Advancements to Hancock West Tenement Applications

Alien Metals Limited (AIM: UFO), a minerals exploration and development company, is pleased to report progress on its highly prospective Hancock West (Mallina) tenement applications advancing towards grant at the Hancock flagship high-grade iron ore project in Newman, Western Australia.

Highlights

• The Hancock West applications (E47/5157 and E47/5158) are currently in the Native Title referral period.
• The Nyiyaparli People, represented by the Karlka Nyiyaparli Aboriginal Corporation RNTBC ("KNAC"), have consented to two of the three applications in the existing Mining Agreement.
• The Native Title advertising (objection) period remains open, but following discussions with KNAC, no objections are anticipated.
• E47/5157 and E47/5158 are considered to be prospective for iron mineralisation with similar host geology to the existing mineral resources at the Hancock Project. An initial field reconnaisance mapping exercise, to confirm the propsectivity, will commence as soon as practicable.

Robert Mosig, Technical Director, commented:

"This ground is considered integral to the Company's exploration efforts over the coming year, and it has been pleasing to see the collaboration between all parties.

We will continue to work with KNAC to deliver a timely exploration outcome. Exploration success will have a positive outcome on the high grade, flagship Hancock iron Ore Project for the benefit of all parties."

The High-Grade Hancock Iron Ore Project

The Hancock Iron Ore Project located 17km northwest of Newman, Western Australia, has a mineral resource of 8.4Mt @ 60% Fe JORC (2012), including an 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$28m1.

Tenement Application Update

The Company currently has 3 tenement applications (E47/5157, E47/5158 and E47/5159) lodged with the Department of Energy, Mines, Industry Regulation and Safety ("DEMIRS"). Two of these applications, E47/5157 and E47/5158 are now in the Native Title advertising period, and KNAC has confirmed these tenements fall under the existing Mining Agreement (announced 14 December 2023, "Iron Ore Company of Australia Executes Native Title Project Mining Agreement for Hancock Project"). No objection regarding the application and grant of E47/5157 and E47/5158 is anticipated during the Native Title advertising period, which closes in April 2025.

The outcome of this work with KNAC, seeks to ensure that the rights of the Nyiyaparli People are respected and that the licences (E47/5157 and E47/5158) can be granted without further delay, assuming no objections during the Native Title advertising period. Once granted, this will result in the opportunity for exploration for the Company and associated benefits for the Nyiyaparli People, including cultural heritage and environmental protection and management measures.

Following the anticipated grant of E47/5157 and E47/5158, the Company will work with KNAC and the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) to access the ground as quickly as practicable to explore for high grade, flagship, iron ore on these licences as quickly as practicable.

Exploration Plans for the Hancock Iron Ore Project

Based on a review of available aerial imagery supported by GSWA 250k mapping, there is evidence supporting the presence of significant strike lengths of Weeli Wolli Formation BIF and Boolgeeda Iron Formation.

The Company is now planning for:

• a detailed mapping programme to be completed by experienced iron ore geologists over Weeli Wolli Formation BIF ridges, with a focus on delineating mineralisation boundaries supported by a technical mapping report; and
• exploration on E47/5157 and E47/5158 to investigate is the extent of any iron mineralisation in the Boolgeeda Iron Formation.

The application for E47/5159 is currently the subject of negotiations with BHP Group Limited ("BHP") to finalise an access agreement as it overlies their existing Miscellaneous Licence. This is a normal part of the licence application process and will be completed as soon as practicable. Upon agreement with BHP, application E47/5159 will then be discussed with KNAC to formalise a Heritage Agreement as part of the normal granting process.

While E47/5159 is considered prospective for iron mineralisation, the advancement of the project is not reliant on this single licence.

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

Zeus Capital Limited (Joint Broker)

Harry Ansell / Katy Mitchell

Tel +44 (0) 203 829 5000

CMC Markets (Joint Broker)

Douglas Crippen

Yellow Jersey (Financial PR)

Charles Goodwin / Shivantha Thambirajah / Zara McKinlay