REG - Aterian PLC - Rwanda Update

AterianAnnouncement

31/10/2025 16:00

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RNS Number : 7497F  Aterian PLC  31 October 2025

31 October 2025

 

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

 Rwanda Update

Aterian plc (LSE: ATN), the critical mineral exploration and development
company, today provides an update on the Rio Tinto Mining and Exploration
Limited ("Rio Tinto") Joint Venture ("JV") within the Southern Province of the
Republic of Rwanda ("Rwanda").

The Company and Rio Tinto have agreed to terminate their JV after having
completed geological exploration in the area surrounding the HCK Project (the
"Project") and determining that the local region does not have the potential
scale to support a mine meeting the lithium resource specification as required
by a Tier-1 mining company. To date, Rio Tinto has incurred
exploration-related expenses of USD 4.73 million on the Project, having
completed multiple programmes of surface mapping and geochemical sampling,
ground-based geophysics and four diamond drill holes.  This decision follows
Rio Tinto's prior notification to the Company of its decision to exercise its
Stage 1 earn-in rights under the JV agreement (as announced on 10 July 2025).

Aterian will now regain control of the Project, and the Company believes this
provides an exceptional opportunity to unlock the broader value of the licence
area, where significant tantalum, niobium and lithium mineralisation potential
remains untested. The Company may now directly capitalise on the extensive
exploration investment already completed and maximise the full critical
mineral potential of HCK-including high-grade tantalum and niobium systems
that have historically supported local artisanal mining.

Key Points:

·   Full control of the Project is returned to Aterian, following Rio
Tinto's investment in early-stage exploration.

·     High-grade lithium drill intersection recorded: 6.90m at 2.11%
Li₂O, including 3.45m at 3.20% Li₂O.

·    Mining optionality exists for development of broader mineral systems:
extensive tantalum, niobium, and lithium targets remain to be advanced.

·     Immediate benefit to Aterian shareholders arising from the Company
inheriting the complete exploration dataset and drilling results at no
additional cost.

The cessation of the HCK JV is not expected to have a material adverse effect
on the Company's near-term operations. Rather, Aterian views the regained
control and dataset as a strategic opportunity to capture the full project
value and to continue building its position as the only LSE-listed company
with an operating presence, including a mineral trading facility, in Rwanda.

Aterian Chairman, Charles Bray, commented,

"Aterian wishes to express its sincere appreciation to Rio Tinto for its
collaboration, technical expertise, and the high-quality work completed on the
Project. While Rio Tinto's strategic decision reflects its requirement to
focus solely on world-class, tier-one lithium deposits, its considerable spend
at HCK has delivered us a fully funded exploration database, enhanced
geological knowledge and clear optionality over multiple critical minerals.
The return of ownership of HCK marks an opportunity for Aterian to unlock
value on our own terms especially through dedicated tantalum and niobium
mining. Rio Tinto's exploration programme provides a springboard to assess and
develop the tantalum-niobium potential within the licence area. These metals
are essential to advanced electronics, aerospace, and energy-storage
applications, and they already underpin local trading activity in Rwanda and
any dedicated supply would be welcomed by buyers.

Building on this significant technical base, Aterian will also continue to
evaluate the lithium potential identified within the Project while reassessing
the tantalum-niobium opportunity within the same licence area. We view this is
a value-creation moment for Aterian and a clear demonstration of our strategy
in action-transforming exploration assets into near-term development
opportunities that support Rwanda's formal, conflict-free mineral supply
chain.

 

I personally wish to express our gratitude to the Rio Tinto team for the
excellent working relationship and we very much appreciate the opportunity to
have worked with them. Aterian remains focused on advancing the Project's
critical mineral potential and delivering long-term value for its
stakeholders."

Next Steps for the Project

·      Advance exploration across HCK with a renewed focus on tantalum,
niobium and associated by-products, markets in which Aterian already has
established trading networks.

·      Integrate Rio Tinto's technical data into Aterian's regional
datasets to fast-track mineral target generation and prioritisation.

·      Engage with new strategic and commercial partners to monetise the
broader Rwandan opportunity, including the opportunity for a dedicated
conflict-free supplier of coltan.

·      Continue to scale Aterian's critical mineral trading platform in
Rwanda under robust ESG and traceability frameworks.

- 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.
Please navigate to our interactive investor
hub here:
https://aterianplc.com/s/fcf8eb (https://aterianplc.com/s/fcf8eb)

 

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:

AlbR Capital 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 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.

 

The Company hold an exploration licence in southern Rwanda, where it is
evaluating the tantalum and niobium opportunity, in addition to further
exploring for pegmatite-hosted lithium. 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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