Alien Metals (LSE:UFO) has announced that its joint venture partner GreenTech Metals has completed the Phase 1 drilling campaign at the Munni Munni platinum, palladium, copper and nickel project in Western Australia ahead of schedule.
The programme comprised 2,682 metres of drilling across 12 holes, supplemented by extensive sampling of historical drill core. The accelerated completion was partly made possible by the strong preservation of legacy core material, which allowed the team to resample existing cores rather than conduct additional drilling in some areas. The work is designed to validate historical data and support the conversion of the project’s resource estimate to the modern JORC 2012 reporting standard.
More than 2,000 samples have been sent for assay, with results expected within the coming weeks. Resource consultancy Snowden Optiro has been engaged to oversee quality assurance and resource re-estimation work. If the data confirms the historical resource, the project could move toward a new mineral resource estimate aligned with current reporting standards.
For Alien Metals, a successful upgrade of the Munni Munni resource would expand its exposure to one of Australia’s largest platinum group metal systems. This complements the company’s core iron ore portfolio and could strengthen its strategic position in both precious and battery-related metals markets. The company holds a 30% interest in the project that is free carried through to the bankable feasibility study stage, limiting near-term funding requirements.
Despite the operational progress, Alien Metals’ overall outlook remains constrained by its exploration-stage financial profile, including no revenue generation, ongoing losses and negative free cash flow. However, recent trends show improving loss and cash-burn metrics and the company maintains relatively low leverage. From a technical standpoint, the stock has shown strength, trading above key moving averages with a positive MACD signal, though valuation remains difficult to assess due to the lack of earnings and dividend support.
More about Alien Metals Ltd
Alien Metals Limited is an AIM-listed mining exploration and development company focused on iron ore as well as precious and base metals projects in Western Australia, particularly within the Pilbara region. Its primary asset is the 90%-owned Hancock Iron Ore Project, which hosts a JORC-compliant resource and is being advanced toward a potential 2 million tonnes per annum mining operation with a projected life of around 10 years. The company also retains minority interests in the Munni Munni platinum group metals system and the Elizabeth Hill Silver Project through joint venture arrangements.
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