Placing to raise £1.8 million
Summary by AI BETAClose X
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.
11 December 2025
Alien Metals Ltd
("Alien Metals", the "Company" or the "Group")
Placing to raise £1.8 million
Proposed appointment of new director
Alien Metals Ltd (AIM:UFO), a minerals exploration and development company, is pleased to announce a placing of 2,000,000,000 new common shares of no par value each in the Company ("Common Shares") (the "Fundraise Shares") at an issue price of 0.09 pence (the "Placing Price") to raise gross proceeds of £1.8 million from investors (the "Placing").
The Company is also delighted to announce that subject to completion of the customary appointment process including due diligence by the Company's Nominated Adviser, Mr Michael Carter will be appointed as a new independent non-executive director of the Company. Further information on Mr Carter is set out below.
Alongside the Placing, Bennelong Resource Capital Pty Ltd ("Bennelong") has agreed that £250,000 ("Conversion Amount") of the convertible notes held by it pursuant to the existing funding facility in place (as previously announced on 15 March 2024) ("Funding Facility") will be converted into 277,777,777 Common Shares ("Conversion Shares") at the Placing Price (the "Conversion") with the repayment date of the balance of the Funding Facility outstanding to be repaid or converted being extended from 31 December 2025 to 30 June 2026 (the "Extension").
Belinda Murray, Executive Director, commented:
"We are pleased to have secured £1.8 million in new funding, supported by investors who we believe recognise the strength of Alien's diversified portfolio spanning silver, platinum group metals, copper, nickel and iron ore. I am confident that our strategy of advancing and strengthening our asset portfolio including through strategic joint ventures continues to resonate, enabling value-adding work to be advanced by partners.
In addition to the placing, Alien expects to receive a further A$500,000 in cash assuming completion as planned of the recently announced Munni Munni Joint Venture, which will further support the cash position of the Company and will enable the Company to further pay down the balance of the Funding Facility outstanding whilst being able to commit expenditures to advance the Company's iron ore projects. The Board views the reduction of this facility as an important step towards strengthening the Company's balance sheet and ultimately moving Alien towards a debt-free position.
We are also delighted to strengthen the Board with the proposed appointment of Michael Carter, whose 20-plus years of capital markets experience in junior mining, including board-level exposure to transactions such as strategic asset sales, will add meaningful depth to our governance and growth planning.
Operational momentum across our portfolio is building. Silver assays are pending at Elizabeth Hill, PGM drilling is expected to commence within weeks at Munni Munni, and work is advancing across our iron ore assets with the support of specialist teams and our Technical Advisor, Mark Pudovskis. Our involvement and technical contribution across the silver and PGM joint ventures are assisting partners to prepare near-term drilling programmes. The Company enters 2026 with a clear pathway of opportunities ahead."
Placing Highlights
· The Company has raised £1.8 million before expenses through the Placing arranged by Turner Pope Investments (TPI) Limited ("TPI" or the "Bookrunner") by way of the issue of 2,000,000,000 Fundraise Shares at the Placing Price.
· The Fundraise Shares will represent approximately 17 per cent. of the enlarged issued share capital (as enlarged by the Fundraise Shares and the issue of the Conversion Shares).
· The Placing Price represents a discount of approximately 25 per cent. to the mid-market closing price on AIM of 0.12 pence per Common Share on 10 December 2025, being the latest practicable business day prior to the publication of this Announcement.
· In connection with the Placing, the Company will issue 666,666,666 warrants to subscribers, on the basis of one (1) warrant for every three (3) new Fundraise Shares subscribed. Each warrant entitles the holder to subscribe for one additional Common Share at an exercise price of 0.135 pence (representing a 50% premium to the Placing Price), exercisable for a period of 12 months from the date of issuance.
· The Company holds tenure over three iron ore projects (Hancock, Vivash and Brockman) in the prospective Pilbara region of Western Australia. All projects are at variable stages of exploration and / or development maturity and are prospective for Direct Ship Ore (DSO) hematite goethite bedded iron mineralisation grading greater than 60% Fe with marketable levels of alumina, silica and phosphorous. The activity currently anticipated in relation to the Company's iron ore projects in Western Australia includes:
o Field reconnaissance on the Vivash project (E47/3071) for the purpose of delineating any extent of outcropping interpreted DSO iron mineralisation which extends northwest from the adjacent FMG mining lease (M47/1598). This work is required prior to any follow up drill testing.
o Field reconnaissance on the Brockman project (E47/3593) to delineate the extent of historically identified Brockman Iron Formation hematite goethite mineralisation, and potential detrital iron deposit (DID) over a 5 km strike in the north of the tenement. This work is required prior to any follow up drill testing.
o Mineralisation growth activities over the Hancock project via field reconnaissance and drill targeting, particularly over tenure which has yet to be thoroughly explored. The objective is to refine and prioritise drill targeting and potentially undertake drilling activities with post asset review.
o A review of the geological model which underpins the reported Hancock Mineral Resource estimate. The purpose is to understand if the previous estimate was overly conservative, and if additional unrealised tonnes could be incorporated into the geological model.
The net proceeds of the placement, together with available cash resources and anticipated proceeds of the Munni Munni Joint Venture, will be applied towards progressing work on the Group's iron ore project, as outlined above, general working capital and operational requirements, and the partial or complete repayment of the Funding Facility prior to its expiry following the Extension.
In connection with the Placing, the Company has entered into a placing agreement with TPI ("Placing Agreement") which includes customary terms and conditions. The Placing is conditional, inter alia, on there being no breach of the obligations under the Placing Agreement prior to admission of the Placing Shares to trading on AIM becoming effective and upon Admission occurring by not later than 16 December 2025 (or such later date as the Company and TPI may determine, but not later than 31 December 2025).
