Member Info for DRB83

Ufo has been a traders share for years. Traders dunp and back down we go. What's different now is we are transitioning to a jv/ monetiser with managed risk and low cash burn. A lot more appealing to strategic investors with sticky hands. Rather than the sp rise fall rise fall. Once ufos transition is complete we should get, rise consolidate, rise, consolidate. Just one more jv.

Hi Victor,

The acquisition terms stated:

4. If, within 60 months of executing the Option Agreement,

Execution of the option agreement being the key part.

The rns dated August 24th 2022 began as below:

Alien Metals Ltd (LSE AIM:UFO), a global minerals exploration and development company, is pleased

to advise that it has executed a binding put and call option agreement (“Option Agreement”) with

Windfield Metals Pty Ltd (“Windfield”)

December 2022 was the completion date but the terms specifically state the execute option date.

Bfd, yes the Lithium was at MM and with wce but they cancelled it last year to focus on silver. The GRE deal we have now is much better than what was agreed in 2024 with wce. The deal now encompasses all minerals except Silver of course which is way more simple and we get cash + free ride to BFS + shares which will likely 10 bag in time.

Prior arrangement was wce spend £2m in 5 years to get 50%. Once they spend £2m we would have to fund the rest of exploration 50/50. GRE will spend £2m in no time.

The GRE deal is way better for us imo. On top of all that we get 17% of Whundo Gold.

These jv deals weren't bad.

smiller, i am not aware of any connections beyond the typical ones you'd expect within the small ecosystem that is wa junior minors. feel free to share and i'll explore further.

not sure i follow why deliberately stalling would be beneficial to anyone. ufo incurred £300k in legal fees the last time and you can be sure they'll be a similar amount this time around. so stalling is just costing money.

you'd have to explain your reasoning because signing a good han**** jv tomorrow would probably 5 bag the sp inside a week to say 0.6.

rs has 736m ufo shares currently which at 0.6 would be worth £4.4m

then we can't ignore the £400k loan which he has agreed to receive £250k in cash but could have converted all at 0.08 if he wanted. that would have got him another 500m, of which he would have got a further 500m in attached warrants.

then he currently has a further 300m shares in warrants which he can convert at 0.135.

so that all accumulates to 736 + 500 + 500 + 300 shares = 2.036b shares. say 2bn for ease.

if he was deliberately stalling a han**** deal he would be deliberately doing himself out of 2b × 0.6 = £12m. this dwarfs the amounts he has invested in any of his other junior minors.

secondly, if he was in control of this situation as you say, he would never have agreed to receive cash for the loan and forfeit his warrants.

i think your barking up the wrong tree with rs. he stands to gain so much more by ufo doing well than he does ufo not doing well.

I wouldn't say dodgy smiller but I do think the Windfield deal is to blame for our first failed jv in 2024. However, if it was, I would expect the Windfield issue to be the first thing resolved in the 2nd attempt to jv. Therefore I'd like to think we are significantly advanced in the process and the BS strengthening and the transaction structured board we have assembled are just precursors to what I believe is a successful jv coming in the next few weeks.

Got to remember that both UFO and Windfield want the same thing. A JV and in Windfields case, before Aug27. Well before. So it won't be straight forward but they'll want to work with us not against us. UFO is in a comfortable place here with plenty of cash runway into 2027. Windfield have run out of any leverage and now need to get a deal done. Imo, the Windfield performance rights will get worked out and any consideration will be worked into a future payment plan linked with first ore shipment. This keeps the waters clear for the new partner and aligns cashflows for ufo. At this point Windfield will be just happy to get something. It should no longer be an issue. Imo.

Iron ore is probably our most valuable asset. Its high volume low margin but even $10 magin per tonne would be highly lucrative across 50mt. Its high risk due to the low margin but im sure news will come soon re a jv. I think fenix partnered with a Chinese company at some point if my memory serves me correctly.

Patience is the key here. That's all we can have.

Yes, wce have rights to all silver only across ufo owned eh and mm. I just wondered why you were excluding Lithium specifically. I don't see any specific mention of lithium in either the ufo/wce jv or the gre/wce jv. Therefore:

If Wce find lithium on ufo jv, its all ufos.

