Aterian’s Rwanda unit raises £180,000 for tungsten trial

LONDON - Aterian Plc, an African-focused metals company, announced that its subsidiary Eastinco Limited has successfully raised £180,000. This funding will enable Eastinco to commence small-scale trial transactions of tungsten-bearing material sourced from Rwandan suppliers. The company's existing shares issued zero-coupon Convertible Loan Notes, which convert into equity at a rate of 25 pence per share upon notice or automatically on December 31, 2026.

In addition, investors will receive 300,000 warrants expiring on February 15, 2028, with a 32.5p exercise price and a 50p hard call feature. The raised funds will be utilized to establish operational support systems, expand existing premises for tungsten material segregation and purchase, and aggregate commercially significant parcels for sale.

The trial program aims to identify dependable sources of tungsten ore, maintain consistent product grades, implement suitable pricing mechanisms, and manage working capital cycles for regular transactions. Eastinco plans to gradually increase trading volumes once due diligence is completed and the initial trades are executed. Aterian's Chairman, Charles Bray, highlighted the company's commitment to establishing local relationships, responsible-sourcing frameworks, operational infrastructure, and trading expertise in Rwanda.

The trial is expected to position Eastinco as a multi-commodity critical-minerals trading business, alongside Aterian's interests in copper-silver and base-metal projects in Morocco, a 90% stake in Atlantis Metals with mineral prospecting licenses in Botswana, and an exploration license in southern Rwanda.