Results for the Six Months Ended 30 June 2026

Alien Metals Limited

30 September 2026

 

30 September 2026

Alien Metals Limited

(“Alien Metals” or “the Company”)

Financial Results for the Six Months Ended 30 June 2026

Alien Metals Limited (AIM: UFO), a minerals exploration and development company, announces its unaudited financial results for the six months ended 30 June 2026 (the “Period”). The results for the Period are also available on the Company’s website: www.alienmetals.uk.

Highlights

• Completed the Munni Munni Platinum-Palladium-Copper-Nickel Project joint venture transaction with GreenTech Metals Limited (ASX: GRE) (“GreenTech”) in February 2026, with Alien retaining a 30% interest free carried through to completion of a bankable feasibility study. Alien also received A$500,000 in cash and 47 million GreenTech shares as consideration for the transaction. Alien continues to hold 37.9 million GreenTech shares, representing approximately 10% of GreenTech's issued share capital and providing Alien shareholders with exposure to the Whundo Project.
• Significant progress was made at Munni Munni during the Period, including completion of GreenTech’s Phase 1 drilling programme and review of historical exploration data which identified potential mineralisation not captured in the historical Mineral Resource Estimate, including higher-grade PGE zones and under-recognised copper and nickel mineralisation.
• Continued progress at the Elizabeth Hill Silver Project through joint venture partner West Coast Silver Limited (ASX: WCE) (“West Coast Silver”), including further high-grade drilling results. In April 2026, West Coast Silver announced an inaugural JORC (2012) compliant Mineral Resource Estimate (MRE) for Elizabeth Hill of 2.79Moz silver at 617 g/t Ag, comprising 0.37Moz Indicated and 2.42Moz Inferred.
• Alien holds a 30% interest in Elizabeth Hill and holds 30.5 million shares in West Coast Silver (representing an approximate 8.7% interest in the issued share capital of West Coast Silver).
• The Group’s iron ore portfolio continues to be led by the 90%-owned Hancock Iron Ore Project in the Pilbara, which hosts a JORC-compliant Mineral Resource of 8.4Mt at approximately 60% Fe and a maiden Ore Reserve of 1.9Mt at approximately 60.3% Fe.
• Following a review of funding alternatives for the Pilbara Iron Ore Portfolio, the Board recognised a US$6.7 million non-cash impairment against the Hancock Project for the six months ended 30 June 2026, subject to review as part of the annual audit.

Post-Period highlights

• In July 2026, Alien completed the acquisition of 100% of Knox Resources Pty Ltd, holder of the Georgina Basin Iron-Oxide Copper-Gold Project in the Northern Territory, Australia, adding approximately 2,500 km² of prospective tenure to the Group’s Australian exploration portfolio.
• West Coast Silver raising A$6.0 million in September 2026 will support further drilling and the completion of a Scoping Study on the Elizabeth Hill Project.

Michael Carter, Non-Executive Chairman of Alien Metals, commented:

“The first half of 2026 saw important progress across Alien’s portfolio, including the completion of the Munni Munni joint venture with GreenTech and the announcement of the inaugural MRE for the Elizabeth Hill Project.

“At Munni Munni, the joint venture structure provides Alien with continued exposure through our retained 30% interest while substantially reducing our direct funding requirements. GreenTech has advanced drilling and technical work aimed at updating the historical resource and assessing the broader PGE, copper and nickel potential of the project.

“Elizabeth Hill also delivered significant progress during the Period, culminating in the announcement of an inaugural JORC (2012)-compliant Mineral Resource Estimate of 2.79 million ounces of silver at 617 g/t Ag. Ongoing drilling and geophysical work continue to assess the broader exploration potential of this high-grade silver system.

“Following the Period end, the acquisition of the Georgina Basin copper-gold project has further broadened Alien’s Australian portfolio and provides exposure to a large-scale IOCG exploration opportunity.

“The Board remains focused on disciplined capital allocation, advancing the Group’s existing assets and pursuing opportunities that have the potential to enhance long-term value for shareholders.”

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

Alien Metals Limited

Vince Fayad

Email: [e-mail]

Strand Hanson (Financial and Nominated Adviser)

James Harris / James Dance / Edward Foulkes

Tel: [phone]

Turner Pope (Broker)

Andy Thacker / Guy McDougall

Tel: [phone]

IFC Advisory (Financial PR and Investor Relations)

Tim Metcalfe / Graham Herring / Zach Cohen

Tel: [phone]

Notes to Editors

Alien Metals Ltd is a mining exploration and development company quoted on the AIM market of the London Stock Exchange (AIM: UFO). The Company follows a balanced strategy focused on advancing and strengthening its asset portfolio through targeted technical work and project development, while evaluating partnerships, joint ventures, and selective monetisation opportunities to enhance shareholder value. At the same time, Alien will continue to consider opportunities to expand its asset base through carefully selected acquisition opportunities consistent with the Board's disciplined investment criteria.

Alien's principal iron ore 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's 100%-owned Georgina Basin IOCG Project comprises a tenement package of approximately 2,500 km² in the East Tennant province of the Northern Territory. Exploration by the Project's former owners has confirmed the IOCG potential of the tenement package, with the identification of elevated IOCG pathfinder elements, including copper, bismuth, silver and uranium, in drilling, and three drill-ready gravity anomalies remain to be adequately tested.

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 retains a 30% interest, free carried to completion of a bankable feasibility study at Munni Munni, and additionally holds 37.9 million shares in GreenTech Metals Ltd. Alien, through a wholly owned subsidiary, also retains a 30% interest in the Elizabeth Hill Silver Project through a joint venture with West Coast Silver. The project encompasses the Elizabeth Hill Mining Lease M47/342, which has produced some of Australia's highest-grade silver ore. Alien also holds 30.5 million shares in West Coast Silver.

Note: Unless otherwise stated, all $ figures in this announcement are expressed in US dollars

CHAIRMAN’S LETTER

Dear Shareholders,

I was appointed Chairman of Alien Metals on 7 July 2026, having served on the Board as a Non-Executive Director during the period under review. In that capacity, I was closely involved in the Board’s oversight of the Group’s activities and strategic direction throughout the six months ended 30 June 2026 (“Period”).

The Period was marked by continued progress across Alien’s precious and base metals portfolio, together with the completion of the sale of a 70% interest in the Munni Munni Project to GreenTech. Under the arrangement, GreenTech acquired a 70% interest and became manager of the joint venture, while Alien retained a 30% interest which is free carried through to completion of a bankable feasibility study.

GreenTech continued to advance the project during the Period, completing its Phase 1 drilling programme and progressing work aimed at validating and updating the historical mineral resource. Review of the extensive historical dataset also identified potential additional PGE, copper and nickel mineralisation not fully captured in the historical Mineral Resource Estimate.

Our joint venture partner West Coast Silver also delivered important progress in relation to the Elizabeth Hill Project during the Period. This included further high-grade silver drilling results, additional geophysical and drilling programmes and, in April 2026, the announcement of an inaugural JORC (2012) compliant Mineral Resource Estimate of 2.79 million ounces of silver at 617 g/t Ag.

These joint venture structures provide Alien shareholders with continued exposure to the exploration and development potential of both Munni Munni and Elizabeth Hill while reducing the Group’s direct funding requirements for current work programmes. The value of the free carried interest cannot be underestimated and means that Alien will receive the benefit of future upside up to the completion of a bankable feasibility study, without dilution.

The Group’s iron ore portfolio, led by the 90%-owned Hancock Iron Ore Project, has been an important part of Alien’s asset base and the Hancock hosts a JORC-compliant Mineral Resource of 8.4Mt at approximately 60% Fe and a maiden Ore Reserve of 1.9Mt at approximately 60% Fe. Following the end of the Period, the Board continued to explore strategic alternatives for the Pilbara Iron Ore Portfolio, including a potential sale or other transaction. This process has resulted in the receipt of an indicative, non-binding offer for the acquisition of the portfolio. The terms of the potential transaction remain under negotiation and there can be no certainty that a transaction will be completed.

