Alien Metals

A spark of life

Good Afternoon Team,

Just a quick note on Alien Metals—we now have our exploration target.

Hancock Iron Ore

Alien has just unveiled what it describes as a transformational new target at Hancock:

12 to 27 million tonnes grading between 58% and 62% Fe.

This is in addition to the existing 8.4 million tonnes at 60% Fe already included in Mining Reserve and Mineral Resource estimates. In a best-case scenario, we’re now looking at a potential total of ~35 million tonnes of iron ore.

Unsurprisingly, the share price has responded positively.

The latest exploration campaign - backed by helicopter-assisted mapping and rock chip sampling - identified widespread high grade mineralisation across newly granted tenements E47/5157 and E47/5158.

These results are very encouraging and underline the potential for Hancock to evolve into a much larger and more strategic asset than previously thought.

Crucially, Alien has also executed an Access Agreement with BHP for tenement E47/5159, removing a major obstacle to future exploration and development.

In addition, the geological team has confirmed structurally thickened iron mineralisation within anticlinal folds, suggesting scalable, high-grade Direct Shipping Ore potential.

With global demand for low-impurity iron ore growing, and majors like Rio Tinto and Hancock Prospecting investing heavily in neighbouring Pilbara projects, Alien’s Hancock asset is emerging as a standout near-term development opportunity.

Let’s get a JV deal or asset sale done. We’ve waited long enough, and this news should finally spark the interest needed to move something forward.

Ideally before 2025 is out.

Elizabeth Hill Silver Project

At Elizabeth Hill, where Alien retains a 30% free-carried interest through to a decision to mine, JV partner West Coast Silver has reported outstanding early results from its inaugural diamond drilling program.

Highlights include:

• 5 metres at 2,822g/t Ag, including

• 2 metres at 6,951g/t Ag, and

• A second hole intersecting 12 metres at 153g/t Ag from surface.

These are early-stage pXRF results, but they strongly support the historical production story. Elizabeth Hill famously produced 1.2 million ounces of silver from just 16,830 tonnes of ore, averaging 2,194g/t, before mining ceased in 2000 due to low silver prices.

With silver now on a tear - and drill core showing a rich vein system with associated lead, zinc, and copper - Elizabeth Hill could be on the cusp of a major recovery.

Further assays are pending, with systematic logging underway to refine structural models and guide follow-up drilling.

All the upside. None of the risk.

The Bottom Line

Momentum is building at Alien Metals.

• At Hancock, a growing resource and key access agreements are setting the stage for a value-accretive deal.

• At Elizabeth Hill, a historic silver mine is showing serious signs of revival.

With demand climbing for both high-grade iron ore and silver, Alien could be in for a solid run in H2 2025.

I’ve got confidence that Chris Maiolo will turn this story around.