London-listed Aterian has been granted two substantial exploration projects, as well as several new exploration licences, adjacent to existing projects in Morocco.
In total, ten new licences have been granted for an area just under 140 km2 in size, with Aterian now holding 17 projects in the country.
The properties are mainly prospective for silver, copper and other base metals.
Notably, the two more substantial projects granted, Akka and West Tazalaght, cover an area of 74.5 km2 and are located in central Morocco within the Anti-Atlas mining region.
The region is highly prospective for sedimentary-hosted copper mineralisation.
Aterian explains that the new projects are all located close to historical working and active operations and that new exploration programmes will start shortly.
Chairperson Charles Bray comments that the new projects and additional licences were secured as part of Morocco’s recent licence tender process. The 17% increase in landholding of the company clearly demonstrates the board’s belief that Morocco represents a vibrant mining destination, particularly for critical minerals.
Meanwhile, the company has raised gross proceeds of £1-million from directors, management, existing shareholders and new investors through the issue of 100-million new ordinary shares.
Bray, as the largest single individual shareholder, contributed £500 000 to the fundraise, comprising £200 000 of new equity capital and £300 000 from the conversion of equity of a short-term debt using a working capital facility provided to Aterian.
Aterian COO Luke Rogers also subscribed for 800 000 new ordinary shares worth £8 000, while CEO and director Simon Rollason converted three months of his salary into 2.5-million new ordinary shares worth £25 000.
The fundraise provides sufficient capital to meet all existing and envisaged cash requirements while exploration is ongoing in Morocco and Rwanda, where Aterian has a joint exploration project with Rio Tinto Exploration and Mining.
Aterian recently entered into a joint venture agreement with Rio, for Rio to earn into the HCK lithium project in southern Rwanda. Aterian also holds two further partnerships in Rwanda for the exploration of lithium/tantalum/niobium/tin prospects.