Trading Symbols

AIM: UFO

FWB: I3A1

05 August 2025

Alien Metals Limited

("Alien" or the "Company")

Twelve near mine high-priority targets defined at Elizabeth Hill

Alien Metals Limited (AIM: UFO), a minerals exploration and development company, is pleased to report that its joint venture partner, West Coast Silver Limited (ASX: WCE) (formerly Errawarra Resources Limited), has announced 12 near mine high priority targets at the Elizabeth Hill Silver Project ("Elizabeth Hill" or the "Project") in the Pilbara region of Western Australia. The Project, in which Alien retains a 30% free-carried interest through to a decision to mine, is operated by WCE.

Highlights:

•   Exploration targeting to date has identified 12 high-priority ranked near mine targets based on integrated geophysics, geochemistry, and geological data.

•   Some of the near mine targets include historical high-grade silver intersections from historical drill holes including:

•    2m at 1,550g/t Ag from 108m downhole depth in AMEHRC012.

•    1m at 250g/t Ag from 118m downhole depth in AG43.

•   A comprehensive and ongoing exploration targeting project integrating legacy and recently collected data sets, including geochemistry, reprocessed geophysics and geological data has highlighted significant exploration targets.

•   Reinterpretation of structural controls using reprocessed magnetic data has defined the key role of the Munni Munni fault and granite/ultramafic contact in hosting silver mineralisation.

•   An additional 8 near mine and regional targets were identified, which are less advanced and pending geochemical results to be returned from the analytical laboratory.

•   Next steps include detailed geological mapping, drilling of priority anomalies, trenching of ultramafic/granite contact and expansion of geochemical, geophysical and mapping coverage.

The Company is pleased to announce that following the assessment of the prospectivity within the historical mine environment (AIM: 16 July 2025), WCE has completed an integrated near mine and regional targeting study at the Elizabeth Hill Silver Project, located near Karratha in Western Australia.

The study, led by independent consultants ERM (formally CSA Global), has significantly enhanced the understanding of structural controls and silver mineralisation potential across the project area, identifying numerous high-priority near mine exploration targets for immediate testing. 

Robert Mosig, Technical Director, commented:

"The latest detailed targeting efforts by our JV partner, WCE, have greatly enhanced our confidence in the broader potential of the Elizabeth Hill Silver Project.

"Following WCE's recent highly successful capital raise, the project is well positioned to rapidly commence testing these high-priority targets - especially those near the historic mine. By integrating multiple datasets, we have established a clear plan to explore for additional silver occurrences."

Integrated Targeting Study

The integrated targeting study has delivered significant advancement in West Coast Silver's geological understanding of the Elizabeth Hill Silver Project.

Data sets investigated in this study include:

•   Historical near mine and regional drill hole data;

•   Historical soil, multi-element geochemical data;

•   WCE rock chip and float sample multi-element geochemical data;

•   Review of historical trench geochemical data; and

•   Historical magnetic, radiometric and gravity data.

The analysis of the integrated data sets confirms the primary control on high-grade silver mineralisation at Elizabeth Hill is the intersection of the Munni Munni fault with the granite-ultramafic rock contact, a structurally favourable setting known to host significant mineralisation at the historical Elizabeth Hill underground mine.

The re-evaluation of a large volume of historical and recent data sets led to the identification and ranking of 12 high priority targets on near-mine tenements. These targets were assessed based on the following criteria:

1.    Proximity to key structural features such as north-trending faults and fault flexures.

2.    Proximity to granite/ultramafic rock contacts.

3.    Coherent silver-in-soil anomalies with multi-element support (including copper and zinc).

4.    Presence of gossanous material or historical float samples with elevated silver.

5.    Underexplored zones due to ineffective past drilling or transported cover in regolith.

The 12 near-mine targets remain untested or ineffectively tested, particularly those to the south of the historic mine where the main silver shoot is interpreted to step down along east-trending faults. This step-down geometry provides a compelling exploration insight into the search for extensions of the high-grade silver mineralised zone.

Figure 1 - Near Mine (NM) Targets generated from data study (RTP Band Pass Filter Tilt Magnetic Image)

High-Priority Exploration Targets - Near Mine

The target generation study has defined two near mine targets (NM5 and NM1) for immediate follow up exploration (refer Figure 1, Figure 2, Table 1).

Near mine target NM5 is located along the interpreted Munni Munni fault at the granite/ultramafic rock contact to the south of the Elizabeth Hill Silver Mine. It is supported by two very high-grade silver intersections in historical drill holes AG43 (1m @ 250g/t Ag from 118m downhole depth) and AMEHRC012 (2m @ 1,550g/t Ag from 108m downhole depth).

