PIK Bond Conversion

Aterian PLC

20 May 2026

 

20 May 2026

Aterian Plc
("Aterian" or the "Company")

PIK Bond Conversion

Aterian Plc (LSE: ATN), the Africa-focused critical minerals exploration, development and trading company, announces the conversion and redemption of a portion of its outstanding PIK Bonds through the issue of new ordinary shares in the Company following a conversion notice from a Bondholder.

The Company has approved the redemption and conversion of £54,000 of the PIK Bonds, pursuant to their terms, including accrued and capitalised amounts.

The conversion amount will be satisfied through the issue of 216,000 new ordinary shares of £0.10 each in the capital of the Company ("Ordinary Shares") at a conversion price of 25 pence per Ordinary Share (the "Conversion Shares"). The Conversion Shares will rank pari passu with the Company's existing Ordinary Shares in all respects. Application will be made for the Conversion Shares to be admitted to trading on the London Stock Exchange, and admission is expected to become effective on or around 26 May 2026.

Charles Bray, Executive Chairman of Aterian, commented:

"We are pleased to have redeemed a portion of PIK Bonds and Mezzanine debt and we shall continue to look to buy these securities to reduce debt and potential dilution.

We remain focused on maintaining capital discipline while continuing to build a diversified critical minerals platform with exposure to both near-term operational growth and long-term value creation opportunities."

Total Voting Rights

Following Admission of the Conversion Shares, the Company will have 17,900,000 Ordinary Shares in issue, each carrying one voting right. The Company does not hold any Ordinary Shares in treasury.

Accordingly, the total number of voting rights in the Company will be 17,900,000. Shareholders may use this figure as the denominator for calculations by which they determine whether they are required to notify their interest in, or change to their interest in, the Company's share capital under the FCA's Disclosure Guidance and Transparency Rules.

- ENDS -

This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).

Engage directly with the Aterian PLC management team by asking questions, watching video summaries, and seeing what other shareholders have to say. Please navigate to our interactive investor hub here: https://aterianplc.com/s/fcf8eb

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

Aterian Plc:

Charles Bray, Executive Chairman - [e-mail]

Simon Rollason, Director - [e-mail]

Financial Adviser and Joint Broker:

AlbR Capital Limited

David Coffman / Dan Harris

Colin Rowbury

Tel: [phone]

Joint Broker:

SP Angel Corporate Finance LLP

Ewan Leggat / Devik Mehta

Tel: [phone]

Financial PR:

Bald Voodoo - [e-mail]

Ben Kilbey
Tel: [phone]

Notes to Editors:

About Aterian plc

www.aterianplc.com

Aterian plc is an LSE-listed exploration and development company with a diversified African portfolio of critical metals projects.

Aterian plc is actively seeking to acquire and develop new critical metal resources to strengthen its existing asset base while supporting ethical and sustainable supply chains as the world transitions to a sustainable, renewable future. The supply of these metals is vital for developing the renewable energy, automotive, and electronic manufacturing sectors, which are increasingly important in reducing carbon emissions and meeting global climate ambitions.

Aterian has a portfolio of multiple copper-silver (+gold) and base-metal projects in Morocco. Aterian holds a 90% interest in Atlantis Metals, a private Botswana-registered company holding eleven mineral prospecting licences for copper-silver in the world-renowned Kalahari Copperbelt and three for lithium and salt brine exploration in the Makgadikgadi Pans region. The Company also holds an exploration licence in southern Rwanda, where it is evaluating the tantalum and niobium opportunity, in addition to further exploring for pegmatite-hosted lithium.

The Company's strategy is to seek new exploration and production opportunities across the African continent and to develop new sources of critical mineral assets for exploration, development, and trading.

 

END