Research Note10 Dec 2025 09:51
Zeus view: The recently announced joint ventures between Alien and WCE, and Alien and GRE, unlock significant latent value within Alien’s portfolio. At no cost or risk to Alien, its JV partners are funding exploration programmes at Elizabeth Hill and Munni-Munni. Through its equity interests, Alien is well positioned to benefit from any exploration success at either project, and should they advance to feasibility studies, Alien will retain a 30% interest in substantially more developed assets.
With GRE securing funds to drill Munni-Munni and further drilling anticipated at Elizabeth Hill, we expect a steady stream of updates into next year, potentially culminating in resource estimates – clear valuation catalysts in our opinion. The opportunity to process high-grade silver material from Elizabeth Hill at Radio Hill could also accelerate timelines to production, delivering benefits to all parties involved.
Meanwhile, Alien remains committed to advancing its iron ore portfolio, which includes the Hanc0ck, Brockman and Vivash projects in Western Australia, while simultaneously participating in the considerable progress expected at Munni-Munni and Elizabeth Hill. Our fair value assessment remains under review as we await further developments at Hanc0ck.