Announcement PDF RNS Number : 9604W Aterian PLC 30 September 2026 30 September 2026 Aterian Plc ("Aterian" or the "Company") Interim Results for the Six Months Ended 30 June 2026 Aterian Plc (LSE: ATN), the Africa-focused critical minerals exploration, development and trading company, is pleased to announce its unaudited interim results for the six months ended 30 June 2026. - 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 - charles.bray@aterianplc.com Simon Rollason, Director - simon.rollason@aterianplc.com Financial Adviser and Joint Broker: AlbR Capital Limited David Coffman / Dan Harris Colin Rowbury 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 - ben@baldvoodoo.com Ben Kilbey Tel: +44 (0)7811 209 344 Statement of Directors' Responsibilities in respect of the Condensed Consolidated Financial Statements The directors confirm that these condensed interim financial statements have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and that the interim management report includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely: • an indication of important events that have occurred during the first six months and their impact on the condensed set of financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and • material related-party transactions in the first six months and any material changes in the related-party transactions described in the last annual report. The directors of Aterian Plc are listed in the Company's annual report for 31 December 2025 and the Company's website: https://aterianplc.com/ There have been no changes since 31 December 2025. The Interim Financial Statements were approved by the Board of Directors and the above responsibility statement was signed on its behalf by: Charles Bray Director 29 September 2026 Chairman's statement Dear Shareholders, The first half of 2026 has been a period of disciplined execution as Aterian continued to advance its strategy of building a diversified African critical minerals business. Throughout the period, the Board remained focused on allocating capital prudently, progressing our exploration portfolio through clearly defined technical milestones and expanding our mineral trading business in Rwanda, which we believe has the potential to become an increasingly important source of recurring cash generation for the Group. Whilst equity markets for junior exploration companies remain challenging, the long-term outlook for the commodities in which Aterian operates continues to strengthen. Copper is expected to play a central role in global electrification, whilst demand for battery and technology metals continues to benefit from structural growth driven by the energy transition, digital infrastructure and increasing government focus on securing resilient supply chains. Against this backdrop, the Board remains confident that a disciplined, technically driven approach to exploration, combined with commercial revenue generation, provides a differentiated and resilient business model. Our strategy remains unchanged. We seek to create long-term shareholder value through the discovery and development of critical mineral assets across Africa while establishing complementary businesses capable of generating sustainable cash flow. We believe this balanced approach provides greater resilience than a traditional exploration-only model and enables the Company to pursue value-accretive opportunities whilst maintaining financial discipline. Rwanda Trading Business The continued development of our Rwanda mineral trading business represents one of the Company's most significant strategic achievements during the period and remains central to the Board's strategy of establishing a business capable of generating sustainable cash flow alongside our exploration activities. During the first half of 2026, the trading business deployed approximately US$2.18 million across working-capital purchases via joint-venture trading arrangements. Based on management's notional sales valuations, these purchases had an aggregate potential sales value of approximately US$2.78 million, indicating potential gross trading profit of approximately US$602,000 and an implied gross margin of approximately 22%. Traceability compliance is a critical distinguisher of our operations and conducting compliance inspections limited suppliers and accordingly supply volumes. These figures nevertheless demonstrate the attractive underlying economics which the Board believes can be achieved as the trading platform expands volumes from relatively low levels. They also reinforce our confidence that mineral trading can develop into a material and recurring source of cash generation for the Group, supporting corporate costs and, over time, contributing