THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

Trading Symbols

AIM: UFO

FWB: I3A1

4 February 2026

 

Alien Metals Limited

("Alien" or the "Company")

West Coast Silver Announces Exceptional Diamond Drill Assay Results at Elizabeth Hill Silver Project

Bonanza Silver Grades up to 33,107 g/t (1,064 oz/t) over 0.35 m

Alien Metals Limited (AIM: UFO), a minerals exploration and development company, is pleased to advise that its joint venture partner, West Coast Silver Limited (ASX: WCE) ("West Coast" or "West Coast Silver"), has announced that assay results from its Phase 2 diamond drill programme have been received from the Elizabeth Hill Silver Project near Karratha, Pilbara region of Western Australia.

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:

Alien Metals Limited

Bruce Garlick / Kim Eckhof

Email: ir@alienmetals.uk

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 / Guy McDougall

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 completed its partial asset sale and joint venture transaction with GreenTech Metals Ltd, under which Alien has divested a 70% interest in the Munni Munni tenements to GreenTech and Alien will retain a 30% interest, free carried to the completion of a bankable feasibility study at Munni Munni. Alien (via wholly owned subsidiary A.C.N. 643 478 371 Pty Ltd) also retains a 30% interest in the Elizabeth Hill Silver Project through a joint venture with Crest, which encompasses the Elizabeth Hill Mining Lease M47/342, which has produced some of Australia's highest-grade silver ore during the late 1990s.

 

Competent Person's Statement

 

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Thomas Reddicliffe, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Reddicliffe is a Technical Director of GreenTech Metals Ltd.

 

Mr Reddicliffe 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 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves', and a Specialist under the 2015 Edition of the 'Australasian Code for Public Reporting of technical assessments and valuations of mineral assets'.

 

Mr Reddicliffe consents to the inclusion in the report of the matters based on his information and in the form and context in which it appears.

Appendix A - ASX: WCE ANNOUNCEMENT

27.4m @ 1,314 g/t Silver Drilled at Elizabeth Hill

Bonanza Silver Grades up to 33,107 g/t (1,064 oz/t) over 0.35 m

 

Highlights

 

·    Native silver intersected in multiple drill holes, with assays returning exceptionally high grades and broad zones of high-grade mineralisation.

·    Silver mineralisation in 25WCDD019 highlights exploration opportunities further northwest than any prior drilling, suggesting the mineralised system is still open and may extend significantly along the strike.

·    Furthermore, high grade drill results from 25WCDD019 and 25WCDD020 are hosted almost entirely in granite, unlike previous ultramafic dominated mineralisation, encouraging further exploration to the west of the main mineralised zone.

 

Hole ID	Length (m)	Ag (g/t)	Ag (oz/t)	From (m)
25WCDD014	27.4	1,314	42	49
Including	4.15	3,677	118	52.85
included within	0.4	16,291	524	53.7
and included within	0.9	5,290	170	54.1
and including	0.28	5,660	182	66.15
and including	2.4	7,288	234	74
Included within	0.35	33,107	1,064	74.6
and included within	0.25	17,534	564	74.95
25WCDD019	22	578	19	6
Including	0.9	9,070	292	9
25WCDD020	25.8	151	5	20
Including	0.63	1,590	51	27.37
25WCDD022	1.95	1,252	40	54.6
including	1.2	1,894	61	54.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Note: Lengths are down hole lengths not true widths; 1 oz = 31.1035g; results rounded to nearest whole number

 

·    Results strengthen confidence in a laterally extensive, high-grade silver system and validate historical results.

·    Assay results for 76 aircore drill holes for 1,060m completed in November 2025, are expected mid-February 2026, with follow-up drilling planned.

 

 

Photo 1: Photograph of sectioned and preserved half HQ3 drill core (25WCDD014) at 75.05m to 75.15m. This drill core shows 2mm to 4mm grains of native silver hosted within and adjacent to 5cm thick carbonate vein in an ultramafic host rock.

 

West Coast Silver Limited (ASX: WCE) ('West Coast Silver' or the 'Company') is pleased to advise assay results for diamond drill program (13 holes for 1,015.25m: 25WCDD013-025) have been received from the Phase 2 diamond drilling program at the Elizabeth Hill Joint Venture Project (WCE 70%, Alien Metals 30%) (Elizabeth Hill) near Karratha, Pilbara region of Western Australia (Figure 1, Figure 3).

