Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Alien Metals (LON: UFO) shares are climbing on Friday after it announced it has ended the exclusivity agreement with the owner of the Elizabeth Hill silver tailings project located on the Elizabeth Hill Silver Project site in Western Australia.
UFO agreed with Wombat Resources to assess the potential acquisition, with a further 45-day exclusivity period decided in May and another 30-day extension announced in June.
“With a number of key project developments and priority technical work in the pipeline, we have decided to suspend our current work and review of the Project. We still see potential in the silver tailings, and may revisit the Project in due course when other projects will allow for this,” commented Bill Brodie Good, CEO and Technical Director of Alien Metals.
The company's shares are currently up 4.6% at 0.837p.
Alien Metals shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Alien Metals shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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