Alien Metals Limited - Unaudited Consolidated Interim Results

Trading Symbols

AIM: UFO

FWB: I3A1

29 September 2025

Alien Metals Limited

("Alien", "Alien Metals" or "the Company")

Unaudited Consolidated Interim Results for the six months ended 30 June 2025

Alien Metals Limited (AIM: UFO), a minerals exploration and development company, is pleased to announce its unaudited financial results for the six months ended 30 June 2025 (the "Period").  The results for the Period are also available on the Company's website at www.alienmetals.uk.

Chairman's Statement

The first half of FY2025 has been a period of continued strategic progress for Alien, with the business advancing both its flagship Hancock Iron Ore Project in the Pilbara and its precious and base metals portfolio at Pinderi Hills.

Our flagship Hancock iron ore project continued to grow with the successful granting of two new Exploration Leases (E47/5157 and E47/5158) adjacent to our existing leases. These leases expand the exploration area of the Hancock project by more than 50% from 41.0 km² to 63.0km².

Following the grant of these leases the Company immediately undertook a detailed desktop study and field trip to execute a targeted rock chip sampling programme across these newly granted tenements, with the results of this successful field work resulting in a significant increase in the exploration target of up to 27Mt grading between 58% and 62% Fe.

Work to advance the Hancock Project towards production continues, while in parallel the Company, supported by its corporate advisers Sternship Advisers, is assessing alternative strategic options for the project.

In May 2025 the Company completed a joint venture of its interest in Elizabeth Hill Silver with West Coast Silver Limited (ASX: WCE) receiving ~ US$0.6m in cash, retaining a 30% interest in the project and 30.5 million shares in WCE currently worth approximately US$4 million. Alien is free carried to decision to mine. Following re-capitalisation WCE undertook a successful drilling campaign with shallow silver intercepts showing up to 10,049 g/t Ag and has identified several high priority drill targets at Elizabeth Hill.

The Company has also received joint venture interest in the Pinderi Hills Project which is highly prospective for intrusive copper and nickel sulphide deposits at the base of the very large Munni Munni layered igneous complex, in addition to PGMs.  Pinderi Hills contains the +2Moz PGM Munni Munni Platinum Group Metals (PGM) deposit. The project received a cooperative funding grant during the period as part of the Western Australian State Government-funded Exploration Incentive Scheme ("EIS"), acknowledging its potential value.

The Company raised £1m during May 2025 through Turner Pope Investments, one of Alien's brokers, and with improvement in share price we received a further £411,000 on the exercise of warrants, which had previously been issued to both advisers and investors as part of prior fundraises.  We thank existing shareholders for their ongoing support and welcome new shareholders to the Company.

The months ahead will be pivotal. At Hancock, finalising a value-maximising opportunity is our clear priority, while continuing to advance permitting and engineering work in parallel, and furthering exploration plans at Vivash and Brockman. At Pinderi Hills, further exploration results will guide our approach to advancing PGMs.

In a market environment increasingly supportive of both iron ore and critical minerals, Alien is well positioned. With a strengthened technical and corporate team, supportive shareholders, and a diversified asset base, the Company remains focused on building value for shareholders through further development and or strategic transactions.

On behalf of the Board, I thank our shareholders for their continued support.

Guy Robertson

Executive Chairman

29 September 2025

Financial Highlights

In the six months ended 30 June 2025, the Company made an operating loss of US$1,245,140 (30 June 2024: US$579,000) and a basic and diluted loss per share of US$0.009 (30 June 2024: US$0.008).

During the Period, Alien raised £1,000,000 through the placement of 1,250,000,000 shares at a price of 0.08 pence per share. This raise included the issue of 416,666,666 warrants at an exercise price of 0.12p exercisable for a period of 12 months from the date of issuance, along with 212,500,000 Broker Warrants at the Placing Price.

Subsequent to period end the Company received ~£411,000 on the exercise of a proportion of the aforementioned warrants and warrants issued to a broker on an earlier placement.

