Alien Metals (LSE:UFO) announced that joint venture partner West Coast Silver has completed its first-half 2026 diamond drilling programme at the Elizabeth Hill Silver Project in Western Australia’s Pilbara region. Alien retains a 30% interest in the project as well as an equity investment in West Coast Silver.
The campaign consisted of 14 diamond drill holes covering a total of 2,015.7 metres. Drilling focused on extending mineralisation below the historic mine workings, testing areas to the north and west of the existing resource, and carrying out infill drilling within the current resource model.
High-Grade Results Support Future Growth Plans
Earlier assay results from the programme returned several high-grade silver intersections, including 3 metres grading 524 grams per tonne silver, with 1.5 metres grading 1,039 grams per tonne. These results continue to demonstrate the project’s potential as one of Australia’s highest-grade silver deposits.
All remaining drill core samples have now been submitted for laboratory analysis, with results expected during August. The new data will contribute to an updated JORC-compliant mineral resource estimate and support economic studies assessing future development opportunities. Additional drilling is planned for the second half of 2026 as the joint venture looks to further expand the resource and strengthen the project’s long-term production potential.
Investment Outlook
Alien Metals continues to face challenges associated with its exploration-stage business model, including the absence of revenue, ongoing operating losses and continued cash outflows. Technical indicators also remain weak, with the shares trading below key moving averages alongside negative momentum signals. While the company’s valuation provides some support, the lack of a dividend and its early-stage development profile continue to weigh on the overall investment outlook.
About Alien Metals Ltd
Alien Metals Ltd is an AIM-listed mineral exploration and development company focused on advancing a diversified portfolio of mining assets across Australia. Its projects include the Georgina Basin iron oxide copper-gold (IOCG) project in the Northern Territory, multiple iron ore assets in Western Australia’s Pilbara region, and precious and base metals projects such as Elizabeth Hill and Munni Munni. The company holds a 30% joint venture interest in the Elizabeth Hill Silver Project together with an equity stake in West Coast Silver.
Beyond silver, Alien’s principal iron ore asset is the Hancock Iron Ore Project in the central Pilbara, which hosts a JORC-compliant resource of 8.4 million tonnes grading 60% iron. The company is targeting production of 2 million tonnes per year over a ten-year mine life, supported by access to major transport infrastructure and export facilities at Port Hedland. Alien also maintains interests in the Brockman and Vivash iron ore projects, alongside a 30% stake in the Munni Munni project through its joint venture with GreenTech Metals, providing exposure to iron ore, silver and platinum group metals across key Australian mining regions.
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