REG - Aterian PLC - New licence update: Kalahari Copperbelt, Botswana

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RNS Number : 7321W  Aterian PLC  27 August 2025

27 August 2025

 

Aterian Plc

("Aterian" or the "Company")

 

New licence update: Kalahari Copperbelt, Botswana

 

Aterian Plc (LSE: ATN), the Africa-focused critical minerals exploration and
development company, is pleased to provide an update on three recently awarded
prospecting licences ("PLs") in the world-renowned Kalahari Copperbelt
("KCB"), located in the Republic of Botswana ("Botswana"), and announced on 7
August 2025. The three PLs were awarded to the Company's 90% owned subsidiary,
Atlantis Metals Ltd ("Atlantis") and cover an area of 329.16 km². The KCB
portfolio now comprises ten PLs covering an aggregate area of 2,298.34 km²,
in a region attracting strong global interest from major copper exploration
and mining companies.

 

The Company engaged an independent geophysical consultancy with extensive
operational experience in the KCB to produce a preliminary report and findings
from a desktop study of available geophysical data and surveys on the three
new licence areas. The KCB licences target sediment-hosted copper and silver
("Cu-Ag") mineralisation within the sediments of the lower D'Kar Formation in
contact with the underlying Ngwako Pan Formation.

 

Highlights:

·    Preliminary desktop review of available geophysical data is
completed and concludes that further exploration and assessment of two of the
three licences for economic potential is warranted.

·     Licence PL 199/2025 has strong prospective features given it
overlies an interpreted plunging antiformal axis with a coincident historical
copper-in-soil anomaly covering 4 km(2). There is an estimated 14 km strike
length of the lower D'Kar Formation in contact with the underlying sediments
of the Ngwako Pan Formation for follow-up ground testing.

·   Licence PL 197/2025 highlights the target D'Kar/Ngwako formational
contact, which has a combined horizontal distance of 10.5 km, with a
historical copper-in-soil anomaly occurring on the western border of the
licence.

·   The licences target the lower D'Kar/Ngwako formational contact, a
proven host for world-class sediment-hosted copper-silver (Cu-Ag) deposits,
positioning Aterian at the forefront of the region's discovery potential.

·    Botswana remains a top-ranked mining jurisdiction, offering a
stable, mining-friendly environment crucial for value creation.

Aterian Chairman, Charles Bray, commented,

"Our recent expansion within the Kalahari Copperbelt - one of the world's most
prospective copper-silver districts - significantly strengthens our portfolio
and enhances the opportunity to create substantial shareholder value. With
increasing global demand for copper driven by the energy transition, we
believe these assets position us to unlock major discovery potential. We
remain committed to advancing our portfolio and pursuing strategic
partnerships and transactions that can deliver transformational value for our
shareholders.

The independent geological review has highlighted multiple highly compelling
targets across two of the three licence areas, confirming the strong
prospectivity for copper and silver mineralisation. Historical copper-in-soil
anomalies, together with clearly defined magnetic structures, provide a robust
foundation for future exploration success. Importantly, the presence of the
D'Kar/Ngwako Pan formational contact and nearby developments demonstrates the
exceptional scale and upside potential of these assets."

Aterian KCB Portfolio

The KCB portfolio now comprises 10 PLs covering a total area of 2,298.34
km(2). The licences target the highly prospective lower D'Kar Formation, known
to host regionally significant Cu-Ag deposits. Two of the recently awarded
licences lie to the southwest of Sandfire Resources' Motheo production hub.
The third licence (PL199/2025) is located towards the northern margin of the
KCB.

The KCB is a geological province known to host world-class copper-silver
deposits. Exploration projects that have recently advanced to late-stage
development and production within the district include the Khoemacau copper
project (MMG - combined mineral resource of 450 Mt @ 1.4 % Cu and 18 g/t Ag),
and the Motheo Deposit and nearby A1 and A4 copper projects (Sandfire
Resources - combined mineral resource of 64.1 Mt @ 1.0 % Cu and 13.8 g/t Ag).

