Alien Metals, a minerals exploration and development company, has secured a conditional non-dilutive joint venture with Errawarra Resources to advance silver exploration at Elizabeth Hill, in Pinderi Hills in Western Australia. This agreement delivers non-dilutive funding, a strong technical team, and a clear pathway toward development.
Key Highlights include:
Errawarra to acquire 70% of the project, fully funding exploration through to a decision to mine.
Errawarra acquires 70%, funding all exploration through to a decision to mine.
Alien retains 30% free-carried, maintaining exposure to a potential silver discovery.
A$880K immediate cash injection (A$500K cash + A$380K share placement).
A$3M raised by Errawarra to fund exploration, with drilling set to begin in 6-8 weeks.
Accelerated development with a well-funded, Perth-based technical team leading the program.
No dilution to Alien shareholders, while strengthening ASX relationships.
As Chairman Guy Robertson highlighted, this agreement secures the necessary funding and expertise to unlock the potential of Elizabeth Hill, while allowing Alien to continue progressing its Hancock Iron Ore and Munni Munni PGM projects. With drilling set to begin soon, this partnership provides a clear path to advancing the project.
