FY24 Results Ended 31 December 2024

Key risks	Description of risk	Mitigating factors
Exploration, development and future acquisitions (including JV-related risks)	The Group's operations are subject to all the hazards and risks incidental to exploration, development and the production of minerals, including damage to life or property, environmental damage and legal liability for damage, which could have a material adverse impact on the business and its financial performance. The Group may acquire additional mining concessions in Australia or elsewhere in the world. The Group may be unable to obtain suitable mining concessions at competitive prices. Any exploration programme entails risks relating to the location of economic ore bodies, the development of appropriate metallurgical processes, the receipt of necessary governmental permits and the construction of mining and processing facilities. If the Group's portfolio of mining concessions is deemed by management not to warrant further exploration and the Group is unsuccessful in acquiring suitable new projects, the Group will have no exploration or development projects to pursue.	Our mineral concessions are evaluated carefully by qualified geologists, and independent advisors are engaged as and when appropriate. The management team has significant experience operating in Australia. The Company has joint ventured certain projects to accelerate their development and take advantage of available capital and expertise.
No reserves or resources	The Group has announced its maiden mining reserve and associated mining inventory. No assurance can be given that any future exploration programme will result in any new resources and or discoveries.	The Group received an independent assessment of the reserve resource potential of the Hancock project and believes that there is good potential to delineate additional mineral resources in accordance with JORC.
Mineral concessions and titles risks	In relation to exploration and mining concessions over which the Group holds legal rights, if the Group fails to fulfil the specific terms of any of its concessions or operates in the concession areas in a manner that violates Australian mining law, regulators may impose fines, suspend or revoke the concessions, any of which could have a material adverse effect on the Group's operations and proposed operations.	The Group is aware of necessary minimum expenditure and annual rental obligations for all its exploration and mining permits and maintains the necessary payments and expenditure obligations to negate any risk from this aspect. Prior to entering into agreements relating to mineral concessions, formal searches and reviews of legal documentation are conducted to provide evidence of the legal owner, including outsourcing of legal and/or tenement due diligence to legal practitioners.

Key risks	Description of risk	Mitigating factors
Requirement of additional financing	Failure to obtain sufficient financing for any projects would result in a delay or indefinite postponement of exploration, development or production on properties covered by the Group's concessions or even the loss of a concession. Additional financing might not be available when needed, or if available, the terms of such financing might not be favourable to the Group and could involve substantial dilution to shareholders. In the absence of adequate funding or cost reductions, the Group may not be able to continue as a going concern.	The Group has an experienced Board and management team with significant experience in financing mining activities. The Group has been successful in raising funds in the past and it is our intention to raise additional funds in future to support the ongoing development of the business.
Liquidity risk	The Group's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. The Group's accounts payable have contractual maturities of less than 30 days and are subject to normal trade terms. In the short-term, liabilities will be funded by cash.	The Group ensures sufficient funds will be available to allow it to meet its liabilities as they fall due. To achieve this, cash balances and cash flow projections are reviewed by the Board on a regular basis. The Board will not commit to material expenditures prior to being satisfied that sufficient funding is available.
Capital management risk	The Group's objective when managing capital is to safeguard the Group's ability to continue as a going concern and have access to adequate funding for its exploration and development projects so that it can provide returns for shareholders and benefits for other stakeholders. The Group manages the capital structure and adjusts in light of changes in economic conditions and risk characteristics of the underlying assets.	To maintain or adjust the capital structure, the Group may issue new shares, acquire debt, or sell assets. Management regularly reviews cash flow forecasts to determine whether the Group has sufficient cash reserves to meet future working capital requirements and to take advantage of business opportunities.
Price risk	The price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices, whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments in the market.	The Group has on issue a convertible note, share options and warrants. None of these have a material price risk. The Group does not hedge its exposure to price risk.
Foreign currency risk	The Group's exploration and administration expenditure is made in Australian dollars. The Group is therefore exposed to the movement in exchange rates for this currency. At the year end, most the Group's cash resources were held in AUD negating any foreign exchange risk. In addition, any movements in pounds sterling or Australian dollars would affect the presentation of the consolidated statement of financial position when the net assets of the Australian subsidiaries and the parent company in the UK are translated from their functional currencies into US dollars.	The Group does not currently hedge foreign exchange risk. There is not considered to be any material exposure in respect of other monetary assets and liabilities of the Group.

