28
January 2025
Operational
Update:
Rio Tinto Drilling Update,
Rwanda
Aterian Plc
("Aterian" or the
"Company")
Aterian Plc
(LSE: ATN), the critical metal-focused
exploration and development company, is pleased to provide a
progress update on drilling operations on the HCK Project
("Project") in the southern
province of the Republic of Rwanda ("Rwanda"). Rio Tinto Mining and
Exploration Limited ("Rio
Tinto") supervises and manages the drilling.
Drilling operations on the Project have now
recommenced after the New Year holidays. Before the year-end
cessation, Rio Tinto successfully completed two holes on the HCK-1
target, with a third hole currently in progress on the HCK-1
target. Multiple pegmatite dykes were intersected in the initial
two holes, which were drilled to depths of 251.6 m and 251.5 m,
respectively. At this stage, there are no detailed geological or
geochemical recordings from these two completed holes. The drilled
core has been transported to the Rio Tinto yard in Kigali and is
undergoing detailed geological and mineralogical logging. Once
completed, the samples will be shipped to an external international
laboratory, with initial geochemical assay results expected before
the end of Q1/2025.
Charles Bray, Chairman of
Aterian, commented: "This is a very
exciting period of progress and opportunity for Aterian plc. In
recent months, we have made significant strides in advancing our
strategic objectives, one of which was to see our Rwanda
exploration portfolio advance. The joint venture with Rio Tinto
will in every case further our knowledge of Rwanda and the
viability of the HCK project as a potential development based on
its lithium and/or tantalum potential. The experience and
knowledge gained will better position us as a player in the ever
evolving landscape of natural resource exploration and development.
The assay results will not only provide valuable insights into the
quality and scope of HCK as a lithium project but will also guide
our next steps toward unlocking the project's full value for all
stakeholders.
While we await these results, I want to highlight
and commend the collaborative efforts of our team and our partners'
teams who have worked tirelessly to ensure the success of this
exploration campaign. We remain steadfast in our mission to create
sustainable value for our shareholders and will utilise the
knowledge gained at HCK across the entire Aterian exploration
portfolio. Our ongoing projects in Morocco and Botswana continue to
demonstrate exceptional potential.
I thank you
for your continued trust and support in Aterian plc.
We will keep you updated on the exploration efforts at HCK as
they become available. In the meantime, we are focussed on creating
value from all of our assets and committed to delivering long-term
success to our shareholders."
The HCK
Project
Aterian has a Joint Venture and Operating Agreement
with HCK Mining Company Limited, a private, non-related Rwandan
registered entity over a 2,750-hectare exploration licence in
southern Rwanda. Aterian holds a 70% interest in Kinunga Mining
Limited, which holds the licence for the Project ("the Licence"),
with HCK Mining Company Limited having a 30% interest. The Licence
is located approximately 65 km southwest of Kigali and 20 km
northwest of Huye, within the Southern Province, straddling the
Nyanza and Huye District boundaries.
Rio Tinto JV Agreement
Details
Rio Tinto has the option to invest US$7.5 million in
two stages to earn up to a 75% interest in the Licence to explore
for minerals vital for a successful energy transition to renewable
energy.
· Stage 1 exploration expenditures of
US$3 million over a period of up to two years to earn a 51%
interest in the Licence.
· Stage 2 exploration expenditures of
US$4.5 million over a follow-on period of up to three years to earn
a further 24% interest in the Licence, taking Rio's interest in the
Licence to 75%.
· Cash consideration of US$300,000
paid over the two stages.
· A 2% capped Net smelter return
("NSR") granted over the Project (capped at US$50 million).
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).
For further information, please visit the
Company's website: www.aterianplc.com or
contact:
Aterian Plc:
Charles Bray, Executive Chairman - charles.bray@aterianplc.com
Simon Rollason, Director - simon.rollason@aterianplc.com
Financial Adviser and Joint
Broker:
Novum Securities Limited
David Coffman / George Duxberry
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
Ben Kilbey
Tel: +44 (0)7811 209 344
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 the development of the renewable energy,
automotive, and electronic manufacturing sectors, which are playing
an increasing role in reducing carbon emissions and meeting climate
ambitions globally.
The Company recently entered into a joint
venture agreement with Rio Tinto Mining and Exploration
Limited for Rio Tinto to earn into the HCK project in
southern Rwanda to explore and develop 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. In January 2024, the Company announced
the acquisition of a 90% interest in Atlantis Metals. This private
Botswana registered company holds one mineral prospecting licence
for copper-silver in the 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.
