Alien Metals Limited (LON:UFO) has received a positive update in the latest research note from Turner Pope Investments, with Research Analyst Barry Gibb highlighting the strong support shown for GreenTech Metals Limited’s recent AUD$7.5 million equity placement. Alien is GreenTech’s strategic joint venture partner and investee company, and the note points to the placement as an important signal of confidence in GreenTech’s West Pilbara portfolio and its next phase of growth.
The placement was priced at AUD$0.075 per share and was oversubscribed, with demand from new and existing institutional and sophisticated investors exceeding the original AUD$6.0 million maximum amount sought. Turner Pope notes that GreenTech is expected to have around AUD$9.5 million in cash after the proceeds are combined with cash held at 31 March 2026. This funding is expected to support ongoing work at the Munni Munni PGE-Cu-Ni project and the Whundo Cu-Zn-Au project, both located in the West Pilbara region of Western Australia.
Research Analyst Barry Gibb wrote: “This, along with the AUD$0.27m subscribed by GreenTech’s Board/ management to the second Tranche, provides strong validation for the Company’s West Pilbara portfolio and strategic direction as it executes its next phase of growth.”
For Alien Metals shareholders, Turner Pope’s note places particular emphasis on the implied value of Alien’s direct equity holdings and free-carried joint venture interests in GreenTech and West Coast Silver Limited. The broker states that Alien is trading at a 34% discount to the implied value of these participations alone, suggesting immediate upside to 0.21p per share before taking account of Alien’s three high-grade iron ore projects in Western Australia.
GreenTech placement highlights
- GreenTech received firm commitments for an oversubscribed AUD$7.5 million gross equity placement.
- The placement was supported by existing and new institutional and professional investors.
- Resource Capital Fund Opportunities Fund II L.P. made a cornerstone commitment.
- Net proceeds, plus GreenTech’s existing cash at 31 March 2026, are expected to total around AUD$9.5 million.
- Funds are expected to advance the Munni Munni and Whundo projects, including exploration, development, metallurgical work and resource updates.
- Alien is expected to receive a further AUD$0.70 million, around £0.36 million, from its GreenTech equity disposal.
Munni Munni offers renewed exploration momentum
At Munni Munni, GreenTech has completed its Phase 1 drilling and resampling programme ahead of schedule. The project hosts a large, laterally continuous reef historically shown to contain platinum, palladium, rhodium, gold, copper and nickel. According to the note, GreenTech’s recent work confirmed significant high-grade PGE-Cu-Ni mineralisation and created a clearer path towards updating the historical resource to modern JORC 2012 standards.
The programme included around 2,928 metres of drilling across 12 new holes, alongside resampling of 16 historical drill holes. The note says results demonstrated thicker zones of mineralisation across the Ferguson Reef, as well as shallow copper and nickel mineralisation that had previously been overlooked by the historic resource model.
Whundo adds copper, zinc and gold potential
GreenTech’s Whundo project is described as an advanced brownfield copper-zinc-gold project located around 40km south-southwest of Karratha. The latest research note highlights Whundo’s JORC 2012 mineral resource, its broader exploration target and the potential inclusion of gold in a proposed updated mineral resource estimate.
Historical drilling review work at Whundo identified notable gold assays associated with existing copper-zinc mineralisation, including 1m at 64.7g/t gold from 47m at Whundo and 10m at 1.8g/t gold, 3.44% copper and 3.5% zinc from 35m at Ayshia. Part of GreenTech’s funding is expected to support drilling for metallurgical samples linked to this gold opportunity.
Alien’s iron ore projects remain central
Alongside its joint venture exposure, Alien continues to hold a portfolio of iron ore projects in Western Australia, including Hancock, Brockman and Vivash Gorge. Turner Pope notes that Alien’s 90%-owned Hancock Iron Ore Project remains its primary iron ore focus and is located within 20km of the established mining hub of Newman.
The Hancock Project has an 8.4Mt at 60% Fe JORC Mineral Resource, including an Indicated Resource of 4.5Mt at 60.2% Fe. A Development Study dated February 2024 modelled a production rate of 1.25Mtpa of high-grade Direct Shipping Ore, with an average annualised EBITDA opportunity of AUD$39 million, a pre-tax NPV10 of AUD$146 million and a pre-tax IRR of 133%, based on initial development capital costs of AUD$28 million.
Final Thoughts
The latest research note from Turner Pope presents Alien Metals as a company with several value drivers, including exposure to GreenTech’s funded exploration programme, joint venture interests in West Coast Silver and GreenTech, and its own high-grade iron ore projects in Western Australia. While the note includes clear risk warnings and states that projections are not guaranteed, the overall message is that Alien’s current market value does not fully reflect the implied value of its partnered interests or its wider asset base.