towards the funding of Aterian's exploration interests without relying exclusively on further equity capital. The stated sales values and associated gross profit are notional management estimates rather than, except to the extent reflected elsewhere in these interim financial statements, revenue or profit recognised during the reporting period. Final outcomes remain dependent upon completion of the relevant sales, final assays, realised commodity prices, logistics and other transaction costs, collection of proceeds and the allocation of profits under the applicable joint-venture arrangements. Accordingly, the aggregate indicated gross profit should not be interpreted as profit wholly attributable to Aterian shareholders. Nevertheless, the scale of the potential margin provides encouraging evidence of the trading business's capacity to become an increasingly important contributor to the Group's financial performance. Following encouraging initial trading performance at the end of 2025, we announced a strategic profit-sharing joint venture with Wogen Resources Limited, one of the world's leading independent metals trading companies. This partnership, together with an additional working capital arrangement to support the growth of our tantalum concentrate trading activities, materially strengthens the scale and capability of the business through enhanced marketing expertise, logistics support, established international sales channels and increased funding capacity. We anticipate volumes scaling significantly from Q4 2026 following a move into new premises with dramatically improved capacity and the implementation of a new risk management and traceability system. The Board believes the strategic partnerships represent an important step towards establishing a sustainable trading platform capable of making a meaningful contribution to Group revenues while supporting the Company's broader growth ambitions. Over time, we expect the trading business to provide an increasingly important source of internally generated cash flow to fund exploration activities, enhancing financial flexibility and reducing reliance on the equity capital markets. Mineral Exploration Alongside the continued development of our trading business, we accelerated exploration across our African portfolio during the first half of the year, with activity focused on advancing high-priority projects in Botswana and Morocco through a disciplined, technically driven exploration programme. In Botswana, our strategic collaboration with Lithosquare has integrated advanced artificial intelligence and machine- learning techniques into the Company's exploration workflow, enhancing target generation across our Kalahari Copper Belt licences. The identification of multiple priority targets demonstrates the value of combining innovative analytical technologies with rigorous geological interpretation and has enabled exploration to progress from desktop evaluation to field verification. At the Sua Pan Project, continued evaluation of historical datasets further enhanced our understanding of the soda ash and lithium brine potential and will help inform future exploration programmes. In Morocco, we continued to systematically advance our copper-silver portfolio through permitting, geological interpretation and geophysical surveys. The receipt of Environmental Impact Assessment approval at the Agdz Project, together with the commencement of ground magnetic surveys, marked important operational milestones as we continue to mature the project pipeline and prioritise targets for future drill testing. Whilst mineral exploration is inherently associated with technical risk and long development timelines, the Board is encouraged by the quality of the opportunities emerging across the portfolio. Our approach remains focused on disciplined technical evaluation, careful capital allocation and the advancement of projects capable of delivering material long-term value for shareholders. Lithosquare Collaboration One of the defining achievements of the period was the completion of our strategic collaboration with Lithosquare. The integration of artificial intelligence into our exploration workflow has already delivered tangible benefits, identifying eight high-priority exploration targets across Morocco and Botswana. Importantly, these targets are now progressing rapidly through field verification, with geophysical programmes and follow-up exploration underway. This collaboration enables Aterian to evaluate large exploration datasets more efficiently, improve targeting accuracy and focus exploration expenditure on the highest-priority opportunities. We believe this represents an important competitive advantage as we continue to build our