The HCK Project

Lithium Joint Venture with Rio Tinto in Rwanda

the Rio Tinto Joint Venture in Southern Rwanda

The HCK Project

Aterian has a Joint Venture Agreement and Operating Agreement with HCK Mining Company Limited, a private non-related Rwandan registered entity over a 2,750-hectare exploration licence in southern Rwanda.

Aterian holds a 70% interest in Kinunga Mining Limited, which holds the licence for the Project, with HCK Mining Company Limited holding a 30% interest. The licence is located approximately 65 km southwest of Kigali and 20 km northwest of Huye, within the Southern Province, straddling the Nyanza and Huye District boundaries.

The HCK licence is underlain by schists and minor intrusive bodies of the Palaeoproterozoic granitic-metamorphic Butare Complex, lying to the west of the Gitarama granitic massif.

The Complex is surrounded by low-grade metasedimentary terrains and is bordered to the north by a significant NW-SE left-lateral shear zone, the Mwogo Structure. Prospecting has identified 19 zones of potentially rare metal hosting pegmatite, frequently with multiple pegmatite dykes observed at most locations.

HCK : Reported Highlights

The HCK Project

Aterian plc (LSE: ATN), the critical metal-focused exploration and development company, is pleased to provide an update on recent work on the Rio Tinto Joint Venture in Southern Rwanda.
2,274 auger soil sample results received
Key pathfinder elements vector into areas of potential sub-surface pegmatite occurrences
Geological model upgraded with structural interpretation of pegmatites
Drill planning on the licence is well advanced, with the commencement of drilling currently anticipated next month
During Q1/2024, 2,274 auger soil samples were collected from 200 x 20 m and 200 x 40m grids over anomalous areas identified in an earlier, coarser-spaced geochemical sampling programme. The samples were shipped to ALS in Ireland for multi-element analysis. The results from this work have allowed for an interpretation of relevant geochemical ratios that determine the key pathfinder elements that vector into areas of potential sub-surface pegmatite occurrences.

Rio Tinto Earn-In JV Update, Rwanda

The HCK Project

Charles Bray, Chairman of Aterian, commented:

“Since announcing our lithium joint venture with Rio Tinto, much progress has been made in preparation for the exploration at the HCK site in southern Rwanda.”

“We thank and are grateful to the Rwanda Mines, Petroleum and Gas Board, as well as the regional and local governments, for their active communication and professionalism, allowing us to complete the joint venture.”

“We can now begin exploring the LCT pegmatite swarm and the 19 identified zones across the 2,750-hectare HCK site and collecting valuable data on the lithium, tantalum, tin, and niobium to generate preliminary resource estimates.”

“It is our intention to determine the nature and scale of the lithium and by-product potential across this project area.”

“We look forward to updating the market on our exploration efforts.”

Aterian plc - Samples at the HCK Project

Aterian plc - Opportunities at the HCP Project

Lithium Joint Venture with Rio Tinto in Rwanda

The HCK Project

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.”

“I am very proud of the Aterian team and their work to identify and unlock strategic mineral assets in Africa and to make this transaction possible. I would like to thank Rio Tinto for their time working with us to enable this investment in the significant lithium potential in Rwanda. I am also grateful for the support from our partner, HCK Mining Company Limited and for the continued partnership with the Rwanda Mines, Petroleum and Gas Board who have been crucial to completing the transaction. We believe this investment highlights the opportunity and transformational potential of the Rwanda mining sector.”

“Lithium is a key commodity for global electrification ambitions, as it is the central chemical element of dominant battery chemistries. Benchmark Minerals Intelligence forecasts that in 2023 lithium demand will reach 900,000 tonnes, a jump of 27% year-over-year and further forecast to reach 1.5 million tonnes in 2026.”

“he 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.”

“While we focus on working closely with Rio Tinto and our Rwandan stakeholders to ensure the success of this project, we will also look to replicate the capital efficient exploration and development business model in our other project concessions in Rwanda and Morocco.”