Alien Metals (UFO) H1 2024 earnings summary

Executive summary

• Advanced Hancock and Pinderi Hills projects, with Hancock's Development Study completed and a significant Mineral Resource Estimate defined.

• Entered a lithium joint venture at Pinderi Hills, with positive initial sampling results post-period.

• Strengthened board expertise with the appointment of a new Non-Executive Director.

• Supported by successful capital raisings in June and August 2024.

Financial highlights

• Operating loss for the six months ended 30 June 2024 was $579,000, a significant improvement from $1.6 million loss in the prior year period.

• Basic and diluted loss per share was $0.008, compared to $0.031 year-over-year.

• Raised £630,000 via share placement during the period and an additional £600,000 post-period.

• Cash and cash equivalents at 30 June 2024 were $697,000, up from $145,000 at 30 June 2023.

• Net assets increased to $16.89 million from $16.58 million year-over-year.

Outlook and guidance

• Focused on progressing Hancock and Pinderi Hills projects, optimizing funding strategies for maximum shareholder value.

• Accelerating exploration at the Mallina Target and expanding mineable resources through discussions with adjacent owners.

• Advancing exploration at Pinderi Hills to expand existing resources.