Last checked at 28 Nov 2023 07:00
Trading Symbols
AIM: UFO
FWB: I3A1
28 November 2023
Alien Metals Ltd
("Alien" or "the Company")
Memorandum of Understanding executed with Pilbara Ports Authority for Iron Ore Exports
Alien Metals Ltd (AIM: UFO), a minerals exploration and development company, is pleased to announce it has entered into a conditional, non-binding Memorandum of Understanding ("MoU") with Pilbara Ports to access its Utah Bulk Handling Facility ("Utah Point"), multi-user berth in Port Hedland. The agreement is the first important step in securing the formal commitment from Pilbara Ports to export the iron ore produced by the Company's Hancock iron ore Project.
Highlights:
· Pilbara Ports and the Company's wholly owned subsidiary, Iron Ore Company of Australia Pty Ltd ("IOCA"), entered into an MoU
· Pilbara Ports operates in the Pilbara Region of Western Australia, with the Port of Port Hedland as the largest bulk export port in the world
· The MoU paves the way for IOCA to access the common-use stockpiles at Utah Point and export up to 1.25 million tonnes per annum (mtpa) of Iron Ore from Q4 2024
· IOCA is also pleased to announce that the next step in this process has progressed to a point whereby Pilbara Ports and IOCA have substantially agreed the terms of the binding agreement for iron ore export through Utah Point. This agreement is subject to the typical regulatory approvals
Troy Whittaker, Chief Executive Officer commented:
"The signing of the Port MoU and settling key terms of the formal multi-user agreement are important steps as we continue to secure the supply chain from development, operations and to the end customer. We are confident Pilbara Ports has the capacity and capability to handle our tonnage at the port and we are delighted to have signed the MoU. We acknowledge Pilbara Ports efforts to facilitate port access for miners such as IOCA and we look forward to working closely with them as we finalise the the binding agreement and seek the require regulatory approvals."
Further Information
The MoU paves the way for IOCA to access the common-use stockpiles at Utah Point and export up to 1.25 million tonnes per annum (mtpa) of Iron Ore from Q4 2024. The MOU is subject to certain conditions, expires on 1 October 2024 and contains agreement that the Company and Pilbara Ports will work towards agreeing an agreement and licence which sets out the terms on which Pilbara Ports would allow IOCA to have access to the Utah Point. IOCA and the Pilbara Ports have substantially agreed the terms of this agreement and it is subject to the typical regulatory approvals.
Figure 1: Location of the Company's Iron Ore Projects, Western Australia
Figure 2: Hancock Project Tenements
Figure 3: Utah Point, Multi User Berth at the Port of Port Hedland
Figure 4: Utah Point, Multi User Berth at the Port of Port Hedland
Figure 5: Port Hedland Port
For further information please visit the Company's website at www.alienmetals.uk or contact:
Beaumont Cornish Limited (Nomad)
James Biddle / Roland Cornish Tel: +44 (0) 207 628 3396
WH Ireland Ltd
Harry Ansell / Katy Mitchell Tel +44 (0) 207 220 1666
Yellow Jersey PR (Financial PR)
Charles Goodwin / Shivantha Thambirajah / Soraya Jackson Tel: +44 (0) 20 3004 9512
alienmetals@yellowjerseypr.com
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
Notes to Editors:
Alien Metals Ltd is a mineral exploration and development Company listed on the AIM market of the London Stock Exchange (LSE: UFO). The Company's focus is on delivering a near term direct shipping iron ore operation at the Hancock Project in the Pilbara region of Western Australia.
In 2019, the Company acquired 51% of the Brockman and Hancock Ranges high-grade (Direct Shipping Ore) iron ore projects and in December 2022 moved to 90% legal and beneficial ownership. In May 2023, the Company also acquired 100% of Mallina Exploration Pty Ltd and with it, the Western Hancock Tenement. The new tenement adjoins the Company's existing Hancock tenement, giving the entire Hancock project direct access to the Great Northern Highway.
The Company also acquired 100% of the Vivash Gorge Iron Ore project in the west Pilbara in July 2022.
The Company owns 100% of the Elizabeth Hill Silver Project, which consists of the Elizabeth Hill Historic Mining Lease and the 115km2 exploration tenement around the mine.
In March 2022 the Company acquired 100% of the former joint venture interest in the broader Pinderi Hills tenement group in the West Pilbara, Western Australia. This includes the Munni Munni Platinum Group Metals Project, one of Australia's major underexplored PGE and base metals projects. Munni Munni holds a historic deposit containing 2.2Moz 4E PGM: Palladium, Platinum, Gold, Rhodium. The Pinderi hills tenement group also has significant Nickel and Copper prospectivity.
The Company also holds silver, copper and base metal projects in Mexico, however is currently looking at the best way to divest these for the benefit of shareholders.