TIDMUFO
RNS Number : 3926K
Alien Metals Limited
21 December 2022
21 December 2022
ALIEN METALS LIMITED
("Alien Metals" or "the Company")
SHARE INCENTIVE PLAN AWARDS
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.
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END
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December 21, 2022 02:00 ET (07:00 GMT)
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