Conditionally secures JV partner for Munni Munni

Alien Metals Limited

01 December 2025

 

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

1 December 2025

Alien Metals Limited

("Alien" or the "Company")

Conditionally secures Joint Venture partner for the Munni Munni Platinum Group Metals Project

Alien Metals Limited (AIM: UFO), a minerals exploration and development company, is pleased to announce that its wholly owned subsidiary, Alien Metals Australia Pty Ltd ("AMA") has entered into a conditional sale agreement ("Sale Agreement") with GreenTech Metals Limited (ASX: GRE) ("GreenTech") in respect of a 70% interest in the Munni Munni Project and surrounding tenements totaling 180km² located in the West Pilbara (the "Project"). AMA will retain a 30% interest in the Project and will enter into a joint venture agreement with GreenTech upon completion of the Sale Agreement ("JV Agreement"). AMA will be free carried through to the completion of a bankable feasibility study. The transaction is consistent with our balanced strategy of advancing and strengthening our asset base through targeted technical work and development, while assessing partnerships and selective monetisation opportunities that have the strong potential to maximise long-term shareholder value. This approach positions the Company to realise value when market conditions and timing are favourable, while continuing to advance and broaden the portfolio. At the same time, we will continue to consider opportunities to expand our asset base through carefully selected acquisition opportunities which meet the Board's prudent criteria.    

Highlights:

As more fully described below, subject to, inter alia, completion of a capital raise by GreenTech and receipt of requisite GreenTech shareholder approval for the issue of the Consideration Shares (as defined below):

•   GreenTech will acquire a 70% interest in the Project, comprising four Mining Leases and two Exploration Licences (~180 km²) in the West Pilbara (with AMA holding the balance of 30% interest in the tenements and GreenTech assuming 70% of the obligations applicable to the Project (see section B(iv) below) ("Transaction").

•     AMA will enter into the JV Agreement with GreenTech to facilitate the exploration and development of the Project.

•     Pursuant to the terms of the JV Agreement, a joint venture holding the Project (the "Joint Venture") will be formed. Alien will hold a 30% interest in the Joint Venture, with GreenTech holding 70% and acting as manager of the Joint Venture.

•     GreenTech will operate, with customary input and oversight from Alien as its joint venture partner, and will solely fund the Joint Venture through to the completion of a bankable feasibility study, meaning that AMA's interests are free-carried for the duration of this period.

•     In conjunction with, and as a condition to completion of, the Transaction, GreenTech is to complete a minimum capital raising of A$3 million (the "Placement") via a share placement.

•    Consideration for the Transaction comprises a cash payment to Alien of A$0.5 million and Alien being issued 47 million ordinary shares in the capital of GreenTech ("GreenTech Shares") (the "Consideration Shares"). GreenTech requires shareholder approval for the issue of the Consideration Shares. Assuming completion of the Transaction, Alien will receive in aggregate A$500,000 in cash consideration, which will be applied to Alien's portfolio of assets and working capital.

•   Of the 47 million GreenTech Shares, Alien may sell up to A$500,000 worth of those shares in instalments of no more than $20,000 worth per trading day, with the balance being subject to a 6 month voluntary escrow.

•    Based on the closing share price of GreenTech on 28 November 2025 (A$0.071), being the latest practicable date prior to this announcement, the value of the Consideration for a 70% interest in the Project to be received following GreenTech's shareholder approval will be A$3.84 million, being the cash payment of A$500,000 plus the value of the Consideration Shares valued at A$3.34 million.

•     GreenTech has the right, exercisable within 12 months of completion of the Transaction to acquire a further 10% in the Project for the issue of a further 20,000,000 GreenTech Shares. Exercise of the option shall be conditional upon, inter alia, the volume-weighted average price of the GreenTech Shares over the 30 trading days prior to the option exercise being no less than A$0.05. Completion of the transaction remains subject, inter alia, to GreenTech shareholders approving the Transaction at a general meeting. It is currently anticipated that completion of the Transaction could occur on 13 January 2026, following GreenTech's general meeting being held on 12 January 2026. This date is purely indicative and may be subject to change. A further announcement regarding the timing of completion will be made as appropriate.

•    Alien is committed to its balanced strategy of advancing, strengthening and optimising its asset base through targeted technical work and project development, while evaluating partnerships and selective monetisation opportunities where timing and market conditions are favourable. With Munni Munni now conditionally monetised, following Elizabeth Hill Silver, the Company continues to progress its iron ore assets through ongoing technical work and strategic discussions to support future value realisation.  

