Alien Metals
Catching up with Christopher Maiolo
Good Afternoon Team.
Please find my interview with Chris above, covering recent developments at Alien Metals over the past couple of months.
Alien has been busy across its portfolio, most notably securing and progressing a Joint Venture with West Coast Silver for the Elizabeth Hill project.
Under the agreement, West Coast Silver is funding all activities through to a decision to mine. This structure allows Alien to retain a 30% free-carried interest and a 11.7% equity stake in West Coast Silver — all without funding dilution.
Consider the numbers:
Early signs from the drill campaign are strong. pXRF analysis of the first holes sent the JV partner’s share price higher, with one standout hole intersecting:
5m @ 2,822 g/t Ag from 26m, including
2m @ 6,951 g/t Ag from 27m
Yes, we need to wait for lab assays to confirm, but even with pXRF margins for error, this is inarguably ultra-high grade. For context, anything over 1,000 g/t Ag is considered extremely high-grade — this intercept is nearly 7x that level (albeit across 2m).
The other key point: it’s shallow mineralisation. Elizabeth Hill was once Australia’s highest-grade silver mine, and rediscovering a commercial resource here could be a major win.
On a macro scale, the silver market is experiencing a significant surge, driven by robust industrial demand, particularly from the rapidly expanding solar energy sector and the growing electric vehicle industry, where its superior electrical conductivity is crucial.
Or it’s simply playing catch-up with gold.
But this industrial demand is projected to reach record highs, largely due to increasing use in electronics, advanced sensors, and even antimicrobial applications.
Compounding this demand-side strength is a persistent structural supply deficit, with demand consistently outstripping new mine production and recycling volumes.
This supply-demand imbalance, combined with its traditional role as a safe-haven asset, has pushed silver prices significantly higher, with expectations for further gains in the near to medium term.
A squeeze may be on the cards.
The PGM market presents a more nuanced picture, but is also influenced by the automotive sector's evolving landscape and the burgeoning hydrogen economy.
Platinum is forecast to remain in a significant supply deficit, driven by consistent industrial demand and a slower-than-expected transition to battery electric vehicles, which means continued reliance on PGMs in catalytic converters for internal combustion engine cars.
Supply also remains a concern for several PGMs, especially from South Africa, due to operational challenges and underinvestment in new mining projects.
Elsewhere in the portfolio:
Pinderi Hills has received a grant of up to A$25,000 from the Western Australian Government to support a ground gravity survey.
→ The amount isn’t transformational, but the state-level support is encouraging.At Hancock, Alien has been awarded two new adjacent exploration leases, expanding its footprint in the Pilbara. Chris was on site last week as the new exploration campaign kicked off.
On the corporate side:
Alien raised £1 million at the bid — more dilution, yes, but the share price has held up well.
Progress continues on securing a JV or broader transaction at Hancock, working with adviser Sternship.
The good, the bad, and the opportunity were all covered in the interview. But at this share price, the underlying asset value still appears to be well in excess of the market cap.
Listen in.