West Coast Silver: Chairman's Letter

Alien Metals Limited

22 December 2025

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU) AS THE SAME HAS BEEN RETAINED IN UK LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

Trading Symbols

AIM: UFO

FWB: I3A1

22 December 2025

Alien Metals Limited

("Alien" or the "Company")

West Coast Silver Chairman's Letter

Alien Metals Limited (AIM: UFO), a minerals exploration and development company, is pleased to release the Chairman's Letter from its joint venture partner, West Coast Silver Limited (ASX: WCE) ("West Coast" or "West Coast Silver") on the achievements and work conducted in 2025 on the Elizabeth Hill Silver Project, in which Alien retains a 30% free-carried interest through to a decision to mine.

The full text of the announcement issued by West Coast Silver is provided below in Appendix A.

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

Strand Hanson (Financial and Nominated Adviser)

James Harris / James Dance / Edward Foulkes

Tel: [phone]

Zeus Capital Limited (Joint Broker)

Harry Ansell / Katy Mitchell

Tel [phone]

Turner Pope (Joint Broker)

Andy Thacker / Guy McDougall

Tel: [phone]

Yellow Jersey (Financial PR)

Charles Goodwin / Shivantha Thambirajah

Tel: [phone]

Notes to Editors

Alien Metals Ltd is a mining exploration and development company listed on the AIM market of the London Stock Exchange (AIM: UFO). The Company follows a balanced strategy of advancing and strengthening its asset portfolio through targeted technical work and project development, while evaluating partnerships, joint ventures, and selective monetisation opportunities that are value-enhancing for shareholders. At the same time, Alien will continue to consider opportunities to expand our asset base through carefully selected acquisition opportunities which meet the Board's prudent criteria.

Alien's principal focus is the advancement and development of its 90%-owned Hancock Iron Ore Project in the central Pilbara region of Western Australia. The Hancock tenements contain a JORC-compliant resource of 8.4Mt at 60% Fe and offer significant exploration upside, which is targeted to deliver a mining operation of 2Mtpa for 10 years. The Project benefits from direct access to the Great Northern Highway, providing a route to export facilities at Port Hedland, one of the world's largest iron ore export hubs. Alien also holds exploration interests in the Brockman and Vivash iron ore projects in the West Pilbara.

Alien additionally retains exposure to two advanced precious and base metal assets in the Pilbara. At Munni Munni, one of Australia's largest PGM systems hosting a historic resource of 2.2Moz PGM (Palladium, Platinum, and Rhodium) and gold, the Company has entered into a conditional joint venture with GreenTech Metals Ltd, under which Alien will retain a 30% interest, free carried to the completion of a bankable feasibility study. Alien also retains a 30% interest in the Elizabeth Hill Silver Project through a joint venture with West Coast Silver Limited, which encompasses Elizabeth Hill Mining Lease and exploration tenements surrounding the historical silver mine, which has produced some of Australia's highest-grade silver ore during the late 1990s.

Appendix A - ASX: WCE ANNOUNCEMENT

Chairman's Letter

Dear Shareholders,

2025 was a defining year for West Coast Silver.

The Company delivered one of the most active and technically meaningful exploration programs undertaken at and around the Elizabeth Hill Project, repositioning it as a district-scale, high-grade silver opportunity with clear discovery upside. Importantly, this progress has been achieved against a materially stronger silver market, enhancing the project's strategic and economic relevance.

With silver prices strengthening significantly during the year (currently ~US$66/oz or >A$100/oz) and investor interest returning to high-quality silver assets, West Coast Silver focused its efforts on advancing its 70%-owned Elizabeth Hill Joint Venture-one of Australia's highest-grade historical silver mines-with the objective of demonstrating scale, continuity and repeatability beyond the original mine footprint.

2025 Achievements - Re-establishing Elizabeth Hill as a Growth Asset

The 2025 exploration program was deliberately designed to move Elizabeth Hill beyond historical confirmation and toward a modern discovery-led growth story.

The Company completed 25 diamond drill holes for approximately 2,300 metres across two drilling phases^[1], together with a 76-hole aircore drilling program^[2] totalling over 1,000 metres. Importantly, drilling was not limited to confirming historical mineralisation but was designed to test geological concepts aimed at identifying repeat systems beyond the original mine footprint.

 

Figure 1 & 2: Native Silver samples from Elizabeth Hill

Phase 1 diamond drilling successfully intersected high-grade silver mineralisation in multiple holes, validating the presence of robust mineralised structures. Phase 2 drilling materially advanced our understanding of the system, tightening near-surface oxide continuity and confirming down-plunge continuity beneath the historic workings. Visible native silver was observed in multiple drill holes above and below historical workings, reinforcing the interpretation of a larger and more continuous mineralised system than previously recognised. The aircore program confirmed multiple near-mine and regional zones with geological characteristics consistent with the Elizabeth Hill system. These results support the interpretation that mineralisation extends beyond the historic mine and has identified several priority targets for follow-up drilling aimed at discovering repeat high-grade silver deposits.

In parallel, the Company strengthened its technical capability with the appointment of highly experienced geologists and advisors, completed high-resolution drone magnetic and Loupe TEM surveys, and continued systematic geological modelling to integrate drilling, geophysics and geochemistry into a coherent district-scale exploration framework.

