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London-listed base metals miner Aterian is set to dramatically accelerate its exploration efforts after signing a binding heads of terms for a strategic earn-in joint venture (JV) with French exploration company Lithosquare. This transformative partnership focuses on eight high-potential copper-prospective projects covering 2,898 km across Aterian’s portfolio in the Kalahari Copper Belt in Botswana and the Anti-Atlas region of Morocco. The core of this agreement is the deployment of Lithosquare’s cutting-edge technology, which integrates foundational AI, advanced data science, and deep geological expertise to expedite mineral discovery and convert high-potential licenses into drill-ready targets rapidly.
The planned AI-led exploration programme will employ a combination of proprietary AI mineral-system modelling, geophysical data enhancement, anomaly mapping, and targeted scout drilling to select the highest-potential targets across the portfolio. Aterian CEO Simon Rollason hailed the agreement as a “transformational step,” emphasizing that the JV allows the company to “fast-track eight projects simultaneously, deploy next-generation technology at no cost to shareholders, and rapidly define high-value drill targets.” He asserted that this represents a “strategic inflexion point” and a strong external validation of the quality and potential of Aerterian’s assets.
Echoing this sentiment, Aterian chairperson Charles Bray described the partnership as combining their “high-quality exploration portfolio with Lithosquare’s proven AI technology and team of geoscientists to create a powerful engine for discovery.” Bray believes the programme provides an “immediate pathway to unlock value across multiple copperbelts, at scale, and at speed,” positioning it as a “bold, highly strategic move” that establishes real momentum by focusing spending specifically on the most prospective targets. Lithosquare CEO and co-founder Aymeric Preveral-Etcheverry reciprocated the enthusiasm, noting the partnership grants Lithosquare access to a “world-class exploration ground,” thereby validating its foundational Geology AI approach and commitment to delivering fast-paced exploration results.
Under the terms of the JV, Lithosquare will initially receive a 20% project interest and a 0.5% net smelter return (NSR) royalty. The French company is committed to undertaking exploration valued at €1.4-million across the eight projects. This initial investment includes €500 000 dedicated to AI-driven target generation, geophysics, mapping, and scout drilling for copper and critical mineral targets. An anticipated additional €900 000 of investment is earmarked to advance drilling on successful targets. Crucially, Lithosquare has the potential to earn up to a 49.9% equity stake and a 2% NSR royalty, with these earn-in conditions strictly tied to achieving exploration success and demonstrating value creation.