 

Executive Director Bruce Garlick commented:

"The Board is very encouraged by the results delivered from this Phase 2 drilling program at Elizabeth Hill. The confirmation of multiple near-surface and bonanza-grade silver intersections reinforces Elizabeth Hill's standing as one of Australia's highest-grade silver projects.

"Of particular significance is the extension of high-grade mineralisation beyond the previously drilled footprint. High-grade silver intersected in drill hole 25WCDD019 further toward the northwest highlights the potential for the mineralised system to extend well beyond existing drilling, clearly indicating that the Elizabeth Hill trend remains open.

"In addition, the intersection of long intervals of mineralisation in 25WCDD019 (22.0m @ 578g/t Ag) and 25WCDD020 (24.8m @ 151g/t Au), predominately intersected in the hanging wall granite is highly important for further exploration as mineralisation of this magnitude has not previously recognised this far into the granite, opening up the likelihood of further granite hosted mineralisation.

"The latest drilling has increased confidence in the scale potential of the silver mineralised system at Elizabeth Hill. The Board looks forward to updating shareholders as the Company advances the Project through the next phase of exploration in 2026."

 

 

Drilling Results

 

Nine of the 13 diamond drill holes intersected significant high-grade silver mineralisation. The highest-grade intersection was returned from drill hole 25WCDD014:

·    27.4m @ 1,314g/t Ag (42 oz/t) from 49m, including multiple bonanza-grade intervals.

Photo 1 demonstrates the distribution and form of silver mineralisation in drill hole 25WCDD014.

 

Further intervals of native silver identified in 25WCDD014 drill core (Photos 2 - 4 and WCE ASX Announcement dated 5 November 2025). The significant high-grade silver intersections include:

 

·    4.15m @ 3,677g/t Ag (118 oz/t) from 52.85m down hole including 0.4m @ 16,291g/t Ag (524 oz/t) from 53.70m and 0.9m @ 5,290g/t Ag (170 oz/t) from 54.10m.

·    0.28m @ 5,660g/t Ag (182 oz/t) from 66.15m down hole.

·    2.4m @ 7,288g/t Ag (234 oz/t) from 74.00m down hole including 0.35m @ 33,107g/t Ag (1,064 oz/t) from 74.6m and 0.25m @ 17,534g/t Ag (564 oz/t) from 74.95m.

 

Drill hole 25WCDD014 intersected native silver in veins and stockworks and terminated in historical mine workings (Figure 1 and 2). The bonanza-grade results provide insight into the grades historically mined at Elizabeth Hill and indicate the presence of additional high-grade silver mineralisation beyond that previously interpreted from historical drilling.

Drill hole 25WCDD019 intersected a broad zone of near-surface silver mineralisation:

·    22.0m @ 578g/t Ag (19 oz/t) from 6m, including 0.9m @ 9,070g/t Ag (292 oz/t)

This hole was drilled on the northernmost drill line and intersected mineralisation further west than previously tested, suggesting a change in strike of the Munni Munni fault and indicating that mineralisation remains open to the northwest.

Drill hole 25WCDD022 intersected high-grade silver mineralisation, returning:

·      1.95m @ 1,252g/t Ag (40 oz/t) from 54.6m, including 1.20m @ 1,894g/t Ag (61 oz/t)

Mineralisation in 25WCDD022 was associated with sulphide-bearing carbonate veins in ultramafic rocks adjacent to historical stopes.

Figure 1: Location of significant silver intercepts in Phase 1 and 2 Elizabeth Hill 2025 diamond drill holes

 

Figure 2: Long section highlights the southerly plunge of silver mineralization from gram-metre plot (grade g/t Ag x intercept m's) of all drilling results. Elizabeth Hill silver deposit highlighting the significant assay drill results. Note: Phase 2 diamond drill hole traces (25WCDD013-025) are shown in their entirety and are projected onto the long section plane.

Photo 2: Photograph of cut half HQ3 drill core (25WCDD014) from 53.45m to 54.18m showing 2mm to 4mm grains of native silver hosted within and adjacent to 1cm to 3cm thick carbonate veins in an ultramafic host rock.

Note: Intervals shown in the photo are contained within the assay intervals in the text above, but do not show the entire interval.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Photo 3: Photograph of cut half HQ3 drill core (25WCDD014) from 65.96m to 66.60m showing 1% visually estimated, 2mm to 3mm long native silver grains hosted in and adjacent to 1cm to 10cm thick carbonate veins in an ultramafic host rock.

