Alien Metals Finalizes Knox Resources Acquisition, Securing Full Ownership of Georgina Basin IOCG Project for £200,000

Alien Metals Completes Knox Resources Acquisition, Gains Full Control of Georgina Basin IOCG Project

Alien Metals Limited has confirmed the successful completion of its acquisition of Knox Resources Pty Ltd, the registered owner of the Georgina Basin Iron-Oxide Copper-Gold project. Initially announced on 7 July 2026, all conditions for the deal have now been met, and the transaction is formally closed. Knox Resources is an Australian proprietary limited company whose primary asset is the Georgina Basin Project, encompassing roughly 2,500 km² in the East Tennant province of the Northern Territory. The project includes seven granted exploration licences and three applications, representing a significant land position in a geologically prospective area.

Previously owned by Venari Minerals Ltd (ASX:VMS), the asset was divested to allow Venari to focus on its flagship Red Mountain lithium project. Alien Metals’ board believes the acquisition price reflects a discount to the independently assessed market value of Knox’s exploration assets. With this acquisition, Alien Metals now holds 100% legal and beneficial ownership of Knox and the Georgina Basin Project, adding copper, gold, and uranium exposure to its portfolio.

£200,000 Acquisition Consideration: Cash and Equity Issuance to Venari Minerals

The total acquisition consideration of £200,000 was structured as £100,000 cash paid to Venari Minerals Ltd and the issuance of 90,260,854 fully paid ordinary shares in Alien Metals, termed Consideration Shares. These shares were priced at 0.11079 pence each, based on the 20-day volume weighted average price (VWAP) ending 30 June 2026.

The issuance increases Alien Metals’ total shares outstanding to 11,813,314,403 fully voting ordinary shares post-admission, which shareholders should use as the basis for calculating any notification obligations under the company’s Articles of Association. The relatively modest £200,000 total consideration reflects the early-stage nature of the project and the discount secured relative to the independent valuation.

SRK Consulting Valuation Estimates Knox Assets at Preferred A$2.7 Million

Prior to closing, Alien Metals commissioned SRK Consulting (Australasia) Pty Ltd to perform an independent technical assessment and valuation of Knox’s exploration assets. SRK’s report dated 10 July 2026 valued the assets between A$1.5 million and A$3.8 million, with a preferred valuation of A$2.7 million. The valuation followed the VALMIN Code (2015) and JORC Code (2012) standards, employing geoscientific rating and comparable transaction analyses.

Alien Metals’ directors note that the £200,000 acquisition price represents a discount to SRK’s preferred valuation, attributed to Venari’s strategic divestment to focus on lithium assets. It is important to recognize this valuation pertains to exploration-stage assets, which are speculative and do not constitute a defined mineral resource or economic valuation. Investors should consider the inherent uncertainties.

Georgina Basin IOCG Project: Extensive 2,500 km² Tenement with Three Drill-Ready Targets

The Georgina Basin Project, situated in the East Tennant province, is known for Iron-Oxide Copper-Gold mineralisation. IOCG deposits typically contain significant iron oxide alongside copper, gold, uranium, and other pathfinder elements. Previous exploration confirmed elevated levels of copper, bismuth, silver, and uranium. Prior investment of approximately A$4.8 million has generated a substantial geoscientific dataset for Alien Metals to leverage.

Three drill-ready gravity anomalies identified across the tenement remain untested and represent near-term exploration priorities. Alien Metals plans to fund exploration over the next twelve months primarily from existing resources, though this may change depending on results and costs. The large tenement area offers further exploration potential beyond these initial targets.

Acquisition Expands Alien Metals’ Commodity Exposure Beyond Iron Ore to Copper, Gold, and Uranium

Before this acquisition, Alien Metals’ main focus was its 90%-owned Hancock Iron Ore Project in Western Australia’s central Pilbara region, which contains a JORC-compliant resource of 8.4 million tonnes at 60% Fe. The Hancock project aims for a mining operation producing 2 million tonnes annually over ten years, benefiting from proximity to the Great Northern Highway and Port Hedland export facilities. Alien also holds interests in Brockman and Vivash iron ore projects in West Pilbara.

The Knox acquisition introduces copper, gold, and uranium exposure, reflecting the IOCG nature of the Georgina Basin Project. This diversification reduces reliance on iron ore prices and provides exposure to commodities benefiting from energy transition and safe-haven demand. Alien Metals identifies commodity diversification as a strategic objective, positioning the company across multiple metal cycles.

