Alien Metals Limited

Earnings Release • Dec 18, 2025

National Storage Mechanism | Additional information

RNS Number : 1156M

Alien Metals Limited

18 December 2025

Trading Symbols

AIM: UFO FWB: I3A1

18 December 2025

Alien Metals Limited

("Alien" or the "Company")

Geological Indicators for Silver in Aircore Drilling: Assay Update

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) ("West Coast" or "West Coast Silver") has announced that its aircore (AC) drill programme at the high-grade Elizabeth Hill Silver Project, to define targets surrounding the historical mine and along the Munni Munni margin has been completed with 76 holes for 1,060m. The aircore programme has intersected strong geological indicators, similar to those seen at the Elizabeth Hill mine. Samples have been submitted for assay with results due by the end of February.

The programme followed completion of the 1,015m, Phase 2 diamond drilling campaign at the Elizabeth Hill mine (testing near-surface high-grade mineralisation, and prospective areas at depth below historical workings), that intersected visible native silver, for which assays are pending.

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

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

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 follows a balanced strategy of advancing and strengthening its asset portfolio through targeted technical work and project development, while evaluating partnerships, joint ventures, and selective monetisation opportunities that are value-enhancing for shareholders. At the same time, Alien will continue to consider opportunities to expand our asset base through carefully selected acquisition opportunities which meet the Board's prudent criteria.

Alien's principal focus is the advancement and development of its 90%-owned Hancock Iron Ore Project in the central Pilbara region of Western Australia. The Hancock tenements contain a JORC-compliant resource of 8.4Mt at 60% Fe and offer significant exploration upside, which is targeted to deliver a mining operation of 2Mtpa for 10 years. The Project benefits from direct access to the Great Northern Highway, providing a route to export facilities at Port Hedland, one of the world's largest iron ore export hubs. Alien also holds exploration interests in the Brockman and Vivash iron ore projects in the West Pilbara.

Alien additionally retains exposure to two advanced precious and base metal assets in the Pilbara. At Munni Munni, one of Australia's largest PGM systems hosting a historic resource of 2.2Moz PGM (Palladium, Platinum, and Rhodium) and gold, the Company has entered into a conditional joint venture with GreenTech Metals Ltd, under which Alien will retain a 30% interest, free carried to the completion of a bankable feasibility study. Alien also retains a 30% interest in the Elizabeth Hill Silver Project through a joint venture with West Coast Silver Limited, which encompasses 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.

Appendix A - ASX: WCE ANNOUNCEMENT

Geological Indicators for Silver in Aircore Drilling: Assay Update

Highlights

·    Aircore drilling at the Elizabeth Hill Silver Project has been completed with 76 holes for 1,060m, successfully testing multiple near-mine and regional prospects. Aircore is a rapid, shallow, cost-effective reconnaissance exploration technique.

·    Strong geological indicators, similar to those seen at the Elizabeth Hill mine, identified in logging of aircore chips and core, including:

o  Intense chlorite and silica alteration.

o  Carbonate veining.

o  Iron oxide staining is associated with interpreted structures.

·    Fertile ultramafic-granite contact confirmed at NM2, NM5 and NM6 prospects consistent with the structural setting of historical high grade silver mineralisation at Elizabeth Hill (Figure 1).

·    Aircore drilling intersected alteration and lithologies at NM5 prospect interpreted to be the near surface continuation of the contact position in historical high-grade drill hole:

o  2m @ 1,550g/t Ag from 108m (AMEHRC012) located 300m from the Elizabeth Hill mine.

·    NM5 and NM6 prospects have been upgraded for priority follow-up exploration, based on the confirmation of favourable geology and alteration.

·    Aircore assay results are expected to be returned by the end of February 2026.

·    Samples from the recently completed diamond drilling are currently undergoing laboratory QA/QC checks, with assay results expected mid to late January 20261

West Coast Silver Limited (ASX: WCE) ('West Coast Silver' or the 'Company') is pleased to advise that its aircore (AC) drill program at the high-grade Elizabeth Hill Silver Project in the Pilbara, to define targets surrounding the historical mine and along the Munni Munni margin has been completed with 76 holes for 1,060m. The aircore program has intersected strong geological indicators, similar to those seen at the Elizabeth Hill mine. Samples have been submitted for assay with results due by the end of February. The program followed completion of the 1,015m, Phase 2 diamond drilling campaign at the Elizabeth Hill mine (testing near-surface high-grade mineralisation, and prospective areas at depth below historical workings), that intersected visible native silver, for which assays are pending.