Following the end of the Period, the Group further expanded its Australian portfolio through the acquisition of the Georgina Basin IOCG Project in the Northern Territory. The acquisition provides Alien with exposure to a large-scale copper-gold exploration opportunity and complements the Group’s existing Australian mineral assets. The acquisition was completed at a consideration below the fair market value assessed by independent expert SRK Consulting, while the former owners had invested more than A$6 million in the project. The Board believes the Project provides an attractive exploration opportunity, while recognising the inherent risks associated with exploration-stage assets.

In order to provide Alien with funding flexibility to progress its portfolio of assets, the Company expects to shortly extend the repayment date of the balance of circa A$400,000 outstanding under the convertible loan facility made available to the Company by Bennelong to 30 September 2027 and also increase the funds available for drawdown under Tranches 2 and 3 to A$1.0 million. A further announcement regarding this amendment to the facility will be made in due course.

The Board remains focused on disciplined capital allocation and on advancing the Group’s portfolio through a combination of direct ownership, strategic partnerships and joint venture structures and, where appropriate, the realisation of value from non-core assets. We will also continue to assess opportunities which have the potential to enhance the quality and value of the Group’s asset base.

I would like to thank our shareholders for their continued support and our joint venture partners, advisers and teams for their contribution during the Period.

Michael Carter

Non-executive Chairman

30 September 2026

REVIEW OF OPERATIONS

GreenTech Joint Venture and the Munni Munni Platinum-Palladium-Copper-Nickel Project

The Munni Munni Project is located in the West Pilbara region of Western Australia and represents one of the Group's principal precious and base metals interests.

On 2 February 2026, the Group completed its partial asset sale and joint venture transaction with ASX-listed GreenTech. Under the transaction, GreenTech acquired a 70% interest in the project and assumed the role of joint venture manager, with Alien retaining a 30% interest.

Alien's retained 30% interest is free carried by GreenTech through to completion of a bankable feasibility study. Consideration received by Alien on completion comprised A$500,000 in cash and 47 million fully paid ordinary shares in GreenTech.

Alien’s shareholding in GreenTech also provides indirect exposure to GreenTech’s wider portfolio, including its wholly owned Whundo Copper-Zinc-Gold Project.

GreenTech is an exploration and development company focused on advancing a globally significant critical mineral and precious metal hub in the premier West Pilbara mining region of Western Australia. The Company has successfully consolidated a landholding of more than 500km², establishing GreenTech as one of the largest tenement holders in the district.

GreenTech’s core strategy is centred on two highly complementary projects located approximately 10km apart:

• The Munni Munni Project (PGE-Cu-Ni): One of Australia’s most significant Platinum Group Element (PGE) layered mafic intrusions. The project hosts a large, laterally continuous reef historically proven to contain platinum, palladium, rhodium, gold, copper, and nickel.

• The Whundo Project (Cu-Zn-Au): An advanced, high-grade brownfield Volcanogenic Massive Sulphide (VMS) copper-zinc-gold project with significant resource expansion potential across a highly prospective structural corridor.

Munni Munni PGE-Copper-Nickel Project

GreenTech completed the acquisition of a 70% interest (with provision for up to 80%) in the Munni Munni Project in February 2026. The project is situated on granted Mining Leases and hosts a historical JORC (2004) Mineral Resource Estimate of 23.6 Mt @ 2.9 g/t 4E (PGE+Au) for 2.2 Moz, defined by 91,077 m of drilling across 328 drill holes (1985–2002). This estimate is historical and not yet reported in accordance with JORC Code (2012).

Phase 1 Drilling & Core Resampling

A Phase 1 programme of 2,928 m (12 holes) was completed in March 2026, comprising 6 new DD/RC twin holes and 6 infill RC holes. Drill core from 16 historical diamond holes was also resampled, leveraging the excellent preservation of stored core on site and delivering significant cost savings versus new drilling. All 2,199 samples were dispatched to ALS Global laboratories in Perth.

Key Assay Results (reported May 2026)

Results demonstrated thicker-than-expected PGE-Cu-Ni zones and validated the historical dataset:

• 26GTRC010: 12 m @ 3.13 g/t PGE3, 0.30% Cu, 0.17% Ni from 90 m (incl. 2 m @ 8.37 g/t PGE3)
• 26GTRC007: 15 m @ 1.70 g/t PGE3 from 24 m; and 3 m @ 0.34% Cu, 0.16% Ni from 22 m
• 26GTDD004 (twin hole): 11 m @ 1.88 g/t PGE3, 0.14% Cu, 0.09% Ni from 526 m

Historical Data Review & Upside potential

Systematic review of 396 historical drill holes identified material upside not captured in the historical MRE, including high-grade PGE zones (+4 g/t PGE4), under-recognised Cu + Ni mineralisation outside the PGE reef domain, and shallow eastern zones potentially amenable to bulk open-cut mining.

Independent Geochemical Review (July 2026)

Dr Scott Halley's independent review identified a copper depletion signature in the lower ultramafic cumulates consistent with early sulphide saturation, a key process for forming high-grade Ni-Cu-PGE sulphide zones. A ~5 km × 2 km copper anomaly was identified in the southern intrusion. The intrusion's stratigraphy was compared to the Bushveld Complex, with the Ferguson Reef in an analogous position to the Merensky Reef. Discrete high-priority exploration targets were defined around the basal contact.

Resource Re-Estimation and Upcoming Work

Snowden Optiro is undertaking QA/QC validation of historical resource data to support preparation of a JORC (2012) compliant MRE, with wireframing of copper-dominant domains prioritised. Metallurgical testwork is focused on production of a Cu-PGE concentrate and Net Smelter Return (NSR) parameters. A Fixed-Loop EM (FLEM) survey commenced in July 2026 over basal contact targets, and a heritage survey is scheduled for August to clear new drill locations. A combined drill programme of 4,750 m RC and 3,560 m DD has been approved across Munni Munni and Whundo.

During the Period, GreenTech continued an extensive programme aimed at validating and advancing the historical resource at Munni Munni. The Phase 1 drilling programme was completed in March 2026 and included work intended to provide quality assurance and quality control verification of the historical resource, test areas outside the existing mineralised envelope and obtain material for metallurgical testwork.

GreenTech's review of historical exploration information subsequently identified potential mineralisation not captured in the historical Mineral Resource Estimate of 24Mt at 2.9 g/t PGE₄ for approximately 2.2Moz. The review identified, among other matters, high-grade PGE zones and under-recognised copper and nickel mineralisation, together with areas considered potentially favourable for shallower mineralisation.

Work during the Period therefore continued towards the potential re-estimation and reporting of the Munni Munni mineral resource in accordance with the JORC Code (2012).

Competent Persons Statement

Thomas Reddicliffe, BSc (Hons), MSc, a Director of GreenTech Metals Limited, is a Fellow of the AUSIMM, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration 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’. Thomas Reddicliffe has reviewed the information and consents to the inclusion in the report of the information in the form and context in which it appears.

West Coast Silver - Elizabeth Hill Silver Project

Alien, through its wholly owned subsidiary A.C.N. 643 478 371 Pty Ltd, retains a 30% interest in the Elizabeth Hill Silver Project under its joint venture with Crest Silver Pty Ltd (“Crest”), a wholly owned subsidiary of West Coast Silver Limited.

Separately, Alien, through Alien Metals Australia Pty Ltd (“AMA”), retains a 30% interest in the Pinderi Hills silver rights joint venture with Crest. The original silver joint venture arrangements were announced in March 2025. During the Period, the AMA–Crest silver rights arrangement was restated in connection with completion of the Munni Munni transaction with GreenTech. GreenTech did not acquire an interest in those silver rights. Crest operates and solely funds the silver rights joint venture through to a decision to mine, with AMA’s 30% interest free carried through the Period.

Exploration activity at Elizabeth Hill continued during the six months ended 30 June 2026, providing Alien with continued exposure to the project’s exploration and development through its retained interest.

Background

Elizabeth Hill, one of Australia’s high-grade silver projects has a proven production history.

• 1.2Moz of silver was produced from just 16,830t of ore at a head grade of 2,194 g/t (70 oz/t Ag);
• Previous mining operation ceased in 2000 because of low silver prices (~US$5oz);
• Silver was recovered via low-cost gravity separation techniques; and
• Tier 1 Mining Jurisdiction located on a granted mining lease with potential processing option at the nearby Radio Hill site.

