Alien Metals Highlights Major Silver Finds at Elizabeth Hill as West Coast Silver Advances WA Project

New High-Grade Underground Silver Zone Discovered at Elizabeth Hill

West Coast Silver’s recent drilling campaign has unveiled major insights into Elizabeth Hill’s mineral systems. The standout discovery is a new high-grade silver zone located beneath and south of historical mine workings. Diamond drill hole 26WCDD029 returned 3 metres at 524 g/t Ag from 183 metres depth, including a rich 1.5-metre intersection at 1,039 g/t Ag from 184.5 metres. These findings confirm economic-grade silver mineralisation at depth previously undefined by historic exploration.

Structural analysis of these results identified a roughly 50-metre-long, north-south striking, sub-horizontal mineralised trend linking historical high-grade silver intercepts and extending beneath past workings. This discovery prioritises follow-up exploration at depth and suggests the Elizabeth Hill system extends well beyond the limits of mining activity from the late 1990s. The structural continuity offers a framework to target additional high-grade zones within the broader project area.

Extensive Near-Surface Silver Mineralisation Enhances Resource Potential

Beyond underground discoveries, West Coast Silver’s reverse circulation (RC) drilling defined widespread near-surface silver mineralisation across the Elizabeth Hill North area. A 32-hole, 2,710-metre RC programme completed in May 2026 revealed broad economic-grade silver zones, with multiple holes ending in mineralisation, indicating continuity at depth. Notable intersections include 60 metres at 25 g/t Ag from surface in hole 26WCRC004, 28 metres at 29 g/t Ag from 2 metres in 26WCRC002, and 9 metres at 33 g/t Ag from 6 metres in 26WCRC003. These results confirm mineralisation extends north and west of the April 2026 resource estimate.

Final assays extended previously unreported zones, such as 44 metres at 26 g/t Ag from surface in 26WCRC020 and 41 metres at 23 g/t Ag from 1 metre in 26WCRC019. The fact multiple holes ended in mineralisation highlights open-ended potential at depth, increasing exploration upside and supporting resource classification upgrades from Inferred to Indicated, aligning with West Coast Silver’s Growth and Development Plan.

JORC-Compliant Inaugural Mineral Resource Estimate Establishes Silver Inventory

On 22 April 2026, West Coast Silver published its first JORC Code (2012) compliant Mineral Resource Estimate (MRE), setting a foundation for project development. The MRE reported 141,000 tonnes grading 617 g/t Ag containing 2.795 million ounces of silver above a 20 g/t cut-off. This high-grade resource provides a critical baseline for advancing feasibility and mine planning, with grades competitive against global silver operations.

This inaugural resource marks a key development milestone. Subsequent drilling during the quarter identified mineralisation beyond the resource boundary, indicating the estimate is conservative. West Coast Silver’s Growth and Development Plan aims to convert Inferred to Indicated Resources, complete metallurgical testwork, and gather mine-study data to support staged economic evaluations. The continuity of mineralisation both laterally and at depth underpins confidence in resource expansion through targeted exploration.

Nickel-Copper-Palladium Mineralisation Discovery Adds New Dimension

Diamond drilling also intersected a new mineralisation style expanding Elizabeth Hill’s economic potential. Hole 26WCDD029, which yielded high-grade silver, returned 0.45 metres at 2.73% Ni, 0.93% Cu, and 0.7 g/t Pd from 154.87 metres. This massive sulphide intersection indicates a distinct nickel-copper-palladium system separate from the primary silver mineralisation. The presence of palladium, a platinum group metal, suggests polymetallic ore potential within the project.

This discovery diversifies Elizabeth Hill’s economic scope and may prompt metallurgical testwork to assess recovery of multiple metals. Though base metal grades are moderate, their association with a major silver system suggests a possible IOCG-style or epithermal mineral system with multiple mineral populations. A specialist geological review identified similarities to global 5-element silver systems, indicating Elizabeth Hill may host multiple mineralisation episodes amenable to economic extraction.

Comprehensive Growth and Development Plan Guides Project Advancement

West Coast Silver’s formal Growth and Development Plan outlines strategic priorities to advance Elizabeth Hill toward production. Objectives include resource expansion through focused exploration, upgrading resource classifications, completing metallurgical testing, accumulating mine-study data, and conducting staged economic evaluations. This structured approach aligns with international best practices for precious metals projects transitioning from exploration to development.

