Q1 2026 Rwanda Trading Update

§ 01 Executive Snapshot

• What: Aterian plc reports a strong performance in its Rwandan mineral trading operations for Q1 2026.
• Who: Aterian plc, Executive Chairman Charles Bray.
• Why it matters: The company's growth in trading activities enhances its financial profile and supports its strategy of integrating trading with exploration operations.

§ 02 Key Developments

• The unaudited gross profit for Q1 2026 was approximately US$306,000, up from US$145,000 in Q4 2025.
• Aterian's strategy focuses on responsibly sourced, fully traceable mineral supply chains, emphasizing traceability compliance and margin discipline.
• The company is moving to a larger processing facility to scale operations and improve profit potential.

§ 03 Strategic Context

• Aterian's trading operations are part of a broader strategy to complement its exploration portfolio with cash-generative activities.
• The market for critical minerals is tightening, with increasing global demand for responsibly sourced materials, positioning Aterian favorably.

§ 04 Strategic Implications

• Immediate implications include enhanced cash generation and reduced reliance on external funding due to improved trading performance.
• Long-term, the integration of trading into Aterian's business model is expected to strengthen its market position and operational efficiencies.

§ 05 Risks & Constraints

• Potential risks include regulatory challenges related to sourcing and compliance in the critical minerals market.
• Competition from other mining companies and fluctuations in commodity prices may impact trading performance and profitability.

§ 06 Watchlist / Forward Signals

• The company anticipates further operational progress throughout 2026, with increasing trading volumes and efficiencies.
• Future updates on strategic developments and trading operations will indicate the success of Aterian's integration of trading into its overall strategy.