Exploration by West Coast Silver

During the Period, West Coast Silver advanced the Elizabeth Hill Silver Project through near-mine and regional exploration, diamond, reverse-circulation (“RC”) and aircore drilling, geological and structural interpretation, geophysical surveying, delivery of an inaugural MRE, and evaluation of potential development pathways. Work progressively demonstrated that silver mineralisation extends beyond the historical mine and the April 2026 MRE, both into a broader near-surface envelope north and west of the resource and into a separate high-grade zone beneath the historical workings. The final assays reported on 27 August 2026 confirmed substantial bonanza-grade and broad lower-grade mineralisation within and outside the MRE. All drilling intervals quoted below are downhole lengths and are not true widths.

During the six months to 30 June 2026, West Coast Silver drilled:

• 32 Reverse Circulation (RC) holes for 2,710m.
• 12 diamond drill (DD) holes totalling 1,861.7m.

Subsequent to the Period, West Coast Silver completed the DD programme with a further two drill holes (26WCDD038 and 39) for an additional 156m of drilling.

During the year to 30 June 2026, assay analysis results were returned for all AC drilling completed in 2025, and RC drilling and 4 DD holes (26WCDD026-29). Subsequent to the Period, all remaining assay results were returned for the remainder of the DD programme holes (26WCDD030-39).

Prior to the Period, a near-mine aircore programme commenced in November 2025 to test extensions and potential repeats of the Elizabeth Hill system north and south of the mine and along the eastern margin of the Munni Munni complex. Targets were defined using drone magnetics, geochemistry and transient electromagnetic datasets, with aircore drilling intended to identify anomalous silver and prioritise positions for RC or diamond follow-up.

A drone magnetics survey flown between the MMC and the Maitland Intrusive Complex to the north helped refine the MMFZ, granite–ultramafic contacts and subsidiary structures; these datasets were integrated with mapping and geochemistry to rank near-mine and regional targets.

Mineral Resource Estimate

On 22 April 2026, West Coast Silver reported according to the JORC Code (2012) an MRE for Elizabeth Hill of 141,000 tonnes at 617 g/t Ag for 2.795 Moz contained silver, comprising:

Table 1: MRE for Elizabeth Hill

Classification	Tonnes	Ag grade	Contained Ag
Indicated	84,000 t	137 g/t	369 koz
Inferred	57,000 t	1,331 g/t	2,426 koz
Total	141,000 t	617 g/t	2,795 koz

The resource was reported above a 20 g/t Ag cut-off and constrained within an optimised open-pit shell approximately 200 m by 180 m and up to 130 m deep. The resource was reported on a 100% project basis.

Subsequent 2026 drilling directly addressed the MRE’s principal opportunities and uncertainties. RC and diamond drilling added broad near-surface mineralisation outside the northern and western resource limits; deeper drilling defined a separate high-grade trend below the mine; and holes 26WCDD037–039 commenced infill of the near-surface Inferred resource area while testing for westward mineralisation extensions.

Competent Persons Statement

The information in this report relating to the current Mineral Resource Estimate for West Coast Silver is based on, and fairly reflects, information compiled by Mr Phil Jankowski, a full-time employee of ERM and a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Jankowski has sufficient relevant experience to qualify as a Competent Person under the JORC Code (2012) and consents to the disclosure of the information in the form and context in which it appears.

Hancock Iron Ore

Overview

Alien Metals owns 90% of a portfolio of iron ore projects in the Pilbara region of Western Australia, comprising the Hancock Project together with the earlier-stage Vivash and Brockman projects. The projects are situated within established iron ore mining districts and in proximity to several operating mines, rail infrastructure and export facilities.

The portfolio provides exposure to direct shipping ore (DSO) style martite-goethite mineralisation, with the Hancock Project representing the Company's most advanced iron ore asset and hosting established JORC-compliant Mineral Resources and Ore Reserves. Vivash and Brockman provide longer-term exploration upside and strategic optionality, with recent reconnaissance work confirming iron mineralisation adjacent to significant existing iron ore operations.

Mineral Resource Estimate and Reserves

The Hancock Project hosts a JORC (2012) Mineral Resource of 8.4 Mt grading 60% Fe (Table 2) across the Sirius Extension, Ridge C and Ridge E deposits. The project also hosts a Probable Ore Reserve of 1.9 million wet metric tonnes grading 60.2% Fe (Table 3). These resources establish Hancock as Alien Metals' most advanced iron ore asset and provide a foundation for further evaluation of development opportunities and resource growth potential.

Table 2: Hancock Project Mineral Resource Statement

Classification	Deposit	Tonnes (Mt)	Fe %	P %	SiO2 %	Al2O3 %	LOI %	MnO %
Indicated	Sirius Extension	2.8	59.8	0.17	3.9	4.09	5.4	0.05
	Ridge C	0.7	60.9	0.12	4.9	3.27	3.7	0.03
	Ridge E	1.0	61.0	0.12	5.2	3.30	3.4	0.02
	Total	4.5	60.2	0.15	4.3	3.79	3.7	0.04
Inferred	Sirius Extension	3.1	59.6	0.17	4.6	3.99	5.2	0.05
	Ridge C	0.4	60.8	0.14	4.6	3.07	4.4	0.03
	Ridge E	0.3	59.8	0.17	4.9	3.64	5.0	0.02
	Total	3.8	59.7	0.17	4.6	3.88	5.1	0.05
Total Indicated + Inferred		8.4	60.0	0.17	4.4	3.83	4.0	0.05

Source: Baker, 2024

Table 3: Hancock Project Ore Reserve Statement

Classification		Tonnes (Mt)	Fe %	P %	SiO2 %	Al2O3 %	LOI %	MnO %
Proved		-	-	-	-	-	-	-
Probable		1.9	60.2	0.12	5.69	3.54	3.85	0.02
Total		1.9	60.2	0.12	5.69	3.54	3.85	0.02

Source: Burnt Shirt, 2023

In addition, several prospective iron ridges and outcropping Weeli Wolli Formation targets within the broader project area remain only partially tested and represent opportunities for further exploration.

Work done during the reporting period

Hancock Project

In February 2026, ERM completed an independent prospectivity assessment of the Hancock Project comprising live tenements M47/1633, E47/3954, E47/5157, E47/5158, L47/1063, and E47/5159 (application). The assessment reviewed historical exploration data, drilling results, Mineral Resource estimates, geological mapping and previous field reconnaissance activities. The assessment confirmed that the principal exploration potential remains associated with iron mineralisation hosted within the Weeli Wolli and Boolgeeda Iron Formations.

The review concluded that the existing Ridge C, Ridge E and Sirius Extension Mineral Resources represent the most significant identified iron mineralisation on the project and that opportunities may exist for incremental resource growth through optimisation of existing resources and selective testing of identified exploration targets.

ERM also recommended further geological reinterpretation, target validation and field reconnaissance before undertaking additional drilling programs.

Vivash Project

In May 2026, ERM completed a helicopter-supported geological reconnaissance programme over the Vivash Project (E47/3071). The programme was designed to validate previous geological interpretations and assess the presence and continuity of iron mineralisation adjacent to Fortescue's Vivash Southwest deposit.

Field observations confirmed the presence of hematite canga and martite-goethite mineralisation associated with the Dales Gorge Member of the Brockman Iron Formation and locally within the Marra Mamba Iron Formation. Mineralisation was identified over a limited area adjacent to the Vivash Southwest deposit; however, the continuity and depth extent remain uncertain.

The assessment concluded that while exploration potential exists, the project's primary value may lie in its strategic location adjacent to existing mining operations and infrastructure.

Brockman Project

In May 2026, ERM completed a helicopter-supported geological reconnaissance programme over the Brockman Project (E47/3953). The reconnaissance targeted areas adjacent to BHP's historical Deposit 20 and assessed the continuity of Dales Gorge Member iron mineralisation onto Brockman tenure.

