Alien Metals Ltd on Friday said it had made a ‘significant step on the pathway to production’ at its Hancock project.

The Australian-focused minerals exploration and development company has been granted a mining lease by the Western Australian Department of Mines for the iron ore project in the Pinderi Hills.

Following this, Alien now has security of tenure for a 21-year term until April 2045.

Executive Director Guy Robertson said: ‘The company has made significant progress and is now in discussion with various parties regarding the required development funding.’

Alien’s technical team is now focused on a mining proposal submission as well as an environmental assessment, and continues to assess strategies for increasing the existing resources and reserves at the site.

Alien shares were up 7.1% to 0.22 pence each in London on Friday morning.

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