Note: Intervals shown in the photo are contained within the assay intervals in the text above, but do not show the entire interval.

Photo 4: Photograph of cut half HQ3 drill core (25WCDD014) from 74.42m to 75.11m showing 1% visually estimated, 2mm to 4mm long native silver grains hosted within and adjacent to 1cm to 3cm thick carbonate veins in an ultramafic host rock.

Note: Intervals shown in the photo are contained within the assay intervals in the text above, but do not show the entire interval.

Exploration Implications

 

The drilling has confirmed extensive high-grade silver mineralisation close to surface and immediately above historical mine workings. The results support West Coast's interpretation that the southerly plunge of silver mineralisation broadens as it flattens and approaches surface, creating additional near-surface targets for further exploration (Figure 2).

 

High-grade silver intercepts in drill hole 25WCDD019 represent the most north-westerly mineralisation intersected to date. The change in the strike of mineralisation corresponds with an interpreted change in the direction of the Munni Munni fault, indicating the mineralised trend remains open to the northwest and may host additional high-grade silver mineralisation.

 

The consistency of high-grade results validates historical drilling and provides confidence to expand exploration beyond the historically mined areas.

 

Next Steps

Following the high-grade results intersected in the 2025 diamond drilling programs (Phase 1 and 2), the Company will progress exploration at Elizabeth Hill in a structured and disciplined manner.

·    Results from the 76-hole (1,060m) aircore drill program completed in November 2025. Pending results are expected in mid-February 2026. It is anticipated the results will further refine targets for near-surface silver mineralisation and prioritising follow-up RC and diamond drilling.

·    Detailed geological and structural review of all 2025 drilling data, including the interpreted change in strike and plunge of mineralisation, particularly the newly identified targets in the northwest of the Elizabeth Hill Project. Planning of follow-up drilling, subject to results and approvals, targeting near-surface and near-mine extensions of known mineralisation.

·    Further drilling planned targeting on:

-     extensions of high-grade mineralisation along strike and at depth.

-     near-mine targets adjacent to historical workings.

-     priority targets identified from aircore drilling and the new geological reinterpretation.

·    Surface and down-hole geophysical surveys to improve targeting and support drill planning during 2026.

·    JORC Mineral Resource Estimate and economic study of near surface mineralisation being undertaken to support ongoing evaluation of a development pathway.

 

 

About 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. Radio Hill is a third-party-owned processing facility; WCE has no current agreement in place."

Figure 3: Elizabeth Hill Project 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: info@westcoastsilver.com.au

 

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.

 

Cross Sections

Drill Holes 25WCDD019 and 25WCDD021

Drill holes 25WCDD019 and 25WCDD021 were designed to test near surface mineralisation at the ultramafic-granite contact where it is intersected by the subvertical Munni Munni Fault (Figures 1, 2 and 4).

 

Drill hole 25WCDD019 was designed to twin historical reverse circulation percussion (RC) drill hole EC079, intersected silver mineralisation hosted within carbonate veins and iron-oxide rich veinlets, with associated malachite and black sulphide minerals, as previously reported (refer to WCE ASX Announcement dated 5 November 2025). Assay results returned a significant intersection of 22m @ 578g/t Ag from 6m, including 0.9m @ 9,070g/t Ag from 9m.

 

The wide intersection of silver mineralisation in 25WCDD019 within the Munni Munni Fault and its hangingwall validates the silver mineralisation in EC079 and extends it by another 8m down hole beyond the end of historical drilling. The results indicate that mineralisation remains open to the northwest along a flexure in the Munni Munni fault, with further drilling required to test this interpretation.

 

Drill hole 25WCDD021 was designed to target mineralisation east and below historical RC hole EC080 (Figure 4). The significant intersections in the drill hole confirm the targeting criteria and include 3.2m @ 46g/t Ag from 8m, 5m @ 27g/t Ag from 16m and 7.52m @ 28g/t Ag from 28.48m.

Figure 4: Cross section A-A' - 2025 drill holes 25WCDD019 and 25WCDD021 and historical drilling assay results. The dip of mineralisation and sheeted vein/stockwork zone may be an apparent dip due to the Munni Munni fault flexing northwest.