Commenting on the results, Executive Chairman Bruce Garlick said:

"We are very encouraged by the outcomes of the aircore program, which has successfully confirmed multiple zones with strong geological indictors at several high-priority near-mine prospects at Elizabeth Hill.

The drilling has validated key structural and lithological controls, including ultramafic-granite contacts, alteration, and carbonate veining that are consistent with the setting of historical high-grade silver mineralisation. We now eagerly await assay results to further refine targeting for the 2026 drill program, with the objective of identifying a repeat of the Elizabeth Hill deposit.

This program marks the conclusion of our 2025 exploration activities and represents the third successful drilling campaign completed during the year. When combined with the strong assay results from the Phase 1 diamond drilling program, and the visual observations of native silver with assays pending from Phase 2, the Company is well positioned to advance Elizabeth Hill through a focused and high-impact exploration program in 2026".

1Refer ASX Announcement dated 24 November 2025.

Figure 1: Near-mine prospects: geology, geochemistry and aircore drill hole locations

Figure 2: Near mine geophysics, geochemistry and aircore drill hole locations

(overlain on detailed drone magnetics Total Magnetic Intensity data - reduced to the pole)

Aircore Drill Program

Aircore (AC) drilling is a rapid, cost-effective, low-impact reconnaissance drilling method commonly used to test shallow targets below deeply weathered and alluvial surface material. The objectives of the aircore drill program were to (i) confirm structural/stratigraphic controls along the Munni Munni fault and ultramafic/granite contact, highlighted by drone magnetics and other integrated geoscientific data, and (ii) identify zones of anomalous geochemistry for follow up drilling and or other exploration works.

The near mine prospects tested with the aircore drilling are highlighted in Figures 1 and 2 (refer to WCE ASX Announcement dated 13 November 2025).

The drilling tested the NM1 prospect, north of the historical Elizabeth Hill silver mine, for extensions of the mineralisation controlled by the Munni Munni fault (Figure 1 and Figure 2). Logging of AC chips identified altered, chloritised and silicified granite in the aircore drill line north of historical drill hole 22AMC011 (4m @ 60g/t Ag from surface), possibly representing alteration associated with the Munni Munni fault.

Aircore drilling also tested the southern extension of the Munni Munni fault and delineated the fertile ultramafic/granite contact south of the Elizabeth Hill Silver mine at the NM2, NM5 and NM6 prospects (Figure 1 and Figure 2). At the NM5 prospect, geological logging identified strongly chlorite altered pyroxenite (ultramafic rock) containing carbonate veins adjacent to the granite contact, approximately 50m west of the collar of historical drill hole AMEHRC012 (2m @ 1,550g/t Ag from 108m). The ultramafic/granite contact intersected in the AC drilling is interpreted to be the near surface continuation of the contact position intersected in AMEHRC012.

The two AC holes planned to test the strong soil anomaly and ultramafic/granite contact at the NM4 prospect failed to reach the contact due to rock conditions (Figure 1 and Figure 2). This prospect will need to be reassessed in terms of future exploration.

At the RS12 North prospect, aircore holes were planned to test a strong soil anomaly adjacent to the ultramafic/granite contact and mapped structures within the ultramafic rocks. While the drilling intersected a granite/ultramafic contact that are related to thin (0.5-1m wide) granitic dykes it did not test the main contact position. This prospect will need to be reassessed in terms of future exploration.

At RS12 South, drilling targeted a break in the magnetic signature of the rocks, near coincident soil anomaly and electromagnetic anomaly. A traverse of three holes tested the target zone however no clear signs to explain this anomalous area was evident from geological logging of the AC chips. Drilling intersected strongly chlorite altered pyroxenites and trace (<0.5%) chalcopyrite (Figure 1 and Figure 2).

A single drill hole was targeted between the RS12 South and RS13 prospects aimed to test an interpreted structure and mapped calcite veins in pyroxenite outcrop. Drilling intersected iron oxide staining in pyroxenite from 8m to 12m, which may represent a structure, and chloritised and silicified pyroxenite with 2-5% sulphides (pyrite, chalcopyrite) from 22m to 24m. This area will need to be reassessed in terms of future exploration.