2026 Exploration Program - A Structured Path to Discovery

The Company enters 2026 with strong momentum and a clear, staged exploration plan.

Early in the year, we expect to receive all outstanding diamond and aircore assay results. Samples from the diamond drilling program, which tested shallow historical high-grade silver, are currently undergoing laboratory QA/QC checks. A subset of samples returned over-limit and were consequently resubmitted to ALS Canada for additional analytical work, resulting in a longer-than-anticipated turnaround time.

Technical work in the first quarter will focus on refining exploration targeting through integrated interpretation of drilling, geophysics and geochemistry. This includes further drone-based geophysical surveys and the advancement of approvals to enable deeper drilling.

Field activities are planned to recommence from March, initially concentrating on high-priority near-mine targets aimed at identifying repeat mineralised structures. This will be followed by systematic testing of regional Phase 3 targets, including areas north and south of the existing mine that were not accessible during 2025.

By progressing from near-mine opportunities to broader regional targets, the 2026 program is designed to balance resource growth with discovery upside, while maintaining capital discipline.

Key milestones for shareholders in 2026 include the release of outstanding assay results, refinement of priority drill targets, and the commencement of follow-up drilling programs aimed squarely at discovery.

Looking Ahead

West Coast Silver enters 2026 with a rare combination of attributes: control of a historically proven, high-grade silver system; a strengthened technical foundation; and a clear, disciplined pathway to discovery. The Board remains focused on delivering tangible exploration success and unlocking long-term value for shareholders.

On behalf of the Board, I thank our shareholders for their continued support and our technical team for their dedication and professionalism. We look forward to the year ahead with confidence and a clear focus on delivering discovery-driven value.

Yours sincerely,

Bruce Garlick

Executive Chairman

West Coast Silver Limited

The Elizabeth Hill Project

Elizabeth Hill is historically one of Australia's highest grade silver projects and has a proven production history outlined below:

•   High grades enabled low processing tonnes: 1.2Moz of silver was produced from just 16,830t of ore at a head grade of 2,194g/t (70.5 oz/t Ag)^[3].

•    Previous mining operation ceased in 2000: because of low silver prices (US$5)^[4].

•   Simplistic historical processing technique: native silver was recovered via low-cost gravity separation techniques.

•   Untapped potential remains in ground with deposit open at depth and recent consolidation of land package offers potential to discover more Elizabeth Hill style deposits.

•  Tier 1 Mining Jurisdiction located on a mining lease with potential processing option at the nearby Radio Hill site. Radio Hill is a third-party owned processing facility; WCE has not current agreement in place. 

Figure 3: Tenement Location

Through the consolidation of the surrounding land packages into a single contiguous 180km² package significant exploration and growth potential exists both near mine and regionally. The land package holds a significant portion of the Munni Munni fault system, and other fault systems subparallel to the Munni Munni fault system, which are considered prospective for Elizabeth Hill look-a-like silver deposits.

This ASX announcement has been authorised for release by the Board of Directors of West Coast Silver Limited. For further information, please contact:

Bruce Garlick

Executive Director

West Coast Silver Limited

E: [e-mail]

Competent Person Statement

The information in this announcement that relates to Exploration Results is based on information reviewed by Mr Max Nind who is a Member of the Australian Institute of Geoscientists. Mr Nind is a consultant to West Coast Silver and a full-time employee of ERM Australia Consultants Pty Ltd.

Mr Nind has sufficient experience that is relevant to the style of mineralisation and type of deposits under consideration, and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves', and a Specialist under the VALMIN Code 2015 Edition of the 'Australasian Code for Public Reporting of Technical Assessments and Valuations of Mineral Assets'. Mr Nind consents to the inclusion in the announcement of the matters based on this information and in the form and context in which it appears.

Forward-Looking Statements

Statements in this announcement which are not statements of historical facts, including but not limited to those relating to the proposed transaction, are forward-looking statements. These statements instead represent management's current expectations, estimates and projections regarding future events. Although management believes the expectations reflected in such forward-looking statements are reasonable, forward-looking statements are based on the opinions, assumptions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.

Accordingly, investors are cautioned not to place undue reliance on such statements.

Cautionary Statement

This document is confidential and may not be reproduced, redistributed or passed on, directly or indirectly. This document is neither a prospectus nor an offer to subscribe for fully paid ordinary shares. West Coast Silver and its directors, employees and consultants make no representations or warranty as to the accuracy, reliability or completeness of this document, and have no liability, including liability to any person by reason of negligence of, or contained in or derived from, or for any omissions from this document, except liability under statute that cannot be excluded. This document contains reference to certain targets and plans of West Coast Silver which may or may not be achieved. The performance of West Coast Silver may be influenced by a number of factors, uncertainties and contingencies, many of which are outside the control of the Company and its directors, staff and consultants.

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^[1] Refer ASX Announcements "High-Grade Silver Intercepts Near Surface at Elizabeth Hill" dated 16 July 2025 & "Additional Silver Confirmed at Elizabeth Hill Drilling" dated 24 November 2025

^[2] Refer ASX Announcement "Geological Indicators for Silver in Aircore Drilling" dated 18 December 2025

[3] WAMEX Annual Report,1 April 2014 to 31 March 2015, Elizabeth Hill Silver Project, Global Strategic Metals NL, p16

[4] www.kitco.com/charts/silver

 

END