Aterian PLC (LSE:ATN) shares climbed 18% to 32.5p this morning after the Africa-focused minerals explorer unveiled what it called a “transformational” joint venture with Lithosquare, a Parisian outfit that uses artificial intelligence to speed up the hunt for metals.
The two firms have signed binding terms for a programme worth up to €1.4 million that will focus on eight copper and critical mineral projects across Morocco and Botswana.
In simple terms, Lithosquare will put up the cash and deploy its data-crunching technology to identify promising drilling spots, while Aterian contributes the ground.
The deal is structured as an earn-in, where Lithosquare starts with a 20% stake in the projects and a 0.5% share of future production revenue, known as a net smelter return.
It can lift these respective shares to as much as 49.9% and 2%, but only if the exploration work delivers results. The initial €500,000 will fund mapping, geophysics and early drilling, with a further €900,000 earmarked for follow-up holes.
Simon Rollason, Aterian’s chief executive, said: “This AI-led exploration programme allows us to fast-track eight projects simultaneously … and rapidly define high-value drill targets.”
Charles Bray, executive chairman, added that the budget for the first half of 2026 is now covered, calling the agreement “a bold, highly strategic move”.