Alien Metals Limited (LON:UFO), a minerals exploration and development company, has announced that its joint venture partner in the Elizabeth Hill Silver Project, West Coast Silver Limited (ASX: WCE), has today announced a A$6 million (approximately £3.2 million) placement to accelerate exploration at Elizabeth Hill.
Highlights:
| · | West Coast Silver has received firm commitments to raise A$6 million through a Placement to institutional, sophisticated and professional investors. |
| · | Admiralty Resource Fund, an entity associated with Paul Cronin, has supported the Placement with an investment of A$500,000 for 5,263,158 shares |
| · | Placement is expected to be completed on or around 8 September 2026. |
| · | The Placement was priced at A$0.095 per share representing a discount of 13.8% to the 15-day VWAP to prior to the date of the West Coast Silver trading halt. |
| · | Funds from the Placement will be used for exploration and development drilling, geotechnical and metallurgical testwork, mineral resource estimate updating and a scoping study. |
| · | The proposed works follow the recent drilling campaign across the Elizabeth Hill Project and the identification of both near-surface and deeper mineralisation in initial drill holes. |
| · | The additional funds raised allow West Coast Silver to bring forward exploration programs at Elizabeth Hill South and West, accelerating the search for the next Elizabeth Hill deposit. |
Commenting on the Placement, Non-Executive Chairman of West Coast Silver and CEO of Alien, Vince Fayad, said:
“We are extremely pleased with the strong support received for the Placement, with demand significantly exceeding West Coast Silver’s target.
“The interest shown from both new and existing investors is a strong endorsement of the quality and opportunity of Elizabeth Hill as evident from the outstanding results delivered from our recent drilling program. Moreover, we are delighted to see the significant support from Admiralty Resource Fund and the endorsement of West Cost Silver’s strategy under CEO Sergei Smolonogov.
“With the additional funding secured, West Coast Silver is now in a strong position to accelerate drilling across Elizabeth Hill, pursue the significant near-surface and deeper growth opportunities identified to date, and advance the technical work required to progress the project towards development.”
Alien holds a 30% interest in Elizabeth Hill and holds 30.5 million shares in West Coast Silver (representing an approximate 8.7% interest in the issued share capital of West Coast Silver prior to the completion of the Placement).
