Alien Metals Limited (LON:UFO), a minerals exploration and development company, has provided an update on activity across its portfolio for the three months ended 30 September 2026, together with subsequent developments. The Period saw material exploration progress by its Australian listed joint venture partners, West Coast Silver Limited (ASX: WCE) and GreenTech Metals Limited (ASX: GRE), while Alien continued targeted technical and commercial work on its wholly owned and operated interests.
Highlights:
| • | JV Partner funding: West Coast Silver raised A$6.0 million in September 2026 to accelerate Elizabeth Hill drilling, the planned November 2026 Mineral Resource Estimate (“MRE”) update and subsequent study work[1]. GreenTech raised A$7.5 million in May 2026 to advance Munni Munni and Whundo[2]. Alien holds 30% free-carried project interests in Elizabeth Hill (to decision to mine) and Munni Munni (to completion of a bankable feasibility study). |
| • | Elizabeth Hill Silver Joint Venture (Alien 30%): During the Period, West Coast Silver reported drilling results including a standout 38.3m at 878g/t Ag from 3.7m in 26WCDD037, including 22.3m at 1,495g/t Ag from 19.7m, and continued to define mineralisation outside the April 2026 Mineral Resource envelope. Elizabeth Hill’s grades compare favourably with ASX-listed silver peers, which typically have average grades of around 50–100g/t Ag[3]. An updated MRE is targeted for November 2026. |
| • | Munni Munni Joint Venture (Alien 30%) platinum group metals, copper and nickel: The project hosts a historical estimate of approximately 23.6Mt at 2.9g/t 4E (PGE plus gold), containing 2.2 million ounces on a 100% basis. GreenTech is advancing a JORC 2012 resource re-estimation, testwork and new copper-nickel-PGE targets. Significant field and technical work including a fixed-loop electromagnetic survey has been undertaken. GreenTech is expected to commence drilling the project in the coming weeks.[4] |
| • | Whundo copper, zinc, gold and silver: GreenTech’s second project is the 100%-owned brownfield Whundo project, which has an existing JORC 2012 resource of 6.2Mt at 1.12% Cu and 1.04% Zn[5]. Drilling at Ayshia returned significant copper intersections including 4.76m at 7.13% Cu, 1.20% Zn, 0.88g/t Au and 29.6g/t Ag, extending mineralisation beyond the current resource envelope[6]. A revised Whundo MRE, including gold and silver, which were not previously included, is targeted for the December quarter. Alien holds an approximately 10.1% equity interest in GreenTech (37.9 million GreenTech shares). |
| • | Portfolio diversification: Through direct joint venture interests and equity investments, Alien retains exposure to silver, copper, zinc, platinum group metals and nickel, alongside its independently held Georgina Basin IOCG and Pilbara iron ore portfolio. The Company is pursuing strategic options for Hancock, Vivash and Brockman.[7] |
Vince Fayad, Executive Director of Alien Metals, commented:
“Alien’s partners have raised close to A$17 million in 2026 to progress exploration and study programmes across their projects in the West Pilbara. This is significant exploration funding in what are challenging market conditions, and benefits Alien: our free-carried interests minimise the need for direct joint venture funding contributions, while allowing us to retain exposure to potential exploration and development success. At Elizabeth Hill, West Coast Silver’s recent capital raising supports accelerated drilling, the planned silver resource upgrade and associated technical studies. At Munni Munni, GreenTech is advancing a significant historical platinum group metals and copper-nickel system and evaluating newly identified copper-nickel targets.
“GreenTech’s high-grade results from the Whundo copper project provide additional listed-equity exposure to copper, zinc, gold and silver, alongside our direct exposure to silver and platinum group metals. Alien’s corporate model allows us to participate in potential resource growth without funding the present partner-led joint venture programmes. We continue to advance technical evaluation of our 100%-owned Georgina Basin IOCG copper-gold project while assessing strategic opportunities for our Pilbara iron ore assets in a disciplined manner.”
West Coast Silver (Alien 7.0% equity interest) – Elizabeth Hill Silver Joint Venture (Alien 30% project interest)
West Coast Silver’s September quarterly report confirmed completion of its H1 2026 diamond drilling programme (14 holes for 2,015.7m) and its 32-hole, 2,710m Elizabeth Hill North RC campaign. Results included 38.3m at 878g/t Ag from 3.7m in 26WCDD037, with 13.5m at 2,253g/t Ag from 45.0m; 63.0m at 53g/t Ag from 2.0m in 26WCDD038; and 3.0m at 524g/t Ag from 183.0m in 26WCDD029, indicating an additional high-grade zone below the former workings. All intercepts are downhole lengths.
The April 2026 JORC 2012 MRE stands at 141,000 tonnes at 617g/t Ag for approximately 2.8 million ounces of contained silver (100% project basis). West Coast Silver expects to publish an updated MRE in November 2026, incorporating further 2026 drilling. It has also outlined a follow-up diamond drilling programme of up to 18 holes for approximately 1,800m, with a further MRE update and Scoping Study outcomes targeted for Q1 2027. Regional IP and CSAMT geophysics commenced post quarter-end along approximately 4km of the Munni Munni Fault Zone to identify potential new silver targets.