 Figure 1. Licence Location Map.

Preliminary Desktop Review

The review is a desktop analysis of available historical data for the Kalahari
Copperbelt covering the general area surrounding the three Atlantis PLs. The
information provided in the report is based on publications and data from the
Botswana Geoscience Institute (BGI), formerly the Geological Survey
Department, as well as other relevant published and unpublished data, reports,
and press releases.

 

The report also provides recommendations for initial fieldwork, which include
detailed magnetics (ground- or drone-based), Induced Polarisation
(IP)/Resistivity, electromagnetics (airborne or ground-based TDEM/AMT), and
detailed ground gravity surveys. Not all of the methods mentioned will be
required for each PL, and the specific method or combination of geophysical
methods is particular to a licence.

PL197/2025

The licence is located close to, and includes the town of Ghanzi, covering an
area of roughly 194 km(2). The underlying geology consists mainly of units
belonging to the Ngwako Pan Formation except over the western corner of the
licence, which appears to be underlain by the D'Kar Formation. The magnetic
image clearly maps a tight Z-fold, which is prospective for both
mineralisation concentrated in the fold hinge zone, as well as
hanging-wall/footwall contact-style mineralisation. The proximity to an
inferred basin margin further enhances the prospectivity of PL197/2025. The
latest thinking by explorers on the KCB suggests that Tier-1 copper deposits
might be associated with basin margins, hence the renewed interest in gravity
and seismic surveys over the belt.

 

The target D'Kar/Ngwako formational contact covers a horizontal distance of
10.5 km, with a historical soil chemical sample reporting greater than 28 ppm
Cu occurring on the western border of the licence. Several other geochemical
samples reported values greater than 15 ppm Cu and are coincident with the
formational contact immediately north of the licence (Figure 2). The soil
sample location is not precisely plotted, as primary datasets have not been
acquired; instead, the sample locations were digitised from images extracted
from the MOD Resources December 2017 Quarterly Report.

 

 Figure 2. Airborne magnetic TMI image over PL197/2025 clearly indicating the
 presence of a z-fold in the D'Kar Formation

 PL198/2025

This licence is located c.10 km north of the village of D'Kar. The magnetic
image displayed in Figure 3 indicates that the Ngwako Pan Formation probably
underlies PL198/2025 and that the closest contact with D'Kar formation may be
as much as 1 km towards the south.

 

 Figure 3. Airborne magnetic TMI image over PL198/2025 clearly indicates that
 the non-magnetic Ngwako Pan Formation probably underlies the licence.

 

PL199/2025

 

The licence occurs 50 km north of the Motheo Deposit and is located at the
north-eastern end of an anti-formal structure, or dome-like structure, which
is very similar in appearance (in terms of magnetic signature) to the MMG's
Banana Zone (150 Mt @ 0.93 % Cu and 12 g/t Ag - Indicated + Inferred mineral
resource, MMG website). The Banana Zone comprises several closely spaced Cu-Ag
deposits that extend over a lateral distance of approximately 25 km.

 

A total strike length of 14 km of potentially prospective D'Kar
Formation/Ngwako Pans Formation contact zone can be inferred from the magnetic
data, and the closure of the structure in the north-east is considered very
prospective for chalcocite-type mineralisation, as well as the other copper
sulphides prevalent on the KCB. The Chalcocite Zone, one of the Banana Zone
deposits, has a reported mineral resource of 32.7 million tonnes at 0.64% Cu
and 6 g/t Ag (MMG).

 

Several historical soil geochemistry samples, reporting greater than 18 ppm
Cu, occur over the main priority target area (Figure 4), which covers
approximately 4 km². The soil sample locations are not precisely plotted, as
primary datasets have not been acquired. Instead, the sample locations are
digitised from images in the MOD Resources December 2017 Quarterly Report.
These soil samples are believed to have been part of a geochemical survey
conducted by Discovery Metals in 2010 (ASX announcement dated 23 June 2011).