The reconnaissance confirmed the presence of martite-goethite mineralisation and canga associated with the Dales Gorge Member over a limited area adjacent to the western extension of Deposit 20. Although mineralisation was confirmed, ERM concluded that any economic potential is likely constrained by limited strike extent and uncertain depth continuity. Much of the tenement remains largely untested by modern techniques and may provide opportunities for further target generation and evaluation.

Strategic Way Forward

To the extent that the Brockman Project remains a core asset, the Company's focus remains on advancing the Hancock Project, which hosts established JORC-compliant Mineral Resources and Ore Reserves and represents the most mature asset within the portfolio. The recent ERM review confirmed that the existing Mineral Resources at Hancock’s Ridge C, Ridge E and Sirius Extension remain the principal targets for future project advancement, while also identifying opportunities for incremental resource growth through optimisation studies, geological reinterpretation and selective assessment of underexplored targets within the Weeli Wolli and Boolgeeda Iron Formations.

The Vivash and Brockman Projects continue to provide strategic exploration optionality. Independent reconnaissance programs undertaken during the reporting period confirmed the presence of iron mineralisation at both projects, validating historical exploration concepts and supporting the prospectivity of these tenements. While the scale and continuity of mineralisation remain to be established, both projects are located adjacent to, or along strike from, established iron ore deposits and operating mines, providing a favourable geological setting for future evaluation.

Collectively, Hancock, Vivash and Brockman provide Alien Metals with a diversified Pilbara Iron Ore Portfolio that combines an established Mineral Resource and Ore Reserve base with exploration and strategic growth opportunities. Continued technical assessment and targeted exploration activities are expected to further enhance the Company's understanding of these assets and support future exploration, resource growth and project development opportunities.

On 3 August 2026, the Company announced that “it will prioritise funding alternatives involving the Pilbara Iron Ore Portfolio, including potential joint ventures, strategic partnerships, project-level investment or divestments, together with appropriate financing and other non-equity funding structures”. Following a review of the Hancock Project by the new management team, including feedback from various parties in the iron ore market, taking into account the capital and funding requirements to progress the project, the quality of the iron ore as well as the size of the mineral resource for the project, the Board formed the view that a non-cash impairment of US$6.708 million for the six months ended 30 June 2026 was prudent, reducing its carrying value from US$9.323 million immediately before impairment to US$2.773 million at 30 June 2026. The difference between the impairment charge and the movement in carrying value arises from the exchange rates used to translate the statement of profit or loss and the statement of financial position amounts. The impairment remains subject to review as part of the Company’s annual audit.

Subsequent to the Period, the Company has continued to explore strategic alternatives for the Pilbara Iron Ore Portfolio, including a potential sale or other transaction. This process has resulted in the receipt of an indicative, non-binding offer for the acquisition of the portfolio. The terms of the potential transaction remain under negotiation and there can be no certainty that a transaction will be completed or as to the timing or amount of any proceeds that may be received.

Competent Persons Statement

The information in this announcement relating to Ore Reserves and Exploration Targets is based on information compiled by Mr Jeremy Peters, a Director of Burnt Shirt Pty Ltd, a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and a Chartered Professional Geologist and Mining Engineer of that organisation. Mr Peters has sufficient experience relevant to the style of mineralisation and type of deposit 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 (JORC Code). Mr Peters consents to the inclusion in this announcement of the matters based on his information in the form and context in which they appear.

The information in this announcement that relates to the Hancock Mineral Resources is based on information compiled by Mr Howard Baker, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy (AusIMM) and an employee of Baker Geological Services Ltd. Mr Baker has sufficient experience relevant to the style of mineralisation and type of deposit 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 (JORC Code). Mr Baker consents to the disclosure of information in this announcement in the form and context in which it appears.

The information in this financial report that relates to Exploration Results is based on information compiled by Mr Mark Pudovskis, Geoscience Director of ERM Australia Consultants Pty Ltd, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Pudovskis has sufficient experience relevant to the style of mineralisation and type of deposit 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 (JORC Code). Mr Pudovskis consents to the inclusion in this announcement of the matters based on his information in the form and context in which they appear.

DIRECTORS’ REPORT

The directors present their report, together with the condensed consolidated interim financial statements of Alien Metals Limited (the “Company”, or “Alien”) and its controlled entities (the “Group”) for the six months ended 30 June 2026.

DIRECTORS

The names of the directors who held office at any time during the half year and up to the date of this report are noted below. Dates of appointment and resignation are shown where applicable.

Director	Position	Appointment / cessation details
Michael Carter	Non-executive Chairman	Appointed as Non-executive Director on 16 December 2025 Transitioned to Non-executive Chairman on 7 July 2026
Vincent Fayad	Executive Director	Appointed 16 July 2026
Elizabeth Henson	Non-executive Director	Appointed 4 August 2023
Bruce Garlick	Non-executive Director	Appointed as Non-executive Director on 11 September 2025 Transitioned to Executive Chairman on 21 January 2026 Transitioned to Non-executive Director on 16 July 2026 Resigned 6 August 2026
Belinda Murray	Executive Director	Appointed 11 September 2025; resigned 21 February 2026

PRINCIPAL ACTIVITIES

During the Period, the principal activities of the Group consisted of the exploration and evaluation of its mineral projects in Western Australia, principally in the Pilbara region, together with the advancement of selected assets through strategic joint venture and farm-out arrangements.

REVIEW OF OPERATIONS

A detailed review of the business of the Group during the Period and an indication of the likely future developments may be found in Chairman’s Letter and Review of Operations.

CORPORATE

During the Period, the Group continued to implement a strategy of incorporating joint venture and partnership structures where appropriate in order to progress its portfolio while managing its direct funding requirements.

The Munni Munni joint venture was completed in February 2026 and the Group continued to retain both project-level and listed-equity exposure to its joint venture interests.

ALIEN METALS CAPITAL STRUCTURE

At the date of this report, the capital structure of the Group is as follows:

ISSUED CAPITAL
Ordinary Shares (AIM: UFO)	11,813,314,403
Unlisted warrants exercisable between 0.01 pence and 0.23 pence by 16 December 2028	576,125,504
Unlisted Options exercisable between 0.72 pence and 1.4 pence by 31 July 2027	295,000,000

BOARD CHANGES

During and subsequent to the Period, the Company implemented several Board and management changes to support the next phase of its development strategy.

The following are the changes that occurred during the Period and post Period end:

• On 21 January 2026, Bruce Garlick was appointed as Executive Chairman having previously served as a Non-executive Director. Belinda Murray subsequently resigned from the Board on 21 February 2026.

• On 7 July 2026, Michael Carter, who had served as a Non-executive Director since 16 December 2025, was appointed Non-executive Chairman with immediate effect.

• On 16 July 2026, Vincent Fayad was appointed Executive Director. On the same date, Bruce Garlick transitioned from Executive Chairman to a Non-executive Director role to facilitate an orderly handover of responsibilities.

• Bruce Garlick resigned from the Board on 6 August 2026.

FINANCIAL RESULTS AND CONDITION

For the six months ended 30 June 2026, the Company recorded a loss of $12,514,000 (six months ended 30 June 2025: loss of $698,000) and a basic and diluted loss per share of US cents 0.1077 (30 June 2025: loss per share of US cents 0.009). The result principally reflected a fair value loss of US$4,336,000 on financial assets measured at fair value through profit or loss, comprising the Group’s investments in West Coast Silver Limited and GreenTech Metals Limited (2025: fair value gain of US$1,025,000), together with a non-cash impairment charge of US$6,708,000 in respect of the Group’s iron ore exploration and evaluation assets.

During the Period, the Company:

• completed the sale of a 70% interest in its Munni Munni project for consideration comprising A$500,000 in cash and 47 million fully paid ordinary shares in GreenTech;
• on 24 June 2026, the Company announced that the funding facility with Bennelong Capital had been extended until 31 December 2026 with an undrawn amount remaining of A$341,070. The amendment was assessed under IFRS 9 and accounted for as a modification rather than an extinguishment of the original financial liability; and
• received £210,202 from the exercise of 175,121,875 warrants at an exercise price of between 0.08 pence and 0.135 pence per share.

The Group’s cash balance at 30 June 2026 was $1.144 million (31 December 2025: $1.950 million).

