Commencement of Scout Drilling at Azrar Project

4 November 2026

Aterian plc

(“Aterian” or the “Company” or the “Group”)

Commencement of Scout Drilling at Azrar Project

Aterian plc (LSE: ATN), the Africa-focused critical metals exploration, development and trading company, is pleased to announce a significant step forward in its exploration programme with Lithosquare SAS ("Lithosquare"). An 800 m scout Reverse Circulation ("RC") drilling programme is set to commence imminently at the Company's 85%-owned Azrar Copper-Silver Project ("Azrar") in Morocco. The programme is fully funded through the joint venture, with the drill rig mobilised to site and access upgrades and drill pad preparation underway.

Highlights:

        Exploration advancing rapidly under the Lithosquare JV, with an 800 m scout RC programme at Azrar fully funded and drilling expected to commence imminently.

Charles Bray, Executive Chairman of Aterian, commented:

“Our partnership with Lithosquare is translating exploration plans into activity on the ground. With the drill rig now mobilised to Azrar and this 800 m programme fully funded by the JV, we are moving rapidly towards testing a priority copper-silver target at depth.

Azrar offers an exciting opportunity to investigate both fault-hosted mineralisation and the immediately surrounding sedimentary beds. The approximately 1 km-long target, supported by encouraging surface sampling, gives us a clear focus for this initial scout programme. Drilling will allow us to assess what continues beneath the surface and determine the most promising areas for further work.

This is the progress we want shareholders to see from the Lithosquare partnership: committed exploration funding being deployed to advance our projects and test their potential. We believe this approach gives Aterian a strong platform to pursue discoveries and build value across its exploration portfolio. We look forward to reporting progress as the programme advances.”

Lithosquare-funded exploration programme

The planned RC drilling totalling 800 m is focussed on achieving several objectives:

• To intersect mineralisation of a suitable grade and width to be deemed as showing economic potential.
• To understand the continuity of the copper-silver mineralisation mapped and sampled at surface within the fault and the immediately surrounding Adoudou Formation sediments.
• To identify the subsurface extent and continuity of gossanous material observed on surface, both within the fault and fault-proximal bedding-parallel outcrops.
• To provide geological and geochemical datasets to support interpretation and prioritise additional target areas.

The JV combines Lithosquare's AI and geoscience capabilities with Aterian's project portfolio and operational expertise. Mobilisation of the rig at Azrar is a tangible advance in the partnership's exploration programme, with drilling intended to provide the next evidence for assessing the project's potential.

Azrar Project Background

Aterian holds an 85% interest in the 76.9 km² Azrar copper-silver project in Morocco’s Western Anti-Atlas. Lithosquare, the Paris-based AI company, holds a 15% interest in the Project. The Azrar project lies approximately 45 km east of Managem Group’s Tizert copper-silver project. Mineralisation at Tizert is not necessarily indicative of mineralisation at Azrar. 

The presence of neighbouring deposits underscores the district-scale prospectivity of the Anti-Atlas Belt, although mineralisation at those deposits is not necessarily indicative of mineralisation at Agdz and Azrar. 

Illustrations
The following figures/images have been prepared by Aterian and relate to the disclosures in this announcement.

Qualified Person

The technical disclosure in this regulatory announcement has been approved by Simon Rollason, Chief Executive Officer of Aterian Plc. A graduate of the University of the Witwatersrand in Geology (Hons). He is 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).

Engage directly with the Aterian PLC management team by asking questions, watching video summaries, and seeing what other shareholders have to say. Please navigate to our interactive investor hub here: https://aterianplc.com/s/fcf8eb

For further information, please visit the Company’s website: www.aterianplc.com or contact:

Aterian Plc:

Charles Bray, Executive Chairman - [email protected]

Simon Rollason, CEO & Director – [email protected]

Financial Adviser and Joint Broker:

AlbR Capital Limited

David Coffman / Dan Harris

Tel: +44 (0)207 7469 0930

Joint Broker:

SP Angel Corporate Finance LLP

Ewan Leggat / Devik Mehta 

Tel: +44 20 3470 0470

Financial PR:

Bald Voodoo - [email protected]

Ben Kilbey
Tel: +44 (0)7811 209 344

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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 while supporting ethical and sustainable supply chains as the world transitions to a sustainable, renewable future. The supply of these metals is vital for developing the renewable energy, automotive, and electronic manufacturing sectors, which are increasingly important in reducing carbon emissions and meeting global climate ambitions.

Aterian has a portfolio of multiple copper-silver projects in Morocco. Aterian holds a 90% interest in Atlantis Metals, a private Botswana-registered company holding eleven mineral prospecting licences for copper-silver in the world-renowned Kalahari Copperbelt and three for lithium and salt brine exploration in the Makgadikgadi Pans region. The Company also holds two exploration licences in Rwanda, where it is evaluating tantalum and niobium opportunities, and further exploring for pegmatite-hosted lithium.

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.  

Glossary of Terms

The following is a glossary of technical terms: