Aim-listed Aterian – the Africa-focused critical metals exploration and development company – announced that it has agreed heads of terms for a transformational strategic commercial and funding partnership relating to the sale, marketing and funding of its Rwandan-origin tantalum concentrates.

The company explains that the arrangement will apply to 100% of its saleable tantalum concentrate production consolidated through its subsidiary, Eastinco, in Rwanda, and is expected to begin from February, subject to the execution of definitive agreements and customary approvals.

Aterian says this partnership represents the most significant commercial agreement in the company’s history and marks a decisive step change in the group's trading capability, liquidity profile and ability to scale operations.

Key highlights include a 50:50 profit and loss share on international sales of tantalum concentrates, providing direct exposure to global pricing and margins, as well as a comprehensive working capital solution, removing all material funding bottlenecks across the trading cycle.

This includes a significantly reduced equity requirement for same-day facility funding; in-warehouse inventory financing in Kigali; and working capital facility funding material purchases.

Other highlights include immediate acceleration of trading capacity, enabling higher volumes without an overly constrained balance sheet; and centralised international marketing, sales and logistical support to global end customers.

Additionally, the company says this replaces the existing sales and marketing arrangement for new material.

"This is a landmark transaction for Aterian and the most significant commercial agreement the company has entered into since listing on the LSE.

“It represents a step change in our ability to trade, scale, and generate cash, with a dramatically reduced equity capital contribution from Aterian,” says Aterian executive chairperson Charles Bray.

He says the structure removes the single biggest impediment that the company has faced to date, that of working capital constraints with an undervalued share price, and allows the company to materially accelerate trading volumes immediately without balance-sheet stress or shareholder dilution.

“Beyond liquidity, this partnership embeds Aterian within the global tantalum supply chain, providing direct exposure to international pricing, margins and long-term commercial relationships.

“It transforms Aterian from a somewhat constrained trader into a scalable, cash-generative platform.

“The board believes this structure supports sustainable growth, enhances shareholder value and builds a stronger foundation for the company's future development."

Aterian says this agreement fully resolves its historical working capital constraints and fundamentally changes the economics, pace and scalability of the group's trading operations.

The structure provides predictable, scalable liquidity aligned with volume growth; significantly improved cash flow visibility and resilience; the ability to fund procurement and inventory without expensive equity dilution; and a materially reduced balance-sheet burden.

Crucially, the company says this partnership enables Aterian to transition from opportunistic trading to a scaled, institutional-grade trading platform capable of rapidly growing volumes while maintaining disciplined risk management and full compliance.

Strategically, Aterian says, it is now embedded directly within the global tantalum value chain, moving beyond a simple producer or aggregator model and into a long-term, integrated commercial role with direct access to international markets, pricing dynamics and downstream demand.

The company explains that all material will continue to be sourced exclusively from Rwanda under internationally recognised responsible sourcing frameworks, including responsible mineral supply chains scheme ITSCI, and the Organisation for Economic Cooperation and Development and Responsible Minerals Initiative standards, ensuring full traceability, ethical supply chains and regulatory compliance.

Aterian says definitive agreements are now being progressed, subject to due diligence, regulatory approvals and final board approvals.

Further updates will be provided as work progresses.