Alien Metals Ltd - London-based mineral exploration company - Pretax loss widens to USD2.6 million in 2021 from GBP1.2 million in 2020. Total assets are USD13.1 million at the end of the year, up 38% from USD9.1 million a year before. At year-end, the company holds 12 fully owned mining concessions in Mexico and is in the process of obtaining an option to acquire an interest in another project. Alien Metals says that 2021 was held back by the Covid-19 pandemic but adds that despite this it was able to achieve significant milestones, such as a maiden direct shipping ore inferred resource for the Hancock iron ore project.
At the Hancock project, which is in Mexico, Alien Metals confirms high-grade direct shipping ore pilbara fines product at a grade of 62.7% iron from the initial bulk sample at Ridge C. Notes very low impurities and the potential for a lump yield that can command a premium price over the fines above 62% iron.
Chief Executive & Technical Director Bill Brodie Good says: "Returning higher than 62% Fe with associated low-grade deleterious materials from a 2.5 ton bulk sample provides even more confidence in the overall quality and grade of the resource at C and only spurs us on to maintain the development of the project. "
Current stock price: 0.69 pence, up 2.4% on Thursday in London
12-month change: down 23%
By Heather Rydings; heatherrydings@alliancenews.com
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Alien Metals (UFO)