work Program

Alien Metals Limited (AIM: UFO), a minerals exploration and development company, is pleased to provide an update on its Pilbara iron ore portfolio following the completion of an independent technical review by ERM Australia Consultants Pty Ltd ("ERM"). The ERM review comprised a high-level prospectivity and exploration targeting assessment and did not include the preparation or estimation of Mineral Resources or Ore Reserves. The review assessed prospectivity and prioritised next-stage work programs across the Company's Pilbara iron projects, including the West Pilbara Vivash Gorge and Brockman projects, and the East Pilbara Hancock Project area.

Highlights

·    Independent review completed: ERM has completed a prospectivity assessment of Alien's Pilbara iron ore portfolio and recommended a prioritised and staged approach to follow-up work.

·    Assessment confirms significant potential for Brockman Iron Formation mineralisation potential across the Vivash and Brockman Projects.

·    Vivash and Brockman Projects remain underexplored and drill untested, presenting exploration potential.

·    Vivash tenure directly adjoins Fortescue Metals Group Ltd's Vivash Southwest Mineral Project which has a JORC Mineral Resource of 28Mt @ 58.8% Fe.

·    Brockman Project is located adjacent to BHP Deposit 20 and along strike to the FMG Farquhar East and API JV^[1] Paracelsus deposits, highlighting a favourable geological setting

Independent Review Highlights Geological Prospectivity

Alien is pleased to announce that an independent expert re-evaluation by ERM has reinforced the strong iron ore credentials of its West Pilbara portfolio.

The review confirms that the Company's projects are strategically positioned within proven, iron-rich stratigraphy of the Hamersley Basin, with geological characteristics consistent with economic mineralisation hosted in the Brockman Iron Formation.

The assessment identified untested strike positions considered prospective for further exploration activities across multiple tenements.

Vivash Project (E47/3071) - Strategic Neighbour to Established Resource

The Vivash Project remains highly prospective for:

·    Bedded Iron Deposit (BID) mineralisation within the Brockman Iron Formation (primary target).

·    Secondary potential within the Marra Mamba Iron Formation.

·    Untested exploration potential for Channel Iron Deposit (CID) and Detrital Iron Deposit (DID) mineralisation.

The strategic significance of Vivash is underscored by its proximity to FMG's Vivash Southwest Mineral Resource:

·    28Mt @ 58.8% Fe

·    6.02% SiO₂ | 2.80% Al₂O₃ | 0.135% P | 6.6% LOI

The geological continuity materially strengthens the exploration thesis and reinforces the potential for extensions of iron mineralisation onto Alien's ground.

Figure 2: Vivash Tenement and Project Location Plan. Vivash Southwest resource outlined in red hatch

Brockman Project (E47/3953) - Adjacent to BHP Deposit 20

The Brockman Project is considered prospective for:

·    Detrital hosted iron mineralisation

·    Potential mineralisation within the Dales Gorge Member of the Brockman Iron Formation, identified immediately south at BHP Deposit 20.

·    CID mineralisation within southwest valley systems.

The proximity along strike to the FMG Farquhar East and APIJV Paracelsus iron ore deposits provides strong regional geological validation and enhances the discovery potential across the tenure.

Hancock Project - Strike Lengths Untested

Residual iron mineralisation potential remains within the Weeli Wolli and Boolgeeda Iron Formations, with significant strike lengths yet to be systematically explored.

These formations represent additional upside the previously reported Hancock Project Mineral Resources over the Ridge C, Ridge E and Sirius deposits.

Forward Work Program - Field Activation in Q2

Alien will mobilise in Q2 2026 with a targeted, iron-focused field program designed to unlock this potential.

Planned activities include:

· Helicopter-supported geological reconnaissance across Vivash and Brockman, targeting outcropping Brockman Iron Formation to identify surface enrichment.

·    Assessment of CID potential across northeastern tenement areas.

·    Field delineation of unexplored Weeli Wolli Formation iron ridges at Hancock.

·    Geological cross-sectional review of Hancock Ridge E & C and Sirius-grade resource models to determine whether there is potential for extensions or reinterpretation within and adjacent to the historical Mineral Resource extents.

Positioned for Discovery and Value Creation

The ERM review supports continued exploration of Alien's West Pilbara iron ore portfolio sits within a proven iron province, adjacent to major operators, and hosts multiple mineralisation styles across largely underexplored ground.

With field programs commencing in Q2 2026, the Company is advancing a clear pathway to unlock exploration value and position the portfolio for potential resource growth.

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

Alien Metals Limited

Bruce Garlick

Email: [email protected]

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 / Guy McDougall

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 follows a balanced strategy of advancing and strengthening its asset portfolio through targeted technical work and project development, while evaluating partnerships, joint ventures, and selective monetisation opportunities that are value-enhancing for shareholders. At the same time, Alien will continue to consider opportunities to expand our asset base through carefully selected acquisition opportunities which meet the Board's prudent criteria.

Alien's principal focus is the advancement and development of its 90%-owned Hancock Iron Ore Project in the central Pilbara region of Western Australia. The Hancock tenements contain a JORC-compliant resource of 8.4Mt at 60% Fe and offer significant exploration upside, which is targeted to deliver a mining operation of 2Mtpa for 10 years. The Project benefits from direct access to the Great Northern Highway, providing a route to export facilities at Port Hedland, one of the world's largest iron ore export hubs. Alien also holds exploration interests in the Brockman and Vivash iron ore projects in the West Pilbara.

Alien additionally retains exposure to two advanced precious and base metal assets in the Pilbara. At Munni Munni, one of Australia's largest PGM systems hosting a historic resource of 2.2Moz PGM (Palladium, Platinum, and Rhodium) and gold, the Company has completed its partial asset sale and joint venture transaction with GreenTech Metals Ltd, under which Alien has divested a 70% interest in the Munni Munni tenements to GreenTech and Alien will retain a 30% interest, free carried to the completion of a bankable feasibility study at Munni Munni. Alien (via wholly owned subsidiary A.C.N. 643 478 371 Pty Ltd) also retains a 30% interest in the Elizabeth Hill Silver Project through a joint venture with Crest, which encompasses the Elizabeth Hill Mining Lease M47/342, which has produced some of Australia's highest-grade silver ore during the late 1990s.

Competent Person's Statement

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Thomas Reddicliffe, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Reddicliffe is a Technical Director of GreenTech Metals Ltd.

Mr Reddicliffe has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration and to the activity being undertaken 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', and a Specialist under the 2015 Edition of the 'Australasian Code for Public Reporting of technical assessments and valuations of mineral assets'.

Mr Reddicliffe consents to the inclusion in the report of the matters based on his information and in the form and context in which it appears