Elizabeth Hill DHEM Target Update

Alien Metals Limited

17 April 2026

 

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.

Trading Symbols

AIM: UFO FWB: I3A1

17 April 2026

Alien Metals Limited

("Alien" or the "Company")

West Coast Silver Releases Elizabeth Hill DHEM Target Update

Alien Metals Limited (AIM: UFO), a minerals exploration and development company, advises that its joint venture partner, West Coast Silver Limited (ASX: WCE) ("West Coast Silver"), has today released an announcement titled "Elizabeth Hill Silver Project: New High Priority Target to be Drill Tested".

The attached West Coast Silver release outlines the identification of a new DHEM conductor target at the Elizabeth Hill Project, located approximately 50 metres east of the Elizabeth Hill Mine and at a depth of around 110 metres, which West Coast Silver intends to drill test immediately.  

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:

Alien Metals Limited

Bruce Garlick

Email: [e-mail]

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]

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.

Competent Person's 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 Alien 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.

Appendix A - ASX: WCE ANNOUNCEMENT

Elizabeth Hill Silver Project: New High Priority Target to be Drill Tested

·    The first Down Hole Electromagnetic (DHEM) data has been received and processed from the Elizabeth Hill Mine Project.

·    A DHEM conductor has been identified, 50 metres to the east of the Elizabeth Hill Mine and 110 metres depth.

·    The anomaly is represented by a discrete modelled plate (dimensions 20-100 metres by 60 metres) which has not been previously drill tested.

·    Historic drill hole AG54, which intersected 2m at 42 g/t Ag, is situated 25 metres up-dip and aligned with the plate model.

·    The conductance and position of the plates present a compelling drilling target.

·    The Diamond drill rig onsite will move immediately to test the DHEM anomaly, with drilling expected to be completed in the coming week.

·    This first use of electromagnetics by West Coast Silver at Elizabeth Hill which supports the effectiveness of the technique in identifying conductive drill targets.

·    Further surface geophysics techniques are currently being trialled over the Elizabeth Hill deposit.

·    Assay results from Reverse Circulation (RC) and Diamond Drill (DD) programs are anticipated to be received progressively throughout Q2 2026.

West Coast Silver Limited (ASX: WCE) ('West Coast Silver' or the 'Company') is pleased to announce the results of the first trial of Down Hole Electromagnetics (DHEM) at Elizabeth Hill.

Hole 25WCDD0025 from West Coast Silver drill program in 2025 was cased with PVC earlier in the year as part of the preparation for trialling DHEM (Figure 1).  This represents the first use of DHEM at Elizabeth Hill.

The DHEM program was designed to test whether direct targeting of high-grade silver mineralisation could be achieved.

The results from the current survey indicate:

·    The conductance values of the identified DHEM plates (400-1,200 Siemens) are consistent with the expected range for target silver mineralisation as indicated by petrophysical studies conducted earlier in 2026. While other factors could account for the observed conductivity, the context, intensity, and position of the plates present a compelling drilling target.

·    The upper edge of the plate is located roughly 110 metres beneath the surface and about 50 metres east of the Elizabeth Hill Mine (Figure 2).

·    The modelled conductive plate has a discrete area 60m in the north-south plane and 20 to 100 metres down-dip. They are oriented steeply dipping to the south-southeast, parallel to and offset 50 metres to the east of the Elizabeth Hill Mine sequence.

·    The DHEM plate corresponds with the interpreted down-dip extent of previously identified granite-ultramafic contact in this area, which is significantly displaced from the Elizabeth Hill Mine sequence to the east that sits on a similar contact that is mineralised.

·    Drill hole AG54, which intersected 2m at 42 g/t Ag, is situated 25 metres up-dip and aligned with the plate models on the same geological contact or structure.

·    No other drilling has been conducted at this depth within the area. All prior drilling was positioned above or passing above this target zone, drilling westward away from this target towards the main Munni Munni Fault.

·    A single drill hole planned from an existing drill pad to directly target the modelled plate at approximately 150 to 170 metres downhole depth (Figure 2)

Since the geophysical target has not yet been directly intersected by prior drilling, it remains uncertain whether the drill hole conductor anomaly reflects the same quality, quantity, or mineralogy as observed at Elizabeth Hill Mine. These factors will only be confirmed through the forthcoming drill hole that will test the anomaly.

Commenting on the results, Executive Chairman Bruce Garlick said:

"The geophysical program initiated in February 2026 by WCE in conjunction with ERM and Southern Geosciences Consultants, utilising petrophysical data derived from 2025 drilling has had an immediate impact on the exploration efforts onsite.  The team is currently relocating the drill rig to test this shallow anomaly, which if it intersects mineralisation could materially expand the resource potential and have a significant impact on the Elizabeth Hill project"

Exploration Next Steps

West Coast Silver is conducting multiple exploration programs planned to end of May 2026, comprising reverse circulation drilling, diamond drilling, Down Hole and surface geophysics.

The diamond drill rig is moving to test the DHEM anomaly with drilling expected to be completed in the coming week.  Should mineralisation be intersected then cutting logging and assaying will be completed over Q2 2026.

Figure 1: Plan view showing the EM loop (red polygon), EM surface trial lines (red), approximate position of conductor projected to surface (green dot) and drill hole 25WCDD025 utilised for the DHEM

Figure 2: Position of modelled DHEM plates and planned drill hole in relation to the Elizabeth Hill Mine and previous drilling

The Elizabeth Hill Project

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

·    High grades enabled low processing tonnes. A total of 1.2 Moz of silver was produced from just 16,830t of ore at a head grade of 2,194g/t (70.5 oz/t Ag)^[1].

·    Mining operations ceased in 2000 as a result of low silver prices (US $5)^[2].

·    Simplistic historic processing techniques were used focussing only on native silver extraction. Native silver was recovered via low-cost gravity separation techniques.

·    Untapped mineral resource expansion potential remains. The Elizabeth Hill deposit remains open at depth and along strike. Recent consolidation of the WCE tenement land holding offers potential to discover more Elizabeth Hill style deposits near mine and regionally.

·    World leading silver grades located on a mining lease with potential processing option at the nearby Radio Hill site.

Figure 3: Tenement Location.

Through the consolidation of surrounding land packages into a single contiguous 180km² package, significant exploration and growth potential has been created 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 silver deposit analogues.

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

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

 

END