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Alien Metals Ltd ( (GB:UFO) ) has issued an update.
Alien Metals has confirmed that Phase 1 drilling has recommenced and is being accelerated at the Munni Munni platinum group metals, copper and nickel project in Western Australia, where its proposed joint venture partner GreenTech Metals has mobilised a second drill rig to the site. The expanded programme of up to 20 RC and diamond holes totaling around 6,000 metres is designed to verify historic resources to JORC 2012 standards, test for extensions beyond the existing mineralised envelope and gather material for metallurgical work, with GreenTech well funded following a recent capital raise and now progressing toward finalising its majority stake in the project subject to previously secured shareholder approval. For Alien, the structure of the conditional joint venture, under which it expects to retain a 30% interest free-carried through to completion of a bankable feasibility study, offers a pathway to materially de-risk its exposure to Munni Munni while preserving upside from a potential district-scale, multi-commodity development hub alongside GreenTech’s nearby Whundo copper-gold project.
The most recent analyst rating on (GB:UFO) stock is a Hold with a £0.20 price target. To see the full list of analyst forecasts on Alien Metals Ltd stock, see the GB:UFO Stock Forecast page.
Spark’s Take on GB:UFO Stock
According to Spark, TipRanks’ AI Analyst, GB:UFO is a Neutral.
The score is held back primarily by weak financial performance (pre-revenue business model, recurring losses, and ongoing cash burn), only partly offset by a strong technical setup with price above major moving averages and positive momentum. Valuation also screens poorly due to negative earnings and no dividend support.
To see Spark’s full report on GB:UFO stock, click here.
More about Alien Metals Ltd
Alien Metals Limited is a London AIM-listed mining exploration and development company focused primarily on iron ore and precious and base metals projects in Western Australia’s Pilbara region. Its flagship asset is the 90%-owned Hancock Iron Ore Project, which hosts a JORC-compliant 8.4Mt resource at 60% Fe and is being advanced toward a potential 2Mtpa, 10-year mining operation with road access to Port Hedland. The company also holds exploration interests at the Brockman and Vivash iron ore projects, and maintains 30% joint venture interests in the Munni Munni platinum group metals project and the Elizabeth Hill Silver Project, retaining exposure to advanced PGM and silver assets while pursuing a strategy of technical de-risking, partnerships and selective monetisation.
Average Trading Volume: 98,838,277
Technical Sentiment Signal: Buy
Current Market Cap: £22.4M
For an in-depth examination of UFO stock, go to TipRanks’ Overview page.