14
May 2024
Operational
Update:
Rio Tinto Earn-In JV 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
Q1/2024 operational update on work being conducted on the HCK
Project in the Republic of Rwanda ("Rwanda"), which is under the
management of Rio Tinto Mining and Exploration Ltd ("Rio
Tinto").
Rio Tinto, through a lithium-focused Earn-In
Investment and Joint Venture Agreement ("Agreement"),
has the option to invest US$7.5 million in two stages to earn
up to a 75% interest in the HCK Project to explore for minerals
vital for a successful energy transition to renewable energy. Rio
Tinto is currently six months into Stage 1 of the
Agreement.
Highlights:
· Drill programme
planning is commencing on schedule, with drilling expected to
commence in early Q3/2024.
· Mechanical augers soil
sampling completed multiple high-priority in-fill targets with a
total of 2,274 samples collected during Q1/2024, with results
currently pending.
· The structural and
geological interpretation from the Q4/2023 mapping programmes has
been completed and will be used for drill planning over the main
HCK-1 pegmatite target zone and other areas of interest on the
licence.
· Final structural
interpretations from the ground magnetic survey completed.
· Engagement with
earthworks contractors to cost and time schedule drill pad
preparation and drill site access upgrades.
Rio Tinto's operational field teams have collected 277
rock chip surface samples from several mapping campaigns over the
licence and 3,029 soil geochemical samples. These assay results are
pending. Soil sampling has most recently focused on tighter in-fill
control over 10 selected priority areas. This work is supported by
the completion and interpretation of ground magnetic and
radiometric geophysical surveys and geological mapping.
Planning for the initial drilling campaign is well underway, with
site access and drill pad preparatory work expected to start in
June.
Charles Bray, Chairman of
Aterian, commented:
"I am very pleased to provide this
update and report on the significant progress achieved from the
various workstreams conducted on the HCK Project by Rio Tinto. They
have so far covered the whole licence area with multiple geological
and geophysical methods, and indications of the preliminary
analysis look very encouraging. Over the next months, drilling
preparatory ground works will begin, followed by the first holes
drilled on the Project.
"We look forward to updating the
market on our continued exploration effort across the Company's
portfolio, in
addition to the work being conducted by Rio Tinto in Rwanda, as we
continue to focus on developing the critical energy transition
metal opportunities in both Morocco and
Botswana."
The HCK
Project
Aterian has a joint venture with HCK
Mining Company Limited, a private and non-related Rwandan
registered entity, over the 2,750-hectare exploration licence in
southern Rwanda. Aterian holds a 70% interest in Kinunga Mining
Limited, the licence holder, 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 has the option to invest US$7.5
million in two stages to earn up to a 75% interest in the HCK
Project 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 Tinto's interest in the Licence to 75%.
Currently, Rio Tinto is six months into Stage
1.
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 / Kasia Brzozowska
Tel: +44 20 3470 0470
Financial PR:
Bold 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
whilst 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
that are playing an increasing role in reducing carbon emissions
and meeting climate ambitions globally.
The Company has 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 and holds two further partnerships
in Rwanda exploring and developing
lithium-tantalum-niobium-tin mining operations. Aterian currently
holds a portfolio of multiple copper-silver and base metal projects
in the Kingdom of Morocco, with a total area of 897
km2. In January 2024, the Company announced the
acquisition of a 90% interest in Atlantis Metals. This private
Botswana registered company holds seven mineral prospecting
licences for copper-silver in the Kalahari Copperbelt and three for
lithium brine exploration in the Makgadikgadi Pans region. The
total licence area in Botswana is 4,486 km2.
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.