Issue of Equity and Convertible Bonds

Aterian plc (LSE: ATN), the critical minerals exploration and trading company focused on Africa, announces that it has raised £350,000 from existing investors through a subscription for 1,000,000 new ordinary shares ("Subscription Shares") at a price of 25 pence per Subscription Share. Additionally, a further £100,000 has been raised through the subscription to a convertible bond ("PIK Convertible Bonds").

Subscribers to the Subscription Shares will also receive 500,000 warrants (the "Warrants"), or 50% warrant coverage, with each Warrant exercisable at a strike price of 32.5 pence per ordinary share. The Warrants will have a maturity date of 15 February 2028 and call feature should the Company's closing mid-price exceed 50 pence for three consecutive trading days.

The Company has also issued £100,000 of PIK Convertible Bonds to a single longstanding and supportive shareholder. The PIK Convertible Bonds are debt instruments but junior in ranking to trading finance facilities, have a 12% annual coupon payable in the form of new payment-in-kind bonds (non-cash), are convertible into ordinary shares at a price of 32.5 pence per share and are redeemable on the 31 December 2027.

Strategic Use of Proceeds

The funds will be deployed to accelerate the expansion of the Company's trading operations in Rwanda, including securing larger premises to materially increase throughput capacity, supplier aggregation and operational efficiency.

This expansion builds on the strong momentum within Aterian's Rwandan subsidiary, Eastinco Ltd, and follows the recently announced trade-funding partnership in Rwanda, which has strengthened the business's working capital base. Together, the new facility and enhanced funding capacity position the Company to scale trading volumes significantly while maintaining high compliance and responsible sourcing standards.

Building a Scalable, Cash-Generative Platform

The Board's strategy is to establish a self-sustaining, cash-generative trading arm capable of funding exploration and reducing reliance on equity dilution. Investment in expanded infrastructure at this stage provides capacity headroom ahead of anticipated supplier growth and increasing international demand.

In parallel, Eastinco is advancing discussions regarding blockchain-based traceability systems, including engagement with the Rwanda Mines and Petroleum Board, further reinforcing Aterian's commitment to transparency, ESG leadership and OECD-aligned due diligence.

Charles Bray, Chairman of Aterian plc, commented:

"This capital expansion marks a decisive step in scaling our trading platform to meet bullish funding requirements with lower-cost capital than the mezzanine trading funds previously secured. We are investing ahead of the curve to ensure Eastinco has the funding and infrastructure required to handle significantly greater coltan supply volumes while maintaining the highest standards of compliance and transparency, while market conditions are excellent and coltan prices scale new all-time highs.

The combination of lower-cost capital with expanded physical capacity and the implementation of improved traceability mechanisms demonstrates our intent to build a modern, scalable, and trusted critical minerals trading business as a major differentiator. We believe this infrastructure upgrade strengthens our ability to generate cash flow, improve margins and reduce reliance on future dilution as the business scales."

The Board believes this investment materially strengthens Aterian's trading-led growth strategy and looks forward to updating shareholders as revenue generation grows.

An application will be made for the Subscription Shares to be admitted to trading on the London Stock Exchange, with admission expected to occur on or around 24 February 2026 ("Admission"). Following the issue of the Subscription Shares, the Company's enlarged issued share capital will comprise 17,084,000 Ordinary Shares.

This figure of 17,084,000 represents the total voting rights in the Company and should be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in the Company under the Financial Conduct Authority's Disclosure Guidance & Transparency Rules.

Aterian Plc:

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

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

Financial Adviser and Joint Broker:

AlbR Capital Limited

David Coffman / Dan Harris

Colin Rowbury

Joint Broker:

SP Angel Corporate Finance LLP

Ewan Leggat / Adam Cowl

Financial PR:

Bald Voodoo - ben@baldvoodoo.com

Ben Kilbey

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