Raise of £2.5 million for Exploration Activities

23 November 2020

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Alien Metals Ltd (“Alien Metals”, “Alien” or “the Company”), a minerals exploration and development company, is pleased to announce that it has conditionally raised £2,500,000, before expenses, in a Placing of 227,272,727 new ordinary shares (“Placing Shares”) at a price of 1.1 pence per share (the “Placing”). The Placing, which was oversubscribed, was undertaken at a 100% premium to the Company’s most recent fund raise which included a mixture of new and existing Professional and Institutional investors.

The proceeds from the Placing augment the Company’s strong cash balance and will be used to extend and accelerate a range of exploration activities across the Company’s portfolio, with immediate programs to be expanded in both Mexico and Western Australia. Based on current budgets and in the absence of exceptional circumstances, the Board believes that the Company’s existing work programs are now fully funded through to end-2021.