Leadership Reshuffle: Vincent Fayad Appointed CEO, Michael Carter Named Non-Executive Chairman

Coinciding with the acquisition completion, Alien Metals implemented board and management changes announced on 7 July 2026. Vincent Fayad joined the board as Executive Director and assumed the role of Chief Executive Officer. Michael Carter, previously a Non-Executive Director, was promoted to Non-Executive Chairman. Former Executive Chairman Bruce Garlick resigned from his executive role but will remain a Non-Executive Director until 7 October 2026 to ensure a smooth transition.

Michael Carter described the Knox acquisition as "the beginning of an exciting new chapter for Alien Metals" and acknowledged Garlick’s leadership during the process. These leadership changes are significant for executing the company’s strategic plans at the Georgina Basin.

Technical Expertise Enhanced Through Services Agreement with Venari Minerals

As part of the acquisition, Alien Metals entered a services agreement with Venari Minerals to engage Matthew Healy and Paul Abbott as technical consultants. They will support technical management across all Alien Metals projects, not limited to the Georgina Basin. This arrangement retains valuable expertise from the former asset owner, aiding continuity in geological knowledge and exploration history.

The announcement does not specify the terms, duration, or fees of the consultancy agreement. This strategic enhancement aims to strengthen technical capabilities ahead of planned exploration activities, facilitating efficient execution of the drill-ready targets in the Northern Territory.

Alien Metals’ Diverse Asset Portfolio Includes Hancock Iron Ore, Munni Munni PGM, and Elizabeth Hill Silver Projects

Alien Metals maintains a diversified asset base across Western Australia and the Northern Territory, now expanded by the Georgina Basin Project. The Hancock Iron Ore Project remains the company’s core asset, featuring an 8.4 million tonne JORC-compliant resource at 60% Fe and development plans targeting 2 million tonnes per annum over a decade. Additional iron ore interests include the Brockman and Vivash projects in West Pilbara.

In precious and base metals, Alien holds a 30% interest in the Munni Munni platinum group metals (PGM) project, one of Australia's largest PGM systems with a historic 2.2 million ounce resource including palladium, platinum, rhodium, and gold. Alien has partially sold and joint ventured this asset with GreenTech Metals Ltd, retaining a 30% free-carried interest to bankable feasibility study completion and holding 37.9 million GreenTech shares. Furthermore, Alien owns a 30% stake in the Elizabeth Hill Silver Project via a joint venture with Crest, covering Mining Lease M47/342, historically producing some of Australia's highest-grade silver ore, and holds 30.5 million shares in West Coast Silver Limited.

Admission of 90,260,854 Consideration Shares to AIM Expected on 17 July 2026

Following the acquisition, Alien Metals applied for admission of the 90,260,854 Consideration Shares issued to Venari Minerals to trading on the AIM market of the London Stock Exchange. Admission is expected around 8:00am on 17 July 2026, the day after the completion announcement. These fully paid ordinary shares were issued at 0.11079 pence each, based on the 20-day VWAP ending 30 June 2026. Post-admission, Alien Metals’ total ordinary shares will be 11,813,314,403.

While the share issuance is significant in number, it represents a modest dilution relative to the total share count. Shareholders should consider this dilution when evaluating their holdings. The immediate impact on share price was not disclosed. The new total voting rights figure should be used for calculating any notifiable interests under the company’s Articles of Association.

Strategic Outlook and Exploration Plans for Georgina Basin Project Over Next Year

The acquisition positions Alien Metals to initiate exploration at the Georgina Basin amid rising investor and industry interest in copper due to its role in electrification and energy transition. Located in a recognized IOCG province, the project’s prior drilling revealed elevated copper, bismuth, silver, and uranium pathfinder elements. The three drill-ready gravity anomalies represent key near-term targets. Exploration over the next twelve months is expected to be funded primarily from existing resources, though this may evolve based on outcomes and costs.

Investors should note the inherent risks of early-stage mineral exploration. The project currently comprises exploration licences without a JORC-compliant mineral resource. The SRK valuation reflects exploration potential rather than confirmed economic value. Drilling results may not confirm economically viable mineralisation, and project development is not guaranteed. Additionally, as a small-cap AIM-listed explorer, Alien Metals’ access to further funding cannot be assured. Successful execution depends on the performance of technical consultants and contractors engaged in Northern Territory operations.