The plan offers transparency on West Coast Silver’s near-term focus and capital allocation. Continued drilling aims to expand the mineralised footprint and improve resource confidence. Metallurgical work will optimize processing methods, while mine-study inputs will support infrastructure and environmental planning. The staged economic evaluation enables incremental project progression based on technical and commercial data. For Alien Metals, this pathway supports long-term value from its 30% joint venture stake.

District-Scale Geophysical Surveys Expand Exploration Across 180 km² Project Area

West Coast Silver has organised a large-scale geophysical survey targeting the Munni Munni Fault Zone over approximately 4 kilometres of strike. The program benefits from co-funding via the Western Australian Government Exploration Incentive Scheme, covering 50% of ground geophysical costs with a grant of A$114,312. This investment underlines commitment to regional exploration beyond Elizabeth Hill’s immediate deposit.

The survey will use induced polarisation (IP) and controlled-source audio-frequency magnetotelluric (CSAMT) techniques, effective for detecting sulphide mineralisation typical of silver and base metals. Geological review by structural geologist David Lewis highlights similarities to global 5-element silver systems, suggesting multiple mineralised domains may exist along the Munni Munni Fault. Systematic geophysical work aims to identify drill-ready targets, multiplying exploration opportunities. Government co-funding validates the exploration merit and reduces capital burden.

Elizabeth Hill South Target Set for H2 2026 Drilling Following Historical High-Grade Results

Planning and budgeting are complete for potential second-half 2026 drilling at Elizabeth Hill South, an area with exceptional historical silver grades. Follow-up targets arise from 2025 aircore drilling intersecting 2 metres at 39 g/t Ag from 12 metres (hole 25WCAC071) and a historic hole AMEHRC012 reporting 2 metres at 1,550 g/t Ag from 108 metres. These results indicate some of the highest-grade silver mineralisation within the project.

The 1,550 g/t Ag intercept suggests direct silver oxide or native silver ore typical of weathered epithermal or skarn systems. Re-evaluation of historical and third-party data will refine drill targets. The advanced planning signals likely drilling in H2 2026, potentially driving significant resource growth by extending the mineralised domain and increasing total resource inventory.

Alien Metals’ Strategic Stake in West Coast Silver and Elizabeth Hill Project

Alien Metals holds a 30% interest in Elizabeth Hill via a joint venture with Crest and owns 30.5 million shares in West Coast Silver Limited, approximately 8.7% of issued capital. This dual exposure provides operational upside from project development and financial upside from equity appreciation. The structure aligns incentives and maintains ongoing exposure to commercial outcomes.

Alien’s significant shareholding grants visibility into West Coast Silver’s strategic decisions and potential for shareholder returns if the company becomes cash-generative. The 30% project interest entitles Alien to a proportional share of mineral resources and production, while the equity stake offers upside from company value growth. As West Coast Silver advances resource validation, both interests should appreciate, subject to market and exploration risks.

Strong Cash Position Supports Ongoing Exploration and Development

West Coast Silver held approximately A$3.0 million in cash as of 30 June 2026, funding planned exploration and development activities. This includes diamond and RC drilling, metallurgical testwork, and the geophysical survey. The A$114,312 government co-funding reduces expenditure for the geophysical program. Funding from cash reserves provides operational flexibility without immediate equity dilution.

Though full-year budgets and burn rates are undisclosed, current cash and work programs suggest capacity to sustain activities over the next 12 months. Maintaining a positive cash balance while advancing exploration benefits shareholders by minimizing dilution and allowing results-driven value creation. The government grant endorsement enhances West Coast Silver’s standing with investors and potential financiers.

Diversified Exploration and Development Strategy Across Alien Metals’ Portfolio

Alien Metals pursues a balanced strategy advancing its asset portfolio through technical work and development while exploring partnerships and selective monetisation to enhance shareholder value. Besides Elizabeth Hill, Alien holds significant iron ore assets in Western Australia, including a 90%-owned Hancock Iron Ore Project in the Pilbara with a JORC resource of 8.4 million tonnes at 60% Fe and targets for a 2 Mtpa operation. The company also owns 100% of the Georgina Basin IOCG project in the Northern Territory, covering ~2,500 km² with IOCG pathfinder elements and drill-ready gravity anomalies.

The Elizabeth Hill interest complements a diversified portfolio of precious metals, base metals, and bulk commodities. Alien also holds a 30% interest in the Munni Munni platinum group metals system via a joint venture with GreenTech Metals Ltd, free-carried through bankable feasibility study completion. This portfolio approach spreads technical risk and capital needs while enabling participation in multiple projects. The Elizabeth Hill update highlights progress toward value realisation within Alien’s strategic assets.