Aterian PLC

Investor Insight

Aterian PLC offers investors exposure to high-demand critical metals through a diversified portfolio of copper, lithium and tantalum assets in Africa, enhanced by AI-driven exploration and a revenue-generating mineral trading arm.

Overview

Critical minerals demand continues to grow across all sectors. According to the International Energy Agency’s Stated Policies Scenario (STEPS), “lithium grows fivefold to 2040, while graphite and nickel demand double. Demand for cobalt and rare earth elements also grows strongly, increasing 50 to 60 percent by 2040. Copper is the material with the largest established market, and its demand is projected to grow by 30 percent over the same period.”

London-based company Aterian PLC (LSE:ATN), which is focused on critical minerals, particularly lithium and copper, is seeking to capitalize on this rise.

The company is dedicated to building a diversified portfolio of copper, lithium and tantalum assets across key African jurisdictions. Its core operations span Botswana and Morocco, where it holds an expanding suite of exploration licenses. It also runs a mineral trading business in Rwanda, designed to complement and strengthen its exploration strategy. By combining resource development with a revenue-generating trading arm, Aterian seeks to mitigate funding risk while advancing its pipeline of exploration projects.

In terms of strategy, Aterian focuses on identifying and developing high-quality assets in underexplored yet highly prospective regions. In Botswana, Aterian has grown its presence in the Kalahari Copper Belt from a single license to 11, supported by geophysical surveys and desktop studies that have highlighted multiple high-priority targets. In Morocco, it is progressing a portfolio of copper and silver projects in the Anti-Atlas region, leveraging advanced artificial intelligence (AI) and machine learning technologies.

The company’s mineral trading in Rwanda is supported by US$4.5M trade finance, with an experienced local trading and technical team. Recently, it also reported that its AI partnership with LithoSquare to accelerate target generation, reduce exploration risk and optimize capital allocation has delivered results on schedule, with Lithosquare completing the target selection phase following a comprehensive technical review of Aterian's portfolio.

Company Highlights

• Tier-1 investment destination: Main operations are focused in Morocco, which has a stable constitutional monarchy, modern transport and power infrastructure
• Diversified portfolio: Focused on copper, lithium and tantalum across African jurisdictions, holding 11 KCB licenses in Botswana and four in Morocco, alongside 2 licenses and a mineral trading business in Rwanda
• Active revenue support: Fully licensed mineral trading operation backed by US$4.5 million in trade finance
• Strategic partnerships: AI partnership with Lithosquare to accelerate target generation, reduce exploration risk and optimize capital allocation

Key Morocco Projects

AGDZ Project

AGDZ is Aterian’s wholly-owned flagship asset, a 34.5 square kilometer copper-silver project. It is located in the Anti-Atlas Mountains, approximately 350 kilometers south of the capital. The project benefits from strong infrastructure, including road access, proximity to a regional airport and the Noor 1 solar power station situated 40 kilometers northwest.

It is also situated near producing and past-producing mines, such as Managem Group’s 52-million-ton Bouskour copper-silver mine and the world-class 131 million ounces Imiter silver mine.

First drilling already commenced at the project, and current exploration is focused on advancing copper-silver mineralisation targets within the mining district.

“We had an intersection reporting a 3-meter interval containing 1.24 percent copper and 101 grams per ton Silver, which demands further investigation,” said Chairman Charles Bray. “This promising intersection represents the clearest target area for step-out drilling work on the project. We now need to continue the work to understand the geological model and resource potential.”

Azrar Project

Azrar is among the company’s high-priority copper projects in Morocco, approximately 155 kilometers southeast of the port city of Agadir and 45 kilometers east of the Tizert copper-silver project.

It has five priority targets, including the Tifrit copper-gold target, with 0.82 grams per ton gold and 0.63 percent copper over 9 meters. The company said that recent samples indicate the gold-copper target zone’s potential strike length is 3.8 kilometers.

“A portfolio review is ongoing to remove non-core permits and projects, allowing the company to maintain its focus on the key priority projects, namely Agdz, Azrar, Tata,and Jebilet Est.”

Tata Project

Sitting 30 kilometers south of the Azrar copper-silver project is the Tata Project, which covers 138.6 square kilometers. It also sits approximately 165 kilometers southeast of the port city of Agadir and 50 kilometers southeast of Managem Group’s 57 million-ton Tizert copper-silver project.

According to the company, planned activity at the site includes further geological mapping to explore the copper potential in the untested areas of the sedimentary package. This will also include detailed mapping and channel samples at selected locations perpendicular to the bedding/stratigraphy.

Key Rwanda Projects

Musasa Project

The 350-hectare Musasa project holds targets across lithium (LCT pegmatites), tantalum, niobium, tungsten and tin. The license is held 100 percent via Aterian’s subsidiary, Musasa Mining, enabling a capital-aware programme focused on data-led target definition and phased follow-up.

“ Our plan is simple: build the baseline dataset, rank the best targets and advance a capital-aware work programme aligned to recognised traceability standards,” the company said.

Next steps to advance Musasa include consolidating historic and recent datasets, completing baseline mapping and multi-element geochemistry and ranking priority targets for focused follow-up. This includes geophysics, trenching and initial drilling.

The HCK (Kinunga) Project

Located approximately 65 kilometers southwest of Kigali and approximately 20 kilometers northwest of Huye is the tantalum-niobium HCK project. HCK is a 70:30 joint venture between Aterian and private company HCK,

Mining giant Rio Tinto previously managed drilling at the site, but later exited the agreement in late 2025.

Current work at the site is supported by mapping, geochemistry, geophysics and drilling, with tantalum–niobium as the main focus and lithium under review.

Team

Charles Bray – Chairman

Bray brings over three decades of capital markets experience to Aterian. Since joining in 2019, he has led the company’s strategic refocus and recapitalization, driving its entry into Rwanda and positioning Aterian for growth in mineral exploration.

Simon Rollason – Director

Rollason brings over 30 years of international exploration and mining experience across diverse commodities and geological settings. He has managed both open‑pit and underground operations, leading exploration from greenfield through to producing assets. With a strong operational background in Africa and the CIS, Rollason has played a key role in advancing projects and building companies in the resource sector.

Kasra Pezeshki – Non‑Executive Director

With over 17 years of experience in investment banking and structured finance, Pezeshki is known for supporting resource companies with capital markets expertise. As co‑founder of Enveq Investments, he has originated and executed deals across corporates and family offices, contributing to strategic funding and growth in the mining sector.

Devon Marais – Non‑Executive Director

A South African national, Devon has extensive experience in mining and renewable energy across Africa. He co‑founded the Reba Group, specializing in financing and commercializing technologies on the continent, and has managed projects delivering sustainable power solutions in multiple countries. As a General Partner at Emerging Africa Private Equity Fund, he supports investment into sectors critical to Africa’s growth, including mining and resource development.

Alister Hume – Non‑Executive Director

Hume is an investment professional with over a decade of experience in private equity and capital markets focused on natural resources. He has held senior roles with The Sentient Group, KoBold Metals, and currently serves as EVP of business development at Elemental Altus Royalties Corp. Hume has also served on the boards of East Africa Copper and Meridian Mining, bringing strong international exposure to metals and mining projects.

Graham Duncan – Chief Financial Officer

Duncan is a UK‑based chartered accountant with more than 25 years of capital markets experience, including extensive work with natural resource companies. He has advised on corporate transactions and new listings on the London Stock Exchange, and previously served as a capital markets and natural resources director with a leading accountancy firm in London. Duncan brings strong international expertise, having also managed corporate advisory work in Asia Pacific.