Alien Metals Limited Makes Significant Progress on Hancock Iron Ore Project in 2023

Alien Metals Limited has made significant progress on the Hancock Iron Ore Project, located in Western Australia, during the year ended 31 December 2023. The company published a Development Study in February 2024, highlighting the project's advancements. The study revealed a Mineral Resource Estimate (MRE) of 8.4Mt at 60% Fe, with an upgraded Indicated Resource of 4.5Mt at 60.2% Fe. The study also outlined robust project financials, including an average annualized EBITDA of A$39m, a pre-tax NPV10 of A$146m, and a pre-tax IRR of 133%.

The ore processing for the Hancock Iron Ore Project will utilize a mobile dry crushing and screening plant capable of producing 1.25Mt to 1.5Mt of 100% fines product per annum. The project boasts a low start-up cost of A$28m capital, with provisional export capacity through the Port of Port Hedland secured and on track for final approvals in the first half of 2024. CSA Global conducted an independent review, identifying significant exploration potential and walk-up drill targets, with the potential to increase the existing Mineral Resource.

Alien Metals plans to conduct additional exploration in 2024 to target an increase in its Mineral Resource while preparing for the mining development. The Western Australian Department of Mines granted the mining lease for the project, providing security of tenure for a 21-year term through to 2045. The company also signed a conditional, non-binding Memorandum of Understanding with the Pilbara Ports Authority for Iron Ore exports and executed a Native Title Project Mining Agreement with the Karlka Nyiyaparli Aboriginal Corporation RNTBC.

In addition, the company completed infill diamond core drilling at the high-grade Sirius Deposit, with results showing consistent grades of over 60% Fe with low levels of deleterious elements. These results were included in the Mineral Resource Estimates included in the Development Study. The company has made significant strides in advancing the Hancock Iron Ore Project and is poised to continue its progress towards putting the project into production.