Key risks	Description of risk	Mitigating factors
Credit risk	The Group's credit risk is primarily attributable to cash and the financial stability of the institutions holding it. The Group's maximum exposure to credit risk is attributable to cash. The credit risk on cash is limited because the Group invests its cash in deposits with well capitalised financial institutions with strong credit ratings.	The Group invests its cash in deposits with well-capitalised financial institutions with strong credit ratings.
Investment risk	The Group may from time to time hold shares in other mining companies. There is not always a liquid market for the shares in companies, and it may not always be possible to sell such shares at the optimum time or price.	The Group has previously been successful in realising value from investments.

External risks
Metals prices	The Group's ability to obtain further financing will depend in part on the price of commodity prices, including copper, silver, lead, iron ore and zinc, and the industry's perception of its future price. The Group's resources and financial results of operations will also be affected by fluctuations in metal prices over which the Group has no control. A reduction in the metal prices could prevent the Group's properties from being economically mined or result in curtailment of existing production activities or result in the impairment and write-off of assets. The price of commodities, which is affected by numerous factors including inflation levels, fluctuations in the US dollar and other currencies, supply and demand and political and economic conditions, could have a significant influence on the market price of the Company's common shares.	It is an accepted risk that the Group's performance will be impacted by the price of metals. The Board and management believe the price of precious metals will increase in the long term. The Group does not hedge its exposure to metals prices.

Operational risks
Reliance on contractors	The Group relies on contractors to implement exploration and development programmes. The failure of a contractor or key service provider to properly perform its services to the Group could delay or inconvenience the Group's operations and have a materially adverse effect on the Group.	The Group has operated in Australia for several years and has well-established and trusted relationships with various contractors.
Key personnel	The Group's business is dependent on retaining the services of a small number of key personnel of the appropriate calibre as the business develops. The Group has entered into employment agreements with certain key managers. The success of the Group is and will continue to be, to a significant extent, dependent on the expertise and experience of the directors and senior management. The loss of one or more of these individuals could have a materially adverse effect on the Group. The Group does not currently have any insurance in place with respect to key personnel.	The Board effectively operates as the Nomination & Remuneration Committee which is responsible for considering succession planning and ensuring remuneration is sufficient to attract and retain staff of the necessary calibre. The Company also has the ability, and track record, to attract new Directors and personnel when required.

Key risks	Description of risk	Mitigating factors
Environmental factors	The Group's operations are subject to environmental regulation in the jurisdictions in which it operates. Such regulation covers a wide variety of matters including, without limitation, prevention of waste, pollution and protection of the environment, labour regulations and health and safety. The Group might also be subject under such regulations to clean-up costs and liability for toxic or hazardous substances, which might exist on or under any of the properties covered by its concessions, or which might be produced because of its operations. If the Group does not comply with environmental regulations or does not file environmental impact statements in relation to each of its concessions, it might be subject to penalties, its operations might be suspended, closed and/or its concessions may be revoked. Environmental legislation and permit requirements are likely to evolve in a manner which will require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree of responsibility for companies and their directors and employees. The Group's activities could be subject to prolonged disruptions due to weather conditions depending on the location of operations in which the Group has interests.	The Group has an experienced Board and management team with an awareness and knowledge of these types of risk. Concessions are evaluated carefully prior to their acquisition for environmental risks and consultants are engaged to advise on specific risks when appropriate. The Group has an excellent track record on environmental matters.
Political risk	The Group is conducting its exploration activities in Western Australia. The Group may be adversely affected by changes in economic, political, judicial, administrative or other regulatory factors such as taxation in these jurisdictions, where the Group operates and holds its major assets. These changes may affect both the Group's ability to undertake exploration and development activities in respect of future properties in the manner currently contemplated, as well as its ability to continue to explore and develop those properties, in respect of which it has obtained exploration and development rights to date.	The Directors believe the government of Australia supports the development of natural resources by foreign operators.
Payment obligations	Under the mineral property concessions and certain other contractual agreements to which a member of the Group is, or may in the future become, a party, any such company is, or may become, subject to payment and other obligations. If such obligations are not complied with when due, in addition to any other remedies which may be available to other parties, this could result in dilution or forfeiture of interests held by such companies.	The Directors have in place a system of internal controls to ensure any payment obligations are complied with.