Funding and Alien exposure: West Coast Silver completed an oversubscribed A$6.0 million placement in September 2026 and held A$5.6 million in cash at 30 September. The funding is intended to fast-track further drilling, the Elizabeth Hill Mineral Resource upgrade and associated technical and study work. West Coast Silver is meeting the applicable joint venture expenditure. Alien retains a direct 30% project interest, free-carried until West Coast Silver announces a decision to mine, and also holds 30.5 million West Coast Silver shares (approximately 7.0% of its issued share capital).
Figure 1. Plan view of the Elizabeth Hill Silver Project, Pilbara, Western Australia (source: West Coast Silver).
GreenTech Metals (Alien 10.1% equity interest) – Munni Munni PGE–Cu–Ni Joint Venture (Alien 30% project interest) and Whundo Cu–Zn–Au Project (GRE 100%)
GreenTech obtained A$7.5 million in equity funding in H1 2026 to advance the Munni Munni and Whundo work programmes. GreenTech is well capitalised and held A$4.5 million cash at 30 September 2026 and reported September-quarter exploration expenditure of approximately A$1.33 million.
Munni Munni comprises a major layered mafic-ultramafic intrusion with platinum, palladium, rhodium, gold, copper and nickel potential. The historical estimate is 23.6Mt at 2.9g/t 4E (PGE plus gold) for approximately 2.2Moz contained on a 100% project basis. This historical estimate is not reported in accordance with the JORC Code (2012). A Competent Person has not undertaken sufficient work to classify it as a current Mineral Resource, and it is uncertain whether further evaluation or exploration will enable it to be reported in accordance with the JORC Code (2012). During the quarter, GreenTech progressed geological re-interpretation, resource re-estimation and metallurgical work focused on a primary copper-PGE concentrate. An updated JORC 2012 estimate is expected during the December quarter 2026[8].
A specialist geochemical study identified prospective basal-contact copper-nickel-PGE sulphide targets and an approximately 5km by 2km copper anomaly in the southern part of the intrusion. Following an August heritage survey, clearance of priority drill locations and access routes was announced in October. A ground-based fixed-loop electromagnetic survey was subsequently completed and is being interpreted to assist drilling design. The planned next drilling phase will test shallow copper mineralisation adjacent to the Ferguson Reef and basal-contact targets; commencement remains subject to site preparation. This programme provides potential growth beyond the historical PGE resource.
Figure 2. Munni Munni PGE–Cu–Ni Project, Pilbara, Western Australia (source: GreenTech Metals).
Whundo – 100%-owned by GreenTech; Alien exposure through GreenTech equity interest
Whundo is a brownfield volcanogenic massive sulphide copper-zinc-gold system approximately 40km south of Karratha, comprising several mineralised shoots around the historical Whundo East and West open pits and satellite deposits including Ayshia, Austin, Yannery and Shelby. Its existing JORC 2012 Indicated and Inferred MRE totals 6.2Mt at 1.12% Cu and 1.04% Zn (approximately 69,000t contained copper and 64,000t contained zinc)[9], on a 100% project basis.
At Ayshia, drill hole 26GTDD016 returned 4.76m at 7.13% Cu, 1.20% Zn, 0.88g/t Au and 29.6g/t Ag from 367m, including 3.44m at 9.43% Cu, 1.59% Zn, 1.20g/t Au and 39.7g/t Ag[10]. This intercept extended the known mineralised trend approximately 65m down-plunge beyond the existing Ayshia resource envelope. Further drilling results reported after the quarter included 11.6m at 0.9% Cu and 1.2% Zn from 68.5m at Yannery and 7m at 2.5% Cu from surface at Austin[11]. GreenTech reported a further 11 diamond holes drilled during the September quarter, with assays expected in the December quarter. All quoted drill widths are downhole lengths.
GreenTech is targeting an updated Whundo MRE incorporating gold and silver in the December quarter 2026. Additional drilling outside the resource envelope provides potential to significantly increase the copper resource along with the benefit of including precious metals such as gold and silver. Any increase in the resource remains subject to assays, geological modelling and independent resource estimation. Alien considers its indirect copper exposure through its GreenTech shareholding strategically relevant to anticipated long-term demand associated with electrification, grid infrastructure and technology supply chains; this is a broad market observation and does not imply any disclosed third-party offtake discussions.
Elizabeth Hill, Munni Munni and Whundo are all located in the Tier 1 mining state of Western Australia, which is becoming more important as customers seek projects that are located in safe, mining-friendly Western jurisdictions for security of supply of critical metals in the coming years.
Figure 3. The Whundo copper deposit, previously mined in the 1990s and early 2000s, near Karratha, Pilbara, Western Australia.