If wce find lithium on gre jv, its split by equity

If gre find lithium on ufo jv, its split by equity

If gre find silver on ufo jv, its 70 wce, 30 ufo

If wce find silver on gre jv, its split by equity

If wce find silver on ufo jv, its split by equity.

Hi dipp, not quite sure on what point you are making but you may be getting confused with company law. 75% is a special resolution threshold in company law but what wce and ufo have is a jv agreement, not a separate legal entity. Any special resolution thresholds would need to be drafted into the jv agreement specifically.

Firstly, no way would we have got the deal we got if we would have partnered with a bigger player. They would have had more leverage to use our situation against us and would have rinsed us. We needed someone who needed something. That made leverage equal and ultimately resulted in a fair deal where both win not just one side.

As for our board. Shareholders don't recruit, they may advise but ultimately the board decide. Bruce came as part of the wce package and Liz Henson has been here a while, she would have worked with Guy, Rob and Bruce to recruit Belinda. The nomad would have overseen things to ensure nothing untoward was going on and the right person was being employed. Again, not uncommon to have several links between boards and companies given the micro ecosystem they operate within.

We don't get a say in recruitment but we all got a say in retaining them at the AGM last month. 98% of shareholders were happy enough to retain them.

hi chris,

i am not expecting a raise in 2026. at the end of this month i assume we have £2m in the bank. the last failed jv attempt on han**** cost us £300k so there will be some legal costs to incur in 2026. running costs however are massively reduced as only iron ore to manage with exploration costs taking a back seat in favour of legal costs so in summary the £2m should provide more than enough runway for 2026.

secondly, we have 1.2bn warrants, most at 0.135. i expect most of these to convert in the next 2 quarters. that's £1.6m there.

as for eh. a decision to mine may slip into 2027 and any capex requirements should be funded through the 30.5m shares we hold. by then, this should be sufficient.

as for han****, we are much further advanced with han**** and i expect any deal to free ride us up to production not decision to mine. at which point i expect several funding options to be available to ufo ahead of raising such as off take, loan, pre payments.

in summary, we shouldn't need a raise again full stop but certainly not in 2026. just my stance of course.

Smiller your suspicious mind is completely blocking any logic from getting through.

70/30 deals are completely common in the industry. Given the situation we were in, we actually got good deals imo. We got the shares, the free ride, the cash, the minerals agreement. Oh and a great partner who has an experienced board with skin in the game and have demonstrated several times, they have access to funding and very motivated to drill the hell out of eh. I think this jv partner has been an excellent choice so far.

Bennelong advised on the deal yes but why not. Its what they do.

They recognised wce were short a flagship and going nowhere. UFO had 3 and did not have the backing or funding to progress any. 1 move solves both problems. But be clear. RS has no power over either company and can only advise, as they did. There would have been not only a cost saving but a time saving too have Bennelong advise. All makes commercial sense. Your suspicious mind is blocking you from seeing the commercial logic.

There is a board and a nomad and several other large shareholders to ensure one person can't pull all the strings.

Sharetrader, not sure why you are pulling Lithium out. My understanding is wce get silver only on UFO jv. They get all minerals with gre jv. If gre find silver in MM they can still drill assuming they believe other minerals are there, if they decide it is predominantly silver then it wouldn't be economical for them to drill so they'll leave it to wce. When it comes to mining, there will most likely be an agreement made closer to the time transferring any silver mined by gre is transferred to wce for x per oz.

This is all common practice and well thought through with no preference or discrimination against any party. Just a good deal signed by directors with common interests. To ensure the future survival of their respected companies.

The two JVs are different and that matters in the argument that ufo board is lazy and corrupt and giving things away as it proves ufo have been clever in retaining valuable optionailty across the tenement.

