Alien Metals Ltd (AIM:UFO) entered into a binding agreement to acquire Vivash Gorge Iron Ore Project in Pilbara from Zenith Minerals Limited (ASX:ZNC) for AUD 0.36 million on May 30, 2022. Alien will issue Zenith AUD 0.1 million of new common shares in Alien. The issue of the following number of New Common Shares to Zenith as deferred consideration: (a) New Common Shares equal to the value of AUD 0.5 million at a deemed price equal to the VWAP of Common Shares in the ten trading days prior to the release of an announcement, (b) New Common Shares equal to the value of AUD 0.1 million at a deemed price equal to the VWAP of the Common Shares in the ten trading days prior to the release of an announcement on the London Stock Exchange and (c) New Common Shares equal to the value of AUD 0.2 million at a deemed price equal to the VWAP of the Common Shares. The transaction is subject to approval of completion of technical, financial and legal due diligence by Alien on the Sale Assets, within 14 days of the date of execution of the HOA, approval of new shares on stock exchange, third party approval, shareholder approval and regulatory approval. James Biddle and Roland Cornish of Beaumont Cornish Limited acted as financial advisors to Alien Metals Ltd.

Alien Metals Ltd (AIM:UFO) completed the acquisition of Vivash Gorge Iron Ore Project in Pilbara from Zenith Minerals Limited (ASX:ZNC) for AUD 0.36 million on June 20, 2022,