exploration portfolio. Financing The Board also remained focused on maintaining an appropriate capital structure to support the Company's growth. During the period, additional funding and commercial financing arrangements strengthened the Company's liquidity and provided the flexibility required to advance priority programmes. We remain acutely conscious of shareholder dilution and continue to evaluate financing opportunities against the potential value they create for shareholders. Preserving capital discipline remains central to the Board's decision-making. Responsible Growth Responsible exploration continues to underpin our activities across all jurisdictions in which we operate. We recognise that our long-term success depends not only on technical excellence but also on maintaining strong relationships with governments, local communities, employees and commercial partners. Environmental stewardship, health and safety, and responsible business practices remain integral to the way we conduct our operations, and these principles will continue to guide the Company's development. Outlook Since the end of the reporting period, operational momentum has continued. Field activities have commenced across the priority targets generated through the Lithosquare collaboration in Botswana, representing the next stage in our systematic evaluation of the Kalahari Copper Belt portfolio. The Rwanda trading business also continues to expand following the commercial agreements concluded during the first half of the year, providing increasing confidence in the Company's diversified business model. Looking ahead, the Board believes Aterian is entering an important phase in its development. Our immediate priorities are clear: to advance our highest-priority exploration targets through systematic technical evaluation, continue to grow our trading business into a sustainable source of cash generation and maintain the financial discipline that has characterised the Company throughout this period. Whilst market conditions for junior resource companies remain demanding, we believe the quality of our asset portfolio, our strategic partnerships and our diversified business model positions Aterian well to create long-term value for shareholders. On behalf of the Board, I would like to thank our employees, contractors and technical teams for their continued professionalism and commitment. I also extend my sincere thanks to our shareholders for their continued support and confidence in the Company. We look forward to updating the market as we continue to execute our strategy during the second half of the year. Charles Bray Executive Chairman 29 September 2026 Principal Risks and Uncertainties The Board considers strategic, operational and financial risks and identifies actions to mitigate those risks. These risk profiles are updated at least annually. The principal risks and uncertainties can be found in the Group's risk profile analysis on pages 28 to 31 of our Annual Report for the year ended 31 December 2025, available from the Aterian plc website: https://aterianplc.com/ UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME SIX MONTHS ENDED 30 JUNE 2026 Notes 6 months to 6 months to 30-Jun-26 30-Jun-25 (Unaudited) (Unaudited) £'000 £'000 Revenue 5 1,341 20 Cost of sales (819) (17) Gross profit 522 3 Administrative expenses 7 (844) (632) Share-based payment expense 18 (2) (30) Other income 6 - 1 Operating loss (324) (658) Loss on fair valued financial instruments 17 (151) - Interest payable and similar charges 8 (93) (40) Loss before tax (568) (698) Tax expense 9 - - Loss after tax (568) (698) Other comprehensive income: Items that may be reclassified to profit or loss Gains on translation of foreign operations 40 11 Total comprehensive loss (528) (687) Loss per share Basic and diluted loss per share (pence) 10 (3.23) (5.53) All activities relate to continuing operations. The accompanying notes form part of these interim condensed financial statements. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2026 Notes 30-Jun-26 31-Dec-25 (Unaudited) (Audited) £'000 £'000 Non-current assets Intangible exploration and evaluation assets 11 3,525 3,467 Property, plant and equipment 12 59 65 Total non-current assets 3,584 3,532 Current assets Trade and other receivables 13 238 212 Inventories 14 915 411 Cash and cash equivalents 131 126 Total current assets 1,284 749 Total assets 4,868 4,281 Equity and liabilities Share capital 18 11,753 11,411 Share premium 18 4,446 3,950 Share based compensation reserve 2,573 2,571 Interest in shares in EBT (1,409) (1,398) Translation reserve (620) (660) Accumulated losses (16,218) (15,650) Convertible loan notes - equity component 17 100 - Merger relief reserve 1,200 1,200 