REG - Aterian PLC - EIA Approval for Agdz Cu-Ag Project and Funding

AterianAnnouncement

26/02/2026 07:00

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RNS Number : 4218U  Aterian PLC  26 February 2026

26 February 2026

 

Aterian plc

("Aterian" or the "Company" or the "Group")

 

EIA Approval for Agdz Cu-Ag Project and Funding

 

Aterian plc (AIM: ATN), the Africa-focused critical metals exploration
company, is pleased to announce the approval of it's recently commissioned
Environmental Impact Assessment (''EIA'') for the 100%-owned Agdz Mining
Licence, part of the Agdz ("Cu-Ag") Project ("Agdz" or the "Project") in the
Kingdom of Morocco ("Morocco").

 

In the current global mining environment, the approval of the EIA represents a
major regulatory milestone and materially de-risks the Project as Aterian
advances toward systematic drilling and development readiness.

 

Highlights:

·      Environmental Impact Assessment plan approved at the Agdz Cu-Ag
Project.

·      The Regional Centre of Investment of Errachidia approval
represents a key milestone and allows for further project advancement.

·      Confirms strong local, regional and national stakeholder support.

·      Material regulatory de-risking of the Agdz Project in a
tightening global permitting environment.

·      Previous drilling has confirmed shallow Cu-Ag mineralisation
across multiple prospects, including:

o  1.24 % Cu with 101 g/t Ag over 3 m from 8 m (downhole) - Makarn (North)
prospect

o  0.45 % Cu with 3 g/t Ag over 11 m from 32 m (downhole) - Makarn (South)
prospect

o  0.79 % Cu with 5 g/t Ag over 6 m from 6 m (downhole) - Amzwaro prospect

·      £100,000 raised from existing shareholders to fund project
advancement toward development readiness.

Charles Bray, Chairman of Aterian, commented:

"Securing Moroccan EIA approval for the Agdz Mining Licence is a major step
forward for Aterian. In a tightening global permitting environment, being
regulatorily cleared to advance a copper project is a significant competitive
advantage.

 

Our focus now shifts decisively to drilling for scale to develop this asset.
The objective is clear: expand the mineralised footprint, build toward a
defined resource base, and position Agdz as a development-ready copper asset
in a jurisdiction with strong infrastructure and mining heritage. The
integration of AI-driven geological modelling, through our partnership with
Lithosquare, strengthens our targeting capability and enhances capital
efficiency as we move into the next drilling phase.

 

With copper demand structurally rising and permitted projects increasingly
scarce, Agdz represents a compelling opportunity. We are especially pleased to
hear from existing shareholders seeking to participate in the recent equity
placing, allowing the Company to allocate for expenditure to deliver sustained
drilling news flow as we advance the Project over 2026."

 

Strategic Importance

Permitted copper projects are increasingly scarce globally. With demand driven
by electrification and the energy transition, projects capable of advancing
without regulatory uncertainty are becoming strategically important.

 

EIA approval significantly strengthens Agdz's development pathway and enhances
its attractiveness to investors and potential strategic partners. The
integration of AI-driven geological modelling through Lithosquare further
positions Aterian to deploy capital efficiently and maximise discovery
potential as drilling resumes.

 

Project Summary:

Aterian holds a 100% interest in the 50.4 km² Agdz Copper-Silver Project,
comprising the 34.5 km² Agdz licence and the adjacent 15.9 km² Agdz Est
licence in central Morocco.

 

The Project is located in the highly prospective Anti-Atlas Mountains within
the Drâa Tafilalet region, approximately 35 km east of Ouarzazate, a
well-serviced regional hub with an airport and established infrastructure. The
Project benefits from excellent access via paved and unpaved roads. It is
situated approximately 40 km southeast of the Noor solar power complex, one of
the world's largest renewable energy facilities.

 

Agdz is located within Morocco's highly prospective Anti-Atlas belt, a stable
and well-established mining jurisdiction with growing strategic importance for
copper supply.

 

The Agdz Project is situated within a well-established copper-silver mining
district, approximately 14 km southwest of the Bouskour copper-silver mine (19
Mt at 1.44 % Cu and 12 g/t Ag Measured & Indicated and 9 Mt at 1.61 % Cu
Proven & Probable(1)) and within trucking distance of existing mining
infrastructure. The world-class Imiter silver mine (192 M Oz Ag Measured &
Indicated and 152 M Oz Ag Proven & Probable(2)) lies approximately 80 km
northeast of the Project, with both operations owned by Managem Group. While
mineralisation at neighbouring deposits is not necessarily indicative of
mineralisation at Agdz, their presence underscores the district-scale
prospectivity of the Anti-Atlas Belt.

 

(1) Source: Managem Group - Bouskour project (managemgroup.com). May not be
reported in accordance with compliant reporting requirements.

(2) Source: Managem Group - Imiter mine (managemgroup.com). May not be
reported in accordance with compliant reporting requirements.

 

Illustrations
The following figures/images have been prepared by Aterian and relate to the
disclosures in this announcement.

