Q1 2026 Rwanda Trading Update

Aterian plc (LSE: ATN), the critical minerals exploration and development company, is pleased to provide an update on its Rwandan mineral trading operations for the first quarter ended 31 March 2026.

The Company continued to deliver strong growth in its trading activities during the period, generating an unaudited gross profit of approximately US$306,000. This represents a significant increase from the US$145,000 reported in Q4 2025, reflecting both higher volumes and improved operational efficiency.

This performance highlights the continued successful execution of the Company's strategy to complement its exploration portfolio with near-term, cash-generative trading activities. The Company remains focused exclusively on responsibly sourced, fully traceable mineral supply chains. The emphasis remains on maintaining high traceability compliance and general margin discipline, along with continued supply growth from compliant sources.

Aterian Executive Chairman Charles Bray commented:

"We have witnessed further growth in the development of Eastinco's trading platform, with Q1 2026 unaudited gross profit increasing to approximately US$306,000, more than doubling the US$145,000 reported in Q4 2025.

This strong improvement reflects a more robust and scalable trading model capable of delivering meaningful cash generation alongside our exploration activities. We are particularly encouraged by the growing consistency of supply from compliant sources and the strengthening demand environment, supported by favourable commodity pricing and increasing global requirements for responsibly sourced materials. This positions Aterian as a credible and differentiated participant in the international critical minerals market.

The progress achieved during the quarter provides clear validation of our strategy to integrate trading as a core component of the Company's value proposition. As we move to a larger processing facility and continue to scale operations, we expect further improvements in both volumes and profit potential, supported by enhanced working capital solutions and deepening relationships with strategic partners.

Looking ahead, we remain confident that the trading business will play an increasingly important role in underpinning Aterian's financial profile, reducing reliance on external funding, and creating a strong platform from which to advance our broader portfolio of exploration and development assets."

Outlook

Building on the positive momentum highlighted in the Company's 23 March 2026 update announcing the strategic trading JV with Wogen Resources, this latest performance demonstrates continued delivery against strategy. The Company expects further operational progress throughout 2026 as trading volumes increase and efficiencies improve.

The Company will provide further updates on its trading operations and strategic developments as appropriate.

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

For further information, please contact:

Aterian Plc:
Charles Bray, Executive Chairman - charles.bray@aterianplc.com
Simon Rollason, Director - 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
Ben Kilbey
Tel: +44 (0)7811 209 344

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Notes to Editors:

About Aterian plc

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 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 holds an exploration licence in southern Rwanda, where it is evaluating the tantalum and niobium opportunities and 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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