The Company also confirmed that the funding facility with Bennelong Capital had been extended until 31 December 2025 with an undrawn amount remaining of A$400,000.

Overview of Operations

Iron Ore Projects

Hancock Project

The Hancock Iron Ore Project is located within 20km of the established regional mining hub of Newman in Western Australia. The Hancock Project borders licences held by Hancock Prospecting, Mineral Resources, Fortescue, BHP, and Rio Tinto.

As reported to the market via the Development Study dated February 2024, the project has a Mineral Resource Estimate of 8.4Mt @ 60% Fe JORC Mineral Resource, including an upgraded Indicated Resource of 4.5Mt@ 60.2% Fe. It shows an average annualised EBITDA of A$39m, a pre-tax NPV10 of A$146m and a pre-tax IRR of 133% and an initial low development Capital Cost of A$28m.

In May, two new exploration leases (E47/5157, E47/5158) were granted with no Native Title objections, expanding the Hancock footprint from 41 km² to 63 km².

Following the grant of these two new exploration leases, in July 2025, Alien announced a transformational Exploration Target at the Hancock Iron Ore Project following helicopter-supported mapping and rock chip sampling. The work defined an Exploration Target of 12Mt to 27 Mt grading between 58% and 62% Fe, which is in addition to the existing 8.4 Mt @ 60% Fe Mineral Resource. The programme highlighted significant new mineralised ridges, enhancing the project's scale and strategic potential.

In parallel, an access agreement with BHP was executed to progress the grant of tenement E47/5159, further consolidating Hancock's development footprint

During the period, the Company, supported by its corporate adviser Sternship Advisers, continued to evaluate a range of funding and development pathways for the Hancock Iron Ore Project. All options are being carefully assessed with the objective of maximising shareholder value.

The Company continued to engage with the Traditional Owner group, Karlka Nyiyaparli Aboriginal Corporation RNTBC (KNAC), to plan the remaining heritage surveys required across the project.

Brockman and Vivash

The Company continues to retain its interests in the Brockman and Vivash iron ore projects, located in the West Pilbara. While Hancock remains the primary focus, the Board continues to evaluate a range of potential options for these additional projects, including farm-in, joint venture, and other development pathways. In the interim, the Company will commence work on delineating exploration targets to further demonstrate the broader potential of Alien's Pilbara iron ore portfolio. Initial work is expected to commence by early 2026.

The Company will continue to review interest in these assets in the context of its broader Pilbara iron ore strategy and prevailing market conditions.

Nickel, Copper, Platinum Group Elements ("PGE"), Silver ("Ag") & Base Metals

Pinderi Hills Projects

Elizabeth Hill, along with the Munni Munni PGM prospect, lies within the Company's Pinderi Hills province, a unified significant tenement holding of 180km² south of Karratha, a major Western Australian mining hub.

The Pinderi Hills area incorporates:

1.  Elizabeth Hill: The Elizabeth Hill project, historically Australia's highest-grade silver deposit, is situated approximately 45km south of Karratha in the 61,000km² Achaean Pilbara Block of the Pilbara Craton. The project is well located, lying 40km from the deep-water port at Dampier and 8km from rail infrastructure. The known, major silver deposit at the Elizabeth Hill Mine Site, which has a non-compliant JORC 2004 Resource estimate of 4.05 million ounces ("Moz") Ag at greater than 200 grams per tonne ("g/t") and produced 1.2 Moz silver at 2,195 g/t (70.24 oz/t Ag). The Elizabeth Hill Silver Project was mined between 1998 and 2000 via underground mining, primarily between the 62m and 102m levels. Ag production totalled approximately 16,800 tonnes of ore grading 2,195 g/t Ag generating 1,170,000 ounces of Ag, including some very large specimens of native Ag.

During the period West Coast Silver (ASX:WCE), via its wholly owned subsidiary, Crest Silver Pty Ltd ("Crest"), acquired a 70% interest in the Elizabeth Hill tenement (M47/342) (the "Elizabeth Hills Assets") as well as 70% of the rights to explore for, and mine, silver from the Pinderi Hill tenements (the "Pinderi Hill Assets", and together with the Elizabeth Hill Assets, the "Assets").

