Transaction secured for JV partner at Munni Munni
Summary by AI BETAClose X
Trading Symbols
AIM: UFO
FWB: I3A1
2 February 2026
Alien Metals Limited
("Alien" or the "Company")
Alien Metals completes significant transaction to secure joint venture partner for Munni Munni Platinum Group Metals Project
Alien Metals Limited (AIM: UFO), a minerals exploration and development company, is pleased to announce that further to the Company's announcement on 1 December 2025 (the "Announcement"), it has completed its partial asset sale and joint venture transaction with Australian publicly listed company; GreenTech Metals Limited (ASX: GRE) ("GreenTech") in respect of the Munni Munni Platinum-Palladium-Copper-Nickel Project ("Munni Munni" or the "Project") and surrounding tenements in the West Pilbara region of Western Australia ("Transaction").
Highlights
· GreenTech has completed the acquisition of a 70% interest in the Project, comprising four Mining Leases and two Exploration Licences (~180km²), with Alien (via its wholly owned subsidiary, Alien Metals Australia Pty Ltd ("AMA")) retaining the remaining 30% interest in the Project.
· All conditions precedent to the Transaction have been satisfied or waived, and, pursuant to the terms of the Transaction, a project joint venture holding the Project (the "JV") has now been formed. Alien holds 30% interest in the JV, with GreenTech holding a 70% interest and acting as manager of the JV.
· GreenTech will operate and solely fund the JV through to completion of a bankable feasibility study, meaning Alien's 30% interest is free carried through this period. During this free-carry period, Alien retains the right, inter alia, to be consulted and be party to the making of material decisions in relation to the JV via meetings of the management committee, which has been established from completion of the Transaction.
· Consideration for the Transaction comprises:
o A$0.5 million cash payment to AMA which has now been settled; and
o the issue to AMA of 47 million ordinary shares (the "Consideration Shares") in the capital of GreenTech ("GreenTech Shares"). As at the GRE closing share price of A$0.13 on 30 January 2026, the value of Consideration Shares is A$6.11 million.
· Alien may sell down up to 9,090,909 Consideration Shares in instalments of no more than A$20,000 per trading day from completion of the Transaction, with the balance of the Consideration Shares subject to a 6-month voluntary escrow from their date of issue.
· GreenTech retains a right, exercisable within 12 months of completion of the Transaction, to acquire a further 10% interest in the Project for the issue of a further 20,000,000 GreenTech Shares, subject to certain conditions precedent set out in the Announcement.
· Following completion, Alien retains significant exposure to upside through:
o its 30% free-carried JV interest (to BFS); and
o an indirect 17.4% equity holding in GreenTech through the issue of the Consideration Shares to AMA.
Value of Consideration: The total consideration value to Alien is approximately A$6.61 million, comprising A$0.5 million cash plus the value of the Consideration Shares of approximately A$6.11 million (based on the GRE closing price (A$0.13) on 30 January 2026, being the last practicable day prior to this announcement) before accounting for the cost of the free carry.
Use of proceeds: As noted in the Company's announcement on 11 December 2025, Alien, via AMA, has received A$0.5 million in cash consideration, which will further support the cash position of the Company and will enable the Company to pay down a portion of the balance of the funding facility with Bennelong Resource Capital Pty Ltd while being able to commit expenditures to advance the Company's broader portfolio of assets.
Executive Chairman, Bruce Garlick, commented:
"This Transaction with GreenTech Metals Limited is a meaningful step in executing Alien's partner-led strategy. We have secured a high-quality joint venture partner to advance Munni Munni, while retaining a 30% interest that is free carried through to completion of a bankable feasibility study. This structure preserves exposure to the upside while materially reducing funding requirements and execution risk for Alien shareholders."
"Alongside the consideration received under the Transaction, Alien owns 30.5 million shares in West Coast Silver Ltd which, as at 30 January 2026, were worth approximately A$6.7 million. These equity positions represent a material asset for the Company and further strengthen Alien's balance sheet and portfolio leverage."
Silver rights
As part of the Transaction, Alien (via AMA) has entered into a restated joint venture arrangement and mineral rights deed with Crest Silver Pty Ltd (ACN 682 706 403) (Crest), a wholly-owned subsidiary of West Coast Silver Ltd (ASX: WCE) with respect to the historic silver rights joint venture that is established over the Project between those parties (Silver Rights JV). Pursuant to the Silver Rights JV, Alien (via AMA) and Crest retain a joint venture interest of 30% and 70%, respectively, in the rights to explore for and mine silver at the Project.
Pursuant to the terms of the Transaction, GreenTech will not acquire an interest in the silver rights over the Tenements.
Crest will operate and solely fund the Silver Rights JV through to a decision to mine, meaning Alien's 30% interest is free carried through this period.
For further information, please visit the Company's website at www.alienmetals.uk or contact:
Strand Hanson (Financial and Nominated Adviser)
James Harris / James Dance / Edward Foulkes
Tel: +44 (0) 207 409 3494
Zeus Capital Limited (Joint Broker)
Harry Ansell / Katy Mitchell Tel +44 (0) 203 829 5000
Turner Pope (Joint Broker)
Andy Thacker / Guy McDougall
Tel: +44 (0) 203 657 0050
Yellow Jersey (Financial PR)
Charles Goodwin / Shivantha Thambirajah
Tel: +44 (0) 203 004 9512
Notes to Editors
Alien Metals Ltd is a mining exploration and development company listed on the AIM market of the London Stock Exchange (AIM: UFO). The Company follows a balanced strategy of advancing and strengthening its asset portfolio through targeted technical work and project development, while evaluating partnerships, joint ventures, and selective monetisation opportunities that are value-enhancing for shareholders. At the same time, Alien will continue to consider opportunities to expand our asset base through carefully selected acquisition opportunities which meet the Board's prudent criteria.
Alien's principal focus is the advancement and development of its 90%-owned Hancock Iron Ore Project in the central Pilbara region of Western Australia. The Hancock tenements contain a JORC-compliant resource of 8.4Mt at 60% Fe and offer significant exploration upside, which is targeted to deliver a mining operation of 2Mtpa for 10 years. The Project benefits from direct access to the Great Northern Highway, providing a route to export facilities at Port Hedland, one of the world's largest iron ore export hubs. Alien also holds exploration interests in the Brockman and Vivash iron ore projects in the West Pilbara.
Alien additionally retains exposure to two advanced precious and base metal assets in the Pilbara. At Munni Munni, one of Australia's largest PGM systems hosting a historic resource of 2.2Moz PGM (Palladium, Platinum, and Rhodium) and gold, the Company has completed its partial asset sale and joint venture transaction with GreenTech Metals Ltd, under which Alien has divested a 70% interest in the Munni Munni tenements to GreenTech and Alien will retain a 30% interest, free carried to the completion of a bankable feasibility study at Munni Munni. Alien (via wholly owned subsidiary A.C.N. 643 478 371 Pty Ltd) also retains a 30% interest in the Elizabeth Hill Silver Project through a joint venture with Crest, which encompasses the Elizabeth Hill Mining Lease M47/342, which has produced some of Australia's highest-grade silver ore during the late 1990s.
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