Aterian enters AI-led exploration pact with Lithosquare
Aterian PLC on Tuesday said it has struck an agreement which could see ‘next-generation’ exploration firm Lithosquare SAS buy into some of its projects.
Aterian, focused on critical minerals and has assets in Morocco, Botswana and Rwanda, hailed the ‘transformational’ artificial intelligence joint-venture plan.
It noted the possibility of an up to €1.4 million fully funded AI-led programme ‘across eight priority Aterian projects’.
‘This is a transformational step for Aterian. This AI-led exploration programme allows us to fast-track eight projects simultaneously, deploy next-generation technology at no cost to shareholders, and rapidly define high-value drill targets. It represents a strategic inflexion point for the company and a strong external validation of the quality and potential of our portfolio,’ Chief Executive Officer Simon Rollason said.
Lithosquare, which uses AI to aid in mineral exploration, has the potential to earn a 2.0% net smelter return and just under 50% stake in the assets. These outcomes are ‘strictly tied to exploration success and value creation’.
There will be an initial €500,000 investment to go towards ‘AI-driven target generation, geophysics, mapping and scout drilling to identify high-value copper and critical mineral targets rapidly’.
Aterian noted €900,000 of ‘additional projected drilling to advance successful targets’.
‘Lithosquare has an initial 20% project interest and 0.5% with additional equity and NSR interests tied to value creation catalysts,’ Aterian added.
The JV covers around 3,000 square kilometres of copper belts.
Aterian shares were down 11% at 26.20 pence each in London on Wednesday afternoon.
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