17
October 2024
Operational Update:
Rwanda
Musasa Licence and Mineral
Trading
Aterian Plc
("Aterian" or the
"Company")
Aterian Plc (LSE:
ATN), the critical metal-focused exploration and development
company, today provides an operational update on activities in the
Republic of Rwanda ("Rwanda").
Musasa Exploration
Licence
The final licence documents ("Musasa Licence") and Exploration
Agreement ("Agreement")
concluded with the Rwanda Mines, Petroleum and Gas Board
("RMB") have been received
and the mineral exploration licence granted. Musasa Mining Limited
("MML"), an 85% owned
subsidiary of the Company, holds the Musasa Licence. Under the
terms of the Agreement, the exploration licence is awarded for a
four-year period and covers an area of 350 hectares. The licence is
located within the Rutsiro District of the Western province.
The current partner, Kuaka Cooperative ("Kuaka"), holds 15% of MML. Kuaka has
agreed to the transfer of its 15% shareholding in MML to a 100%
owned subsidiary of the Company in exchange for past consideration
provided by the Company, including the provision of water
reticulation assets to Kuaka's small-scale processing facility.
Pending administrative completion of the agreed share transfer with
Kuaka, the Company will have beneficial ownership of 100% of
MML.
Trading
Update
Eastinco Limited ("Eastinco"), a 100% owned subsidiary
of Aterian plc, holding a Rwandan mineral trading licence, has
temporarily suspended all secondary trading activities, effective
immediately, at its operations in Kigali. This decision has been
made in light of significant issues with the ongoing rollout of a
new online mineral tracability platform, called the "Inkomane
System", which is a new initiative of the RMB. Eastinco has
registered with the Inkomane platform which is managed and operated
by a third party, and designed for managing mine workers, taxation,
traceability, and inspections in the mining sector.
The implementation and enrolment of mining companies
and mineral traders to the system has been slow, resulting in very
restricted trading activity over the past few weeks across the
entire market. Presently only participants registered on the new
system can apply for mineral tags, which are required for
trading and mineral exports tracebility. Given the substantial
reduction in mineral trading market participants and activity,
Eastinco has suspended operations until normal market conditions
can be re-established. We seek further clarification on the rollout
of this new trading registration platform, and the Eastinco trading
suspension will remain in effect until the Company has clear
guidance on the future requirements, costs, and rationale and can
ensure full compliance with the international traceability and OECD
regulations.
We remain committed to working closely with the RMB to
resolve this matter as swiftly as possible, and we will provide
updates to all stakeholders as the situation develops.
Eastinco remains dedicated to maintaining the highest
standards of regulatory compliance and governance, and we
appreciate the patience and understanding of our partners and
investors during this period.
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
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
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 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 lithium-tantalum-niobium-tin mining operations.
Aterian currently holds a portfolio of multiple copper-silver and
base metal projects in the Kingdom of Morocco. In January
2024, the Company announced the acquisition of a 90 % controlling
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 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.