Alien Metals Limited

-0.005 (-1.27%)
Share Name Share Symbol Market Type Share ISIN Share Description
Alien Metals Limited LSE:UFO London Ordinary Share VGG017351021 COM SHS NPV (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.005 -1.27% 0.39 0.38 0.40 0.40 0.39 0.395 24,257,789 11:40:19
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Miscellaneous Metal Ores,nec 0.0 -2.3 -57.9 - 20.78


21/12/2022 7:00am

UK Regulatory (RNS & others)

Alien Metals (LSE:UFO)
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RNS Number : 3926K

Alien Metals Limited

21 December 2022

21 December 2022


("Alien Metals" or "the Company")


Alien Metals Limited, the minerals exploration and development company, is pleased to announce, in accordance with the Share Incentive Plan as approved by the Board on 14 November 2022 it will issue, subject to the satisfaction of specified high hurdle performance conditions ("Performance Conditions"), as outlined below, a total of 178,000,000 Incentive Shares ("Incentive Shares") to the Company's Iron Ore Company of Australia ("IOCA") executive team, subject to the achievement of the Performance Conditions set out below in relation to the development of the Hammersley Iron project.

The incentive plan is specifically designed to incentivise the executive team to deliver the Hancock iron mine into production in a timely manner, minimise staff turnover and ensure a cost-effective development. The award hurdles are seen as high value achievements and as such are strongly aligned with shareholder interests.

 Performance               Lloyd Edmunds        Arran   Troy Whittaker          Bradley     Rod McIllree 
  Condition                                    Gracie                              Toms 
 IOCA Offtake 
  Signed               1       5,000,000    5,000,000        5,000,000   Not applicable   Not applicable 
                          --------------  -----------  ---------------  ---------------  --------------- 
 IOCA Finance 
  Term Sheet Signed    2       5,000,000    5,000,000        5,000,000   Not applicable   Not applicable 
                          --------------  -----------  ---------------  ---------------  --------------- 
 Mining Licence 
  Approval             3      10,000,000   10,000,000       10,000,000        3,000,000   Not applicable 
                          --------------  -----------  ---------------  ---------------  --------------- 
 First Ore Mined       4       5,000,000    5,000,000       10,000,000        4,000,000        5,000,000 
                          --------------  -----------  ---------------  ---------------  --------------- 
 500,000 Fe Tonnes 
  Exported             5       5,000,000    5,000,000       15,000,000        5,000,000        8,000,000 
                          --------------  -----------  ---------------  ---------------  --------------- 
 1,000,000 Fe 
  Tonnes Exported      6       5,000,000    5,000,000       20,000,000        6,000,000       12,000,000 
                          --------------  -----------  ---------------  ---------------  --------------- 
 Total                        35,000,000   35,000,000       65,000,000       18,000,000       25,000,000 
                          --------------  -----------  ---------------  ---------------  --------------- 

The award to Rod McIllree, Executive Chairman of the Company, brings the total options awarded to Rod since he joined the Company to 255,000,000 (being 4.79% of the issued share capital following the issue of the Windfield Shares announced yesterday) and constitutes the final option award pursuant to his appointment to the Board in September. This option award and that announced in September represents the director and management incentive awards for the next 12 months or so.

It is further noted that the respective Incentive Shares will vest and become awarded vested Incentive Shares once the Board has determined that the relevant Performance Conditions have been met.

Performance Conditions 1 through 5 have a 24-month vesting period and Performance Condition 6 has a 36-month vesting period.

In addition, it is noted that an eligible employee shall have no right to compensation for any loss in respect of awards under the Plan in the event, inter alia, their employment ends with the Company.

Should there be a change of control in regards to either IOCA or the Company, the shares will vest immediately.

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

Alien Metals Limited

Rod McIllree, Executive Chairman

Tel: +44 (0) 20 7138 3204

Beaumont Cornish Limited (Nomad)

James Biddle / Roland Cornish

Tel: +44 (0) 207 628 3396

WH Ireland Ltd (Joint Broker)

Harry Ansell / Katy Mitchell

Tel +44 (0) 207 220 1666

BlytheRay (Financial PR)

Tim Blythe / Megan Ray / Said Izagaren

Tel: +44 (0) 20 7138 3204

Notes to Editors

Alien Metals Ltd is a mining exploration and development Company listed on the AIM market of the London Stock Exchange (LSE: UFO). The Company's focus is on delivering a profitable, long life direct shipping iron ore operation based out of the Pilbara in Western Australia. In 2019, the Company acquired 51% of the Brockman and Hancock Ranges high-grade (Direct Shipping Ore) iron ore projects and in November 2022 exercised its option to move to 90% once certain CP's are satisfied. The Company also acquired 100% the Vivash Gorge Iron Ore project in the west Pilbara in July 2022.

The Company acquired 100% of the Elizabeth Hill Silver Project, which consists of the Elizabeth Hill Historic Silver Mine 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 Munni Munni Platinum Group Metals and Gold Project in the West Pilbara, Western Australia, 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 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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(END) Dow Jones Newswires

December 21, 2022 02:00 ET (07:00 GMT)

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