CLN Conversion and Issue of new shares

Aterian Plc (LSE: ATN), the critical metal-focused exploration and development company, announces that it has received notices to convert £500,000 or the full amount of outstanding convertible loan notes, issued and announced on 3 May 2024. Additionally, following requests from three suppliers seeking an increased shareholding in Aterian, the Company has agreed to convert £42,197 of creditor balances. The Company will therefore convert an aggregate of £542,197 at 70 pence per share in exchange for the issue of 774,566 new ordinary shares of 10p each in the Company ("Ordinary Shares").

Highlights:

• The Company on the 3rd of May announced the issue of £500,000 of CLNs to two existing shareholders, Altus Exploration Management Ltd., a subsidiary of Elemental Altus Royalties Corp., a substantial shareholder in the Company, and Mr. Simon Rollason, the Company's CEO.
• The CLNs contain an option, which both holders have exercised, for the CLN holder to convert prior to publication of a Prospectus.
• Conversion at this time means that no interest was paid to the CLN holders.
• The funds have been allocated for expanded Moroccan exploration, including an initial Agdz drill programme, as well as for general corporate use.

Admission and Total Voting Rights

Applications will be made to the FCA and the LSE for Admission of the 774,566 New Ordinary Shares, which is expected to be on or around 1 July 2024. These shares rank pari passu with the existing ordinary shares of the Company.

Following the issue of the New Ordinary Shares, the Company's issued share capital will comprise 11,666,276 Ordinary Shares, with each Ordinary Share carrying the right to one vote. Accordingly, the total number of voting rights in the Company will be 11,666,276 and this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

For further information, please visit the Company's website: www.aterianplc.com or contact:

Aterian Plc:

Charles Bray, Executive Chairman - charles.bray@aterianplc.com

Simon Rollason, Director - simon.rollason@aterianplc.com

Financial Adviser and Joint Broker:

Novum Securities Limited

David Coffman / George Duxberry

Colin Rowbury

Joint Broker:

SP Angel Corporate Finance LLP

Ewan Leggat / Kasia Brzozowska

Financial PR:

Bold Voodoo - ben@baldvoodoo.com

Ben Kilbey