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LONDON - Alien Metals Ltd (AIM:UFO) reported a loss of $1.56 million for the year ended December 31, 2024, an improvement from the $3.7 million loss recorded in the previous year, according to the company’s annual financial results released Tuesday.
The mineral exploration company highlighted progress at its flagship Hancock Iron Ore Project in Western Australia, where it completed a development study in February 2024 and secured a mining lease in April 2024.
The development study confirmed the project’s economic viability, revealing a mineral resource estimate of 8.4 million tonnes at 60% iron content. The study projected an average annualized EBITDA of A$39 million with a pre-tax NPV10 of A$146 million and a pre-tax IRR of 133%.
The company reported cash and cash equivalents of $224,000 as of December 31, 2024, down from $676,000 at the end of 2023. Administrative expenses decreased to $1.42 million from $2.71 million in the previous year.
"Alien Metals has achieved steady progress across its project portfolio during the year, with standout milestones being the completion and release of the Development Study for the Hancock Iron Ore Project in February 2024 and the grant of the mining lease in April 2024," said Guy Robertson, Executive Chairman.
Subsequent to the year-end, the company entered into a joint venture and partial sale agreement with West Coast Silver Limited for its Elizabeth Hill mining lease, receiving A$500,000 cash and 44.5 million shares. In May 2025, Alien Metals raised £1 million through a placement of 1.25 billion shares.
The company noted that additional funding will be required to advance its projects, stating in its going concern assessment that it will need to raise further finance within the next 12 months.
The financial results were released based on a press release statement from the company.
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