Trading Symbols

AIM: UFO

FWB: I3A1

6 September 2023                                                                                                                                                          

Alien Metals Ltd

("Alien" or "the Company")

 Exploration Review of Pinderi Hills confirms potential for Nickel and Copper

Near Surface results includes 5.2m @ 2.1%  Ni, 166 oz Ag/t

Alien Metals Ltd (AIM: UFO), a global minerals exploration and development company, is pleased to provide an update on its exploration activities at the Elizabeth Hill project, historically Australia's highest-grade silver deposit. It 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.

After months of historic data compilation, site visits and geological review of the consolidated historical exploration and drill data within the Pinderi Hills area, Alien is pleased to report that the results should enable the Company to further showcase and develop the potential of the Pinderi Hills precinct for base metals, platinum, palladium and silver.

Highlights:

·  Pinderi Hills consists of significant known silver ("Ag") at Elizabeth Hill and Platinum Group Elements ("PGE") deposit at Munni Munni.

·   In addition, various other historical exploration targets for nickel ("Ni"), copper ("Cu") and other base metals have been identified.

·   Due to low historical base metals prices, previous exploration activities have focused on precious metals, PGE's, gold ("Au") and Ag.

·   A detailed review of historical data on the Elizabeth Hill mining lease, which was focused on native silver metal discoveries, supports a significant opportunity for high-grade polymetallic mineralisation. The key base metals (see AIM: 20 February 2023 for significant Silver results) results of this review, include:

o 1 metre ("m") @ 3.98% Cu, 12 troy ounces ("ozt") Ag, 0.95% Ni from 35m in EC002

o 1m @ 3.5% Cu, 125ozt Ag, 0.58% Ni from 2m in UGD063

o 5.2m @ 2.18% Ni, 166ozt Ag, 0.76% Cu from 3m in UGD069

o 1.05m @ 1.90% Ni, 114ozt Ag, 1.25% Cu, from 5.05m in UGD072

·   Some of these results extend outside of the known mineralisation zones and support potential extensions to the silver resource envelope.

·  The Company intends to undertake focused exploration activities on additional base metal targets and has commissioned detailed aerial reconnaissance over the Pinderi Hills area and updates will be provided in due course.

Troy Whittaker, Chief Executive Officer commented:

"Whilst our priority remains the development of the Hancock Iron Ore Project, it is pleasing to see the detailed work by the geology team to continue focusing on valuable nickel, copper and other base metals targets that have been overlooked by previous explorers. The Elizabeth Hill Silver Mine is part of the greater opportunity the Company must make in identifying significant new discoveries in the unique multi-commodity, mineral-rich province of the Pinderi Hills. We are excited by the variety of potential exploration targets and we look forward to providing further updates for this area as these works progress."

Further Information

The Pinderi Hills Precinct

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.

The Pinderi Hills precinct consists of 180.2 km² of adjoining tenements that the Company has in the region.

The Company's geologists and consultants have spent considerable time and effort reviewing historical internal and external data, along with reports to allow the Company to interpret the entire area as a cohesive geological package.

Figure 1: Pinderi Hills

The Pinderi Hills area incorporates:

1.    Elizabeth Hill: The known, major silver deposit at the Elizabeth Hill Mine Site, which has a non-compliant JORC 2004 Resource estimate of 4.05 million ounces ("Moz") Ag at greater than 200 g/t Ag, and produced 1.2 Moz silver at 2,195 grams per tonne ("g/t") Ag (70.24 Oz/t Ag) from 1999-2000.

2.    Munni Munni: The Munni Munni PGE deposit historic JORC 2004 Resource estimate implied 24 million tonnes ("Mt") @ 2.9g/t PGE and gold for 2.2Moz PGE and gold consisting of 1.14Moz Pd, 0.83Moz Pt, 152Koz Au and 76Koz rhodium.

3.    Several other deposits that are prospective for Platinum ("Pt"), Palladium ("Pd"), Rhodium ("Rh"), Ag, Ni, Cu, Pb, Zn (see Figure 2), all of which are metals that are required to support the push into renewable energy across the world.

Figure 2: Known prospects at Pinderi Hills (grey shading, non UFO tenements)

The Pinderi Hills project has several distinct geological targets, with the geological and structural being modelled and future exploration is being evaluated and prioritised.

Elizabeth Hill Project

Elizabeth Hill was an operating underground silver mine between 1998 and 2000. During this time, it produced 1.17 Moz silver from exceptionally high-grade silver ores. It is located just 40 kilometres ("km") from the mining hub of Karratha in Western Australia, roughly 1,500km north of Perth and serviced by sealed roads and multiple commercial flights daily.

The silver orebody is located predominantly in pyroxenite in the basal ultramafic zone of the Munni Munni Ultramafic Complex. The mineralised zone typically has a width of 15-20m, with the high-grade core averaging about 3m.