The Directors continue to monitor the Group’s working capital requirements and are evaluating opportunities to realise value from certain of the Group’s assets to support its ongoing operations. Further information regarding the Group’s funding requirements and going concern assessment is provided in Note 1.5 to the interim financial statements.

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

Other than as reported above in the Review of Operations, there were no significant changes in the state of affairs of the Group during the reporting Period.

MATTERS SUBSEQUENT TO THE BALANCE DATE

On 7 July 2026, Alien announced that it had entered into a conditional agreement to acquire 100% of Knox Resources Pty Ltd, holder of the Georgina Basin Iron-Oxide Copper-Gold Project in the Northern Territory, Australia. The acquisition completed on 16 July 2026.

The project comprises approximately 2,500 km² of tenure prospective for IOCG-style copper-gold mineralisation.

The acquisition represents an expansion of the Group's Australian exploration portfolio into the Northern Territory and provides the Company with exposure to a new large-scale copper-gold exploration opportunity.

Further information regarding the acquisition is provided in the subsequent events note to the condensed consolidated interim financial statements. Refer to Note 12.

This report was approved by the Board on 30 September 2026 and signed on its behalf.

VINCENT FAYAD

Executive Director

Perth, WA

GENERAL INFORMATION

These condensed consolidated financial statements comprise Alien Metals Limited (the “Company”) and the entities it controlled at the end of, or during, the Period (together, the “Group”).

The consolidated financial statements are presented in US dollars ($), which is the presentation currency of the Group. Individual entities within the Group have functional currencies determined by the primary economic environment in which they operate, including Australian dollars (A$) and pounds sterling (£), and their results and financial position have been translated into US dollars for the purposes of preparing these consolidated financial statements.

Alien Metals Limited is a public company limited by shares, incorporated in the British Virgin Islands and admitted to trading on AIM. The Company’s registered office and principal place of business are:

Registered office Craigmuir Chambers PO Box 71 Road Town Tortola British Virgin Islands

Principal office Level 2, 10 Ord Street West Perth WA 6005 Australia

A description of the nature of the Group’s operations and its principal activities is included in the Directors’ Report, which is not part of these financial statements.

The financial statements were authorised for issue in accordance with a resolution of the directors on 30 September 2026. The Directors have the power to amend and reissue the financial statements.

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the six months ended 30 June 2026

		30 June 2026	30 June 2025
	Note	$’000	$’000
Exploration and evaluation expenditure written off	6	(6,708)	-
Loss on non-current asset held for sale	4	(626)	(933)
Exploration expenditure expensed through profit or loss	6	(2)	-
Marketing and business development costs		(47)	(61)
Personnel expenses		(136)	(88)
Professional fees		(548)	(457)
Other general and administration expenses		(124)	(107)
Fair value (loss) / gain on financial assets		(4,336)	1,025
Fair value gain on financial liabilities		77	-
Foreign exchange (loss) / gain		(28)	4
Other losses		-	(5)
Finance income		6	1
Finance costs		(42)	(77)
Loss before income tax		(12,514)	(698)
Income tax expense		-	-
Loss for the period		(12,514)	(698)
Other comprehensive (loss) / income
Items which may be reclassified to profit or loss
Foreign currency translation difference of foreign operations		849	852
Total comprehensive (loss) / gain for the period		(11,665)	154
Loss per share (cents per share)
Basic	5	(0.1077)	(0.009)
Diluted	5	(0.1077)	(0.009)

The above consolidated statement of other comprehensive income should be read in conjunction with the accompanying notes.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 June 2026

		30 June 2026	31 December 2025
	Note	$’000	$’000
Assets
Cash and cash equivalents		1,144	1,950
Trade and other receivables		41	53
Prepayments		76	60
Other financial assets		3,729	4,586
Capitalised exploration assets held for sale	4	669	5,191
Total current assets		5,659	11,840
Capitalised exploration	6	4,622	10,700
Property, plant, and equipment		65	63
Other financial assets		5	5
Total non-current assets		4,692	10,768
Total assets		10,351	22,608
Liabilities
Trade and other payables		144	596
Borrowings	7	226	538
Derivative financial instruments	7	329	406
Employee benefits		1	7
Total current liabilities		700	1,547
Payable in relation to Mallina acquisition		-	-
Total non-current liabilities		-	-
Total liabilities		700	1,547
Net assets		9,651	21,061

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

As at 30 June 2026

		30 June  2026	31 December 2025
	Note	$’000	$’000
Equity
Share capital	8	88,147	87,883
Warrants reserve		737	745
Share-based payments reserve		696	705
Foreign exchange translation reserve		1,048	199
Accumulated losses	5	(80,977)	(68,471)
Total Equity		9,651	21,061

The above consolidated statement of financial position should be read in conjunction with the accompanying notes.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 June 2026

	Share capital	Warrants reserve	Share-based payments reserve	Foreign exchange translation reserve	Accumulated losses	Total equity
	$’000	$’000	$’000	$’000	$’000	$’000
Balance on 1 January 2025	83,848	458	750	(1,125)	(68,216)	15,715
Loss for the period	-	-	-	-	(698)	(698)
Foreign exchange translation difference on foreign operations	-	-	-	852	-	852
Total comprehensive income for the period	-	-	-	852	(698)	154
Transactions with owners in their capacity as owners	-	-	-	-	-	-
Contributions of equity, net of transaction costs	1,208	-	(20)	-	-	1,188
Share-based payment transactions	-	161	-	-	-	161
Balance on 30 June 2025	85,056	619	730	(273)	(68,914)	17,218

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the six months ended 30 June 2026

	Share capital	Warrants reserve	Share-based payments reserve	Foreign exchange translation reserve	Accumulated losses	Total equity
	$’000	$’000	$’000	$’000	$’000	$’000
Balance on 1 January 2026	87,883	745	705	199	(68,471)	21,061
Loss for the period	-	-	-	-	(12,514)	(12,514)
Foreign exchange translation difference on foreign operations	-	-	-	849	-	849
Total comprehensive income for the period	-	-	-	849	(12,514)	(11,665)
Transactions with owners in their capacity as owners	-	-	-	-	-	-
Contributions of equity, net of transaction costs	264	-	-	-	-	264
Prior year shares-to be issued reserve settled in cash	-	-	(9)	-	-	(9)
Transfer to accumulated losses on the exercise of warrants or options	-	(8)	-	-	8	-
Balance on 30 June 2026	88,147	737	696	1,048	(80,977)	9,651

The above consolidated statement of changes in equity should be read in conjunction with the accompanying notes.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the six months ended 30 June 2026

		30 June 2026	30 June 2025
		$’000	$’000
Cash flows from operating activities
Cash paid to suppliers and employees		(1,325)	(557)
Payments for exploration expensed through profit or loss		(1)	-
Interest paid		-	(7)
Interest received		6	1
Net cash used in operating activities		(1,320)	(563)
Cash flows from investing activities
Proceeds from sale of exploration assets		351	-
Proceeds from sale of financial assets at fair value through profit or loss		494	239
Payments for capitalised exploration		(238)	(533)
Net cash from / (used in) investing activities		607	(294)
Cash flows from financing activities
Proceeds from issue of shares		-	1,296
Proceeds from the exercise of warrants		285	-
Proceeds from other short-term loans		-	576
Repayment of other short-term loans		-	(259)
Repayment of convertible loan – A$500,000		(347)	-
Payments for capital raising costs		(22)	(97)
Net cash (used in) / from financing activities		(84)	1,516
Net cash increase / (decrease) in cash and cash equivalents		(797)	659
Cash and cash equivalents on 1 January		1,950	224
Effects of exchange rate fluctuations on cash held		(9)	59
Cash and cash equivalents on 30 June		1,144	942

The above consolidated statement of cash flows should be read in conjunction with the accompanying notes.

The Financial Statements were approved and authorised for issue by the Board of Directors on 30 September 2026 and were signed on its behalf by:

Vincent Fayad

Executive Director

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the six months ended 30 June 2026

1 MATERIAL ACCOUNTING POLICIES

The material accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

1.1 Basis of preparation

These condensed consolidated interim financial statements for the six months ended 30 June 2026 have been prepared in accordance with the requirements of Rule 18 of the AIM Rules for Companies.

