Appointment of Nomad and additional updates

Board Changes
Issue of £500,000 Convertible Loan Note
Appointment of Nomad and Broker
Resumption of trading on AIM

Alien Metals Ltd, the AIM quoted exploration and development company, is pleased to announce that today it has with immediate effect:

• appointed Peter Taylor to the Board as Chief Executive Officer (“CEO”);
• appointed Dan Smith to the Board as Non-Executive Director;
• issued a £500,000 Convertible Loan Note on terms as detailed below;
• appointed Beaumont Cornish Limited as it’s Nominated Adviser; and
• appointed First Equity Limited as its Broker

Accordingly, and further to the Company’s announcement on 31 January 2019 and the AIM Notice of the Temporary Suspension of Shares on 1 February 2019, Alien is pleased to confirm the expected recommencement of trading in its Common shares on AIM with effect from 7.30am on 27 February 2019.

Board Appointments
The Company has augmented the Board with the appointment of Peter Taylor as CEO, and Dan Smith as Non-Executive Director, with immediate effect.

Peter Taylor
Commencing his career as a mining engineer at De Beers Consolidated Mines in 1986, Peter has over 25 years’ experience leading strategic operations within the mining and exploration sector in Africa, Southeast Asia and Europe. Peter was Chief Operating Officer at formerly AIM and TSX:V traded African gold and iron company, African Aura Mining Inc and part of the executive team that grew the company from a market cap of US$62m in 2009 to US$330m in 2011. African Aura was successfully split into two companies with Peter remaining at iron ore focused Afferro Mining Inc. which was subsequently sold for US$200m to IMIC plc in December 2013.Reporting at Board level, Peter was responsible for formulating the operational strategy, delivering value accretion by progressively advancing and de-risking the company’s assets.

Notably, during his time at Afferro, Peter advanced the Nkout iron-ore project in Cameroon, from a grass roots prospect in 2009 to a 2.0BT mineral resource estimate and NI 43-101 compliant preliminary economic assessment in May 2012 with post tax US$4.6bn NPV¹⁰ and 24% IRR¹⁰, for a mine producing 35mtpa of concentrate.

Peter has since served as Director of Mining and Aviation consultancy, Mammoth Mining. Peter has an MBA from Cranfield University School of Management, a BSc (Hons) in Mining Engineering and a Higher Diploma in Mineral Industries both from Camborne School of Mines.

Dan Smith
Dan Smith has a Bachelor of Arts degree in International Relations awarded by Curtin University, Australia, and over 10 years’ capital markets experience working in various roles. Dan’s experience includes roles as an Executive and Non-Executive Director and Company Secretary of companies with shares quoted on AIM, ASX and NSX. He also founded Minerva Corporate Pty Ltd, a boutique corporate services firm in 2013, which is focused on providing corporate advisory, company secretarial, and accounting services to listed and unlisted entities, as well as compliance manager services for IPOs and RTOs across sectors including natural resources. Dan is currently a Non-Executive Director and Company Secretary of AIM traded Europa Metals Ltd, a European focused zinc-lead exploration company.

Further details in relation to Peter and Dan’s appointment, as required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules for Companies, is set out in Appendix 1 below.

Issue of Convertible Loan Note
The Company has issued a £500,000 Convertible Loan Note (the “CLN”), of which it has drawn down £200,000 immediately, to fund its 2019 work programme as announced on 18 February 2019 and for general working capital needs.

The £500,000 loan facility will be available to the Company for a period of one year and can be drawn down at the discretion of the Company in tranches of £50,000. The loan will attract interest at 10% per annum and any amount drawn down may be converted into shares in the Company at 0.1p per share (the “Conversion Price”) at either party’s discretion. Each share so converted will be accompanied by a warrant to acquire one share, exercisable at the higher of (i) a 50% premium to the Conversion Price and (ii) £0.0015, such warrant being convertible on or before 31 January 2022.

In the event that any amount drawn down is not converted or repaid within one year of the grant of the loan, such amount together with accrued interest shall be automatically converted into shares in the Company at a conversion price on the day immediately prior to the date on which automatic conversion occurs, less 15%. In the event any conversion of the loan would cause the lender to hold more than 29.9% of the issued share capital of the Company without the prior approval of AIM Regulation, such conversion into shares would be deferred by six months and the conversion price would be reassessed at that time, until the loan and accrued interest is fully extinguished.

Alien’s Chairman Dennis Edmonds said, “We are delighted to welcome Peter and Dan to the Board of Alien. Peter’s arrival as CEO has been orchestrated as we embark on delivering on our strategy of a) seeking to demonstrate and realise value within the Company’s existing Mexican silver portfolio and b) acquiring projects which demonstrate significant development upside, in jurisdictions with established infrastructure and mining codes, where strong operational controls can be assured.

Peter has a wealth of experience leading and managing junior mining and exploration companies at executive level. His proven expertise in devising operational strategies and maximising profitability for a number of projects will be invaluable to the Company.

Dan’s experience advising and directing junior listed companies together with his strong relationships with retail and institutional investors and advisers and finance professionals in the Australian and Southeast Asian region, places him well to support Alien Metals’ next phase of growth.

The addition of Peter and Dan to the Board combined with the financial security provided to the Company by the Convertible Loan Note facility puts us in an excellent position to carry out the next steps of advancing our Mexican silver portfolio and expanding our portfolio of metal-based projects.”

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

For further information please visit the Company’s website at www.alienmetals.uk, or contact:

Notes to Editors
Alien Metals Limited is an AIM quoted mining exploration and development company. Since the recomposition of the Board and company name change in 2018, Alien has focused on delivering its strategy of acquiring mining projects which demonstrate significant development upside, in jurisdictions with established infrastructure and mining codes, where strong operational controls can be assured.

In addition to its acquisition led strategy, the Board has commenced a strategic review of the Company’s established portfolio of silver exploration projects in Mexico covering an area of approximately 1,500 hectares, to identify opportunities for their development and/or monetisation.

Appendix 1

Disclosure on Peter Wilson Taylor (aged 57)

Peter Taylor currently holds 16,800,000 Ordinary Shares in the Company representing 2.3% of the issued share capital.

There is no other information that is required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules for Companies.

Disclosure on Daniel John Edward Alexander Durston Smith (aged 35)

Mr Smith was a former director of York Energy NL which entered into administration on 9 September 2013 with a shortfall to creditors of approximately A$2.5 million.

There is no other information that is required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules for Companies.

END.