Strategic Rationale of the Transaction

The Alien Board considers GreenTech to be a well-placed partner to unlock the value of Munni Munni and the surrounding district. On completion, Alien will retain a 30% free-carried interest in the Munni Munni PGM Project and will also hold 47 million ordinary shares in GreenTech, which will own 70% of the Project and has concurrently consolidated a broader regional land position including Munni Munni South and the nearby Whundo Copper Project. This enlarged 346km² district position provides exposure to PGE, nickel, copper and gold systems, together with multiple advanced drill targets. This structure provides Alien with both direct and indirect leverage to potential district-scale upside without the requirement to commit further exploration or development expenditure until the Project has been materially de-risked.

Key Terms and Additional Details of the Transaction

A.    The consideration to Alien is:

i.      A payment of A$0.5 million in cash to Alien on completion of the Transaction.

ii.   47 million GreenTech Shares issued to Alien. Alien may sell down up to $500,000 worth of GreenTech Shares, provided it limits daily sales to no more than A$20,000 worth of GreenTech Shares per trading day, with the balance of the Consideration Shares being held in voluntary escrow for 6 months.

iii.    GreenTech has a right for 12 months from completion of the Transaction to acquire a further 10% in the Project for the issue of 20,000,000 GreenTech Shares. Exercise of this option will be conditional upon GreenTech having the requisite authority to issue the GreenTech Shares, the issue of the GreenTech Shares not causing Alien's shareholding in GreenTech to exceed 20% and the volume-weighted average price of the GreenTech Shares over the 30 trading days prior to the option exercise being no less than A$0.05.

B.  The conditions precedent to the Transaction completing are required to be satisfied within 6 months and are as follows:

i.   GreenTech completing a minimum A$3 million capital raising via a share placement.

ii. GreenTech shareholder approval for the issue of Consideration Shares to Alien in accordance with ASX Listing Rule 7.1;

iii.  Execution of and entering into the JV Agreement;

iv.  Execution of and entering into a number of other technical agreements with respect to the Project required in order for the Joint Venture to proceed, including (i) an agreement between AMA, Crest Silver Pty Ltd ("Crest") and West Coast Silver Limited ("West Coast") confirming the understanding of the parties as to the pre-emptive right Crest holds over other minerals within the Project area, (ii) amendments to the joint venture between AMA, Crest and West Coast with respect to the silver rights within the Project area (which will remain subject to the joint venture between AMA and West Coast as announced by the Company on 24 March 2025), (iii) a waiver from Franco-Nevada with respect to a mortgage it holds over the tenements comprising the Project, (iv) a deed of covenant between Crest and the Aboriginal corporation on whose land the Elizabeth Hills Silver Project is located and a deed of assignment and assumption between AMA, GreenTech and Franco-Nevada with respect to GreenTech assuming a significant portion of AMA's obligation to pay Franco-Nevada A$400,000 on mining commencing on the tenements and (v) a deed of assignment and assumption between AMA, GreenTech and an Aboriginal corporation on whose land the Project is located. A number of the above agreements are required to be entered into due to the Elizabeth Hills and the Munni Munni Projects being located on the same tenements; and

v.    any other required third party or regulatory approvals being obtained.

Completion will occur 10 Business Days following the satisfaction of all conditions precedent (or such other date as the parties may agree following the satisfaction or waiver of all conditions precedent).

C.    The key terms of the Joint Venture are as follows:

i.    On and from the date of completion of the Transaction, GreenTech and Alien (together, the "JV Parties") will be deemed to have established and commenced the Joint Venture, and hold the joint venture interests on a 70/30 basis ("JV Start Date"). The JV Parties will establish an Operating Committee to approve, inter alia, programmes and budgets relating to the operation of the Joint Venture and proposed corporate actions of the tenement holders.

ii.    On and from the JV Start Date, GreenTech agrees to solely fund all joint venture expenditure and free carry Alien's joint venture interest until GreenTech has completed a bankable feasibility study.

iii.    Each of Alien and GreenTech will have a right of first refusal in the event that either party seeks to dispose of their interests in the Project.

D.    Prior to completion of the Transaction, the Company will be bound by the following obligations:

i.    Alien must keep all tenements relating to the Project in good standing until completion.

ii.    Alien must not negotiate with any third party in relation to the Project until completion.

E.   The governing law for the Transaction documents is Western Australia.

F.   The Transaction does not constitute a related party transaction pursuant to AIM Rule 13. However, Belinda Murray, executive director, abstained from voting on approval of the entry into the Sale Agreement due to a potential conflict of interest. Jozsef Patarica, non-executive director of GreenTech, is Belinda Murray's business partner through their jointly owned consultancy company, Core Advisory Services Pty Ltd. Accordingly, appropriate disclosures were made to the board regarding this potential conflict and the Transaction was approved by the directors independent of GreenTech, being Bruce Garlick and Liz Henson. It should also be noted that with respect to GreenTech's decision to enter into the Transaction, Jozsef Patarica also abstained from voting.

