Aim-listed Aterian has reported encouraging results from an independent geophysical study completed over prospecting licence PL265/2025, in the Kalahari Copperbelt (KCB), in Botswana.

The company explains that the licence is wholly owned by private Botswana-registered business Atlantis Metals, in which Aterian has a 90% interest.

The award of the licence was previously announced on December 15, 2025.

Aterian says the study confirms that PL265/2025 is located within a proven, world-class copper/silver district, directly along strike from operating and advanced deposits in the KCB, including copper miner Sandfire Resources' Motheo mine.

Importantly, Aterian says the work has identified multiple priority targets that materially enhance the potential scale, quality and future value of the licence.

With copper prices strengthening on the back of accelerating electrification, energy-transition demand and constrained new supply, the company says the board believes the KCB represents one of the most attractive global jurisdictions for long-term copper exposure and value creation.

Aterian points out that three priority target areas on the licence have been designated as critical for follow-up exploration and drill targeting.

The company notes that interpretation of airborne magnetic data identifies multiple sub-parallel east-northeast- and west-southwest-trending thrust structures and associated folding, considered favourable for copper mineralisation targeting.

Additionally, structural interpretation indicates truncation of Lower D'Kar Formation sediments against basement units, a recognised geological setting for copper deposits in the region.

Aterian says historical copper-in-soil anomalies exceeding 18 parts per million copper coincide with key thrust structures.

Moreover, legacy airborne electromagnetic (EM) data highlights near-surface conductive horizons, interpreted as carbonaceous units of the Lower D'Kar Formation.

"We are very encouraged by the results of the independent geophysical study over PL265/2025 in the KCB,” says Aterian CEO Charles Bray. 

He explains that the delineation of three priority target areas provides a clear and focused pathway for follow-up exploration and materially reduces early-stage technical risk.

“The board believes these results significantly strengthen the investment case for the project and justify advancing to the next phase of systematic exploration.

“PL265/2025 represents a high-quality opportunity in a stable, mining-friendly jurisdiction and aligns well with the company's strategy of building meaningful exposure to prospective copper assets, especially given the backdrop of rising critical metal prices,” says Bray.

Based on the study's recommendations, the company is planning a first-phase exploration programme comprising detailed ground or drone-based magnetic surveys across the three target areas, followed by targeted electromagnetic surveys to delineate conductive horizons and refine future drill targets.

The company says further updates will be provided as exploration planning progresses.