Alien Metals Ltd (AIM:UFO, OTC:ASLRF) said it issued 50 million new shares to Windfield Metals Pty Ltd as part of a joint venture agreement relating to the Hamersley iron ore project in Western Australia.
Alien Metals met the first performance target under the agreement, which will eventually see it acquire a 51% stake in the project, last September when it announced a maiden inferred resource estimate of more than 10 million tonnes.
READ: Alien Metals reveals maiden inferred resource of 10.4Mt for Hancock iron ore project
The second performance hurdle is for Alien Metals to increase the inferred resource above 20 million tonnes.