In connection with the Placing, TPI will be issued with warrants ("Broker Warrants") to subscribe for 200,000,000 new Common Shares exercisable at the Placing Price. The Broker Warrants have a term of 3 years from the date of admission to trading on AIM.
Updated Corporate Presentation
As highlighted in the Company's updated corporate presentation (which can be found on the Company's website), Alien Metals is advancing towards a number of key near-term milestones.
At the Hancock Iron Ore Project, the Company anticipates the commencement of exploration activities during H1 2026 which is considered highly prospective for additional iron ore mineralisation adjacent to the existing Hancock deposit. These activities are aimed at expanding the current 8.4Mt resource. Further details will be provided as appropriate in due course.
A copy of the updated corporate presentation can be found here: https://www.alienmetals.uk/wp-content/uploads/20251210-UFO-Corporate-Slide-Deck.pdf
Conversion and Extension of Funding Facility
It is proposed that the Conversion Amount be converted into 277,777,777 Conversion Shares at the Placing Price. Pursuant to the terms of the Funding Facility, Bennelong will also be issued warrants to subscribe for 277,777,777 Common Shares at an exercise price of £0.00135 per Common Share (being a 50% premium to the Placing Price), exercisable for a period of 36 months from Admission.
The Company is pleased to announce that the date of repayment of the Funding Facility has been extended to 30 June 2026.
In connection with the Extension, the Company and Bennelong have entered into a deed of variation which provides, in addition to the Extension, for the following matters:
· As consideration for the Extension, Bennelong to be issued with warrants to subscribe for 25,000,000 Common Shares at an exercise price of £0.00135 per Common Share (being a 50% premium to the Placing Price), exercisable for a period of 36 months from Admission.
· Any disposal by the Company of any shareholdings in the Company's joint venture partners, West Coast Silver and GreenTech Metals (upon completion of the transaction announced on 1 December 2025) or interests in the tenements held by the Company requires the prior consent of Bennelong, unless the proceeds of those disposals are to be applied in paying down the balance of the Funding Facility.
· Following the Conversion, the principal amount of the Funding Facility to be repaid will be approximately £400,000. The Company is required to repay A$500k (circa. £250,000) of the Funding Facility by the earlier of 31 January 2026 and the date falling 7 days after completion of the transaction with GreenTech Metals. Given the funds to be received pursuant to the Placing, the Board is comfortable with this requirement given the desire to reduce the Funding Facility and to move Alien towards a debt-free position.
· A simplification of the "Conversion Price" to apply in the event that the outstanding Funding Facility is converted into Common Shares, such that the conversion price will be the lowest price offered in an equity fundraising since commencement of the Funding Facility (with the potential for a lower conversion price linked to VWAP having previously been included and which could apply had the VWAP of the company's shares been lower being removed from the Funding Facility). Notwithstanding this, in connection with the Conversion Bennelong has agreed to effect that Conversion at the higher price of the Placing Price (£0.0009 per Common Share).
· The Extension coming into effect is conditional upon the Conversion taking place and the FY26 budget of the Company being approved by Bennelong. It is expected that both conditions will be satisfied on or before Admission.
Appointment of Non-Executive Director
Alien Metals is pleased to announce the proposed appointment of Mr Michael Carter as an Independent Non-Executive Director, subject to the completion of customary checks by the Company's Nominated Adviser. Mr Carter brings more than 20 years of capital markets, corporate finance, and governance experience, including senior advisory roles at CPS Capital and Indian Ocean Capital, and directorships across multiple ASX-listed companies. His expertise in equity financing, transaction structuring and strategic growth planning will add significant depth to the Board as the Company advances its portfolio. As and when the appointment is finalised, a further announcement will be made.
Appointment of Technical Advisor
Alien Metals is pleased to confirm the engagement of Mr Mark Pudovskis as Technical Advisor to the Company. Mr Pudovskis, a Technical Director and Principal Geologist with ERM Australia, brings more than 28 years of Pilbara iron ore and global multi-commodity experience, including senior technical leadership roles at BHP and extensive evaluation of over 100 iron ore deposits worldwide. Under the geological support mandate prepared for Alien, Mr Pudovskis will provide ongoing oversight across the Company's Pilbara portfolio, including technical reviews, exploration programme design, geological modelling and strategic guidance on project advancement. His depth of experience in iron ore systems, resource development and exploration management will materially strengthen Alien's technical capability as its Western Australian projects move into their next phase of work.
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for Admission of the Fundraise Shares and the Conversion Shares to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the Fundraise Shares and the Conversion Shares will commence at 8.00 a.m. on or around 16 December 2025.
The Fundraise Shares and the Conversion Shares will be issued fully paid and will rank pari passu in all respects with the Company's existing Common Shares.
Following Admission, the total number of Common Shares in the capital of the Company in issue will be 11,547,931,674 with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company's issued share capital pursuant to the Company's Articles.
For further information on the Company, please visit www.alienmetals.uk or contact:
Alien Metals Limited
Belinda Murray
T: +44 (0)20 7983 521488 (c/o Yellow Jersey)
Strand Hanson (Nominated Adviser)
James Harris / James Dance Tel: +44 (0) 207 409 3494
Zeus Capital Limited (Joint Broker)
Harry Ansell/Dan Bristowe/Katy Mitchell/Andrew de Andrade
Tel: +44 (0) 203 829 5000
Turner Pope (Joint Broker and Bookrunner)
Andy Thacker/Guy McDougall
Tel: +44 (0) 203 657 0050
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah
Tel: +44 (0) 20 3004 9512
alienmetals@yellowjerseypr.com
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