1st May 2025 14:40
(Alliance News) - Aterian PLC on Thursday said its loss widened during 2024 as a result of higher expenses, and announced it has raised nearly GBP500,000 through new strategic funding.
The Africa-focused mining company with projects in Botswana, Morocco and Rwanda said its pretax loss widened to GBP1.6 million in 2024 from GBP1.1 million in 2023.
This was despite reporting revenue of GBP42,000 for the year, against none the year before, as cost of sales also totalled GBP42,000 compared to none a year prior.
Administrative expenses increased 13% to GBP1.7 million from GBP1.5 million as a result of higher staff and associated overhead costs, which were partly offset by a reduction in legal and professional costs.
The firm recorded a GBP10,000 gain on property plant and equipment disposals, down from GBP272,000 in 2023.
"We maintain a highly positive outlook for Aterian and remain confident in the significant value potential of our existing asset portfolio for the company, its shareholders, and other stakeholders," said Chair Charles Bray.
"Our strategic joint venture with Rio Tinto for lithium exploration in Rwanda further reinforces our conviction and positions us for long-term success, whether our partner ultimately partakes further in the partnership or not.
"Looking ahead, 2025 stands to be a transformative year for Aterian - one filled with critical milestones, operational progress, and the potential to deliver meaningful value creation."
Aterian also on Thursday said it has secured signed subscriptions for GBP468,000 of equity capital via the issue of convertible bonds to new and existing investors.
The bonds have a three-year maturity, carry an 8% annual coupon and expire on April 28, 2028.
"This funding marks an inflection point for Aterian. We are building a hybrid business model, one that combines scalable exploration across critical mineral jurisdictions with active, revenue-generating operations," added Bray.
Shares in Aterian were down 2.4% at 40.50 pence each in London on Thursday afternoon.
By Emily Parsons, Alliance News reporter
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