UK-based junior miner Aterian announced Dec. 9 that it has signed a binding memorandum of understanding with French start-up Lithosquare to launch a joint copper exploration program in Morocco and Botswana.
Under the agreement, Aterian will use Lithosquare’s data science and artificial intelligence tools to identify high-potential copper targets, joining a growing number of mining companies in Africa turning to AI to improve mineral discovery.
The partnership includes a €1.4 million ($1.6 million) exploration program that will be fully funded by Lithosquare and carried out in two phases. The companies said the goal is to accelerate target identification and improve drilling outcomes through algorithmic modeling, geophysical analysis and data-driven exploration techniques.
An initial €500,000 tranche will support target generation using AI algorithms, geophysics, mapping and early-stage drilling to validate priority zones. If results are positive, a second tranche of €900,000 will fund more extensive drilling on the most advanced targets.
The agreement covers eight Aterian licenses totaling 2,898 square kilometers across the Kalahari Copperbelt in Botswana and the Anti-Atlas region of Morocco. Aterian holds dozens of licenses in both countries but did not disclose which additional projects may be included in the partnership.
Several mining companies operating in Africa have recently reported AI-driven exploration successes. In 2024, US-based KoBold Metals announced the discovery of a copper deposit in Zambia that it said could be the country’s largest find in more than a century. That same year, UK-based Botswana Diamonds submitted a large, field-collected dataset to an AI-powered analysis system that identified drilling targets, leading the company to apply for exploration permits.
Aterian Executive Chairman Charles Bray said the initiative marks a significant step for the company’s exploration strategy.
“The exploration program gives us an immediate way to unlock large-scale value quickly across several copper belts,” Bray said. “It is a bold and highly strategic initiative that adds real momentum to our exploration program, with spending focused specifically on the most promising targets in the portfolio.”
The structure of the agreement allows Lithosquare to earn up to a 49.9% interest in designated projects, along with a net smelter return royalty of up to 2% on any future production. Lithosquare will enter the joint venture with an initial 20% stake and a 0.5% net smelter return royalty. Aterian said the arrangement accelerates project development without diluting shareholder equity.
Lithosquare remains a young company with limited operating history in the mining sector, particularly in Africa. Aterian has not said whether it would seek additional partners for large-scale development or mine construction if the exploration program results in major discoveries.