Alien's Corporate Strategy and Portfolio

The Board looks forward to continuing Alien's balanced and disciplined strategy of advancing, strengthening and optimising its asset base through targeted technical work and asset development. The Company remains focused on meaningfully progressing its projects while evaluating partnerships, joint ventures and selective monetisation opportunities where these clearly support long-term shareholder value. This approach has been demonstrated through the monetisation of Elizabeth Hill and now, conditionally, Munni Munni, each transferring funding and operational risk to well-capitalised partners while preserving Alien's exposure to future upside. Alien is applying the same balanced approach to its iron ore portfolio, where ongoing technical work is aimed at advancing the Hancock Iron Ore Project while the Company continues to assess a range of funding and development pathways as market conditions and timing allow. At the same time, we will continue to consider opportunities to expand our asset base through carefully selected acquisition opportunities which meet the Board's prudent criteria.

Following (and assuming) the completion of the Transaction, Alien will retain the following interests:

•     Iron Ore - Hancock Iron Ore (90%) (Mining Lease): This lease holds an 8Mt resource with a current mining inventory of 4Mt.

o  Hancock West (Mallina) Exploration Licence ("EL").

o  Vivash Gorge: Contains high-grade iron ore (approximately 58%), located adjacent to a significant Fortescue Metals Group deposit.

o  Brockman: Contains high-grade iron ore (up to 65%), located adjacent to the Mineral Resources/AMCI/BHP Steel JV (currently producing at a forecast annual production rate of 15Mtpa).

•     Silver - 30%: Alien retains a 30% free-carried interest in the Elizabeth Hill Silver Project until a Decision to Mine.

•     Platinum Group Metals - 30%: Alien retains a 30% free‑carried interest in the Project until the completion of a bankable feasibility study.

Figure 1: Alien Metals Limited projects

Munni Munni PGM-Cu-Ni Project Overview

Munni Munni is one of Australia's most significant PGE intrusions, hosting a laterally continuous reef system containing platinum, palladium, rhodium and gold. The Project contains a substantial historic non-JORC 2004 Mineral Resource of 24Mt at 2.9 g/t 4E PGE (2.2Moz) (SRK, 2002), underpinned by extensive drilling and earlier metallurgical testwork. Previous operators, including Lonmin, advanced the Project through drilling, resource modelling and processing studies. Large areas of the intrusion remain lightly explored, providing material upside potential. Munni Munni is located in the Pilbara region of Western Australia on existing mining leases, with potential future development synergies through proximity to GreenTech's Whundo Copper Project and other regional infrastructure.

Figure 2: Munni Munni Project Tenement Location.

Munni Munni Advancement Strategy

Greentech's strategy to advance the Munni Munni Project focuses on four coordinated workstreams designed to rapidly unlock value across the intrusion, with all planned technical work funded under Alien's free-carry. This allows Alien to benefit from the full upside through both its retained 30% Project interest and its monetisable 47 million shareholding in GreenTech.

1.    Resource Upgrade to JORC (2012)

a.    Modest infill and twin-hole drilling program designed to validate the extensive historical drill database and metallurgical work.

b.    Program planned to enable a rapid upgrade of the existing Historical Resource to JORC (2012) standards.

2.    Resource Expansion

a.    Infill remaining gaps in drilling across the central 9km of the Ferguson Reef.

b.    Extend drilling footprint to the western zone and along the eastern limb, targeting known structural and stratigraphic controls on PGE-Cu-Ni mineralisation.

3.    Mining Study (Open Pit and Underground)

a.    Evaluate near-surface PGE-Cu-Ni mineralisation amenable to large-scale open pit development.

b.    Assess higher-grade underground mining scenarios focused on the high-value Ferguson Reef.

c.     Incorporate potential synergies with the Whundo Cu-Zn-Au deposit, located ~10 km to the east, into broader development studies.

4.    Additional Exploration Opportunities

a.    Multiple Cu-Ni prospects identified along the eastern limb of the intrusion offer further discovery potential.

b.    Planned EM surveys will be used to refine targets and guide follow-up drilling. Systematic exploration drilling focused on expanding the defined PGE mineralisation along strike, at depth and into newly defined target zones

Greentech has engaged leading technical partners and consultants to support project execution, with work already underway.

For further information on the Munni Munni Project, please see GreenTech's announcement in relation to the Transaction here: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03031093-6A1300593&v=undefined

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: [phone]

Zeus Capital Limited (Joint Broker)

Harry Ansell / Katy Mitchell Tel [phone]

Turner Pope (Joint Broker)

Andy Thacker / Guy McDougall

Tel: [phone]

Yellow Jersey (Financial PR)

Charles Goodwin / Shivantha Thambirajah

Tel: [phone]

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.

 

END