3 August 2026
Alien Metals Limited
("Alien", "Alien Metals" or the "Company")
Corporate and Strategic Update
Alien Metals Limited (AIM: UFO), a minerals exploration and development company, is pleased to provide a corporate and strategic update for the Company.
This update comes further to the Company's announcement on 16 July 2026 announcing the completion of the acquisition of 100% of the Georgina Basin Iron-Oxide Copper-Gold ("IOCG") Project, the appointment of Vincent Fayad as Executive Director and a new executive team, as well as the appointment of Michael Carter as Non-Executive Chairman. The Company intends to revamp and refresh its existing portfolio with a clear focus on maximising shareholder value through rigorous project evaluation, selective technical work and the pursuit of potential monetisation opportunities.
Key Highlights:
· Georgina Basin IOCG Project:
o Completion of the acquisition of 100% of the district-scale in the East Tennant province of the Northern Territory. This provides Alien with approximately 2,500 km² of tenure, a substantial existing geoscientific database, more than 90 conceptual IOCG targets and three advanced drill-ready targets.
o Acquisition supported by an independent valuation by SRK Consulting (Australasia) Pty Ltd ("SRK"), a global mining consultant, valuing the project at between A$1.5 million and A$3.8 million (approximately £0.8 million to £2.0 million) and a preferred value of A$2.7 million (approximately £1.4 million).
· Pilbara Iron Ore Portfolio: recent independent assessment has confirmed iron mineralisation at the Vivash and Brockman projects, supporting a review of strategic alternatives across Alien's Pilbara iron ore portfolio, including advancement, joint ventures, partnerships and potential divestment opportunities.
· Joint venture interests: Alien retains direct exposure to:
o the Munni Munni PGM-copper project through its 30% free-carried joint venture interest and shareholding in GreenTech Metals Limited ("GreenTech" or "GRE") and
o the Elizabeth Hill Silver Project through its 30% joint venture interest and shareholding in West Coast Silver Limited ("West Coast Silver" or "WCE").
The Board considers the free-carried interests to be advantageous as they limit Alien's funding exposure.
· The Company will review its significant listed investment holdings in GreenTech, currently valued at approximately A$2.3 million (c.£1.2 million), and West Coast Silver, currently valued at approximately A$3.0 million (c.£1.6 million). However, the Board presently considers a sale of these listed investments to be the least preferred funding option for the Company's operations generally.
· Funding: The Board assesses the most appropriate funding options available to Company on an ongoing basis. The Company intends initially to prioritise funding alternatives involving the Pilbara iron ore portfolio, including potential joint ventures, strategic partnerships, project-level investment or asset divestments, together with appropriate financing and other non-equity funding structures. As noted above, the sale of listed investments is considered to be the least preferred method of sale.
Given the preferred funding route of prioritising funding alternatives involving the Pilbara iron ore portfolio, the Company does not presently intend to undertake an equity fundraising. However, no assurance can be given that an equity fundraising will not be required if proposed asset monetisation or other funding initiatives are not completed as and when required.
Vincent Fayad, Chief Executive Officer of Alien Metals, said:
"Alien has a proven track record of execution and monetising its diversified metals portfolio, completing three transactions since early 2025. The completion of the acquisition of the Georgina copper-gold project and the strengthening of Alien's Board and technical capability marks the beginning of a new phase for the Company. Our immediate priority is to apply a disciplined, commercially focused approach to the portfolio: advancing high-impact opportunities, allocating capital selectively, working with experienced partners and seeking to crystallise value where appropriate.
"Georgina provides Alien with a substantial copper-gold opportunity supported by significant prior exploration expenditure, an extensive technical dataset and three advanced targets. At the same time, the Company retains meaningful exposure to iron ore, silver, copper and platinum-group metals through its wholly owned assets, joint ventures and listed equity interests. We intend to assess each asset on its merits and pursue the pathway that offers the strongest risk-adjusted outcome for shareholders."
Matt Healy, Project Director of Alien Metals, said:
"We believe Georgina Basin is a highly compelling IOCG exploration project, prospective for copper, gold and uranium mineralisation and positioned adjacent to one of Australia's highest-grade historic gold districts. The project is located east of the Tennant Creek mineral field, where recent regional investment activity has included Pan African Resources' acquisition of Emmerson Resources that valued Emmerson at approximately A$311 million. With renewed exploration, investment and processing activity across the Tennant Creek region, we believe the Georgina project provides Alien with a significant opportunity to test a substantial portfolio of high-impact targets."