Key risks	Description of risk	Mitigating factors
Regulatory approvals	The operations of the Group require approvals, licenses and permits from various regulatory authorities, governmental and otherwise. There can be no guarantee that the Group will be able to obtain or maintain all necessary approvals, licenses and permits that may be required to explore and develop its various projects and/or commence construction or operation of mining facilities that economically justify the cost.	The Group has significant experience in operating in Australia and believes that the Group holds or will obtain all necessary approvals, licenses and permits under applicable laws and regulations in respect of its current projects.
Competition	The Group competes with numerous other companies and individuals in the search for and acquisition of mineral claims, leases and other mineral interests, as well as for the recruitment and retention of qualified employees. There is significant competition for the silver and other precious metals opportunities available and, as a result, the Group may be unable to acquire further mineral concessions on terms it considers acceptable.	The Group and its management team have significant experience in mining operations in Australia. Through its experience and relationships, counterparties may consider the Group to have lower transaction risk than its competitors.
Conflicts of interest	Certain directors and officers of the Group also serve as directors and/or officers of other companies involved in mineral exploration and development and consequently there is the potential for conflicts of interest. The Group expects that any such director or officer shall disclose such interest in accordance with its articles of association or his contractual obligations to the Group and any decision made by any of such directors and officers involving the Group will be made in accordance with their duties and obligations to deal fairly and in good faith with a view to the best interests of the Group and its shareholders.	The Group's Articles of Association have been adopted by shareholders and any conflicts of interest are dealt with in accordance with the rules set out therein. In the event of a conflict of interests, the conflicted director shall not vote on the relevant matter.
Health and Safety	Alien Metals operates in an environment with work related hazards and risk of injuries and accidents. A comprehensive health and safety programme is the primary means for delivering best practices in health and safety management. This programme is regularly required to be updated to incorporate employee suggestions, lessons learned from past incidents and new guidelines related to new projects with the aim of identifying areas for further improvement of health and safety management. This requires continuous improvement of the health and safety programme. Employee involvement is recognised as fundamental in recognising and reporting unsafe conditions and avoiding events that may result in injuries and accidents.	The Group has established and published robust corporate health, safety, environmental and community relations policies, and at the operations level have put into place clear safe operating procedures covering a variety of the Group's activities. The active participation of all staff in the development, implementation and further development of these procedures is actively encouraged.

Issue	Action
· Accounting policies	The Committee reviewed and discussed the significant accounting policies with management and the external auditor and reached the conclusion that each policy was appropriate to the Group.
· Carrying value of intangibles	The Committee reviewed the impairment assessment report prepared by management and agreed that given the reasonable expectation that the Group will achieve its milestone targets in the near future, that no impairment to the value of the intangibles was required as at 31 December 2024.
· Going concern review	The Committee considered the ability of the Group to operate as a Going Concern considering cash-flow forecasts for the next 12 months. It was determined by the Committee that the forecasts indicate that the Group and parent Company's cash resources are not sufficient to cover the projected expenditure for the period of 12 months. Notwithstanding, the Directors are confident in the Company's ability to raise additional funds as required, from existing and/or new investors, within the next 12 months. Thus, they continue to adopt the going concern basis of accounting preparing these financial statements. Refer to page 13 and note 2.4 for further information on going concern.
· Review of audit and non-audit services and fees	The external auditor is not engaged by the Group to carry out any non-audit work in respect of which it might, in the future, be required to express an audit opinion. The Committee reviewed the fees charged for the provision of audit services and determined that they were in line with fees charged to companies of similar size and stage of development. The Committee considered and was satisfied the external auditor's assessment of its own independence.

