LONDON, UK: Aterian plc (LSE: ATN), the exploration and development company advancing its portfolio of African-focused critical and strategic metal assets, announces that it has signed a definitive Earn-In Investment and Joint Venture Agreement with Rio Tinto Mining and Exploration Ltd and Kinunga Mining Ltd.

The Agreement is for the exploration and development of lithium and by-products at its HCK Joint Venture project in the Republic of Rwanda.

Rio Tinto has the option to invest US$7.5 million in two stages to earn up to a 75% interest in the project, which has 19 identified pegmatite zones over its 2,750-hectare licence in southern Rwanda. Lithium is a key commodity for global electrification ambitions, as it is the central chemical element of dominant battery chemistries.

Charles Bray, Chairman of Aterian, commented: “This is a transformative deal for Aterian and highlights our ability to identify potential world-class deposits in critical minerals such as lithium. We have identified 19 separate LCT (lithium-caesium-tantalum) pegmatite zones across the 2,750-hectare project offering the prospective scale necessary to attract such a major partner as Rio Tinto.”

He added: “The Agreement with Rio delivers material value to Aterian shareholders endorsing Aterian’s capital efficient business model as well as demonstrating the potential of Rwanda as a mining jurisdiction.”

The Agreement is subject to conditions, including the addition of lithium as an exploration commodity on the licence, which is expected in due course.

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