Total equity 1,825 1,424 Current liabilities Trade and other payables 15 692 1,001 Deferred consideration 16 435 262 Borrowings 17 706 529 Derivative liability 17 715 208 Total current liabilities 2,548 2,000 Non-current liabilities Borrowings 17 495 857 Total non-current liabilities 495 857 Total liabilities 3,043 2,857 Total equity and liabilities 4,868 4,281 The Interim Condensed Financial Statements were approved and authorised for issue by the Board of Directors on 29 September 2026. UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 30 JUNE 2026 Share capital Share premium Share-based compensation reserve Interest in shares in EBT Translation reserve Other reserves Convertible loan notes equity component Merger relief reserve Retained earnings Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 At 1 January 2025 11,006 2,753 2,482 (839) (656) 15 - 1,200 (13,647) 2,314 Loss for the period - - - - - - - - (698) (698) Other comprehensive income - - - - 11 - - - - 11 Transactions with owners: Share-based compensation 57 339 30 (396) - - - - 30 Issue of new shares 20 120 - - - - - - - 140 At 30 June 2025 11,083 3,212 2,512 (1,235) (645) 15 - 1,200 (14,345) 1,797 At 1 January 2026 11,411 3,950 2,571 (1,398) (660) - - 1,200 (15,650) 1,424 Loss for the period - - - - - - - - (568) (568) Other comprehensive loss - - - - 40 - - - - 40 Transactions with owners: Share-based compensation - - 2 - - - - - 2 Issue of new shares 182 256 - (11) - - - - - 427 Issue of convertible loan notes - - - - - - 500 - - 500 Conversion of convertible loan notes 160 240 - - - - (400) - - - At 30 June 2026 11,753 4,446 2,573 (1,409) (620) - 100 1,200 (16,218) 1,825 UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED 30 JUNE 2026 6 months to 6 months to 30-Jun-26 30-Jun-25 (Unaudited) (Unaudited) Cash flow from operating activities £'000 £'000 Loss before tax (568) (698) Adjustments for: Depreciation 3 21 Share-based payment expense 2 30 Interest expense 93 40 Foreign exchange losses 45 - Shares issued as repayment of loan - (24) Loss on fair valued financial instruments 151 - Costs settled by the issue of shares 26 - Operating loss before working capital changes (248) (631) Changes in working capital: (Increase) in inventories (504) - (Increase) in trade & other receivables (26) (57) Increase / (decrease) in trade & other payables (138) 309 Net cash outflows from operating activities (916) (379) Cash flow from investing activities Capitalised E&E expenditure (58) (51) Purchase of PPE (1) - Net cash used in investing activities (59) (51) Cash flow from financing activities Net proceeds from issue of convertible loan notes 500 - Proceeds from the issue of convertible bonds 100 273 Redemption of convertible bonds (95) - Proceeds from issue of shares 346 140 Advances received 153 - Interest paid (25) - Net cash flow from financing activities 979 413 Net increase/(decrease) in cash & cash equivalents 4 (17) Cash & cash equivalents at beginning of the period 126 64 Cash & cash equivalents at end of the period 131 47 NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 1. General information Aterian plc ("the Company") is an investment company, focussed on African mineral resource investment opportunities. The Company operates through its 100% owned subsidiary, Eastinco Limited ("EME Ltd"), a Rwandan tantalum, tin and tungsten exploration company, Aterian Resources Limited which holds copper- silver and base metal exploration projects in the Kingdom of Morocco and its 90% interest in Atlantis Metals (Pty) Ltd, a Botswana registered entity holding mineral prospecting licences in the Republic of Botswana. The condensed interim financial statements for the period ended 30 June 2026 do not constitute statutory accounts as defined in section 434 of the Companies Act 2006. These financial statements have been prepared in accordance with the accounting policies set out in, and are consistent with, the audited consolidated financial statements for the twelve months ended 31 December 2025. A copy of the statutory accounts for the year ended 31 December 2025 has been delivered to the Registrar of Companies. The auditor's report on those accounts was unqualified and did not contain statements under Section 498 (2) or (3) of the Companies Act 2006 but drew attention, by way of emphasis, without qualifying the report, to the Company's assumptions on going concern which stated that the Group and Parent Company's operational existence is reliant on the ability to raise further funding through equity placing or through the support of the directors through an injection of capital. The impact of this together with other matters indicated that a material uncertainty existed that may cast significant doubt on their ability to continue as a going concern. The auditor's opinion was not modified in respect of this matter. On 29 July 2024, the Listing Rules were replaced by the UK Listing Rules ("UKLR") under which the existing Standard Listing category was replaced by the Equity Shares (transition) category under Chapter 22 of the UKLR. Consequently, with effect from that date the Company was admitted to the Equity Shares (transition) category of the Official List under Chapter 22 of the UKLR and to trading on the London Stock Exchange's Main Market for listed securities. The Company is incorporated and domiciled in the UK. The address of its registered office is 27-28 Eastcastle Street, London W1W 8DH. The registered number of the Company is 07496976. 2. Basis of preparation The material accounting policies applied in the preparation of the Company's Financial Statements are set out below. These policies have been consistently applied to the period presented, unless otherwise stated. This condensed consolidated interim financial statements for the half-year reporting period ended 30 June 2026 have been prepared in accordance with the UK-adopted International Accounting Standard 34, 'Interim Financial Reporting' and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. The interim financial statements do not include all of the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 31 December 2025, which has been prepared in accordance with UK- adopted international accounting standards and the requirements of the Companies Act 2006, and any public announcements made by Aterian Plc during the interim reporting period. The condensed interim financial statements are unaudited and have not been reviewed by the auditors and were approved by the Board of Directors on 29 September 2026. The Financial Statements are presented in £'000 unless otherwise stated which is the Company's functional and presentational currency. 3. Going concern The financial statements have been prepared on a going concern basis. The Group is now generating material trading which are producing a meaningful contribution towards overheads and exploration activities in Morocco, Rwanda and Botswana. Continuing operations of the Group are currently financed from funds raised from shareholders and debt providers and this will likely continue to be the case until the Group is profitable. The Group will likely need to raise further funds in order to progress the Group from the exploration phase into feasibility and eventually into production of revenues. As at 30 June 2026, the Group had cash and cash equivalents of £133,000. The Company hopes to generate revenues and/or raise further equity to fund both day-to-day expenditure and potential growth although there can be no certainty that such funding will be forthcoming. As part of their assessment, the Directors have prepared financial cash-flow forecasts on the basis that cost reduction and cost deferral measures can be implemented over the going concern period. The Company's base case financial projections show that the Group will continue to operate within the available facilities throughout the next 12 months. Much of the Group's planned exploration expenditure is discretionary and, if necessary, could be scaled back to conserve cash should circumstances coincide with our expectations. The Directors have agreed, if circumstances require, to defer payment of their fees until such time as adequate funding is received and if necessary, scale back all discretionary expenditure including exploration expenditure. Considering recent successful fund raises the Directors are confident that they can continue to adopt the going concern basis in preparing the financial statements. The financial statements do not include any adjustment that may arise in the event that the Group is unable to raise additional finance, realise its assets and discharge its liabilities in the normal course of business. 4. New standards, interpretations and amendments adopted from 1 January 2026 A number of new or amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. Standards issued but not yet effective: At the date of authorisation of these interim financial statements, certain standards and interpretations relevant to the Group and which have not been applied in these financial statements, were in issue but were not yet effective. In some cases, these standards and guidance have not been endorsed for use in the UK. The directors are evaluating the impact that these standards will have on the financial statements of the Group. 