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	Held at 31 December 2023 Number	Issued to extinguish a debt Number	Held at 31 December 2024 Number
G Robertson	-	-	-
E Henson	8,455,722	6,000,000	14,455,722
R Mosig **	-	-	-
A Vorster *	12,500,000	-	12,500,000

	Held at 31 December 2023 Number	Forfeited Number	Held at 31 December 2024 Number
G Robertson	-	-	-
E Henson	65,000,000	-	65,000,000
R Mosig **	-	-	-
A Vorster *	65,000,000	(65,000,000)	-


	Percentage
Hargreaves Lansdown Asset Mgt (Bristol)	24.20%
Interactive Investor (Manchester)	11.80%
Halifax Share Dealing (Halifax)	10.83%
Bennelong Ltd (London)	6.11%
Windfield Metals Pty Ltd (Regional (NSW))	5.02%
A J Bell Securities (Tunbridge Wells)	3.45%
Gilmore Capital (Dubai)	3.44%
Barclays Wealth (London)	3.19%
IG Markets (London)	3.11%

	2024 $'000	2023 $'000
Cash and cash equivalents ($)	224	676
Administrative expenses as a percentage of total assets (%)	8%	16%
Exploration costs capitalised during the year ($)	1,268	1,708

		Group
Continuing Operations	Note	2024 $'000	2023 $'000
Administration expenses	6	(1,420)	(2,712)
Other losses	6	(77)	(1,153)
Other gains		-	178
Operating loss		(1,497)	(3,687)
Finance costs	18	(64)	(42)
Finance income	18	5	8
Loss for the year before taxation		(1,556)	(3,721)
Income tax	7	-	-
Loss for the year		(1,556)	(3,721)
Loss attributable to:
- owners of the Parent		(1,556)	(3,721)
		(1,556)	(3,721)
Other Comprehensive Income:
Items that may be subsequently reclassified to profit or loss
Exchange differences recognised directly in equity		(1,404)	(415)
Total Comprehensive Income		(2,960)	(4,136)
Attributable to:
- owners of the Parent		(2,960)	(4,136)
Total Comprehensive Income		(2,960)	(4,136)
- Total comprehensive income attributable to continuing operations
Total comprehensive loss for the year attributable to equity shareholders of the parent		(2,960)	(4,136)
Earnings/(loss) per share (cents) from continuing operations attributable to owners of the Parent - Basic & Diluted	21	(0.0225)	(0.065)

