Member Info for Prospector

For those who still don't get it...

The only major expense since the placing in August was the Hank0ck diamond core drilling. The Pinderi Hills review was paid in shares, so that just leaves monthly running costs. If you compare that with the outlays after the September 2022 placing, it is nothing.

Alien appears to churn through approx. 2m per year with a full programme of exploration and strategic acquisitions, but since August this year there has only been the Hank0ck core drilling.

You can imagine the conversations at Alien this morning...

Troy: "Find out what the f... is going on with the share price... get those fools at Bluejay on the phone."

All this rubbish about a placement needs to stop. The only major expense since the placing in August was the Hank0ck diamond core drilling. The Pinderi Hills review was paid in shares, so that just leaves monthly running costs. If you compare that with the outlays after the September 2022 placing, it is nothing.

Alien appears to churn through approx. 2m per year with a full programme of exploration and strategic acquisitions, but since August this year there has only been the Hank0ck core drilling.

Wolfy, give it a damn rest. What the hell is your problem? There is nothing much for Troy to do himself at Alien in the next few months, except organise funding and offtake. Most of the work is done by other staff.

It's just normal for non execs to do other jobs.

The important thing to understand and keep in mind is that, once Alien Metals gets the mining permit deals will be done ranging from offtake agreements to CAPEX funding.

Western Australia seeks to speed up mining project approvals.

https://www.reuters.com/markets/commodities/western-australia-seeks-speed-up-mining-project-approvals-2023-12-12/

No cap on China's steel output this year leading to higher iron ore prices. No doubt some short covering involved.

https://www.ft.com/content/b47c78f6-f618-4af6-9a51-ec4869ddc67a

What to expect next:

1. Native title agreement.

2. Mining permit from DMIRS.

3. Sirius extension resource upgrade.

4. Definitive Feasibility Study. (DFS)

5. DSO Offtake agreement and funding packages.

6. Decision to mine.

7. Commencement of pre-mining works.

No normbeef, IOCA have already agreed the heritage rules going forward in a previous RNS, which I am not going to dig out for you. They don't have to survey the entire license areas up front, only prior to significant work commences.

Goingtomoonufo, we will not need another placing because once we have a mining permit and DFS is completed UFO can agree CAPEX funding, which will be a combination of funding by the offtake partner and loans from financial institutions.

Unclejim, the MoU expires 1st Oct 2024. It is just a contingency and the actual agreement will likely replace it well before that date.

No, the reason for setting up IOCA was to make it more straightforward in the case of a joint venture or spin off. Its a very common strategy in exploration and mining.

The £2 million in cash UFO currently has will last well into next year. Don't forget there is no expenditure on actual exploration now, just running costs, general running costs and administration fees. Payment for DFS, etc. will be rolled up into the funding packages following decision to mine.

My understanding regarding a performance payment to Winfield in that the whole deal was renegotiated and there is no performance payment in the new deal.

Tangodog1024,

Why don't you read the RNS notices released subsequent to that?

The option to acquire an additional 39% was executed and the shares issued long ago. There is nothing else to do relating to that transaction.

So, 5p would mean a mcap of well over £300m - that will come after a few years of expanding iron ore production and advanced development of Munni Munni. It's totally realistic in the next 2-3 years.

ReddyP, the important point about performance rights is the the recipient does not own the right to take advantage of those shares or options during the "vesting" period. In this case the vesting period lasts until Dec 24. There will be no new shares issued as a result of performance rights until then.

That's right, napthman1. A lot of positive developments have occurred, but the market hasn't noticed yet - they will soon.

Chris2, it's much more likely that you will miss your chance to invest and be forced to watch from the sidelines and sulk, as everyone else is making huge profits.

Unclejim, the funding could easily be a loan from whoever UFO signs an offtake agreement with. There would be many institutions willing to load £5million or so. There are many possibilities and a placing is the least likely.