Alien Metals Ltd (AIM: UFO), a minerals exploration and development company, is pleased to announce its financial results for the six months ended 30 June 2023 (the 'Period'). The full Interim Results, with accompanying notes, are available on the Company's website: www.alienmetals.uk.
Guy Robertson, Executive Director - Finance of Alien, commented: 'After being appointed Executive Director - Finance earlier this year, I am pleased to share our Interim Results for the first six months of 2023. 'Over the last half of the year, we have made significant progress across our portfolio, with particular highlights including the acquisition of Mallina Exploration Pty Ltd, providing us with a strategic tenement holding at the Hancock Iron Ore Project and the publication of the Maiden Ore Reserves at Hancock. 'The completion of the Maiden Ore Reserves at our Hancock Iron Ore Project declared 1.9 million tonnes ('Mt') at 60.2% Iron ('Fe') and an update to our JORC Resource to 9.1Mt at 60.3% Fe.
This was a significant milestone for the Company, as it built confidence for the potential of Direct Ship Iron Ore ('DSO') at Hancock and allowed us to commence the updated Study works. 'In addition, our agreement with Mallina Exploration Pty Ltd to expedite the acquisition of the E 47/5001 tenement ('Mallina Tenement'), which adjoins our Hancock Iron Ore Project, strengthens our project portfolio. The tenement offers direct strategic access to the Great Northern Highway, an advantage that further enhances the viability of the Hancock Iron Ore project.
'We were also pleased to report that we have received fixed price tender responses from the primary subcontractors for the Hancock Iron Ore project development. Our immediate focus is to secure all necessary approvals and permits to have our Mining Lease and Mining Licence granted to allow production to commence in 2024. 'The successful completion of the resource definition drilling programme at the Hancock Iron Ore Project brings us closer to our goal of transitioning from explorer to developer and operator. We anticipate a further upgrade to the Ore Reserves once our geological experts update the mining model. 'At Elizabeth Hill, our latest exploration efforts have identified potential for an extensive high-grade silver-rich polymetallic orebody. The reinterpretation of the geological model and the re-examination of historical data have expanded the known mineralisation area, suggesting a more expansive mineralised system at the surface. Analytical results from the drillholes have identified the potential for Nickel ('Ni'), Copper ('Cu') and other key future facing metals at Elizabeth Hill. Our recent drilling activities have also confirmed extensions to the main silver ('Ag') lode. This new geological understanding, coupled with promising results from our exploratory drilling, suggests the original high-grade narrow Ag vein may merely be the core of a larger mineralised halo.
'Post period, we have been busy at Hancock where we unveiled our latest set of assay results which have indicated significant intersections of consistent grades exceeding 60% Fe, aligning with the Company's current resource model. The results have further strengthened our confidence in the Hancock Project's viability. We have also identified the potential for DSO at the Mallina Tenement next to the Hancock Project. This area has shown evidence of high-grade rock chip samples with more than 60% Fe emphasising the promising potential for further exploration of the tenement. 'The past half year has seen considerable advances in our Australian projects. Our ongoing commitment to exploration and development readiness contributes to our promising growth potential. We look forward to sharing our progress over the remainder of the year as we continue to focus on value creation for our shareholders.'
