TIDMATN
RNS Number : 1388Z
Aterian PLC
10 January 2024
10 January 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 announce a positive update
of field activities being undertaken by Rio Tinto Mining and
Exploration Ltd ( " Rio Tinto") on the lithium-focused Earn-In
Investment and Joint Venture Agreement ( " Agreement") in the
Republic of Rwanda ("Rwanda").
Aterian's local subsidiary, Kinunga Mining Limited, is engaged
in supporting Rio Tinto in staging the necessary equipment to
establish a maiden drill program over the licence area in 2024.
Sandy Walker, the Programme Manager, Rwanda for Rio Tinto :
"Rio Tinto is pleased to be in Rwanda exploring for lithium and
to have partnered with Aterian through the Kinunga JV on our first
project. Exploration activities are now safely underway, and we
look forward to seeing the results of the data currently being
collected. We appreciate the support of the Government of Rwanda
and look forward to continuing our work here".
Simon Rollason, CEO of Aterian:
"Since announcing our lithium joint venture with Rio Tinto, much
progress has been made in preparation and initiating exploration at
the HCK site in southern Rwanda, with encouraging preliminary data
being generated. We thank and are grateful to the Rwanda Mines,
Petroleum and Gas Board, as well as the regional and local
governments, for their active communication and professionalism,
allowing us to complete the joint venture. We look forward to
updating the market on our exploration efforts. This is a great
project for Rwanda, its people, and the continent of Africa - which
is integral for a successful energy transition."
Operational Update:
A summary of activities being managed and operated by Rio Tinto
is given below:
-- Licence-wide geological surface mapping has been completed on
road exposures throughout the licence, with an emphasis on
capturing lithology and structural data. Additional infill mapping
has been completed over multiple targets within the licence,
including HCK-1, HCK-2, the southeast area, and Buranga.
-- Participation in local community projects, including donating
and planting 3,000 tree saplings over the project.
-- A reinterpretation of the Aterian geochemical soil samples
collected from a 400 x 200m wide-spaced sampling campaign has
identified several new anomalies (Li-Cs-Ta-Sn). Follow-up
closer-spaced sampling of isolated anomalies will be undertaken in
2024.
-- Two soil orientation sampling lines were completed over
HCK-1, with 74 samples collected at depths (from the surface) of
30cm, 50cm and 1m, collected over 27 sampling sites at 40m spacing.
Results will inform the optimum sampling depth for further sampling
campaigns in 2024.
-- A ground-based magnetic survey over the whole licence was
completed in November at 100m line spacing, totalling 253 line-km.
Initial orientation radiometric lines over HCK-1 have shown this to
help identify covered (blind to surface) pegmatites. The trial has
been extended to a 156 line-km survey west of the Mwogo River, with
the eastern bank expected to be completed in early 2024.
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, 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.
Summary Highlights of the Agreement:
-- Rio Tinto has the option to invest US$7.5 million in two
stages to earn up to a 75% interest in the HCK Licence to explore
for minerals vital for a successful energy transition to renewable
energy.
o Stage 1 exploration, currently underway, has commitment
expenditures of US$3 million over a period of up to two years to
earn a 51% interest in the Licence.
o 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%.
-- A 2% capped Net smelter return ("NSR") granted over the Project (capped at US$50 million).
-- Rio Tinto has the option to add Aterian's two other existing
Rwandan projects, pending licence approval with the
authorities.
- 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
Corporate Adviser and Broker:
Novum Securities Limited
David Coffman / George Duxberry
Tel: +44 (0)207 399 9400
Broker:
SP Angel Corporate Finance LLC
Ewan Leggat / Kasia Brzozowska
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
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 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 and holds two further
partnerships in Rwanda exploring and developing
lithium-tantalum-niobium-tin mining operations. Aterian currently
has a portfolio of 17 copper-silver and base metal projects in the
Kingdom of Morocco, with a project area of 897 km(2) . 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 licences for lithium brine exploration in the
Makgadikgadi Pans region. The total licence area in Botswana is
3,516 km(2) .
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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