Modern Mining November 2023

earn up to a 75% interest in the Licence to explore for minerals vital for a successful energy transition to renewable energy.  Stage 1 exploration expenditures of $3 million over a period of up to two years to earn a 51% interest in the Licence.  Stage 2 exploration expenditures of $4.5 million over a follow-on period of up to three years to earn a further 24% interest in the Licence, tak ing RIO’s interest in the Licence to 75%.  Cash consideration of $300 000 over the two stages.  A 2% capped Net Smelter Return (NSR) granted over the project (capped at $50 million).  RIO has the option to add Aterian’s two other Rwandan projects, pending licence approval with the authorities.  Project located close to good infrastructure, including national highways, power, and water. Strategy for its multiple assets A four-pronged strategy underpins the LSE-listed

In line with its strategy of near-term cash injection, Aterian recently inked a definitive earn-in investment and joint venture agreement with Rio Tinto Mining and Exploration (RIO) and Kinunga Mining (Kinunga). The agreement is for the exploration and develop ment of lithium and by-products at its HCK Joint Venture project holding the HCK licence in Rwanda. For the emerging miner, the JV is a key milestone as it is the first step towards enhancing its skills base and sets the platform for cash-injection. According to Bray, the JV is a transformative deal for Aterian and highlights the company’s ability to identify potential world-class deposits in critical min erals such as lithium. “This is a really exciting venture for Aterian because it allows us to explore an area in Rwanda that has a tremendous amount of potential but, more importantly, as an early-stage exploration company, it allows us to grow our expertise with respect to exploration, while simultaneously expanding our set of capabilities.” He adds: “We have identified 19 separate LCT

An aerial view of the HCK Main Ridge in Rwanda.

The Jebilet Project in Morocco.

(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. 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.” Highlights of the deal include:  RIO has the option to invest $7.5 million in two stages to

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