Post Period Events
Whilst significant developments were made at Hancock during the Period, significant developments were also made post period. On the 20th of July, our subsidiary Iron Ore Company of Australia Pty Ltd ('IOCA'), unveiled the assay results from its drilling programme at Hancock Iron Ore Project. The results indicate consistent grades exceeding 60% Fe, aligning with the Company's current resource model. In August 2023, preliminary investigations detailing the potential for DSO at the Mallina Tenement, next to the Hancock Project were identified. High-grade rock chip samples with more than 60% Fe were identified through historical review of prior exploration campaigns further highlighting the potential for exploration upside on the tenement. The geological make up of the tenement maps promisingly for iron ore discoveries with geological settings similar to IOCA's Weeli Wolli iron ore formations and Boolgeeda iron ore formation with the ridge on the Hancock tenement (Ridge H), extending into the Mallina Tenement for several kms, a ridge that has previously delivered direct ship iron ore rock chip samples of over 60% Fe. In August 2023, the company identified the requirement for an update to the 2021 Scoping Study. The updated study will optimise and enhance the mine plan, infrastructure designs, and finalise capital and operational costs as a result of the updated mineral resources and ore reserves. Mining Plus, a global engineering and consulting firm, has been appointed as the lead consultant for the study. In parallel with the study, the Company engaged its primary and preferred contractors to support these efforts through Early Contractor Involvement initiatives. REGROUP Australia were engaged as the preferred contractor to undertake the construction works, mining operations and haulage services for the Hancock Iron Ore Project. REGROUP is well-regarded for its expertise in civil construction, mining, and haulage, having handled projects surpassing A$100 million multiple times. With a significant fleet and prestigious clients like Newcrest Mining, Roy Hill, and Element 25, their selection will also aid in updating the Company's financial model. REGROUP's scope includes construction of an intersection at the Great Northern Highway and an access track to the mine site. They will also manage mining services and haulage from the mine site to the Utah Point at Port Hedland. This selection significantly reduces risks related to the Hancock Project.
Nickel, Copper, Platinum Group Elements ('PGE'), Silver & Base Metals Elizabeth Hill, along with the Munni Munni PGM prospect lies within the Company's Pinderi Hills province, a unified significant tenement holding of 180 square kilometres ('km2') south of Karratha, a major Western Australian mining and industrial hub. The Elizabeth Hill Silver Mine and deposit is a valuable part of the Pinderi Hills project area. The Company is the first single entity to own and consolidate the Munni Munni, Ni-PGM project, Elizabeth Hill project and the surrounding area (Pinderi Hills) into a single unified coherent tenement holding
Outlook
Looking ahead, we remain focused on delivering long-term value for our shareholders by continuing to advance our exploration and development projects. We will focus on developing further our Hancock Iron Ore Project, especially in the wake of the milestones achieved during the last few months. We believe that the combined potential of these tenements in the mining licence could substantially increase the scale and longevity of our operations in the region. As seen via the announcements that we have put out on Hancock over the past few months, we are nearing production status at the site which will be transformative for the company once we finalise this. We will continue to prioritise safety, sustainability, and good governance in all our operations.
Contact:
Tel: +44 (0) 20 7138 3204
Notes to Editors
Alien Metals Ltd is a mineral exploration and development Company listed on the AIM market of the London Stock Exchange (LSE: UFO). The Company's focus is on delivering a near term direct shipping iron ore operation at the Hancock Project in the Pilbara region of Western Australia. In 2019, the Company acquired 51% of the Brockman and Hancock Ranges high-grade (Direct Shipping Ore) iron ore projects and in December 2022 moved to 90% legal and beneficial ownership. In May 2023, the Company also acquired 100% of Mallina Exploration Pty Ltd and with it, the Western Hancock Tenement. The new tenement adjoins the Company's existing Hancock tenement, giving the entire Hancock project direct access to the Great Northern Highway. The Company also acquired 100% of the Vivash Gorge Iron Ore project in the west Pilbara in July 2022. The Company owns 100% of the Elizabeth Hill Silver Project, which consists of the Elizabeth Hill Historic Mining Lease and the 115km2 exploration tenement around the mine. In March 2022 the Company acquired 100% of the former joint venture interest in the broader Pinderi Hills tenement group in the West Pilbara, Western Australia. This includes the Munni Munni Platinum Group Metals Project, one of Australia's major underexplored PGE and base metals projects. Munni Munni holds a historic deposit containing 2.2 Moz 4E PGM: Palladium, Platinum, Gold, Rhodium. The Pinderi hills tenement group also has significant Nickel and Copper prospectivity. The Company also holds silver, copper and base metal projects in Mexico, however is currently looking at the best way to divest these for the benefit of shareholders.
ALIEN METALS LIMITED 
