Aterian (LSE:ATN), the LSE-listed African-focused critical metals explorer, has completed a joint venture agreement with Lithosquare SAS to secure third-party exploration funding and a technology partnership across nine projects in Morocco and Botswana.
Under the revised terms, Lithosquare will invest €1m during 2026 to fully fund the 2026 work programme and, subject to completion of its investment obligations, will earn an initial 15% participating interest and a 0.5% Net Smelter Return royalty with potential to increase equity and NSR via agreed milestones.
Aterian provides the nine-project portfolio and on-the-ground licences, while Lithosquare contributes proprietary geological analytics and AI-driven target generation to accelerate drill-targeting.
The London-listed firm says the non-dilutive funding preserves shareholder exposure and implies an initial notional JV valuation of about €6.7m (GBP £5.8m) before milestone uplift.
The fully funded 2026 programme targets Agdz, Azrar and Tata in Morocco, including roughly 1,500m combined drilling at Agdz and Azrar, and five licences in Botswana’s Kalahari Copper Belt with about 1,200m of scout drilling supported by geophysics and geochemistry, creating multiple near-term drill catalysts this year.
"The signing and completion of the Lithosquare JV means full delivery of the 2026 exploration programme can now proceed without delay and unhindered as anticipated," said Aterian chair Charles Bray.