Figure 1. Comparison of IOCG-style chalcopyrite mineralisation in Georgina Basin Project drill core and the Carrapateena deposit, South Australia. We note that visual similarity does not establish continuity, grade, scale, metallurgical characteristics, resource potential or economic viability.
Strategic Direction
Following the leadership transition completed on 16 July 2026, the Board and management team have commenced a portfolio-wide review. Alien's strategy is to operate as a disciplined project generator and mineral asset developer, focused on acquiring or retaining exposure to prospective assets at an appropriate cost, enhancing those assets through targeted technical and commercial work, and realising value through exploration success, joint ventures, farm-outs, partnerships, project sales or, where justified, advancement toward development. This review is intended to refresh the portfolio, identify near-term value catalysts and maximise shareholder value across the Company's listed investments, joint venture interests, iron ore assets and the Georgina Basin IOCG Project.
The review will prioritise capital allocation, near-term value catalysts, funding requirements, technical risk and the availability of strategic partners. The Company will provide appropriate updates as work programmes and commercial pathways are advanced.
Listed Investments
Alien currently holds 37.9 million GreenTech shares (representing 10.12% of the shares in issue), which became freely tradeable when the relevant escrow period expired on 2 August 2026. Based on the closing price of GreenTech on 31 July 2026, GreenTech has a market capitalisation of approximately A$21.7 million.
GreenTech has the option to pay Alien a further 20 million GRE shares should it exercise its right to increase its interest in the Munni Munni project from 70% to 80% within 12 months from the date of acquisition.
Alien currently holds 30.5 million West Coast Silver shares (representing 8.42% of the shares in issue). Based on the closing price of WCE on 31 July 2026, WCE has a market capitalisation of approximately A$36.2 million. The investment in the listed WCE shareholding and the joint venture structure provides Alien with direct project exposure and indirect equity participation in the ongoing exploration and development of Elizabeth Hill.
The Company will continue to review and monitor its GRE and WCE shareholdings, together with its free-carried interests in the respective joint ventures. While the Board will retain the flexibility to consider orderly sales, financing arrangements or other value-realisation alternatives where appropriate, its preference is to focus on funding alternatives involving the Pilbara iron ore portfolio as outlined above. The Company's current preference is therefore to retain the strategic and financial exposure provided by these investments while pursuing alternative funding sources.
Georgina Basin IOCG Project
Alien completed the acquisition of 100% of Knox Resources Pty Ltd ("Knox") on 16 July 2026, thereby securing ownership of the Georgina Basin IOCG Project. Knox holds seven granted exploration licences and a further three exploration licence applications covering approximately 2,500 km² in the East Tennant province of the Northern Territory.
The Project benefits from approximately A$4.8 million of prior exploration expenditure and a substantial geoscientific database, including drilling, airborne magnetic-radiometric surveying, gravity surveying, VTEM electromagnetic surveying and Ambient Noise Tomography. More than 90 conceptual IOCG-style targets have been generated, including three advanced gravity anomalies at Leichhardt East, Leichhardt West and Banks that remain inadequately tested.
The Company will also review the SRK technical report and formulate an exploration strategy for priority targets. Alien is seeking input from its technical team, including Matt Healy, on the work programme and potential government and third-party funding opportunities that may be available.
The Company's initial work will focus on integrating and reviewing the available geological and geophysical data, confirming target priorities, progressing permitting and Traditional Owner engagement, field visits and defining the scope, sequencing, timing and cost of the next drilling programme. Further details of the Georgina Basin opportunity are contained in the Company's presentation and introductory video available at:
Work to meet the minimum expenditure requirements is expected to come from existing cash flow. However, at this stage, the cost of any material exploration programme will be met through leveraging or realising the asset value of the existing assets within the Alien portfolio.
SRK was of the opinion that, as at 10 July 2026, the market value[1] of the Knox exploration assets was between A$1.5 million to A$3.8 million (approximately £0.8 to £2.0 million), with a preferred value of A$2.7 million (approximately £1.42 million). The Alien Directors believe that the SRK valuation suggests that the acquisition was at a discount, reflecting Venari's desire to divest the asset to allow it to pursue its flagship Red Mountain lithium project.