The condensed consolidated interim financial statements do not constitute statutory financial statements and should be read in conjunction with the Group’s annual financial statements for the year ended 31 December 2025, which were prepared in accordance with UK-adopted international accounting standards.

The condensed consolidated interim financial statements have been prepared on a going concern basis and using the same accounting policies and recognition and measurement principles as those applied in the preparation of the Group’s annual financial statements for the year ended 31 December 2025, except for the adoption of any new or amended accounting standards applicable to the Group from 1 January 2026.

The annual financial statements for the year ended 31 December 2025 were approved by the Board of Directors on 8 June 2026.

The condensed consolidated interim financial statements were approved and authorised for issue by the Board of Directors on 30 September 2026.

1.2 Accounting policies

The Group has adopted all the new and amended Accounting Standards and Interpretations issued by the International Accounting Standards Board (“IASB”) and endorsed by the UK Endorsement Board (“UKEB”) that are mandatory for the current reporting period. No change to accounting policies was required.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

There were no new Accounting Standards and Interpretations relevant to the Group during the reporting period.

1.3 Critical accounting estimates

The preparation of condensed interim financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and disclosure of contingent assets and liabilities at the end of the reporting period. Significant items subject to such estimates are set out in Note 2 of the Group’s 2025 Annual Report and Financial Statements. Actual amounts may differ from these estimates. The nature and amounts of such estimates have not changed significantly during the interim period.

1.4 Risks and uncertainties

The Board continuously assesses and monitors the key risks of the business. The key risks that could affect the Group’s medium-term performance and the factors that mitigate those risks have not substantially changed from those set out in the Group’s 2025 Annual Report and Financial Statements, a copy of which is available on the Group’s website: https://www.alienmetals.uk. The key financial risks are liquidity risk, capital management risk, price risk, foreign exchange risk, credit risk and investment risk.

1.5 Going concern

The condensed consolidated interim financial statements have been prepared on a going concern basis, which assumes that the Group will continue in operational existence for the foreseeable future and will be able to realise its assets and discharge its liabilities in the ordinary course of business.

For the six-month period ended 30 June 2026, the Group incurred a loss of $12,514,000. As at 30 June 2026, the Group had cash and cash equivalents of $1,144,000 and net assets of $9,651,000.

In assessing the appropriateness of the going concern basis, the Directors have considered the Group's financial position as at 30 June 2026, its existing cash resources, committed and planned expenditure and cash flow forecasts covering a period of at least 12 months from the date of approval of these condensed consolidated interim financial statements. The Directors have also considered the Group's ability to manage the timing and level of discretionary expenditure and its demonstrated ability to raise additional capital.

The Group's cash flow forecasts indicate that additional funding will be required during the going concern assessment period in order for the Group to continue its planned activities. In reaching their conclusion that it remains appropriate to prepare the condensed consolidated interim financial statements on a going concern basis, the Directors have considered, amongst other matters:

• the Group's cash balance of $1,144,000 and net assets of $9,651,000 as at 30 June 2026;
• the Group's ability to defer, reduce or scale back discretionary expenditure and non-essential activities in order to conserve cash;
• the ability of the Company to realise some or part of its listed investment portfolio;
• the Company's demonstrated ability to raise additional capital from equity markets and from the existing facility with Bennelong Resource Capital Pty Limited (“Bennelong”). Further details are also set out below; and
• the Group's ability, if required, to realise value from, farm out, joint venture or dispose of interests in certain projects or other assets. Further details in relation to the Pilbara Iron Ore Portfolio are set out below.

Matters since the end of the Period

After 30 June 2026, the Company has:

Debt facility

In order to provide Alien with funding flexibility to progress its portfolio of assets, the Company expects to shortly extend the repayment date of the balance of circa A$400,000 outstanding under the convertible loan facility made available to the Company by Bennelong, a shareholder in the Company, from 31 December 2026 until 30 September 2027. The terms of the original facility were announced on 15 March 2024, and the facility was subsequently varied on 11 December 2025. Under the proposal, the amount available for redraw under Tranches 2 and 3 would also be increased to A$1.0 million. A further announcement regarding this amendment to the facility will be made in due course.

1.5 Going concern (continued)

Pilbara Iron Ore Portfolio

The Company is also progressing its strategic review of the Pilbara Iron Ore Portfolio and has received an indicative, non-binding offer for the acquisition of the portfolio. The terms of the potential transaction remain under negotiation and there can be no certainty that a transaction will be completed or as to the timing or amount of any proceeds that may be received.

The Directors have taken these developments into account in assessing the Group’s ability to continue as a going concern. The Group’s cash flow forecasts remain dependent upon securing additional funding and / or successfully completing an asset realisation, together with the Group’s ability to manage the timing and level of expenditure.

Having considered these matters, the Directors have a reasonable expectation that the Group will have access to sufficient resources to continue in operational existence for the foreseeable future and therefore consider it appropriate to adopt the going concern basis in preparing these condensed consolidated interim financial statements.

However, the Group's ability to continue as a going concern is dependent upon securing additional funding and / or successfully completing an asset realisation within the timeframe contemplated by the Directors’ cash flow forecasts. Neither the proposed extension to the Bennelong loan facility nor the potential sale of the Pilbara Iron Ore Portfolio is committed at the date of approval of these condensed consolidated interim financial statements.

Accordingly, these circumstances indicate the existence of a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern and, therefore, its ability to realise its assets and discharge its liabilities in the ordinary course of business. The condensed consolidated interim financial statements do not include any adjustments that would result if the Group were unable to continue as a going concern.

The factors relevant to the Directors' going concern assessment at 31 December 2025 remain relevant at 30 June 2026. Further details of those matters are set out in the going concern disclosures contained in the Group's Annual Report and Financial Statements for the year ended 31 December 2025. Those disclosures should be read in conjunction with the matters set out above and developments occurring during and subsequent to the six-month period ended 30 June 2026.

1.6 Segment information

For management purposes, the Group is organised into one operating segment, being mineral exploration and evaluation activities in Australia. All the Group’s activities are interrelated, and discrete financial information is reported to the Board of Directors, as the Chief Operating Decision Maker, as a single segment.

Accordingly, all significant operating decisions are based upon an analysis of the Group as one operating segment. The financial results of the segment are equivalent to the financial statements of the Group as a whole.

The Group’s activities in the United Kingdom relate principally to corporate and administrative functions and do not constitute a separate operating segment.

The accounting policies used by the Group in reporting segment information internally are consistent with those set out in Note 1.2 to the condensed consolidated interim financial statements.

2 OTHER FINANCIAL ASSETS

		30 June 2026	31 December 2025
		$’000	$’000
Current		3,729	4,586
Non-current		5	5
		3,734	4,591
Listed ordinary shares – designated at fair value through profit or loss		3,729	4,586
Deposits and bonds		5	5
		3,734	4,591

The carrying amount of the Group’s other financial assets are denominated in the following currencies:

		30 June 2026	31 December 2025
		$’000	$’000
Australian Dollars		3,734	4,591

Reconciliation

Reconciliation of the fair values at the beginning and end of the current and previous financial year are set out below:

	Listed shares	Deposits and bonds	Total
	$’000	$’000	$’000
Balance on 1 January 2025	-	8	8
Issue of 44,500,000 WCE shares at A$0.027 per share	772	-	772
Gain on initial recognition of WCE shares	602	-	602
Sale of 14,000,000 WCE shares at A$0.027 per share	(244)	-	(244)
Fair value revaluation of 30,500,000 WCE shares	3,290	-	3,290
Effects of foreign exchange	166	(3)	163
Balance on 31 December 2025	4,586	5	4,591
Issue of 47,000,000 GRE shares at A$0.115 per share	3,757	-	3,757
Loss on revaluation of GRE shares prior to sale	(170)	-	(170)
Sale of 9,090,909 GRE shares at A$0.075 per share	(494)	-	(494)
Fair value revaluation of 37,909,091 GRE shares	(1,474)	-	(1,474)
Fair value revaluation of 30,500,000 WCE shares	(2,697)	-	(2,697)
Effects of foreign exchange	221	-	221
Balance on 30 June 2026	3,729	5	3,734
		30 June 2026	30 June 2025
		$’000	$’000
Fair value movement on revaluation of financial assets		(4,336)	1,025

3 JOINT VENTURE ARRANGEMENTS

West Coast Silver arrangements

The Group continues to hold a 30% free-carried interest in tenement M47/342 following the disposal of a 70% interest to Crest Silver Pty Ltd, a subsidiary of West Coast Silver Limited, which completed on 6 May 2025.