Elizabeth Hill (Alien / UFO JV):

WCE gets 70% of the mining lease, but only 70% of the silver rights

A Mineral Rights Deed explicitly grants silver only

Result:

Silver → 70% WCE / 30% UFO

Gold, copper, other minerals → 100% UFO

Yes, the lease covers all minerals, but contracts override default tenure. UFO kept the non-silver upside by design.

GreenTech JV (surrounding ground):

WCE gets 70% of the tenements. No mineral carve-outs

Result:

Silver → 70% WCE / 30% GRE

Gold & copper → 70% WCE / 30% GRE

UFO embedded free Au/Cu optionality into EH without diluting the silver story.

GRE didn’t — it gave up all minerals for the JV.

If this truly was a rs corruption scandal of shifting value from one uk company to his other asx companies then why leave some behind and why give gre a less advantageous deal.

Extract from an Artemis Jv completed last month. Artemis get 60% initially for nothing growing to 80% should Red Metal decide so. Red Metal get free riden to DTM. Red Metal get no ARV shares, no upfront cash. I guess Red Metal shareholders got screwed over too. Must be corruption and lazy boards over there too. Not checked the bod but bet rs and bg and bm are all over it.

Earn-in: Artemis can earn 60% interest in the Red Metal tenement by spending not less than

$5,000,000 (inclusive of the $400,000 minimum expenditure commitment) within 3 years

• Within 30 days of earning the 60% interest, an unincorporated joint venture will be formed

between Artemis and Red Metal, and Red Metal may elect to reduce its interest to 20% in which

event Artemis will increase its interest to 80% and free carry Red Metal’s interest to a decision to

mine. The joint venture interest will be in proportion to the interest in the Red Metal tenement

Bfd, nothing sad about it. Its ufo who decide whether to keep the 30% or fall back onto a 2% royalty. At $100 silver, its a no brainer.

GRE will have the exact same decision to make when the time comes.

Some on here think rs has singled us out and gave us bad deals in favour of his other children. I think this proves them wrong.

It made me review the eh acquisition rns again. You'll notice on there that GRE also enter into a JV with WCE simultaneously with the WCE:UFO jv. You'll also notice the 2% royalty was also built into the GRE deal and its the same 70/30 split. I don't think we got screwed over. Just a good deal for both parties.

This appeared on the WCE Cleansing Notice today. As announced by GreenTech Metals Ltd (GRE) on 1 December 2025 and 11 December 2025, Alien

Metals Limited (UFO) and GRE entered into a transaction by which GRE has a conditional right to

acquire up to an 80% interest in the Munni Munni Tenements, subject to the Company’s silver

rights (HOA). Given the Company’s interest in the Munni Munni Tenements, the HOA is

conditional upon the Company entering into a mineral rights deed and associated documents

with GRE and UFO to govern the parties’ respective activities on the Munni Munni Tenements.

Discussions are ongoing and are not expected to impact the previously disclosed commercial

arrangements between the Company and UFO (refer to announcement dated 24 March 2025 for

further details).

At $100/oz and $20/oz cost (EH likely much lower due to bonanza grades). That's $80 profit x our share of 30% = $24

2% Royaly would generate $2.

Lets say silver retraces to $30\oz. Costs remain at $20 so $10 margin x our share at 30% = $3.

2% royalty on $30 = 60c

Even at $30 it is 5 times more lucrative to keep 30%. Factor in the capital required to keep the 30%, the risk of keeping the 30% and the board may say, let's lock in a renegotiated royalty of say 4-5% but anything above $50 margin and the economics scream, keep the 30%. Good to know its ufo who decide our own fate.

Market not factoring any of this in yet but be patient. Most of you have been here years so what's another 12 months.

Royalties are a cushion for when margins are low. If silver stays at these margins, no way anyone could justify giving up 30% margin for 2% revenue.

Smiller, you may recall i was of the same opinion a few years back. Management at the time for whatever reason messed it up. We last all our lives for making that work. My expectations have changed with the times. Convincing banks and investors to give us tens of millions is no longer an option. The last loan we had for just £1m, crippled us. We are in a new world with a new team and a new strategy. Its probably better for your sanity that you get on board with that rather than question repeatedly why the strategy from 5 years ago didn't work.