West Coast Silver: Chairman's Letter

Alien Metals Limited (AIM: UFO), a minerals exploration and development company, is pleased to release the Chairman's Letter from its joint venture partner, West Coast Silver Limited (ASX: WCE) ("West Coast" or "West Coast Silver") on the achievements and work conducted in 2025 on the Elizabeth Hill Silver Project, in which Alien retains a 30% free-carried interest through to a decision to mine.

The full text of the announcement issued by West Coast Silver is provided below in Appendix A.

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 / Edward Foulkes

Zeus Capital Limited (Joint Broker)

Harry Ansell / Katy Mitchell

Tel +44 (0) 203 829 5000

Turner Pope (Joint Broker)

Andy Thacker / Guy McDougall

Yellow Jersey (Financial PR)

Charles Goodwin / Shivantha Thambirajah

Appendix A - ASX: WCE ANNOUNCEMENT

Chairman's Letter

Dear Shareholders,

2025 was a defining year for West Coast Silver.

The Company delivered one of the most active and technically meaningful exploration programs undertaken at and around the Elizabeth Hill Project, repositioning it as a district-scale, high-grade silver opportunity with clear discovery upside. Importantly, this progress has been achieved against a materially stronger silver market, enhancing the project's strategic and economic relevance.

With silver prices strengthening significantly during the year (currently ~US$66/oz or >A$100/oz) and investor interest returning to high-quality silver assets, West Coast Silver focused its efforts on advancing its 70%-owned Elizabeth Hill Joint Venture-one of Australia's highest-grade historical silver mines-with the objective of demonstrating scale, continuity and repeatability beyond the original mine footprint.

2025 Achievements - Re-establishing Elizabeth Hill as a Growth Asset

The 2025 exploration program was deliberately designed to move Elizabeth Hill beyond historical confirmation and toward a modern discovery-led growth story.

The Company completed 25 diamond drill holes for approximately 2,300 metres across two drilling phases[1], together with a 76-hole aircore drilling program[2] totalling over 1,000 metres. Importantly, drilling was not limited to confirming historical mineralisation but was designed to test geological concepts aimed at identifying repeat systems beyond the original mine footprint.

Figure 1 & 2: Native Silver samples from Elizabeth Hill

Phase 1 diamond drilling successfully intersected high-grade silver mineralisation in multiple holes, validating the presence of robust mineralised structures. Phase 2 drilling materially advanced our understanding of the system, tightening near-surface oxide continuity and confirming down-plunge continuity beneath the historic workings. Visible native silver was observed in multiple drill holes above and below historical workings, reinforcing the interpretation of a larger and more continuous mineralised system than previously recognised. The aircore program confirmed multiple near-mine and regional zones with geological characteristics consistent with the Elizabeth Hill system. These results support the interpretation that mineralisation extends beyond the historic mine and has identified several priority targets for follow-up drilling aimed at discovering repeat high-grade silver deposits.

In parallel, the Company strengthened its technical capability with the appointment of highly experienced geologists and advisors, completed high-resolution drone magnetic and Loupe TEM surveys, and continued systematic geological modelling to integrate drilling, geophysics and geochemistry into a coherent district-scale exploration framework.

2026 Exploration Program - A Structured Path to Discovery

The Company enters 2026 with strong momentum and a clear, staged exploration plan.

Early in the year, we expect to receive all outstanding diamond and aircore assay results. Samples from the diamond drilling program, which tested shallow historical high-grade silver, are currently undergoing laboratory QA/QC checks. A subset of samples returned over-limit and were consequently resubmitted to ALS Canada for additional analytical work, resulting in a longer-than-anticipated turnaround time.

Technical work in the first quarter will focus on refining exploration targeting through integrated interpretation of drilling, geophysics and geochemistry. This includes further drone-based geophysical surveys and the advancement of approvals to enable deeper drilling.

Field activities are planned to recommence from March, initially concentrating on high-priority near-mine targets aimed at identifying repeat mineralised structures. This will be followed by systematic testing of regional Phase 3 targets, including areas north and south of the existing mine that were not accessible during 2025.

By progressing from near-mine opportunities to broader regional targets, the 2026 program is designed to balance resource growth with discovery upside, while maintaining capital discipline.

Key milestones for shareholders in 2026 include the release of outstanding assay results, refinement of priority drill targets, and the commencement of follow-up drilling programs aimed squarely at discovery.

Looking Ahead

West Coast Silver enters 2026 with a rare combination of attributes: control of a historically proven, high-grade silver system; a strengthened technical foundation; and a clear, disciplined pathway to discovery. The Board remains focused on delivering tangible exploration success and unlocking long-term value for shareholders.

On behalf of the Board, I thank our shareholders for their continued support and our technical team for their dedication and professionalism. We look forward to the year ahead with confidence and a clear focus on delivering discovery-driven value.

Yours sincerely,

Bruce Garlick

Executive Chairman

West Coast Silver Limited

The Elizabeth Hill Project

• Previous mining operation ceased in 2000: because of low silver prices (US$5)[4].
• Tier 1 Mining Jurisdiction located on a mining lease with potential processing option at the nearby Radio Hill site. Radio Hill is a third-party owned processing facility; WCE has not current agreement in place.

Figure 3: Tenement Location

Bruce Garlick

Executive Director

West Coast Silver Limited

[4] www.kitco.com/charts/silver