REG - Aterian PLC - Lithosquare JV Completion Accelerates Exploration

AterianAnnouncement

Mon 07:00

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RNS Number : 3641G  Aterian PLC  01 June 2026

01 June 2026

 

Aterian plc

("Aterian" or the "Company")

Lithosquare JV Completion Accelerates Exploration

Aterian plc (LSE: ATN), the African-focused critical metals-focused
exploration, development and trading company, is pleased to announce the
completion of its joint venture agreement ("Agreement") with Lithosquare SAS
("Lithosquare"), securing third-party exploration funding and establishing a
technology-driven strategic partnership designed to accelerate exploration
success and shareholder value creation across selected projects in Botswana
and Morocco.

The partnership combines Aterian's extensive African critical minerals
portfolio with Lithosquare's proprietary geological analytics and AI-driven
technologies to accelerate drill target generation, improve exploration
efficiency and rapidly advance projects toward potential discovery.

Under revised terms of the Agreement, Lithosquare will invest €1.0 million
during 2026 into nine selected projects ("Projects") and, subject to
completion of investment obligations, will earn an initial 15% participating
interest and associated Net Smelter Return Royalty ("NSR") interests in the
Projects. Additional project equity and NSR interests may be achieved
following the teams hitting agreed milestones.

Importantly, the Agreement provides non-dilutive exploration funding across
priority assets whilst preserving Aterian's significant exposure to
exploration upside and future project value creation.

Key Investment Highlights

·      €1.0 million of exploration and drilling across Morocco and
Botswana over 2026  fully funds a 15% equity and 0.5% NSR interest in the
Projects for Lithosquare;

·      High-value intercepts and JORC-qualifying results increase
potential equity and NSR interests for Lithosquare;

·      Non-dilutive funding preserving shareholder exposure to discovery
upside;

·      Advanced geological analytics and accelerated drill target
generation to create multiple near-term drilling and exploration catalysts;
and

·      Exposure to copper, silver and other critical minerals across
highly prospective African jurisdictions.

Charles Bray, Chairman of Aterian plc, commented:

"The signing and completion of the Lithosquare JV means full delivery of the
2026 exploration programme can now proceed without delay and unhindered as
anticipated. The initial JV work product has been very impressive and
demonstrated an excellent working relationship between the exploration teams.
As a result, we have been able to reduce projected JV expenditure and Aterian
project dilution while targeting the same initial programme objectives.

We have assembled a substantial and highly prospective copper exploration
portfolio across Morocco and Botswana. Assuming full completion of the €1.0
million investment and the earning of a 15% participating interest, the
transaction implies an initial notional JV valuation benchmark of
approximately €6.7 million (GBP £5.8 million) across the selected nine
project portfolio before consideration of any additional milestone-based value
creation.

 

Critically, the exploration programme is fully funded for 2026 and provides
multiple near-term 2026 catalysts, including drilling campaigns across several
projects. We believe this partnership materially enhances our ability to
create shareholder value while maintaining capital discipline and preserving
exposure to exploration upside."

2026 Exploration Programme

An initial fully funded 2026 exploration programme has now been agreed,
advancing priority targets across Morocco and Botswana, providing multiple
near-term exploration and drilling catalysts.

Morocco Portfolio

Exploration activities will initially focus on the Agdz, Azrar and Tata
projects.

The programme is expected to include:

• Completion of ongoing geological and trenching activities;

• Hyperspectral and geophysical surveys;

• AI-assisted target refinement and geological modelling; and

• A 1,500m drilling campaign at both Agdz and Azrar

The Morocco programme includes approximately 1,500 metres of combined drilling
across Agdz and Azrar, targeting extensions to known mineralisation and newly
identified priority targets.

At Agdz, recent technical work has highlighted the potential to extend known
mineralisation both laterally and at depth, while exploration at Azrar will
focus on identifying and prioritising new discovery targets.

Botswana Portfolio

Exploration activities will initially focus on five licences within the
Company's Kalahari Copper Belt portfolio, including approximately 1,200 metres
of scout drilling supported by geophysical and geochemical programmes.

Planned activities include:

• Geochemical and soil sampling programmes;

• Drone magnetic and geophysical surveys;

• Induced Polarisation and electromagnetic surveys;

• Target generation and prioritisation work; and

• Drill testing of high-priority targets.

Management believes these programmes have the potential to materially enhance
geological understanding across the portfolio whilst creating multiple
opportunities for value inflection through target generation, drill testing
and project advancement.

- 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.

 

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