5. Revenue Six months ended 30-Jun-26 Six months ended 30-Jun-25 (Unaudited) (Unaudited) £'000 £'000 Sale of ore 1,341 20 1,341 20 6. Other Income Six months ended 30-Jun-26 Six months ended 30-Jun-25 (Unaudited) (Unaudited) £'000 £'000 Mineral samples - 1 - 1 7. Operating expenses by nature Administrative expenses Six months ended 30-Jun-26 Six months ended 30-Jun-25 (Unaudited) (Unaudited) £'000 £'000 Directors' remuneration (124) (122) Staff costs (57) (62) Auditor's remuneration (30) (25) Travel expenses (59) (35) Exchange fees (18) (63) Legal expenses (28) (39) Professional fees (183) (112) Accounting fees (31) (33) Depreciation (3) (21) Project Expenses (27) - Security costs (7) - Transport costs (8) - Export tax expense (31) - Insurance (8) - Levy fee (9) - Rent (15) (13) Other expenses (206) (107) (844) (632) Directors' remuneration: Fees and salaries Share-based payment expense Six months ended 30 June 2026 Totals Six months ended 30 June 2025 Totals £'000 £'000 £'000 £'000 Executive Directors Charles Bray 53 - 53 48 Simon Rollason 45 - 45 48 Non-Executive Directors Devon Marais 14 - 14 14 Alister Hume 6 - 6 6 Kasra Pezeshki 6 - 6 6 124 - 124 122 8. Interest payable and similar charges Six months ended 30-Jun-26 Six months ended 30-Jun-25 (Unaudited) (Unaudited) £'000 £'000 Interest on borrowings 93 40 93 40 9. Taxation Tax expense Six months ended 30-Jun-26 Six months ended 30-Jun-25 (Unaudited) (Unaudited) £'000 £'000 Current tax: UK taxation - - Overseas taxation - - Deferred tax - - - - The Group has made no provision for taxation as it has not yet generated any taxable profits. 10. Loss per share Basic loss per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. The calculation of basic and diluted loss per share is based on the following figures: Six months ended 30 June 2026 Six months ended 30 June 2025 (Unaudited) (Unaudited) £'000 £'000 Earnings Loss from continuing operations for the period attributable to the equity holders of the Company (568) (698) Number of shares Weighted average number of ordinary shares for the purpose of basic and diluted earnings per share 17,593,602 12,632,044 Basic and diluted earnings per share (pence) (3.23p) (5.53p) 11. Intangible exploration and evaluation assets Rwandan assets Moroccan assets Botswana Assets Other Assets Total Cost £'000 £'000 £'000 £'000 £'000 At 1 January 2026 2 3,439 21 5 3,467 Additions - 58 - - 58 At 30 June 2026 2 3,497 21 5 3,525 Impairment At 1 January 2026 - - - - - Charge for the period - - - - - At 30 June 2026 - - - - - Net book value At 30 June 2026 2 3,497 21 5 3,525 At 1 January 2026 2 3,439 21 5 3,467 12. Property, plant and equipment Mine Mining Equipment Office Equipment Motor Vehicles Computer Equipment Processing Equipment Land Total Cost £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 At 1 January 2026 624 112 7 12 7 1 20 783 Additions - - - - 1 - - 1 Foreign exchange adjustments - (3) - - - - (1) (4) At 30 June 2026 624 109 7 12 8 1 19 780 Depreciation At 1 January 2026 624 77 7 4 5 1 - 718 Charge for the period - 2 - 1 - - - 3 At 30 June 2026 624 79 7 5 5 1 - 721 Net book value At 30 June 2026 - 30 - 7 3 - 19 59 At 1 January 2026 - 35 - 8 2 - 20 65 13. Trade and other receivables 30-Jun-26 31-Dec-25 (Unaudited) (Audited) £'000 £'000 Trade receivables 101 - Taxes receivable 42 65 Other debtors 95 112 Prepayments - 35 238 212 14. Inventories 30-Jun-26 31-Dec-25 (Unaudited) (Audited) £'000 £'000 Ore concentrate 915 411 915 411 15. Trade and other payables 30-Jun-26 31-Dec-25 (Unaudited) (Audited) £'000 £'000 Trade payables 224 465 Other payables 438 464 Accruals 30 72 692 1,001 16. Deferred exploration expenditure 30-Jun-26 31-Dec-25 (Unaudited) (Audited) £'000 £'000 Deferred expenditure 435 262 435 262 In December 2025, the Company signed a binding Heads of Terms for a strategic, AI-powered earn-in joint venture ("JV") with Lithosquare SAS ("Lithosquare"), a Paris-based next-generation exploration company combining foundational AI, advanced data science and deep geological expertise to accelerate mineral discovery, for the exploration of Aterian projects in Morocco and Botswana. Aterian and Lithosquare subsequently finalised a JV agreement in May 2026, which governs nine selected projects. The agreement focusses on Aterian's copper projects in Botswana and Morocco. Key Highlights of the JV: · Under the final revised joint venture agreement, Lithosquare undertook to invest up to €1.0 million in the nine selected projects in exchange for a 15% equity interest in the projects and a 0.5% net smelter royalty ("NSR"). · Potential for Lithosquare to earn a 2.0% net smelter return (NSR) and up to 49.9% equity and, strictly tied to exploration success and value creation · Aterian had received an initial €300,000 before the agreement was signed, with a further €200,000 payable within ten business days of signing, subject to evidence of agreed expen