Q1 2026 Rwanda Trading Update

Aterian plc (LSE: ATN), the critical minerals exploration and development company, is pleased to provide an update on its Rwandan mineral trading operations for the first quarter ended 31 March 2026.

The Company continued to deliver strong growth in its trading activities during the period, generating an unaudited gross profit of approximately US$306,000. This represents a significant increase from the US$145,000 reported in Q4 2025, reflecting both higher volumes and improved operational efficiency.

This performance highlights the continued successful execution of the Company's strategy to complement its exploration portfolio with near-term, cash-generative trading activities. The Company remains focused exclusively on responsibly sourced, fully traceable mineral supply chains. The emphasis remains on maintaining high traceability compliance and general margin discipline, along with continued supply growth from compliant sources.

Aterian Executive Chairman Charles Bray commented:

"We have witnessed further growth in the development of Eastinco's trading platform, with Q1 2026 unaudited gross profit increasing to approximately US$306,000, more than doubling the US$145,000 reported in Q4 2025.

This strong improvement reflects a more robust and scalable trading model capable of delivering meaningful cash generation alongside our exploration activities. We are particularly encouraged by the growing consistency of supply from compliant sources and the strengthening demand environment, supported by favourable commodity pricing and increasing global requirements for responsibly sourced materials. This positions Aterian as a credible and differentiated participant in the international critical minerals market.

The progress achieved during the quarter provides clear validation of our strategy to integrate trading as a core component of the Company's value proposition. As we move to a larger processing facility and continue to scale operations, we expect further improvements in both volumes and profit potential, supported by enhanced working capital solutions and deepening relationships with strategic partners.

Looking ahead, we remain confident that the trading business will play an increasingly important role in underpinning Aterian's financial profile, reducing reliance on external funding, and creating a strong platform from which to advance our broader portfolio of exploration and development assets."

Outlook

Building on the positive momentum highlighted in the Company's 23 March 2026 update announcing the strategic trading JV with Wogen Resources, this latest performance demonstrates continued delivery against strategy. The Company expects further operational progress throughout 2026 as trading volumes increase and efficiencies improve.

The Company will provide further updates on its trading operations and strategic developments as appropriate.

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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