Georgina Basin IOCG copper-gold Project – Northern Territory (Alien 100%)
Alien continued technical evaluation and tenure management across its approximately 2,500km² Georgina Basin IOCG tenure in the East Tennant region. Four granted exploration licences were consolidated into two licences, EL34498 and EL34499, with no change in surface area or ownership; this should simplify administration and reduce ongoing costs. During the quarter, Project Director Matt Healy attended an initial meeting facilitated by the Central Land Council with Traditional Owners regarding exploration licence applications EL32284 and EL32965, an important first step towards the access arrangements required for grant[12].
A review of publicly available historical drill core, including NDIBK10 and CWDD004, contributed to the geological interpretation and ranking of concealed IOCG targets. The Company continues to assess prospective areas and the timing and scope of its next exploration activities. Its intended BHP Xplor programme application now falls in March 2027 following the revised submission timetable. Georgina Basin remains a directly held project and any future exploration expenditure will be considered under Alien’s own work programme and funding priorities. The Company will provide an update on target generation work as the work progresses during the remainder of 2026.
Pilbara Iron Ore Portfolio – Hancock, Vivash and Brockman
Alien continued its strategic review of the 90%-owned Hancock Iron Ore Project and 100%-owned Vivash and Brockman iron ore projects, assessing potential joint ventures, strategic partnerships, asset sales and other monetisation options. The review builds on technical work disclosed in July and October 2026. Alien continues to be in discussion with various interested parties and is assessing the commercial alternatives. The Company will update the market if discussions result in a material development. There is no guarantee any agreement will be reached.
Project Generator Strategy
Alien’s project generator model allows the Company to retain exposure to resource expansion and project development while funded partners undertake applicable exploration and technical programmes. West Coast Silver and GreenTech announced 2026 placements aggregating approximately A$17 million (West Coast Silver: A$3.2 million in January and A$6.0 million in September; GreenTech: A$7.5 million in May), and each reported significant cash balances as at 30 September 2026 to accelerate exploration and development programmes. Through Alien’s two 30% free-carried interests and equity investments, Alien has exposure to silver, copper, zinc, platinum group elements, nickel and gold, in addition to iron ore and its wholly owned IOCG exploration portfolio.
The two joint venture free-carry obligations end at different contractual milestones: decision to mine for Elizabeth Hill and completion of a bankable feasibility study for Munni Munni. Accordingly, Alien is not expected to contribute cash to those partner-funded joint venture programmes, although future requirements and any changes remain subject to the governing agreements and project decisions. Alien remains responsible for its own corporate and directly controlled project expenditure. As announced on 8 October 2026, Alien extended the repayment date of its loan facility to 30 September 2027 to provide the Company with additional funding options[13].
Outlook
| • | West Coast Silver: An updated MRE at Elizabeth Hill is targeted for November 2026; accelerated diamond drilling, with results subject to assay availability; regional geophysical interpretation; further resource and Scoping Study updates are all planned for Q1 2027. |
| • | GreenTech: JORC 2012 re-estimation at Munni Munni expected in Q4 2026; interpretation of basal-contact geophysics and preparation for priority drilling; Whundo assays for a further 11 diamond holes and an updated Whundo Mineral Resource including gold and silver, subject to partner schedules and technical outcomes; and potential drilling results from Munni Munni in Q4 2026, subject to planned drilling commencement and assay turnaround times. |
| • | Alien majority-owned assets: The Company expects to continue Georgina Basin drill targeting work, traditional owner engagement and disciplined assessment of iron ore strategic alternatives. |
[1] Refer WCE ASX Announcement “September 2026 Quarterly Activities Report” dated 15 October 2026
[2] Refer GRE ASX Announcement “Oversubscribed $7.5 Million Placement” dated 12 May 2026
[3] Refer WCE ASX Announcement “Investor Presentation” dated 28 October 2026 Slide 4
[4] Refer GRE ASX Announcement “Munni Munni Heritage Clearance Received” dated 6 October 2026
[5] Refer GRE ASX Announcement “Mineral Resource Update – Whundo Copper-Zinc Project Increases Resource Tonnes by 72%” dated 12 April 2023.
[6] Refer GRE ASX Announcement “Extensional Whundo Drilling Hits 4.8m at 7.1% Cu 0.9g/t Au” dated 14 September 2026.
[7] Refer UFO RNS “Georgina Basin Tenure and Traditional Owner Update” dated 7 October 2026
[8] Refer GRE ASX Announcement “Quarterly Activities Report” dated 26 October 2026, page 6.
[9] Refer GRE ASX Announcement “Mineral Resource Update – Whundo Copper-Zinc Project Increases Resource Tonnes by 72%” dated 12 April 2023.
[10] Refer GRE ASX Announcement “Extensional Whundo Drilling Hits 4.8m at 7.1% Cu 0.9g/t Au” dated 14 September 2026.
[11] Refer GRE ASX Announcement “Whundo Drilling Returns Significant Cu Zn Ag Intercepts” dated 20 October 2026.
[12] Refer UFO RNS “Georgina Basin Tenure and Traditional Owner Update” dated 7 October 2026
[13] Refer UFO RNS “Loan Facility Extension & Corporate Update” dated 8 October 2026