The Group also holds a 30% interest in the silver rights over tenements M47/123–M47/126, E47/3322 and E47/4422 under an unincorporated joint venture with Crest Silver. Under the terms of the arrangement, Crest Silver is required to fund 100% of exploration expenditure relating to the silver rights up to a decision to mine.

There were no material changes to these arrangements during the six months ended 30 June 2026.

Munni Munni joint venture – GreenTech Metals Limited

At 31 December 2025, 80% of the carrying amount of the Munni Munni tenements was classified as non-current assets held for sale following entry into binding agreements with GreenTech Metals Limited ("GreenTech") for the disposal of a 70% legal and beneficial interest in the Munni Munni Project, together with an option for GreenTech to acquire a further 10%.

The sale of the initial 70% interest completed on 2 February 2026. On completion, GreenTech acquired a 70% interest in the Munni Munni Project and Alien Metals Australia Pty Ltd retained a 30% interest.

A joint venture was formed on completion, with GreenTech holding a 70% interest and acting as manager and the Group retaining a 30% interest. Under the terms of the arrangement, GreenTech is required to solely fund joint venture activities through to completion of a bankable feasibility study, with the Group's retained interest free carried through that period.

Consideration received on completion comprised A$500,000 in cash and 47,000,000 fully paid ordinary shares in GreenTech Metals Limited.

As the carrying amount attributable to the interest disposed of had previously been classified as held for sale at 31 December 2025, the relevant held-for-sale asset was derecognised on completion of the transaction.

GreenTech also holds an option, exercisable within 12 months of completion, to acquire a further 10% interest in the Munni Munni Project in consideration for the issue of a further 20,000,000 fully paid ordinary shares in GreenTech Metals Limited.

At 30 June 2026, the carrying amount attributable to the additional 10% interest subject to the option continues to be classified as held for sale. The remaining 20% interest retained by the Group continues to be recognised within exploration and evaluation assets.

The GreenTech transaction excludes the silver rights over the relevant Munni Munni tenements, which continue to be subject to the separate arrangement with West Coast Silver Limited described above.

Further details of the assets classified as held for sale are set out in Note 4.

4 CAPITALISED EXPLORATION ASSETS HELD FOR SALE

At 31 December 2025, the Group classified 80% of its interest in the Munni Munni tenements as non-current assets held for sale following entry into binding agreements with GreenTech Metals Limited ("GreenTech") for the sale of a 70% interest, together with an option for GreenTech to acquire a further 10%.

The carrying amount classified as held for sale at 31 December 2025 was $5,191,000.

The sale of the initial 70% interest completed on 2 February 2026. Accordingly, the carrying amount attributable to the 70% interest disposed of was derecognised on completion.

At 30 June 2026, the remaining 10% interest subject to GreenTech's option continues to be classified as held for sale as the Directors consider that the criteria for classification under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations continue to be met.

GreenTech's option is exercisable within 12 months of completion and, if exercised, consideration for the additional 10% interest comprises the issue of 20,000,000 fully paid ordinary shares in GreenTech Metals Limited.

At 30 June 2026, the fair value of the potential consideration, based on GreenTech's closing share price at that date, exceeded the carrying amount of the interest classified as held for sale. Accordingly, no impairment was recognised at 30 June 2026.

The movement in capitalised exploration assets held for sale during the period was as follows:

			30 June 2026
			$’000
Balance at 1 January 2026			5,191
Carrying amount attributable to 70% interest disposed of			(4,724)
Effects of foreign exchange			202
Balance at 30 June 2026			669
Carrying amount attributable to 70% interest disposed of			4,724
Cash consideration – A$500,000			(348)
Share consideration – 47,000,000 shares at A$0.115 per share			(3,756)
Effects of foreign exchange			6
Loss on disposal of non-current asset held for sale			626

The Australian dollar carrying amount of the remaining 10% interest at 30 June 2026 was A$971,000. The potential consideration for that interest, based on 20,000,000 GreenTech shares at the 30 June 2026 closing share price of A$0.063 per share, was A$1,260,000. Accordingly, fair value less costs to sell exceeded the carrying amount and no impairment was required.

Further details of the Munni Munni transaction are set out in Note 3.

5 EARNINGS / (LOSS) PER SHARE

		30 June 2026	30 June 2025
		$’000	$’000
Basic and diluted profit / (loss) per share
Loss after income tax attributable to owners of Alien Metals Limited		(12,514)	(698)
		cents	cents
Loss per share (cents per share)
Basic		(0.1077)	(0.00893)
Diluted		(0.1077)	(0.00893)
		Number	Number
Weighted average number of ordinary shares
Issued ordinary shares on 1 January		11,547,931,674	7,509,915,386
Effect of shares issued		74,952,464	249,615,346
Weighted average number of ordinary shares at 30 June		11,622,884,138	7,759,530,732

6 EXPLORATION AND EVALUATION

			$’000
Balance at 1 January 2025			16,435
Additions			739
Disposals			(2,053)
Impairment			(411)
Transfer to non-current assets held for sale			(5,191)
Foreign exchange differences			1,181
Balance at 31 December 2025			10,700
Additions			175
Impairment			(6,708)
Foreign exchange difference			455
Balance at 30 June 2026			4,622

The recoverability of exploration and evaluation is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest.

During the period, the Group reviewed the carrying value of its iron ore exploration and evaluation assets. Based on management’s assessment of the estimated recoverable amount of these assets at 30 June 2026, the Group recognised a non-cash impairment loss of US$6,708,000 in profit or loss for the Period. The impairment remains subject to review as part of the Company’s annual audit.

Exploration expenditure is recognised in profit or loss where it does not meet the Group’s criteria for capitalisation.

7 BORROWINGS

(a) Carrying amount of borrowings

		Book value 30 June 2026	Book value 31 December 2025
		$’000	$’000
Current
Convertible note - Host		226	538
Potential conversion warrants		200	236
Conversion feature		129	170
Total borrowings		555	944

(b) Reconciliation of convertible note – host liability

		30 June 2026	31 December 2025
		$’000	$’000
Balance at 1 January		538	675
Effective interest charge		26	181
Partial repayment of convertible note		(347)	-
Partial conversion into ordinary shares		-	(344)
IFRS 9 modification gain		(5)	(25)
Rollover fee capitalised		(5)	-
Foreign exchange movements		17	-
Foreign exchange revaluation		2	51
Balance at reporting date		226	538

(c) Reconciliation convertible note – derivative liability

		30 June 2026	31 December 2025
		$’000	$’000
Balance on 1 January		406	33
Net remeasurement of conversion warrants		(33)	-
Net remeasurement of conversion feature		(39)	-
Recognition of conversion features		-	161
Recognition of derivative liability		-	202
Foreign exchange revaluation		(5)	10
Balance at reporting date		329	406

7 BORROWINGS (continued)

(d) Convertible note

The Group’s borrowings at 30 June 2026 comprise a convertible note host liability measured at amortised cost and derivative liabilities comprising the conversion feature and potential conversion warrants measured at fair value through profit or loss.

On 2 February 2026, the Group made a partial cash repayment of the outstanding convertible note of approximately US$347,000, in accordance with the terms agreed as part of the December 2025 modification.

On 24 June 2026, the Company entered into a further deed of variation in respect of the convertible note. Under the amended terms, the repayment date was extended from 30 June 2026 to 31 December 2026, or such other date as may be agreed in writing between the Company and the noteholder. A rollover fee equal to 2% of the principal sum outstanding was payable in connection with the extension.