Regional IOCG context (Refer to Figure 2)
The East Tennant region forms part of the broader North Australian copper-gold province and is considered prospective for IOCG-style mineralisation. The Georgina Basin Project is located approximately 500 kilometres west of Evolution Mining's Ernest Henry copper-gold operation near Cloncurry, within the wider Mt Isa-Cloncurry mining region. Ernest Henry is a major operating IOCG-style copper-gold deposit and demonstrates the scale and economic significance that IOCG systems can achieve. The comparison is provided for regional and geological context only and does not imply that mineralisation of comparable size, grade or economic significance has been identified at the Georgina Basin Project.
Figure 2. Location of the Georgina Basin IOCG Project relative to Tennant Creek and Evolution Mining's Ernest Henry copper-gold operation, shown for regional IOCG context only.
Pilbara Iron Ore Portfolio
Alien's iron ore portfolio comprises the 90%-owned Hancock Iron Ore Project and the 100%-owned Vivash and Brockman exploration projects in Western Australia's Pilbara region.
As announced on 14 July 2026, an independent ERM reconnaissance programme confirmed hematite canga and martite-goethite mineralisation within prospective Brockman Iron Formation stratigraphy at Vivash and Brockman. Vivash is immediately adjacent to Fortescue's Vivash Southwest deposit, while Brockman is adjacent to the western extension of the historic BHP Deposit 20 area.
The Company is reviewing the optimal commercial pathway for its complete iron ore portfolio. This review will consider continued low-cost technical advancement, joint venture or strategic partnership structures, and potential sale or other monetisation alternatives. Planned field work and geological review will be calibrated to preserve optionality and support informed commercial decisions. Following the ERM review, the Company is undertaking a strategic assessment with its technical team to determine how best to unlock value from the portfolio.
As at 29 July 2026, the iron ore market price was US$98.3/tonne for direct shipping ore. There has also been renewed interest in Alien's iron ore projects. Sustained demand and pricing support could improve the perceived value of Alien's iron ore assets which are strategically located in the world class Hamersley Ranges, while the Company will remain disciplined in assessing timing, funding and monetisation options, including the commencement of discussions with interested third parties on potential joint venture or sale of assets to unlock the value of these assets.
Joint Ventures
Munni Munni Joint Venture and GreenTech Metals Exposure
Alien retains a 30% interest in the Munni Munni PGM-copper project, free-carried to completion of a bankable feasibility study, through its joint venture with GreenTech (Refer to Figure 3).
Alien's free-carried position provides exposure to project advancement without near-term funding obligations and may command a premium relative to unfunded interests.
Munni Munni is one of Australia's largest PGM systems and, as reported by SRK Consulting Engineers in 2002[2], hosts a historic resource of approximately 2.2 million ounces of platinum-group metals and gold*. Alien retains exposure to future exploration and development without a funding requirement until the relevant joint venture milestone.
*Note the Munni Munni Resource estimate is historical and has not been reported in accordance with the JORC Code (2012). A Competent Person has not undertaken sufficient work to classify the historical estimate as a Mineral Resource in accordance with the JORC Code (2012), and it is uncertain whether further evaluation and exploration will result in the estimate being reported as a Mineral Resource in accordance with the JORC Code (2012).
Figure 3. GreenTech Metals tenement holdings and the location of the Munni Munni and Whundo projects, including Alien's 30% interest in Munni Munni
Elizabeth Hill Joint Venture and West Coast Silver Exposure
Alien, through a wholly owned subsidiary, retains a 30% interest in the Elizabeth Hill Silver Project through its joint venture with West Coast Silver (Refer to Figure 4).
Elizabeth Hill is a past-producing, high-grade silver mine located in the Pilbara region of Western Australia. West Coast Silver is undertaking exploration and technical programmes designed to expand the mineralised system and assess future development pathways. Alien's interest in the Elizabeth Hill joint venture is free- carried until West Coast Silver announces a Decision to Mine.
Figure 4. Location of the Elizabeth Hill Silver Project and surrounding West Coast Silver tenements, including Alien's 30% project interest
Funding and Capital Management
Given the free-carried interests, no immediate funding is expected to be required from Alien in respect of either the Elizabeth Hill or Munni Munni project. The Board will continue to assess the market value of the relevant listed joint venture partners and the strategic value attributable to Alien's retained interests.
