Aterian’s Rwanda tungsten trial secures £180k via convertible loan

Aterian Plc’s Eastinco Limited has secured £180,000 through a zero-coupon convertible loan note from existing shareholders to fund a small-scale trial of tungsten ore and concentrates in Rwanda. The proceeds will support operational infrastructure, expand premises for sourcing and segregating tungsten-bearing material, and enable aggregation of commercially viable quantities for sale. The initiative marks a pivot from Eastinco’s historical focus on tantalum, positioning the unit as a stepping stone toward a broader critical-minerals trading business in East Africa. The trial, which begins with approved Rwandan suppliers, aims to establish reliable supply chains, consistent product grades, and pricing mechanisms while assessing working capital needs for recurring transactions. Terms include automatic conversion to Aterian shares at 25 pence per share by December 31, 2026, along with 300,000 warrants exercisable at 32.5 pence with a 50p hard call feature, expiring February 15, 2028. Eastinco’s chairman, Charles Bray, highlighted the company’s existing investments in local relationships, responsible sourcing frameworks, and trading expertise in Rwanda, which he expects to underpin future expansion into other critical commodities. Aterian also holds a 90% stake in Atlantis Metals, which operates mineral prospecting licences in Botswana, and has exploration interests in copper-silver and base-metal projects in Morocco and southern Rwanda.