Issue of Equity and Funding

The Company also announces, following on from the announcement dated 19
February 2026, that it has raised an additional £100,000 from existing
investors through a subscription for 400,000 new ordinary shares
("Subscription Shares") at a price of 25 pence per Subscription Share and the
issue of an additional 112,000 shares to the Employee Benefit Trust ("EBT
Shares"). Subscribers to the Subscription Shares will also receive 200,000
warrants (the "Warrants"), or 50% warrant coverage, with each Warrant
exercisable at a strike price of 32.5 pence per ordinary share. The Warrants
will have a maturity date of 15 February 2028  and a call feature should the
Company's closing mid-price exceed 50 pence for three consecutive trading
days. A further total of 88,000 new ordinary shares have been issued in lieu
of fees to a service provider ("Fee Shares").

 

An application will be made for the Subscription Shares, the EBT Shares and
the Fee Shares (together the "New Shares") to be admitted to trading on the
London Stock Exchange, with admission expected to occur on or around 03 March
2026 ("Admission"). Following the issue of the New Shares, the Company's
enlarged issued share capital will comprise 17,684,000 Ordinary Shares.

 

This figure of 17,684,000 represents the total voting rights in the Company
and should be used by shareholders as the denominator for the calculation by
which they can determine if they are required to notify their interest in, or
a change to their interest in the Company under the Financial Conduct
Authority's Disclosure Guidance & Transparency Rules.

 

Qualified Person

The technical disclosure in this regulatory announcement has been approved by
Simon Rollason, Chief Executive Officer of Aterian Plc. A graduate of the
University of the Witwatersrand in Geology (Hons). He is a Member of the
Institute of Materials, Minerals and Mining, with over 30 years of experience
in mineral exploration and mining.

 

- ENDS -

 

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).

 

Engage directly with the Aterian PLC management team by asking questions,
watching video summaries, and seeing what other shareholders have to say.
Please navigate to our interactive investor hub here:
https://aterianplc.com/s/fcf8eb (https://aterianplc.com/s/fcf8eb)

 

For further information, please visit the Company's website:
www.aterianplc.com (http://www.aterianplc.com) or contact:

 

Aterian Plc:

Charles Bray, Executive Chairman - charles.bray@aterianplc.com
(mailto:charles.bray@aterianplc.com)

Simon Rollason, CEO & Director - simon.rollason@aterianplc.com
(mailto:simon.rollason@aterianplc.com)

 

Financial Adviser and Joint Broker:

AlbR Capital Limited

David Coffman / Dan Harris

Tel: +44 (0)207 7469 0930

 

Joint Broker:

SP Angel Corporate Finance LLP

Ewan Leggat / Devik Mehta

Tel: +44 20 3470 0470

 

Financial PR:

Bald Voodoo - ben@baldvoodoo.com (mailto:ben@baldvoodoo.com)

Ben Kilbey

Tel: +44 (0)7811 209 344

 

Subscribe to our news alert service: https://atn-l.investorhub.com/auth/signup
(https://atn-l.investorhub.com/auth/signup)

Notes to Editors:

About Aterian plc

www.aterianplc.com (http://www.aterianplc.com)

 

Aterian plc is an LSE-listed exploration and development company with a
diversified African portfolio of critical metals projects.

Aterian plc is actively seeking to acquire and develop new critical metal
resources to strengthen its existing asset base while supporting ethical and
sustainable supply chains as the world transitions to a sustainable, renewable
future. The supply of these metals is vital for developing the renewable
energy, automotive, and electronic manufacturing sectors, which are
increasingly important in reducing carbon emissions and meeting global climate
ambitions.

 

Aterian has a portfolio of multiple copper-silver (+gold) and base-metal
projects in Morocco. Aterian holds a 90% interest in Atlantis Metals, a
private Botswana-registered company holding eleven mineral prospecting
licences for copper-silver in the world-renowned Kalahari Copperbelt and three
for lithium and salt brine exploration in the Makgadikgadi Pans region. The
Company also holds an exploration licence in southern Rwanda, where it is
evaluating the tantalum and niobium opportunity, in addition to further
exploring for pegmatite-hosted lithium.

 

The Company's strategy is to seek new exploration and production opportunities
across the African continent and to develop new sources of critical mineral
assets for exploration, development, and trading.

Glossary of Terms

The following is a glossary of technical terms:

 

 "Ag"                              means  Silver
 "Au"                              means  Gold
 "Breccia"                         means  a rock consisting of angular fragments of stones cemented by finer materials
 "Cu"                              means  Copper
 "Ferruginous"                     means  containing iron oxides
 "Float sample"                    means  loose pieces of rock that are not connected to an outcrop
 "g/t"                             means  grams per tonne
 "Hercynian or Variscan Orogeny"   means  an orogenic belt that evolved during the Devonian and Carboniferous periods,
                                          from about 419 to 299 million years ago
 "km"                              means  Kilometres
 "m"                               means  Metres
 "mm"                              means  Millimetres
 "Mt"                              means  millions of tonnes
 "NI 43-01"                        means  National Instrument 43-101 Standards of Disclosure of Mineral Projects of the
                                          Canadian Securities Administrators
 "Outcrop"                         means  a rock formation that is in situ and visible on the surface
 "Qualified Person"                means  a person that has the education, skills and professional credentials to act as
                                          a qualified person under NI 43-101
 "Sb"                              means  Antimony is used in alloys and in lead-acid storage batteries. The U.S.
                                          government has considered antimony a critical mineral mainly because of its
                                          use in military applications.
 "Stratiform"                      means  parallel to the bedding planes of the surrounding rock
 "Vein"                            means  a distinct sheetlike body of crystallised minerals within a rock
 "Zn"                              means  Zinc

 

 

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