Cautionary Statement

WCE emphasises that visual estimates of mineral abundance should not be regarded as a proxy or substitute for laboratory analyses, particularly when concentrations or grades are of primary economic significance. Furthermore, visual estimates do not yield information concerning impurities or detrimental physical properties that are pertinent to valuations.

Laboratory Testing

Samples from the AC drilling have been sent for laboratory assaying with results expected to be returned by the end of February 2026.

Result timeframes may vary pending lab analysis requirements for further testing.

Update on Assays for Diamond Drilling

Samples from the diamond drilling program, testing shallow historical high-grade silver, are currently undergoing QA/QC checks at the laboratory with some samples sent to ALS Canada for additional test work. Indications are these will be finalised and are expected to be received in mid to late January 2026.

The Elizabeth Hill Project

Elizabeth Hill is historically one of Australia's highest 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)[1].

•   Previous mining operation ceased in 2000: because of low silver prices (US$5)[2].

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

•   Untapped potential remains in ground with deposit open at depth and recent consolidation of 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 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 look-a-like silver deposits.

This ASX announcement has been authorised for release by the Board of Directors of West Coast Silver Limited. For further information, please contact:

Bruce Garlick

Executive Director

West Coast Silver Limited

E: [email protected]

Competent Person Statement

The information in this announcement that relates to Exploration Results is based on information reviewed by Mr Max Nind who is a Member of the Australian Institute of Geoscientists. Mr Nind is a consultant to West Coast Silver and a full-time employee of ERM Australia Consultants Pty Ltd.

Mr Nind 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 Joint Ore Reserves Committee (JORC) 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves', and a Specialist under the VALMIN Code 2015 Edition of the 'Australasian Code for Public Reporting of Technical Assessments and Valuations of Mineral Assets'. Mr Nind consents to the inclusion in the announcement of the matters based on this information and in the form and context in which it appears.

Forward-Looking Statements

Statements in this announcement which are not statements of historical facts, including but not limited to those relating to the proposed transaction, are forward-looking statements. These statements instead represent management's current expectations, estimates and projections regarding future events. Although management believes the expectations reflected in such forward-looking statements are reasonable, forward-looking statements are based on the opinions, assumptions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.

Accordingly, investors are cautioned not to place undue reliance on such statements.

Cautionary Statement

This document is confidential and may not be reproduced, redistributed or passed on, directly or indirectly. This document is neither a prospectus nor an offer to subscribe for fully paid ordinary shares. West Coast Silver and its directors, employees and consultants make no representations or warranty as to the accuracy, reliability or completeness of this document, and have no liability, including liability to any person by reason of negligence of, or contained in or derived from, or for any omissions from this document, except liability under statute that cannot be excluded. This document contains reference to certain targets and plans of West Coast Silver which may or may not be achieved. The performance of West Coast Silver may be influenced by a number of factors, uncertainties and contingencies, many of which are outside the control of the Company and its directors, staff and consultants.

Appendix 1

Location and hole details for recent West Coast air core drill holes.