A project joint venture holding the Assets (the "JV") has now been formed with Alien holding the remaining 30% interest in the JV, with WCE holding 70% and acting as manager of the JV.

WCE will operate and fund the JV through to a decision to mine.

The total consideration value to Alien comprised cash of approximately US$0.6 million and net 30.5 million WCE shares (following sell down of 14 million of the 44.5 million Consideration Shares),  which have a current value of ~US$4 million. Alien retains a 30% interest in the Elizabeth Hill Silver Project which has significant value being WCE's principal asset.

WCE's last few month's activities, which included completion of its inaugural drilling campaign (containing high grade shallow silver intercepts of 1,615 g/t over 13m in 25WCDD011 including 2m at 10,049 g/t) and its A$6m placement, have fast-tracked the commencement of an intensive exploration campaign at Elizabeth Hill and the surrounding near-mine and regional targets.

2.    Munni Munni: The Munni Munni PGE deposit historic JORC 2004 Resource estimated 24Mt @ 2.9g/t PGE and gold for 2.2Moz PGE and gold consisting of 1.14Moz palladium, 0.83Moz palatinum, 152Koz gold and 76Koz rhodium. 

3.    Several other deposits that are prospective for platinum, palladium, rhodium, silver, nickel, copper, lead, and zinc, all of which are metals that are required to support the push into renewable energy across the world.

In parallel, the Western Australian Government awarded Alien a grant of up to A$120,000 under the Exploration Incentive Scheme to co-fund deep diamond drill holes targeting the basal units of the Munni Munni ultramafic complex.

Outlook

Looking ahead, Alien is well positioned with a diversified portfolio of commodities aligned to global demand trends. Iron ore remains the backbone of the business, with Hancock advancing towards development at a time when benchmark iron ore prices continue to demonstrate resilience, underpinned by robust Chinese steel production and growing seaborne demand. At the same time, silver has strengthened meaningfully over the half year, reaching multi-year highs on the back of its dual role as both a precious and industrial metal, while platinum group metals and critical battery minerals such as lithium and nickel continue to attract strategic investor attention.

The breadth of the Company's asset base, spanning near-term iron ore production at Hancock, the historically high-grade Elizabeth Hill silver mine, and the large-scale and diverse Munni Munni PGM system, provides shareholders with exposure to multiple high-value commodities. Importantly, our silver portfolio is being advanced at no cost to Alien through the active work programmes of our joint venture partner West Coast Silver, ensuring steady technical progress and ongoing news flow.

With commodity markets supportive, corporate interest in our projects remains strong, and the Company will continue to assess a range of strategic options across its portfolio. This combination of robust market fundamentals, a pipeline of quality projects, and the efforts of experienced in-house team and partners underpins a positive outlook for the remainder of the year.

Board and management changes

Subsequent to the period end, Guy Robertson and Robert Mosig announced their resignations with effect from 01 October 2025, with both continuing to assist the company until 10 December 2025. Bruce Garlick and Belinda Murray were appointed Non-Executive Director and Executive Director of Alien Metals respectively on 11 September 2025. In addition, Christopher Maiolo's consultancy agreement expires on 30 September 2025, following a planned handover to the incoming executive team.

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

Alien Metals Limited

Guy Robertson

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) 207 220 1666

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 Limited is a mining exploration and development company listed on the AIM market of the London Stock Exchange (AIM: UFO). The Company's focus is on delivering a profitable direct shipping iron ore operation from it 90% Hancock Iron Ore Project in the central Pilbara region of Western Australia. The Hancock tenements currently contain a JORC-compliant resource of 8.4Mt iron ore @ 60% Fe and offer significant exploration upside which is targeted to deliver a mining operation of 2Mtpa for 10 years.

