Aterian receives EIA approval for Morocco project
Aim-listed Aterian has announced the approval of its recently commissioned environmental-impact assessment (EIA) for the 100%-owned Agdz mining licence, in Morocco.
In the current global mining environment, Aterian says the approval of the EIA represents a major regulatory milestone and materially derisks the project as Aterian advances toward systematic drilling and development readiness.
The company notes that previous drilling has confirmed shallow copper/gold mineralisation across multiple prospects.
This includes 1.24% copper with 101 g/t gold over 3 m from 8 m (downhole) at the Makarn (North) prospect; 0.45% copper with 3 g/t gold over 11 m from 32 m (downhole) at the Makarn (South) prospect; and 0.79% copper with 5 g/t gold over 6 m from 6 m (downhole) at the Amzwaro prospect.
"Securing Moroccan EIA approval for the Agdz Mining Licence is a major step forward for Aterian. In a tightening global permitting environment, being regulatorily cleared to advance a copper project is a significant competitive advantage,” says Aterian chairperson Charles Bray.
He explains that the company’s focus now shifts decisively to drilling for scale to develop this asset.
“The objective is clear: expand the mineralised footprint, build toward a defined resource base and position Agdz as a development-ready copper asset in a jurisdiction with strong infrastructure and mining heritage.”
Bray explains that the integration of AI-driven geological modelling, through Aterian’s partnership with Lithosquare, strengthens the company’s targeting capability and enhances capital efficiency as it moves into the next drilling phase.
With copper demand structurally rising and permitted projects increasingly scarce, Agdz represents a compelling opportunity, he says.
“We are especially pleased to hear from existing shareholders seeking to participate in the recent equity placing, allowing the company to allocate for expenditure to deliver sustained drilling news flow as we advance the project over 2026."
Aterian explains that permitted copper projects are increasingly scarce globally.
With demand driven by electrification and the energy transition, the company says projects capable of advancing without regulatory uncertainty are becoming strategically important.
Aterian says EIA approval significantly strengthens Agdz's development pathway and enhances its attractiveness to investors and potential strategic partners.
It adds that the integration of AI-driven geological modelling through Lithosquare further positions Aterian to deploy capital efficiently and maximise discovery potential as drilling resumes.
EQUITY AND FUNDING
Meanwhile, the company also announces, following on from the announcement dated February 19, that it has raised an additional £100 000 from existing investors through a subscription for 400 000 new ordinary shares at a price of 25p per subscription share and the issue of an additional 112 000 shares to the Employee Benefit Trust.
Aterian explains that subscribers to the subscription shares will also receive 200 000 warrants, or 50% warrant coverage, with each Warrant exercisable at a strike price of 32.5p per ordinary share.
The warrants will have a maturity date of February 15, 2028 and a call feature should the company's closing mid-price exceed 50p for three consecutive trading days.
A further total of 88 000 new ordinary shares have been issued in lieu of fees to a service provider.
Following the issue of the new shares, the company's enlarged issued share capital will comprise 17.68-million ordinary shares.
