8 October 2026
Alien Metals Limited
(“Alien” or the “Company”)
Loan Facility Extension & Corporate Update
Alien Metals Limited (AIM: UFO), a minerals exploration and development company, is pleased to announce a quarterly update, further to its interim results announced on 30 September 2026, and that the Company has entered into formal documentation to extend the repayment date of its convertible loan facility (the “Facility”) with Bennelong Resource Capital Pty Ltd (“Bennelong”), from 31 December 2026 to 30 September 2027. Further details are set out below under “Funding and Capital Management”.
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 the 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.
With recent iron ore market prices of around US$100/t for direct shipping ore there has 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 Metals Limited (ASX: GRE).
Alien’s free-carried position provides exposure to project advancement without near-term funding obligations.
Munni Munni is one of Australia’s largest PGM systems and hosts a historic resource of approximately 2.2 million ounces of platinum-group metals and gold (JORC 2004). This resource has not yet been reported in accordance with the JORC Code (2012) but is expected to be released in Q4 2026. Alien retains exposure to future exploration and development without a funding requirement until the relevant joint venture milestone.
Additionally, Alien holds approximately 10.1% of the issued share capital of GreenTech Metals Limited, such shares having been received as consideration for the disposal of a 70% interest in the Munni Munni project.
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 Limited (ASX: WCE).
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 including drilling designed to expand the mineralised system and assess future development pathways. West Coast recently raised A$6m to expedite drilling at the Elizabeth Hill silver project and a resource update is expected in early Q4 2026.
Alien’s free-carried interests in the Elizabeth Hill and Munni Munni joint ventures mean that no immediate funding is currently expected to be required from Alien in respect of those projects. 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.
Additionally, Alien holds approximately 7.0% of the issued share capital of West Coast Silver Limited, such shares having been received as consideration for the disposal of a 70% interest in the Elizabeth Hill project.
Funding and Capital Management
No immediate funding is currently envisaged by Alien for the West Coast Silver or GreenTech joint venture interests, as Alien’s retained interests are free carried under the relevant joint venture arrangements. In relation to the iron ore portfolio, no immediate funding programme is currently envisaged, although renewed market interest and the strategic review may inform potential monetisation, partnership or value-unlocking options.
Funding requirements for the Georgina Basin IOCG Project will be linked to the technical review, priority target assessment and the work programme being developed with input from the Company’s technical team.
The Company has entered into formal documentation to extend the repayment date of its convertible loan facility (the “Facility”) with Bennelong Resource Capital Pty Ltd (“Bennelong”), from 31 December 2026 to 30 September 2027. In addition, the amount available for drawdown under Tranches 2 and 3 of the Facility has been increased to A$1.0 million.
The amended Facility provides the Company with greater funding flexibility while it explores alternative sources of capital and/or pursues asset sales. The Company will provide further details as and when available.
The terms of the Facility were originally announced on 15 March 2024, and the Facility was subsequently varied on 15 December 2025 and 7 July 2026. Other than the proposed extension of the repayment date the terms of the Facility remain unchanged.
No fees or charges are payable in connection with the extension of the Facility.
The Facility allows funding to be drawn in three tranches: Tranche 1: A$1,000,000, Tranche 2: A$500,000, and Tranche 3: A$500,000. Tranche 1 has been fully drawn and to the extent repaid, is no longer available for draw down. Accordingly, only Tranche 2 and Tranche 3, together totalling A$1,000,000, are available for draw down.
The Company continues to monitor its cash flow requirements and review its portfolio of assets to ensure that a disciplined approach to funding is undertaken and will provide further updates on its funding position as and when appropriate.
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
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.
Notes to Editors
Alien Metals Limited 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 approximately 2,500 km² of tenure in the East Tennant region of the Northern Territory. The Project includes five granted exploration licences and three exploration licence applications, an extensive historical technical dataset, more than 90 conceptual IOCG targets and three advanced prospects associated with significant 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, a historical estimate of 2.2 Moz of platinum-group metals and gold has previously been reported. 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.