Hole Name	Easting (m)	Northing (m)	Elevation (m)	End of Hole Depth (m)	Azimuth (°)	Dip (°)
25WCAC001	487,020	7,667,955	86.4	26	270	-60
25WCAC002	487,020	7,667,964	86.3	24	270	-60
25WCAC003	487,044	7,667,965	86.1	3.5	270	-60
25WCAC004	487,033	7,667,985	85.1	3.5	270	-60
25WCAC005	487,046	7,667,989	84.8	5	270	-60
25WCAC006	487,039	7,668,006	84.4	3	270	-60
25WCAC007	487,030	7,668,095	83.5	5	270	-60
25WCAC008	487,025	7,668,095	83.4	8.5	270	-60
25WCAC009	487,020	7,668,096	85.4	11	270	-60
25WCAC010	487,010	7,668,096	85.4	9	270	-60
25WCAC011	487,005	7,668,096	83.4	15	270	-60
25WCAC012	487,002	7,668,095	83.5	8.5	270	-60
25WCAC013	487,036	7,668,095	83.4	4	270	-60
25WCAC014	487,001	7,668,079	83.5	7	090	-60
25WCAC015	487,004	7,668,081	83.5	2.5	270	-60
25WCAC016	487,006	7,668,081	83.5	7	270	-60
25WCAC017	487,010	7,668,053	83.8	5	270	-60
25WCAC018	487,015	7,668,053	83.8	4	270	-60
25WCAC019	487,020	7,668,053	83.8	5	270	-60
25WCAC020	487,024	7,668,053	83.8	5.5	270	-60
25WCAC021	487,029	7,668,053	83.8	3	270	-60
25WCAC022	487,034	7,668,053	83.8	7	270	-60
25WCAC023	487,029	7,668,031	84.1	4	270	-60
25WCAC024	487,038	7,668,031	84.1	3	270	-60
25WCAC025	487,028	7,667,986	85.0	8	270	-60
25WCAC026	487,029	7,668,007	84.4	4	270	-60
25WCAC027	487,100	7,668,134	82.8	4.5	270	-60
25WCAC028	487,095	7,668,134	82.8	3	270	-60
25WCAC029	487,105	7,668,134	82.9	5.5	270	-60
25WCAC030	486,921	7,667,622	87.3	6	135	-60
25WCAC031	486,960	7,667,667	86.6	12	270	-60
25WCAC032	486,950	7,667,666	86.7	18	270	-60
25WCAC033	486,940	7,667,666	86.9	7.5	270	-60
25WCAC034	486,930	7,667,666	86.9	9	270	-60
25WCAC035	486,937	7,667,666	86.9	6	270	-60
25WCAC036	486,989	7,667,667	86.5	27	270	-60
25WCAC037	486,864	7,667,618	87.6	3	135	-60
25WCAC038	486,872	7,667,609	87.6	6	135	-60
25WCAC039	486,883	7,667,599	87.7	21	135	-60
25WCAC040	486,930	7,667,607	87.4	19	135	-60
25WCAC041	486,951	7,667,589	87.6	25	135	-60
25WCAC042	486,865	7,667,577	88.0	18	270	-60
25WCAC043	486,870	7,667,577	88.0	18	270	-60
25WCAC044	486,865	7,667,528	88.5	19	270	-60
25WCAC045	486,870	7,667,480	88.9	36	270	-60
25WCAC046	486,865	7,667,440	89.3	30	270	-60
25WCAC047	486,870	7,667,396	90.0	30	270	-60
25WCAC048	486,870	7,667,363	90.7	48	270	-60
25WCAC049	486,914	7,667,367	92.3	30	270	-60
25WCAC050	486,901	7,667,367	91.7	20	270	-60
25WCAC051	486,884	7,667,365	91.1	20	270	-60
25WCAC052	486,911	7,667,327	94.7	20	270	-60
25WCAC053	486,901	7,667,331	93.7	16	270	-60
25WCAC054	486,886	7,667,326	92.9	33	270	-60
25WCAC055	486,870	7,667,324	92.0	51	270	-60
25WCAC056	486,885	7,667,282	94.9	8	270	-60
25WCAC057	487,421	7,667,666	95.2	8	090	-60
25WCAC058	487,469	7,667,611	97.1	11	042	-60
25WCAC059	487,625	7,666,748	102.8	4	100	-60
25WCAC060	487,611	7,666,752	101.1	13	100	-60
25WCAC061	487,636	7,666,696	105.5	10	100	-60
25WCAC062	487,631	7,666,674	104.7	18	100	-60
25WCAC063	487,523	7,666,495	101.2	19.5	100	-60
25WCAC064	487,534	7,666,493	100.8	13	100	-60
25WCAC065	487,549	7,666,487	100.5	20	100	-60
25WCAC066	487,514	7,666,276	101.5	24	135	-60
25WCAC067	487,665	7,666,395	97.5	12	060	-60
25WCAC068	486,940	7,667,598	87.5	31	135	-60
25WCAC069	486,962	7,667,579	87.6	24	135	-60
25WCAC070	486,881	7,667,578	87.9	15	270	-60
25WCAC071	486,883	7,667,599	87.6	14	315	-60
25WCAC072	486,879	7,667,603	87.7	12	315	-60
25WCAC073	486,931	7,667,607	87.3	7	315	-60
25WCAC074	486,935	7,667,603	87.3	9	315	-60
25WCAC075	486,866	7,667,561	88.1	7	270	-60
25WCAC076	486,872	7,667,593	87.7	28	270	-60

Note: GDA94 Zone 50 coordinate system

---

[1] WAMEX Annual Report,1 April 2014 to 31 March 2015, Elizabeth Hill Silver Project, Global Strategic Metals NL, p16

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

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