The amendment was assessed in accordance with IFRS 9 Financial Instruments. The revised contractual terms were not considered to be substantially different from the existing terms and, accordingly, the amendment was accounted for as a modification of the existing financial liability rather than an extinguishment. The revised contractual cash flows were discounted using the original effective interest rate of 19.29%. A modification gain of approximately US$5,000 was recognised in profit or loss.

Following the modification, the host liability continued to be measured at amortised cost using the effective interest method. At 30 June 2026, the carrying amount of the host liability was approximately US$226,000.

The conversion feature and potential conversion warrants continued to be measured at fair value through profit or loss. At 30 June 2026, the aggregate derivative liability was approximately US$329,000, comprising approximately US$129,000 in respect of the conversion feature and US$200,000 in respect of the potential conversion warrants.

The fair values of the derivative liabilities were determined using Monte Carlo simulation and option-pricing methodologies. The principal valuation inputs included the Company’s share price, expected volatility, risk-free interest rates, foreign exchange rates and the remaining contractual term of the instruments.

8 ISSUED CAPITAL

	Ordinary shares
	Number of shares		Amount in $’000
	30 June 2026	31 December 2025	30 June 2026	31 December 2025
Balance on 1 January	11,547,931,674	7,509,915,386	87,883	83,848
Issue of fully paid shares for cash	-	3,250,000,000	-	3,719
Issue of fully paid shares converted from warrants	175,121,875	373,531,570	285	555
Issue of fully paid shares in lieu of fees	-	136,706,941	-	193
Issue of fully paid shares in partial Settlement of convertible note	-	277,777,777	-	330
Capital raising costs	-	-	(21)	(762)
Balance at reporting date	11,723,053,549	11,547,931,674	88,147	87,883

9 SHARE-BASED PAYMENTS

The Company operates share-based payment arrangements under which options and other equity instruments may be granted to directors, employees, consultants and other service providers. The terms of such instruments, including vesting conditions, exercise price and contractual life, are determined by the Board at the date of grant. The fair value of the options and warrants granted are measured at grant date and recognised as an expense over the vesting period, with a corresponding increase in equity.

Grant date	Vesting date	Expiry date	Exercise Price (pence)	Balance at the start of the period	Balance at the end of the period	Vested and exercisable at the end of the period
26-Sep-22	26-Mar-23	26-Sep-26	0.80	55,000,000	55,000,000	55,000,000
26-Sep-22	26-Sep-23	26-Sep-26	1.00	55,000,000	55,000,000	55,000,000
26-Sep-22	26-Sep-23	26-Sep-26	1.20	60,000,000	60,000,000	60,000,000
26-Sep-22	26-Sep-23	26-Sep-26	1.40	60,000,000	60,000,000	60,000,000
07-Jul-23	01-Aug-24	31-Jul-27	0.72	5,000,000	5,000,000	5,000,000
07-Jul-23	01-Aug-24	31-Jul-27	0.90	7,500,000	7,500,000	7,500,000
07-Jul-23	01-Aug-24	31-Jul-27	1.08	10,000,000	10,000,000	10,000,000
07-Jul-23	01-Aug-24	31-Jul-27	1.26	10,000,000	10,000,000	10,000,000
07-Jul-23	01-Aug-25	31-Jul-27	0.72	5,000,000	5,000,000	5,000,000
07-Jul-23	01-Aug-25	31-Jul-27	0.90	7,500,000	7,500,000	7,500,000
07-Jul-23	01-Aug-25	31-Jul-27	1.08	10,000,000	10,000,000	10,000,000
07-Jul-23	01-Aug-25	31-Jul-27	1.26	10,000,000	10,000,000	10,000,000
				295,000,000	295,000,000	295,000,000
Weighted average exercise price (pence)				1.09	1.09	1.09

At the reporting date, the weighted average remaining contractual life of options outstanding at period end was 0.427 years.

9 SHARE-BASED PAYMENTS (continued)

Warrants

At 30 June 2026, a summary of the Group warrants issued and not exercised are as follows. Warrants are settled by the physical delivery of shares:

Grant date	Vesting date	Expiry date	Exercise Price (pence)	Balance at the start of the period	Exercised during the period	Balance at the end of the period	Vested and exercisable at the end of the period
01-Apr-24	01-Apr-25	18-Apr-27	0.23	25,000,000	-	25,000,000	25,000,000
26-Jul-24	06-Aug-24	06-Aug-27	0.11	27,272,727	-	27,272,727	27,272,727
30-May-25	30-May-25	30-May-28	0.08	31,075,000	(10,000,000)	21,075,000	21,075,000
16-Dec-25	16-Dec-25	16-Dec-28	0.09	200,000,000	-	200,000,000	200,000,000
16-Dec-25	16-Dec-25	16-Dec-28	0.135	277,777,777	-	277,777,777	277,777,777
16-Dec-25	16-Dec-25	16-Dec-28	0.135	25,000,000	-	25,000,000	25,000,000
				586,125,504	(10,000,000)	576,125,504	576,125,504
Weighted average exercise price (pence)				0.1196	0.0800	0.1203	0.1203

At the reporting date, the weighted average remaining contractual life of warrants outstanding at period end was 2.31 years.

10 COMMITMENTS AND CONTINGENCIES

Exploration expenditure commitments

To maintain current rights of tenure to exploration tenements, the Group is required to perform minimum exploration work to meet the requirements specified by the Western Australia State Government. These obligations are not provided for in the financial statements and are payable as follows:

	Licence fees	Other minimum spend requirements	Total minimum spend requirements
	$’000	$’000	$’000
Less than 1 year	62	240	302
1 to 5 years	231	671	902
More than 5 years	771	1,697	2,468
Total	1,064	2,608	3,672

11 FINANCIAL INSTRUMENTS

Not measured at fair value

The Group has various financial instruments which are not measured at fair value on a recurring basis in the statement of financial position.

The Directors consider that the carrying amounts of current receivables, current payables and current borrowings are a reasonable approximation to their fair values.

The methods and valuation techniques used for the purposes of measuring fair values are unchanged compared to the previous reporting period.

12 MATTERS SUBSEQUENT TO THE END OF THE PERIOD

On 7 July 2026, the Company entered into a conditional agreement to acquire 100% of Knox Resources Pty Ltd (“Knox”) from Venari Minerals Limited. The acquisition completed on 16 July 2026.

Knox holds the Georgina Basin Iron-Oxide Copper-Gold (“IOCG”) Project in the Northern Territory, Australia, comprising approximately 2,500 km² of tenure. Total consideration was £200,000, comprising £100,000 in cash and the issue of 90,260,854 fully paid ordinary shares in Alien Metals Limited.

As the acquisition completed after 30 June 2026, it is a non-adjusting event and no amounts relating to the acquisition have been recognised in these condensed consolidated interim financial statements. The accounting for the acquisition had not been finalised at the date of approval, and it was therefore not practicable to reliably estimate its financial effect.

Subsequent to the Period, the Company received a proposal to extend the repayment date of the balance of circa A$400,000 outstanding under its existing convertible loan facility with Bennelong to 30 September 2027 and to increase the amount available for redraw under Tranches 2 and 3 to A$1.0 million. The proposed extension remains subject to finalisation and execution. The Company has also received an indicative, non-binding offer for the acquisition of its Pilbara Iron Ore Portfolio, the terms of which remain under negotiation. There can be no certainty that either the proposed facility amendments or the potential sale transaction will be completed.

CORPORATE DIRECTORY

Directors Vincent Fayad Michael Carter Elizabeth Henson	Company Secretary Ben Harber
Registered Office Craigmuir Chambers PO Box 71 Road Town, Tortola British Virgin Islands	Principal Office Level 2, 10 Ord Street West Perth WA 6005 Australia Telephone: [phone]
Postal Address PO Box 86 West Perth WA 6872 Australia	Auditor PKF Littlejohn LLP 30 Churchill Place Canary Wharf London E14 5RE United Kingdom
Share Registry Computershare Investor Services plc The Pavilions, Bridgwater Road Bristol BS99 6ZZ United Kingdom Telephone: [phone]	Bankers NatWest 1st Floor, 440 Strand London WC2R 0QS United Kingdom
Website and Email Website:  www.alienmetals.uk Email: [e-mail]	AIM Code Shares: UFO

 

END