These Hancock Project tenements have direct access to the Great Northern Highway, which provides an essential export route to export facilities at Port Hedland, from where more than 500Mt of iron ore is exported annually (30% of global production). The Company also has an interest in two iron ore exploration projects Brockman and Vivash, located in the West Pilbara.

The Company owns the Elizabeth Hill Silver Project, located near Karratha in the Pilbara, which consists of the Elizabeth Hill Mining Lease and exploration tenements surrounding the historical silver mine which has produced some of Australia's highest-grade silver ore during the late 1990's. The Company also owns one of Australia's largest PGM deposits, Munni Munni which hosts a deposit containing a historic resource of 2.2Moz PGM (Palladium, Platinum, Gold, and Rhodium).

 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Tabular amounts rounded to nearest thousand of US dollars unless otherwise stated)

CONDENSED CONSOLIDATED BALANCE SHEET

(Tabular amounts rounded to nearest thousand of US dollars unless otherwise stated)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

(Tabular amounts rounded to nearest thousand of US dollars unless otherwise stated)

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

(Tabular amounts rounded to nearest thousand of US dollars unless otherwise stated)

NOTES TO THE INTERIM FINANCIAL STATEMENTS

1.    General Information

The principal activity of Alien Metals Ltd ('the Company') and its subsidiaries (together 'the Group') is the exploration and development of mineral resource assets. The Company's shares are listed on the AIM Market of the London Stock Exchange. The Company is incorporated and domiciled in the British Virgin Islands.  

The address of the Company's registered office is Craigmuir Chambers PO BOX 71, Road Town, Tortola, British Virgin Islands, Virgin Islands.

2.    Basis of Preparation

The consolidated interim financial statements have been prepared in accordance with the requirements of the AIM Rules for Companies. As permitted, the Company has chosen not to adopt IAS 34 "Interim Financial Statements" in preparing this interim financial information. The consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2024, which have been prepared in accordance with UK-adopted International Accounting Standards ("UK-adopted IAS").

The consolidated interim financial statements set out above do not constitute statutory accounts.  They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of UK-adopted IAS. Statutory financial statements for the year ended 31 December 2024 were approved by the Board of Directors on 30 June 2025.

The consolidated interim financial statements are presented in United States dollars as the Company believes it to be the most appropriate and meaningful currency for investors. Functional currency of all four Australia based subsidiaries A.C.N. 643 478 371 Pty Ltd, Iron Ore Company of Australia Pty Ltd, Alien Metals Australia Pty Ltd and Mallina Exploration Pty Ltd is Australian Dollars. The functional currencies of the Company and its subsidiary in Mexico, Compañía Minera Estrella de Plata SA de CV ("CMEP"), are pounds sterling and Mexican pesos respectively.

Going concern

Given the Group's current cash position and its demonstrated ability to raise capital, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting preparing the consolidated interim financial statements for the period ended 30 June 2025. Whilst the Directors are confident that they will be able to secure the necessary funding as and when required, the current conditions do indicate the existence of a material uncertainty that may cast doubt regarding the applicability of the going concern assumption.

The factors that were extant at 31 December 2024 are still relevant to this report and as such reference should be made to the going concern note and disclosures in the 2024 Annual Report.

Risks and uncertainties

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Group's medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group's 2024 Annual Report and Financial Statements, a copy of which is available on the Group's website: https://www.alienmetals.uk. The key financial risks are liquidity risk, capital management risk, price risk, foreign exchange risk, credit risk and investment risk.

Critical accounting estimates

The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in note 4 of the Group's 2024 Annual Report and Financial Statements. Actual amounts may differ from these estimates. The nature and amounts of such estimates have not changed significantly during the interim period.

3.    Accounting Policies

The same accounting policies, presentation and methods of computation have been followed in these condensed interim financial statements as were applied in the preparation of the Group's annual financial statements for the year ended 31 December 2024 except for the impact of the adoption of the Standards and interpretations described below and new accounting policies adopted as a result of changes in the Group.

