Aterian, a critical metal-focused exploration and development company listed in London, has concluded the acquisition of a controlling 90% interest in Atlantis Metals.

This follows ‘Change of Control’ approval from the Ministry of Minerals and Energy in the Republic of Botswana.

Atlantis Metals, a private Botswana-registered entity, holds a portfolio of ten strategically located projects in Botswana, covering an area of 4,486km².

These projects are considered highly prospective for copper-silver and lithium, key metals in the global push for electrification and renewable energy.

The acquisition significantly expands Aterian’s portfolio of copper-silver (Cu-Ag) and lithium (Li) projects.

Additionally, Aterian has been awarded six new prospecting licences in the Kalahari Copperbelt (KCB), totalling more than 970km².

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These licences, granted for an initial three-year term with the possibility of two renewals, target the D’Kar Formation, known for hosting significant Cu-Ag deposits.

The original KCB licence, which Atlantis Metals was awarded on 8 January 2024, is located 50km east of MMG‘s Zone 5 deposit, which contains 92.9 million tonnes grading 2% Cu and 21 grams per tonne Ag.

This proximity to a major deposit underscores the potential value of the newly acquired licences.

Furthermore, three of the licences, covering a combined area of 2,516km², are within the Makgadikgadi Pans, an area highly prospective for lithium brine.

Target generation for these projects is currently under way, with independent consultants acquiring and reprocessing airborne geophysical data for the KCB.

Aterian chairman Charles Bray said: “I am very pleased to announce the completion of the SPA [sale and purchase agreement] with Aterian acquiring the majority shareholding in Atlantis Metals, and also to report on the significant increase in our exploration landholding within the highly prospective Kalahari Copperbelt.

“Our strategy is to responsibly explore and develop critical minerals and metals across Africa, a region vital for a successful energy transition. Completing this acquisition and portfolio expansion further expands our presence on the continent. It perfectly fits our strategy of focusing on critical metals, copper and lithium, in stable and business-friendly jurisdictions.

“These copper and lithium licences in Botswana underscore and support our exploration efforts in Rwanda, where we have an earn-in JV [joint venture] with Rio Tinto, and in Morocco where we are actively exploring for copper. We have been busy and look forward to updating the market on our continued exploration effort to develop these critical energy transition metals.”