Alien Metals (UFO) Investor update summary

Strategic Project Portfolio and Management

• Holds diversified assets in iron ore, copper, nickel, platinum group metals, silver, and lithium, with key projects including Hancock, Pinderi Hills, and Elizabeth Hill.

• Hancock project has a 90% ownership, includes several underexplored tenements, and a JORC resource of 8.4Mt at 60.2% Fe, targeting 1.25Mtpa production with significant exploration upside.

• Pinderi Hills is 100% owned, covers 180 sq km, and is a multi-commodity project with exposure to Ag, Cu-Ni-PGM, and lithium, including Munni Munni (2.2Moz PGM) and Elizabeth Hill (4.05Moz Ag resource).

• Elizabeth Hill is a high-grade silver project with a 4.5 million oz potential, ongoing evaluation of remnant resources, and reinterpretation revealing larger mineralized envelopes.

• Lithium project de-risked via joint venture, including a $4m farm-in for 50% of lithium rights at Pinderi Hills, reducing costs and securing funding.

2024 Achievements and Operational Progress

• Hancock mining lease granted for 21 years, with heritage agreements executed and development study completed in February 2024.

• Hancock development study showed a net present value of $146 million at $120/ton iron ore price; mining agreement concluded with native title party.

• Joint venture with Errawarra on lithium project saves AUD 400,000 annually, brought in $500,000 investment, and $4m farm-in for lithium rights.

• Government grant of AUD 120,000 awarded for Pinderi Hills exploration.

• Exploration mapping advanced on Vivash and Brockman tenements; Hancock West/Mallina exploration targeted for H1 2025, with tenement grant anticipated in Q1 2025.

Project Economics and Exploration Outlook

• Hancock Project base case: 1.25Mtpa over 6 years, pre-tax NPV10 of A$146m, IRR of 133%, capex A$28m, opex US$85/t, payback under 1 year; high case NPV A$343m and IRR 338%.

• Mining, crushing, transport, and shipping contracts in place to enable rapid production start post-permitting.

• Pinderi Hills exploration accelerated, focusing on five key localities including Cadgerina Dyke and Judy's Reef, with multiple walk-up drill targets and ongoing geophysics.

• High-grade PGM locations identified, with grades over 7-9 g/t 3E PGMs, and further geophysical work planned.

• Reinterpretation of Elizabeth Hill data reveals new high-grade zones for silver, nickel, copper, lead, and zinc.