REG - Aterian PLC - Sodium-Carbonate–Rich Brines Identified at Sua Pan

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RNS Number : 5744R  Aterian PLC  04 February 2026

4 February 2026

 

Aterian plc

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

 

Sodium-Carbonate-Rich Brines Identified at Sua Pan, Botswana

 

Aterian plc (AIM: ATN), the Africa-focused critical metals exploration and
development company, provides an update on the early-stage groundwater
reconnaissance and sampling programme recently completed at its Sua Pan Brine
Project ("the Project") in the Republic of Botswana ("Botswana"), operated
through its wholly owned subsidiary Atlantis Metals Ltd ("Atlantis"), together
with the laboratory results.

 

The programme has confirmed the presence of highly saline, alkaline,
sodium-rich brines across the licence area, specifically identifying a
sodium-carbonate-dominant brine system consistent with natural soda ash-style
deposits. These results introduce a potentially attractive industrial minerals
development pathway, alongside continued evaluation of the basin for various
critical minerals.

 

Highlights

·      Reconnaissance sampling confirms extensive, highly saline and
alkaline near-surface brines across the Project.

·      Total Dissolved Solids ("TDS") up to ~106,400 mg/L recorded,
demonstrating strong evaporitic brine concentration and favourable brine
maturity.

·      Strong sodium-carbonate chemistry identified, including:

o  Sodium up to ~63,250 mg/L

o  Very high alkalinity (up to ~22,577 mg/L as CaCO₃)

·      Very low calcium and magnesium in the most saline brines,
favourable for soda-type systems.

·      Brine chemistry consistent with soda ash style systems
(sodium-carbonate-dominant) exploited for industrial sodium carbonate
production.

·      Results introduce a potentially value-accretive industrial
minerals opportunity, independent of lithium or other critical mineral
outcomes.

·      Distinct hydrochemical groupings identified, providing a clear
technical basis for development-oriented follow-up work.

 

While the results are early-stage and reconnaissance in nature, the
identification of highly alkaline, sodium-rich brines is significant. Soda ash
is a globally important industrial mineral used in glass manufacturing,
detergents, chemical processing and energy transition supply chains. Natural
soda ash brine systems can offer lower-cost, scalable production profiles
compared with synthetic alternatives.

 

Charles Bray, Executive Chairman of Aterian plc, commented:

 

"This programme has materially advanced our understanding of the Sua Pan
basin. The identification of strongly soda-type brine chemistry is highly
encouraging and opens a potentially attractive opportunity for industrial
minerals development.

 

Soda ash is a globally important chemical feedstock, and natural brine-hosted
systems can offer compelling development economics. These results allow us to
assess Sua Pan through a broader, value-focused lens as we consider the next
phase of work and evaluate potential development or strategic outcomes for the
project."

 

The chemistry identified at Sua Pan suggests that parts of the basin may be
suitable for further evaluation as a soda ash development project, providing a
parallel, and potentially nearer-term industrial minerals pathway. This
materially enhances the strategic optionality of the Project, allowing the
Company to assess multiple development and monetisation routes, including
potential partnership, sale or staged development scenarios.

 

The absence of lithium in this initial shallow reconnaissance does not
preclude lithium potential elsewhere in the basin; however, the confirmation
of soda-type brines allows Sua Pan to be advanced on a broader value-driven
basis.

 

Programme overview

Independent consultants, Aqualogic (Pty) Ltd, completed the groundwater
reconnaissance and sampling programme across the Company's prospecting
licences PL2621/2023, PL2328/2023 and PL2338/2023 in the Sua Pan area, Central
District, Botswana. The Project covers an area of 2,517 km(2). Sampling
targeted a combination of nine shallow auger holes and six existing boreholes
where access and ground conditions permitted.

 

A total of 15 water samples were collected and analysed for lithium, bromide,
boron, total dissolved solids (TDS), and major ions, with analyses undertaken
by laboratories in Botswana and South Africa, with appropriate quality
assurance and quality control procedures applied. Hydrochemical datasets were
assessed using standard geochemical methods and multivariate statistical
techniques to characterise groundwater types and spatial variability.

 

Brine chemistry results

The results indicate that shallow brine samples have very high salinity and
strong carbonate alkalinity, along with elevated total dissolved solids (TDS)
values that are typical of evaporative pan and pan-margin environments. These
brines are primarily categorised as Na-Cl to Na-Ca-Cl types, reflecting
evaporative concentration.

 

This combination of high sodium content, strong carbonate alkalinity, and low
levels of divalent cations is chemically consistent with
sodium-carbonate-dominant brine systems, commonly found in specific evaporitic
pan environments. Additionally, the concentrations of lithium, boron, and
bromide in the analysed samples were reported to be below the laboratory
detection limits. Statistical analysis has revealed distinct hydrochemical
groupings, which can help prioritise areas for further investigation.

 

Interpretation

While these results are early-stage and reconnaissance in nature, the
confirmed presence of highly alkaline, sodium-rich brines indicates that parts
of the Sua Pan Project host soda-type brine systems. This broadens the
project's strategic scope for further evaluation of the industrial mineral
brine's potential, including sodium carbonate ("soda ash") style systems.

 

The absence of lithium in this limited and widely spaced shallow sampling
programme does not preclude lithium potential elsewhere within the basin.
Lithium enrichment in closed-basin brine systems is often spatially variable
and may occur at depth or in structurally controlled zones not tested during
this initial phase.

 

Importantly, the results introduce a parallel industrial brine opportunity,
providing additional technical and strategic optionality while lithium
exploration continues.

 

No conclusions can be drawn at this stage regarding:

·      Economic viability

·      Brine volumes or flow rates

·      Recoverability, processing routes or commercial development
potential

 

Further work would be required to assess these factors.

 

Next steps

The Company intends to:

 

·      Integrate brine chemistry with existing geological and
hydrogeological datasets to assess soda ash development potential at the basin
scale.

·      Identify priority zones for follow-up sampling, including deeper
and more chemically evolved brines.

·      Design a staged, cost-disciplined programme to assess brine
continuity, chemistry, hydrogeology and development parameters.

·      Evaluate strategic options for industrial brine development,
including partnership or asset-level monetisation, alongside ongoing critical
minerals exploration.

 

Further updates will be provided as work progresses.

 

Competent person statement

The technical information contained in this announcement is based on a report
prepared by Aqualogic (Pty) Ltd, an independent hydrogeological consultancy.
This news release has been reviewed and approved by Dr Tiro Molebatsi (PhD),
Principal Hydrogeologist.

 

- 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).

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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 / Dan Harris

Colin Rowbury

Tel: +44 (0)207 7469 0930

 

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
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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.

 

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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