 

 Figure 4. Airborne magnetic TMI image over PL199/2025 clearly indicating the
 presence of a hanging wall-footwall contact between the Ngwako Pan Formation
 and overlying D'Kar Formation, forming part of a plunging anticline towards
 the north-east.

 

Next Steps for the New Licences

The independent consultant has recommended a programme of ground-based
geophysical surveys, which includes a combination of magnetics and
IP/Resistivity profiles with inversion modelling to more clearly define the
subsurface geology and present drill targets.

 

Aterian's Strategy

 

Aterian's strategy focuses on developing high-potential critical mineral
assets in Africa, transforming early-stage opportunities into valuable,
low-risk projects. By leveraging regional expertise and adopting a disciplined
approach to acquisition and development, Aterian aims to maximise the economic
potential of its portfolio while adapting to market cycles.

 

The Company is seeking partnerships or divestments with global operators and
investors who require secure access to essential metals for the energy
transition, including copper, lithium, and other battery metals.

 

The Kalahari Copperbelt

 

The KCB in Botswana is emerging as a highly attractive region for copper
exploration and investment due to a compelling combination of geological
potential, a favourable investment climate, and improving infrastructure. It
is one of the world's most prospective areas for yet-to-be-discovered
sediment-hosted copper deposits (USGS, 2020) and hosts several large
stratabound, sediment-hosted copper-silver deposits.

 

The KCB is a northeast-trending Meso- to Neoproterozoic belt that occurs
discontinuously from western Namibia and stretches into northern Botswana
along the northwestern edge of the Paleoproterozoic Kalahari Craton. It is
approximately 1,000 km long and up to 250 km wide, containing copper-silver
mineralisation that is generally stratabound and hosted in metasedimentary
rocks, which have been folded, faulted, and metamorphosed to greenschist
facies during the Damara Orogeny. Typically, the deposits comprise
stratabound, disseminated, and structurally controlled ore bodies that are 5
to 40 m thick and have strike lengths of 1.5 to 4 km. The main target for
copper mineralisation lies towards the base of the D'Kar Formation, near the
contact with the underlying red beds of the Ngwako Pan Formation.

(Source:
https://www.geologyforinvestors.com/khoemacau-africas-newest-copper-silver-mine)

Qualified Person

 

The technical disclosure in this regulatory announcement has been approved by
Simon Rollason, Chief Executive Officer of Aterian Plc. He is a graduate of
the University of the Witwatersrand in Geology (Hons) and 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 with the Aterian PLC management team directly by asking questions,
watching video
summaries, and seeing what other shareholders have to say.
Navigate to our interactive investor
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For further information, please contact:

 

 Investor questions on this announcement

 We encourage all investors to share questions   https://aterianplc.com/s/fcf8eb (https://aterianplc.com/s/fcf8eb)

 on this announcement via our investor hub:

Aterian Plc:

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

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

 

Financial Adviser and Joint Broker:

Novum Securities Limited

David Coffman / Anastassiya Eley

Colin Rowbury

Tel: +44 (0)207 399 9400

 

Joint Broker:

SP Angel Corporate Finance LLP

Ewan Leggat / Adam Cowl

Tel: +44 (0)203 470 0470

 

Financial PR:

Bald Voodoo - ben@baldvoodoo.com

Ben Kilbey

Tel: +44 (0)7811 209 344

 

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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.

 

The Company has entered into a joint venture agreement with Rio Tinto Mining
and Exploration Limited. Rio Tinto are earning into the HCK project in
southern Rwanda, exploring and developing a lithium-tantalum-niobium-tin
mining operation. The Company also holds an exploration licence in Rwanda.
Aterian has a portfolio of multiple copper-silver (+ gold) and base metal
projects in Morocco. Aterian holds a 90% interest in Atlantis Metals. This
private, Botswana-registered company holds ten mineral prospecting licences
for copper-silver in the world-renowned Kalahari Copperbelt and three for
lithium brine exploration in the Makgadikgadi Pans region.

 

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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