Near mine target NM1 is located about 100m north of the historical Elizabeth Hill Silver Mine along the interpreted Munni Munni fault. This target is supported by one silver intersection in historical drill hole 22AMC011 (4m @ 60g/t Ag from 4m downhole depth) within a granite host rock and surrounded on the surface by three high-grade float samples and one high-grade rock chip sample (refer to WCE ASX Release dated 21 July 2025).

Several other high-priority targets are located at the eastern contact of the Munni Munni ultramafic/mafic intrusion and eastern granite (RS9, RS11 to RS15; Figure 1, Figure 2).

These targets are supported by silver in soil anomalies and are located along an interpreted fault paralleling the eastern margin of the ultramafic/mafic Munni Munni intrusion in a similar structural position and host rock setting to the Elizabeth Hill Silver Mine.

Near mine target NM3 is located about 200m west of the historical Elizabeth Hill Silver Mine and is supported by one silver intersection in drill hole EC052 (2m @ 74g/t Ag from 48m downhole depth) in granite host rock.

Other near mine targets include NM2, located at a possible historical gossan occurrence, and NM6, located at an interpreted structural dilatational jog in the Munni Munni fault.

Near mine target NM4 is supported by observations within the historical Elizabeth Hill Silver Mine, where silver mineralisation was identified at the lower contact of the ultramafic/mafic rock to the granite.

Table 1 - Ranked Priority Targets and Targeting Criteria

The study also revealed coherent regional anomalies to the north and south of the mine along structures that are subparallel to the Munni Munni fault, highlighting broader structural repetitions or analogue targets within the belt.

Exploration targeting is ongoing as newly completed geochemistry data is received and integrated with historical information.

Other Priority Exploration Targets

An additional eight exploration targets were identified in the near mine and regional scale with less mature data sets that currently do not meet the criteria for advanced exploration projects (refer Figure 1, Figure 2, Table 1). Additionally, some of these projects have pending geochemistry results to be integrated into the prospects.

Table 2 - Additional Exploration Targets requiring more investigation.

Figure 2 - Further top 10 targets along the east side of the Munni Munni intrusion (Overlaid on RTP Band Pass Filter Tilt Magnetic Image)

Forward Work Plan

West Coast Silver will now utilise these data to define a fieldwork and drilling program to test the high-priority near mine and regional targets. This fieldwork may include a combination of trenching, air core/RC drilling and geophysics. This work would be undertaken in parallel with exploration follow up of the previously announced shallow mineralisation in the Elizabeth Hill Silver Mine area (AIM: 16 July 2025).

Cautionary Statement

The potential quantity and grade is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource.

For historical drill data and JORC table, refer ASX: WCE announcement dated 05 August 2025.

The Elizabeth Hill Project

Elizabeth Hill is one of Australia's high-grade silver projects and has a proven production history outlined below:

•   High grades enabled low processing tonnes: 1.2Moz of silver was produced from just 16,830t of ore at a head grade of 2,194g/t (70.5 oz/t Ag).

•   Previous mining operation ceased in 2000: because of low silver prices (US$5).

•   Simplistic historical processing technique: native silver was recovered via low-cost gravity separation techniques.

•   Untapped potential remains in ground with the deposit open at depth and recent consolidation of the land package offers potential to discover more Elizabeth Hill style deposits.

•   Tier 1 Mining Jurisdiction located on a mining lease with potential processing option at the nearby Radio Hill mine site.

Figure 3 - Tenement location

Through the consolidation of the surrounding land packages into a single contiguous 180km² package, significant exploration and growth potential exists both near mine and regionally. The land package holds a significant portion of the Munni Munni fault system, and other fault systems subparallel to the Munni Munni fault system, which are considered prospective for Elizabeth Hill lookalike silver deposits.

Competent Person's Statement

The information in this announcement that relates to Exploration Targets is based on information compiled by Mr Robert Mosig a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Mosig is a Director of West Coast Silver Limited and a Director of Alien Metals Limited.

Mr Mosig has sufficient experience that is relevant to the style of mineralisation and type of deposits 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', and a Specialist under the 2015 Edition of the 'Australasian Code for Public Reporting of technical assessments and valuations of mineral assets'.

Mr Mosig consents to the inclusion in the report of the matters based on his information and in the form and context in which it appears.

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

Strand Hanson (Financial and Nominated Adviser)

James Harris / James Dance / Robert Collins Tel: +44 (0) 207 409 3494

Zeus Capital Limited (Joint Broker)

Harry Ansell / Katy Mitchell Tel +44 (0) 203 829 5000

Turner Pope (Joint Broker)

Andy Thacker / James Pope

Tel: +44 (0) 203 657 0050

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 Ltd 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 offers 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 one of Australia's largest PGM deposits, Munni Munni which hosts a deposit containing a historic resource of 2.2Moz PGM (Palladium, Platinum, and Rhodium) and Gold. The Company has recently entered into a joint venture with West Coast Silver Limited (formerly Errawarra Resources Limited) for the development of 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 1990s.