STATEMENT OF DIRECTORS' RESPONSIBILITIES

Companies

UK 100

Latest directors dealings


	Share capital $'000	Warrants reserve $'000	Share- based payments Reserve $'000	Options reserve $'000	Foreign Exchange Translation reserve $'000	Retained losses $'000	Total equity $'000
As at 1 January 2023	79,586	739	-	771	694	(63,647)	18,143
Loss for the year	-	-	-	-	-	(3,721)	(3,721)
Other comprehensive income
Exchange differences recognised directly in equity	-	-		-	(415)	-	(415)
Total comprehensive income for the year	-	-		-	(415)	(3,721)	(4,136)
Transactions with owners in their capacity as owners
Contributions of equity, net of costs	2,478	-		-	-	-	2,478
Share-based payment transactions	-	95	-	121	-	-	216
Exercise of options & warrants	33	-	-	(38)	-	-	(5)
As at 31 December 2023	82,097	834	-	854	279	(67,368)	16,696
Loss for the year	-	-	-	-	-	(1,556)	(1,556)
Other comprehensive income
Exchange differences recognised directly in equity	-	-	-	-	(1,404)	-	(1,404)
Total comprehensive income for the year	-	-	-	-	(1,404)	(1,556)	(2,960)
Transactions with owners in their capacity as owners
Contributions of equity, net of costs	1,751	-	-	-	-	-	1,751
Share-based payment transactions	-	60	20	148	-	-	228
Expiry of options & warrants	-	(436)	-	(272)	-	708	-
As at 31 December 2024	83,848	458	20	730	(1,125)	(68,216)	15,715

Name of subsidiary	Place of business		Parent company		Share capital held		Principal activities
Arian Silver Corporation (UK) Ltd		England and Wales		Alien Metals Limited		100%		Holding
Arian Silver (Holdings) Limited		England and Wales		Alien Metals Limited		100%		Holding
A.C.N. 643 478 371 Pty Ltd		Australia		Alien Metals Limited		100%		Exploration
Iron Ore Company of Australia Pty Ltd		Australia		Alien Metals Limited		100%		Exploration
Alien Metals Australia Pty Ltd		Australia		Alien Metals Limited		100%		Exploration
Mallina Exploration Pty Ltd		Australia		Alien Metals Limited		100%		Exploration
Compañía Minera Estrella de Plata S.A. de C.V.		Mexico		Alien Metals Limited		100%		Exploration

	Liabilities		Assets
	2024 '000	2023 '000	2024 '000	2023 '000
Pounds sterling	310	168	207	298
Australian dollars	451	546	157	554

2024	Australia $'000	Mexico $'000	UK $'000	Total $'000

Administrative expenses	(393)	-	(1,027)	(1,420)
Other losses	(30)	-	(47)	(77)
Operating loss from continued operations per reportable segment	(423)	-	(1,074)	(1,497)
Reportable segment assets	16,866	-	325	17,191
Reportable segment liabilities	(438)	-	(1,038)	(1,476)
Reportable segment net assets/(net liabilities)	16,428	-	(713)	15,715

2023	Australia $'000	Mexico $'000	UK $'000	Total $'000

Administrative expenses	(870)	(1)	(1,841)	(2,712)
Other losses	(557)	(140)	(456)	(1,153)
Other gains	-	-	178	178
Operating loss from continued operations per reportable segment	(1,427)	(141)	(2,119)	(3,687)
Reportable segment assets	15,290	-	2,729	18,019
Reportable segment liabilities	(544)	-	(779)	(1,323)
Reportable segment net assets	14,746	-	1,950	16,696

	2024 $'000	2023 $'000
Loss before tax from continued operations	(1,556)	(3,721)
Tax at the UK tax rate of 25% (2023: weighted average of 18.6%)	(389)	(713)
Non-deductible expenses	79	248
Timing differences	(313)	-
Tax losses utilised not previously brought to account	623	465
Income tax for the year	-	-

	Group
Exploration & Evaluation Assets at Cost and Net Book Value	2024 $'000	2023 $'000
Balance as at 1 January	16,593	15,639
Additions	1,268	1,708
Asset acquisitions	-	21
Impairment	(10)	(794)
Foreign exchange differences	(1,416)	19
As at 31 December	16,435	16,593

VAT and GST Receivable	113	125
Other financial assets	8	-
Other receivables	24	129
Prepayments	26	7
As at 31 December	171	261

Trade payables	523	591
Accrued expenses and other payables	232	135
As at 31 December	755	726

UK Pounds	310	207
US Dollars	6	-
Australian Dollars	439	519
As at 31 December	755	726

