Alien Metals (UFO) Trading update summary

Strategic and corporate developments

• Completed acquisition of 100% of the Georgina Basin IOCG Project, securing 2,500 km² of tenure and over 90 conceptual targets, with three advanced drill-ready targets.

• Independent SRK valuation places the Georgina project at A$1.5–3.8 million, with a preferred value of A$2.7 million.

• Leadership transition includes new executive director and non-executive chairman, with a refreshed focus on disciplined project evaluation and monetisation.

• Portfolio-wide review underway to prioritise capital allocation, value catalysts, and strategic partnerships.

Project portfolio and joint ventures

• Pilbara iron ore portfolio confirmed to host iron mineralisation at Vivash and Brockman, with strategic alternatives under review including advancement, partnerships, or divestment.

• Retains 30% free-carried interests in Munni Munni PGM-copper and Elizabeth Hill Silver projects, limiting funding exposure and providing project advancement without near-term funding obligations.

• Holds significant listed investments: 37.9 million GreenTech shares (10.12% of issue) and 30.5 million West Coast Silver shares (8.42% of issue), providing both direct and indirect project exposure.

• Munni Munni hosts a historic resource of 2.2Moz PGM and gold; Elizabeth Hill is a past-producing high-grade silver mine.

Funding and capital management

• Funding strategy prioritises monetisation of Pilbara iron ore assets via joint ventures, partnerships, or asset sales, with equity fundraising not currently planned.

• Sale of listed investments in GreenTech and West Coast Silver is the least preferred funding option.

• Free-carried interests in joint ventures mean no immediate funding required for Munni Munni or Elizabeth Hill.

• Initial Georgina Basin work to be funded from existing cash flow; larger exploration programmes to be funded by leveraging or realising value from existing assets.