After extensive geological work and reviewing the existing data, it can be concluded that Elizabeth Hill has significant potential to support polymetallic deposits. The geological review included a review of primary assay data and validation of all drill holes and assays whilst implementing a secure and industry-standard software platform to host the Company's geological datasets.

The highlights identified were:

·   Copper

o 0.4m @ 4.7% Cu, 26ozt Ag, 1.55% Ni from 1.6m in UGD041

o 0.4m @ 4% Cu, 799ozt Ag, 0.8% Ni from 3m in UGD069

o 1m @ 3.98% Cu, 12ozt Ag, 0.95% Ni from 35m in EC002

o 1m @ 3.5% Cu, 125ozt Ag, 1.06% Zn, 0.58% Ni, 0.68% Pb from 2m in UGD063

·   Nickel

o 0.9m @ 2.95% Ni, 65ozt Ag, 0.15% Cu from 5.1m in UGD073

o 5.2m @ 2.18% Ni, 166ozt Ag, 0.76% Cu, 0.28% Zn from 3m in UGD069

o 1.05m @ 1.90% Ni, 114ozt Ag, 1.25% Cu, from 5.05m in UGD072

·   Lead

o 0.4m @ 9.7% Pb from 1.2m in UGC82406

o 1m @ 4.8% Pb from 11.9m in UGD022

o 1m @ 3.8% Pb from 91m in EC028

o 1.1m @ 3.1% Pb from 8.6m in UGD060

o 1.2m @ 2.05% Pb and 723ozt Ag from 0m in UGD072

·   Zinc

o 1m @ 2.85% Zn, 13ozt Ag, 0.16%Pb from 0m in UGC82057

o 0.95m @ 2.70%, Zn, 0.48% Pb from 4.9m in UGD055

o 1.1m @ 2.65% Zn, 5ozt Ag from 9m in UGD042

o 1m @ 1.06% Zn, 326ozt Ag, 0.5% Pb from 2m in UGD063

A historical Sub-Audio Magnetics ("SAM") survey was conducted over licence of the Elizabeth Hill mining lease. This type of survey is useful for detecting faults and fractures in the local geological environment. The priority areas for the Company's future exploration programs are outlined in Figure 3, highlighting the survey and Electro Magnetic ("EM") anomalies.

The striking feature observed in Figure 3 areas prospective for Volcanogenic Massive Sulphide (“VMS”) deposits that are typical hosts for Copper, Nickel, Lead and Zinc. The review has highlighted and confirms the significant potential to discover nickel, copper and key battery metals within the UFO tenements

Figure 3: SAM Survey at Elizabeth Hill

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

Beaumont Cornish Limited (Nomad)

James Biddle / Roland Cornish Tel: +44 (0) 207 628 3396

WH Ireland Ltd

Harry Ansell / Katy Mitchell Tel +44 (0) 207 220 1666

BlytheRay (Financial PR)

Tim Blythe / Megan Ray / Said Izagaren Tel: +44 (0) 20 7138 3204

Notes to Editors:

Alien Metals Ltd is a mining exploration and development Company listed on the AIM market of the London Stock Exchange (LSE: UFO). The Company's focus is on delivering a profitable, long life direct shipping iron ore operation based out of the Pilbara in 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. The Company also acquired 100% of the Vivash Gorge Iron Ore project in the west Pilbara in July 2022.

The Company acquired 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 Munni Munni Platinum Group Metals and Gold Project in the West Pilbara, Western Australia, one of Australia's major underexplored PGE and base metals projects. Munni Munni holds a historic deposit containing 2.2Moz 4E PGM: Palladium, Platinum, Gold, Rhodium.

In May 2023, the Company 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 holds silver, copper and base metal projects in various locations around the world however is currently looking at the best way to divest these for the benefit of shareholders.

Competent Person Statement

The information in this announcement that relates to exploration, is based on information compiled by Mr. Bradley Toms who is the Exploration Manager and a full time employee of Alien Metals Ltd. Mr. Toms is a Member of The Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking, to qualify as Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr. Toms consents to the inclusion in the document of the information in the form and context in which it appears. Mr Toms has declared that he holds Performance Rights in the Company.

Glossary

Mineral Resource - A concentration or occurrence of solid or liquid material of economic interest in or on the Earth's crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade (or quality), continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories.

DSO - Direct Shipping Ore

Ag - Silver

Cu - Copper

Pb - Lead

Zn - Zinc

Ni - Nickel

m - metres

g/t - grammes per tonne

ozt - troy ounces per tonne

EM - electromagnetic

SAM - Sub Audio Magnetics

VMS - Volcanic Massive Sulphides

References

Various internal validated historic reports, some generated by Resource Potentials Pty Ltd, Southern Geoscience Pty Ltd and a variety of Company and Consultant geologists.