Liability - Host	675	500
Liability - Derivative	33	71
Total	708	571

			Number
Grant date	Expiry date	Exercise price in £ per share	2024	2023
2019	28-Mar-24	0.0025	-	12,342,509
2019	28-Mar-24	0.0022	-	3,000,000
2019	28-Mar-24	0.0030	-	3,000,000
2019	28-Mar-24	0.0045	-	4,000,000
2021	21-Oct-24	0.0100	-	10,000,000
2021	21-Oct-24	0.0115	-	10,000,000
2021	21-Oct-24	0.0145	-	15,000,000
2022	26-Sep-26	0.0080	67,500,000	77,500,000
2022	26-Sep-26	0.0100	67,500,000	85,000,000
2022	26-Sep-26	0.0120	75,000,000	95,000,000
2022	26-Sep-26	0.0140	75,000,000	87,500,000
2023	31-Jul-27	0.0072	10,000,000	22,500,000
2023	31-Jul-27	0.0090	15,000,000	30,000,000
2023	31-Jul-27	0.0108	20,000,000	37,500,000
2023	31-Jul-27	0.0126	20,000,000	40,000,000
Total			350,000,000	532,342,509

Grant date	Expiry date	Exercise price in £ per share	Number 2024	Number 2023
2021	17-Nov-24	0.085	-		23,529,401
2022	14-Sept-25	0.0025	7,200,000		7,200,000
2022	31-Dec-25	0.0025	100,000,000		100,000,000
2023	1-Jul-26	0.005198	-		10,000,000
2023	1-Jul-24		-		250,000
2023	1-Jul-26		-		250,000
2023	17-Aug-26	0.0020	43,816,404		-
2024	01-Apr-27	0.00168	25,000,000		-
Total			176,016,404		141,229,401

	Commitment warrants
Granted on:	01-Apr-2024
Underlying share price (pence)	0.13
Exercise price (pence)	0.1675
Life (months)	36
Risk free rate	4.121%
Dividend yield	-
Expected volatility	75%
Number of warrants / shares	25,000,000
Concluded value per warrant (pence)	0.059
Total fair value (£)	14,640

Group	Ordinary shares
	Number of shares		Amount in $
	2024	2023	2024 $'000	2023 $'000
Balance on 1 January	6,361,794,174	5,324,836,801	82,097	79,586
Issue of fully paid shares for cash	1,142,121,212	1,000,000,000	1,895	2,545
Issue of fully paid shares on conversion of options	-	10,642,373	-	33
Issue of fully paid shares in lieu of fees	6,000,000	26,315,000	15	61
Capital raising costs	-	-	(159)	(128)
At 31 December 2024	7,509,915,386	6,361,794,174	83,848	82,097

Valuation Date	01-Apr-2024	31-Dec-2024
Underlying share price (pence)	0.13 Calculated using MSC methodology for each simulation	0.085 Calculated using MSC methodology for each simulation
Conversion Price A$	0.0021	0.00216
Number of shares	594,976,114	606,987,161
Term (months)	21	21
Risk-free rate (from valuation date to 31 December 2025	4.232%	4.676%
Dividend Yield	-	-
Volatility	75%	80%
Concluded value of conversion right (£)	4,127	3,842

	Group
Staff costs (excluding Directors)	2024 $'000	2023 $'000
Salaries and wages	203	760
Social security costs	-	34
Pensions / Superannuation	19	70
Other employee related expenses	2	-
	224	864

Expensed in intangible assets	220	-
Expensed in administration expenses (employee wages and salaries)	4	864
	224	864

2024	Short-term employee benefits $'000	Share-based Payments $'000	Total $'000
Executive Directors
G Robertson	77	-	77
Non-Executive Directors
E Henson	64	84	148
R Mosig	49	-	49
Former Directors
A Vorster *	23	-	23
	213	84	297

	Licence fees $'000	Other minimum spend requirements $'000	Total minimum spend requirements $'000
Less than 1 year	60	219	279
1 to 5 years	220	709	929
Total			1,525