3.1   Changes in accounting policy and disclosures

(a) New and amended standards mandatory for the first time for the financial periods beginning on or after 1 January 2025.

The International Accounting Standards Board (IASB) issued various amendments and revisions to International Financial Reporting Standards and IFRIC interpretations. The amendments and revisions were applicable for the period ended 30 June 2025 but did not result in any material changes to the Financial Statements of the Group.

These new standards include:

IFRS18                                                   Financial statement presentation                                       1 January 2025

b) There are no new standards, amendments and interpretations in issue but not yet effective or not yet endorsed which have been early adopted.

4.    Intangible assets - exploration and evaluation costs

The movement in capitalised exploration and evaluation costs during the period was as follows:

5.    Loss per share

The calculation of loss per share is based on a retained loss of $698,000 for the six months ended 30 June 2025 (six months ended 30 June 2024: $578,000) and the weighted average number of shares in issue in the period ended 30 June 2025 of 7,759,530,732 (six months ended 30 June 2023: 6,958,460,842).

No diluted earnings per share is presented for the six months ended 30 June 2025 or six months ended 30 June 2024 as the effect on the exercise of share options would be to decrease the loss per share.

6.    Joint Venture Arrangements

On 6 May 2025. A.C.N. 643 478 371 Pty Ltd (A.C.N.), a subsidiary of Alien Metals Limited, completed the sale of a 70% interest in tenement M47/342 to Crest Silver Pty Ltd (Crest Silver), a subsidiary of West Coast Silver Limited (formerly Errawarra Resources Limited).  As a result of this transaction, Crest Silver holds a controlling interest in the tenement, with A.C.N. retaining a 30% free-carried interest.

On the same date, Alien Metals Australia Pty Ltd (AMA), also a wholly owned subsidiary of Alien Metals Limited, signed an unincorporated joint venture with Crest Silver in respect of certain tenements (M47/123-M47/126, E47/3322 and E47/4422) to explore for silver.  Under the terms of this joint venture, Crest Silver is required to fund 100% of exploration expenditure up to a decision to mine, despite holding a 70% interest.  Should a decision to mine be made, the joint venture parties must jointly apply for a mining lease.  Tenements outside a mining decision remain under the free-carry period.

The total consideration received under the above agreements was 44,500,000 fully paid ordinary shares in West Coast Silver Limited at an issue price of $0.027 per share, equating to A$1,201,500 in total.  

The lithium and LCT joint venture agreement previously entered into with West Coast Silver on 26 April 2024 was terminated in full on 25 June 2025.  All rights, obligations, and clauses, including any first right of refusal provisions, ceased on termination.

Impairment Considerations

Following the disposal of the 70% interest in Tenement M47/342, Alien Metals Limited retains a 30% free-carried interest in the tenement.  The transaction represents a significant change in the Group's economic interest and future cash flow expectations from this asset.  Under IAS 36 Impairment of Assets, this constitutes an indicator of impairment, and the Group is required to assess the recoverable amount of the remaining interest at the reporting date.

Management has considered the fair value of the retained 30% interest with reference to the consideration received and current market information.  While the Group's carrying amount of the asset exceeds the implied value based on the transaction, the Board believes that the quoted market value of  West Coast Silver Limited shares received, together with potential future upside from the retained interest and the ongoing joint venture, supports the recoverable amount of the asset.  Accordingly, no impairment has been recognised at 30 June 2025.

The Board acknowledges that the assessment of recoverable amount involves significant judgement, including assumptions about future exploration success, commodity prices, and potential third-party participation in additional mineral rights. If future events differ from current expectations, the recoverable amount of the retained interest may change, and an impairment charge may be required in future periods.

Impact on Exploration and Evaluation Assets Disposed

7.    Other financial assets

The movement in other financial assets during the period was as follows:

Reconciliation of Other Gains

8.    Post balance sheet events

On 12 September 2025, the Company received £411,000 through the exercise of warrants.

9.    Approval of interim financial statements

The condensed interim financial statements were approved by the Board of Directors on 30 September 2025.