Aterian partners with Lithosquare on AI-driven exploration programme
London-listed base metals miner Aterian has signed a binding heads of terms with French exploration company Lithosquare for a strategic earn-in joint venture (JV) on eight copper prospective projects covering 2 898 km2 in the Kalahari Copper Belt, in Botswana, and in the Anti-Atlas region of Morocco.
Lithosquare uses technology such as foundational AI, advanced data science and deep geological expertise to accelerate mineral discovery.
Aterian and Lithosquare will select the eight highest-potential targets across Aterian’s portfolio in Morocco and Botswana using a combination of proprietary AI mineral-system modelling, geophysical data enhancement, anomaly mapping and targeted scout drilling.
The planned AI-led exploration programme is aimed at converting high-potential licences into advanced, drill-ready targets over a short work cycle.
"This is a transformational step for Aterian. This AI-led exploration programme allows us to fast-track eight projects simultaneously, deploy next-generation technology at no cost to shareholders and rapidly define high-value drill targets.
“It represents a strategic inflexion point for the company and a strong external validation of the quality and potential of our portfolio," comments Aterian CEO Simon Rollason.
“The JV combines our high-quality exploration portfolio with Lithosquare's proven AI technology and team of geoscientists to create a powerful engine for discovery.
“The exploration programme gives us an immediate pathway to unlock value across multiple copperbelts, at scale, and at speed. It is a bold, highly strategic move that establishes real momentum in our exploration programme with spending targeted specifically at the most prospective targets in the portfolio. We look forward to working with our new partners," adds Aterian chairperson Charles Bray.
Lithosquare CEO and co-founder Aymeric Preveral-Etcheverry comments that the partnership grants Lithosquare access to a world-class exploration ground, validating its foundational Geology AI approach.
“Aterian and Lithosquare share the same vision with a fast-paced road to value creation. Through this JV, Lithosquare demonstrates its commitment to deliver fast-paced exploration results,” he adds.
Under the terms of the JV, Lithosquare will receive an initial 20% project interest and a 0.5% net smelter return (NSR) royalty.
The company will undertake exploration worth €1.4-million on eight of Aterian’s projects, with the potential for Lithosquare to earn a 2% NSR and up to 49.9% equity stake – strictly tied to exploration success and value creation.
An initial €500 000 investment is planned for AI-driven target generation, geophysics, mapping and scout drilling to identify high-value copper and critical mineral targets rapidly, while an additional €900 000 of investment is anticipated to advance drilling on successful targets.