In considering the Company's future funding requirements, the Board intends initially to prioritise opportunities to realise or leverage value from the Pilbara iron ore portfolio, including potential joint ventures, strategic partnerships, project-level investment and asset divestments. The Company will also assess appropriate financing and other non-equity funding structures. Although the Board will retain flexibility to respond to changing circumstances, the sale of the Company's listed shareholdings in GreenTech and West Coast Silver. This strategy is not presently considered to be a preferred source of funding.
Given the Board's focus on funding through its iron ore portfolio as outlined above, the Company does not presently intend to undertake an equity fundraising. However, the Company's funding requirements, including an equity financing, will remain subject to the outcome and timing of its asset monetisation and other funding initiatives, the scope of the Georgina Basin exploration programme and the availability of existing financial resources.
For further information, please visit the Company's website at www.alienmetals.uk or contact:
Alien Metals Limited
Vincent Fayad
Email: [email protected]
Strand Hanson (Financial and Nominated Adviser)
James Harris / James Dance / Edward Foulkes
Tel: +44 (0) 207 409 3494
Turner Pope (Broker)
Andy Thacker / Guy McDougall
Tel: +44 (0) 203 657 0050
IFC Advisory (Financial PR and Investor Relations)
Tim Metcalfe / Graham Herring / Zach Cohen
Tel: +44 (0) 203 934 6632
Notes to Editors
Alien Metals Ltd is a minerals exploration and development Company quoted on the AIM market of the London Stock Exchange (AIM: UFO). The Company follows a balanced strategy focused on advancing and strengthening its asset portfolio through targeted technical work and project development, while evaluating partnerships, joint ventures and selective monetisation opportunities to enhance shareholder value. Alien will also continue to consider carefully selected acquisition opportunities consistent with the Board's disciplined investment criteria.
Alien's 100%-owned Georgina Basin IOCG Project comprises a tenement package of approximately 2,500 km² in the East Tennant province of the Northern Territory. The Project includes seven granted exploration licences and three exploration licence applications, an extensive historical dataset, more than 90 conceptual IOCG targets and three advanced gravity anomalies.
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[3] of platinum-group metals and gold, the Company has completed its partial asset sale and joint venture transaction with GreenTech Metals Ltd, under which Alien retains a 30% interest, free-carried to completion of a bankable feasibility study, and also holds 37.9 million shares in GreenTech Metals Ltd. Alien, through a wholly owned subsidiary, also retains a 30% interest in the Elizabeth Hill Silver Project pursuant to a joint venture with Crest Silver Pty Ltd, a wholly owned subsidiary of West Coast Silver Limited. The joint venture encompasses the Elizabeth Hill Mining Lease M47/342, which produced some of Australia's highest-grade silver ore during the late 1990s. Alien's 30% interest is free-carried until West Coast Silver announces a Decision to Mine. Alien also holds 30.5 million shares in West Coast Silver Limited, providing both direct project exposure and equity participation in the project's ongoing exploration and development.
Competent Person's Statements
Georgina Basin Project
The information in this announcement relating to the Georgina Basin Project is based on information compiled by Mr Matthew Healy, a Competent Person who is a Member of The Australasian Institute of Mining and Metallurgy (AusIMM Member number 303597). Mr Healy is Project Director of Alien Metals and is eligible to participate in share-based incentive schemes of the Company. Mr Healy has sufficient experience that is relevant to the style of mineralisation and type of deposit 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" (JORC Code). Mr Healy consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
Pilbara Iron Ore Projects
The technical information in this announcement relating to the Company's Pilbara iron ore projects has been reviewed and approved by Mark Pudovskis, Technical Director and Principal Geologist of Alien Metals Limited. Mr Pudovskis is a Member of the Australasian Institute of Mining and Metallurgy and has more than 28 years' experience in iron ore exploration, evaluation and development in the Pilbara and internationally. He has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity being undertaken, to qualify as a competent person under the AIM Note for Mining, Oil and Gas Companies. Mr Pudovskis consents to the inclusion of the technical information in this announcement in the form and context in which it appears.
Munni Munni PGM-copper project
The information in this announcement relating to the historical estimate for both the Munni Munni Project and the Elizabeth Hill Project have been reviewed by Mr Thomas Reddicliffe, a Fellow of the Australasian Institute of Mining and Metallurgy and Technical Director of GreenTech Metals Limited. Mr Reddicliffe has sufficient experience relevant to the style of mineralisation, type of deposit and activity being undertaken to qualify as a Competent Person as defined in the JORC Code (2012). Mr Reddicliffe consents to the inclusion of this information in the form and context in which it appears.
