Alien Metals’ (LSE:UFO) joint venture partner West Coast Silver has received firm commitments to raise A$6 million through a placement to institutional and professional investors.

The proceeds are expected to fund additional exploration at the Elizabeth Hill Silver Project in Western Australia, including further drilling, technical studies and work towards an updated mineral resource.

Alien Metals retains a 30% free-carried interest in Elizabeth Hill and holds an 8.7% equity interest in West Coast Silver. Under the free-carried arrangement, Alien is not required to contribute to the near-term exploration expenditure covered by its carried interest.

Placement expected to complete in early September

West Coast Silver’s placement was priced at a 13.8% discount to its 15-day volume-weighted average price.

Participants include Admiralty Resource Fund, alongside other institutional and professional investors. Completion of the financing is expected in early September 2026.

The funding will also allow West Coast Silver to bring forward exploration programmes at the Elizabeth Hill South and Elizabeth Hill West areas.

Funding supports expanded exploration programme

The A$6 million financing provides West Coast Silver with additional capital to undertake drilling and technical work across the Elizabeth Hill project while Alien maintains its joint venture and equity interests.

Alien Metals Limited is a London AIM-quoted mineral exploration and development company with a portfolio of assets in Australia.

Its interests include the Georgina Basin iron oxide copper-gold project in the Northern Territory and interests in the Munni Munni PGM system and Elizabeth Hill Silver Project in Western Australia. The company holds some of its project exposure through joint ventures and equity investments.