Alien Metals Limited (AIM: UFO), an AIM-quoted minerals exploration and development company, has announced an updated JORC (2012) Mineral Resource Estimate for the Elizabeth Hill Silver Project in Western Australia, delivered by joint venture partner West Coast Silver Limited (ASX: WCE). The updated estimate stands at 234,700 tonnes at 446g/t silver for approximately 3.36 million ounces of contained silver on a 100% project basis, representing a 20.3% increase in contained silver over the inaugural April 2026 estimate. Alien holds a 30% free-carried interest in the project and approximately 7.0% of West Coast Silver's issued share capital, giving the company dual exposure to the asset's ongoing development.

Key Points

  • Alien Metals Limited (AIM: UFO) — minerals exploration and development company quoted on AIM
  • Updated JORC MRE at Elizabeth Hill Silver Project: 3.36 million ounces of contained silver at 446g/t Ag, a 20.3% increase on the April 2026 inaugural estimate of approximately 2.8 million ounces
  • 77% of contained silver now classified in the higher-confidence Indicated category, up from approximately 13% in April 2026; a further MRE update is targeted for March 2027 ahead of a maiden Scoping Study
  • Investors should watch for results from the current diamond drilling programme and the anticipated March 2027 MRE update and Scoping Study outcome

Elizabeth Hill MRE Grows to 3.36 Million Ounces as Indicated Category Rises to 77%

The updated Mineral Resource Estimate, prepared in accordance with the JORC Code (2012) and compiled by Competent Person Dmitry Pertel MAIG, reports a total of 234,700 tonnes at 446g/t silver for 3,363,000 ounces of contained silver at a 20g/t silver cut-off. Within this total, the Indicated category accounts for 195,900 tonnes at 411g/t silver for 2,587,000 ounces, while the Inferred category contributes 38,800 tonnes at 622g/t silver for 776,000 ounces. The upgrade of classified confidence — from approximately 13% to 77% in the Indicated category — represents a material improvement in resource quality relative to the April 2026 inaugural estimate, which stood at 141,000 tonnes at 617g/t silver.

Alien Metals' 30% Free-Carried Interest and 7.0% West Coast Silver Equity Stake Provide Dual Project Exposure

Alien Metals retains a 30% interest in the Elizabeth Hill joint venture, free-carried until a decision to mine, meaning the company is not required to contribute funding prior to that stage. In addition, the company holds 30.5 million shares in West Coast Silver Limited, equating to approximately 7.0% of West Coast Silver's issued share capital. The Elizabeth Hill Mining Lease M47/342 has historically produced some of Australia's highest-grade silver ore, with operations during the late 1990s establishing the project's production credentials. The announcement states the resource is open-pit constrained and depleted for historical stopes and development, with no Measured Resource or Ore Reserve currently reported.

Diamond Drilling Programme to Inform March 2027 MRE Update Ahead of Maiden Scoping Study

West Coast Silver's current diamond drilling programme is expected to generate additional data that will underpin a further MRE update targeted for March 2027. That update is intended to precede the maiden Elizabeth Hill Scoping Study, which will assess the project's development pathway. The announcement notes that Alien's Executive Director Vince Fayad described the resource upgrade as a significant step forward, highlighting the grade and the increased proportion of Indicated material. Investors may monitor the drilling results and the timing of the Scoping Study as key forthcoming milestones for the asset's advancement towards a potential development decision.

Alien Metals' Broader Pilbara and Northern Territory Portfolio Provides Additional Asset Context

Beyond Elizabeth Hill, Alien Metals operates a diversified portfolio of exploration and development assets. The company holds a 90% interest in the Hancock Iron Ore Project in the central Pilbara, which carries a JORC-compliant resource of 8.4 million tonnes at 60% iron. Alien also retains a 30% free-carried interest in the Munni Munni PGM project, one of Australia's largest platinum group metal systems with a historic resource of 2.2 million ounces of palladium, platinum, and rhodium. Additionally, the company holds a tenement package of approximately 2,500 square kilometres in the Northern Territory's Georgina Basin IOCG project, targeting copper, bismuth, silver, and uranium mineralisation.