Alien Metals Limited (LON:UFO), a minerals exploration and development company, has announced that its joint venture partner at the Munni Munni Platinum-Palladium-Copper-Nickel Project in Western Australia, GreenTech Metals Limited (ASX:GRE), has successfully raised gross proceeds of A$7.5 million via an issue of new shares. The funds will be used primarily to commence Phase II exploration and development activities at Munni Munni and GreenTech’s Whundo project.
Highlights
· GreenTech, Alien’s JV partner at Munni Munni Project (Alien holds a 30% interest), has announced an agreement to raise A$7.5 million from institutional and sophisticated investors to, inter alia, advance exploration at Munni Munni following positive recent assay results.
· This capital raise brings the total Project fundraising by GreenTech to over A$12.0 million in the past six months, significantly increasing the financial capacity for exploration and technical programmes at the significant Munni Munni Australian critical metals project.
· As part of the capital raising, Alien has sold a proportion of its holding in GreenTech to institutions, raising cash proceeds of approximately A$700,000 (before costs) through the sale of nine million GRE shares at a price of A$0.075 per GreenTech share. The net proceeds of the sale of the shares will augment the Company’s existing cash resources and be applied to the progression of its assets, while maintaining a material exposure to the Project.
· The capital raise by GreenTech will be completed in two tranches with approximately 50% to be issued under Tranche 1 using GreenTech’s existing placement capacity and the remaining 50% to be issued under Tranche 2 subject to shareholder approval.
· Following completion of the capital raise, Alien will hold 37.9 million shares in GreenTech, representing approximately 10% of GRE’s issued share capital, following allotment of the Tranche 2 Shares.
The fundraise is seen by Alien’s directors as a strong validation of the Munni Munni Project and demonstrates the JV partner’s ability to attract capital for systematic exploration. GreenTech’s exploration programme is led by a highly experienced technical team, including Dr Kevin Frost, who was part of the discovery team at Chalice Mining’s (ASX: CHN) world class PGM-base metals Julimar Project, also in Western Australia.
Bruce Garlick, Chairman of Alien Metals, commented:
“I believe that the decision to progress the Munni Munni Platinum-Palladium-Copper-Nickel Project with a well-funded joint venture partner with access to deeper pools of capital is the correct one for Alien. In particular, it positions Munni Munni to be advanced efficiently by a partner with a technical capability including a world class discovery team and financial resources to deliver exploration success.”
Alien holds a 30% interest, free carried to the completion of a bankable feasibility study at Munni Munni, together with a meaningful shareholding in GreenTech, providing Alien with exposure to key critical metals and precious metals including copper, nickel, platinum, and palladium.
In addition to the Company’s project interests, Alien holds shares in two listed ASX companies comprising 37.9 million shares in GreenTech (post disposal), representing an approximate 10% interest in the issued share capital of GreenTech (following allotment of the Tranche 2 Shares) and 30 million shares in silver developer and explorer West Coast Silver (ASX:WCE) representing approximately 8.7% of the issued share capital of the company.
Terms used in this announcement and not defined will have the same meaning as given to them as given in the GreenTech announcement released on 12 May 2026 and titled ‘Oversubscribed $7.5 million Placement’.
