Serial Investor

🚨A High Octane Set Up #ATERIAN #ATN To Private Investors and LONGS: You have watched your company deliver asset after asset, partnership after partnership, and milestone after milestone. And yet, the share price sits at a paltry 29p, obscenely disconnected from the fundamentals. You have asked yourself: What am I missing? The answer is nothing. You were never the problem. For months, a silent, mechanical seller has been pressing the bid. Not a short seller. Not a bear. Not someone who understood the business. Just a highly efficient, highly rational machine, executing a trade. That machine has now run out of shares. And the management team — the very people who know the value of every license, every joint venture, and every pound of tantalum — are now openly discussing buying the whole company out from under everyone else. This is the story of how the overhang died, how the warrants became a tailwind, and why the next few weeks could be the most consequential in Aterian's history. 1️⃣ PART ONE: THE PHANTOM IN THE REGISTER Let’s go back to 31 December 2025. At that time, Aterian had 16,684,000 shares in issue. The register was clean, tight, and committed. Altus owned 14.46%. Charles Bray owned 8.16%. Summerhill owned 7.97%. Dowgate owned 6.63%. These were not flippers. These were bedrock holders. Then came 19 February 2026. The company announced a placing: 1,000,000 new shares at 25p, plus 500,000 free warrants with a strike price of 32.5p. The participants? A group of sophisticated retail investors operating under the Hargreaves Lansdown umbrella. They are not evil. They are not stupid. They are simply playing a different game. Their game is this: ✅ Buy the placing at a discount. ✅ Receive free warrants. ✅ Sell the shares into the market ASAP. ✅ Keep the warrants as a free lottery ticket. ✅ Repeat with the next deal. Yes, they are capital recyclers. They are not long-term believers. And they do not care about Rio Tinto's sunk costs, or the Tantalum trading JV with the billion-dollar WOGEN, or the £26.1M sum-of-the-parts valuation attributable to the company. All they care about is one thing: turning over their £250,000 as fast as possible. Period. And so, beginning on 23 February 2026, they began to sell. 2️⃣ PART TWO: THE DREADED FIVE WEEKS For five weeks, from 23 February to 01 April 2026, those 1,000,000 shares trickled into the market. At ~40,000 shares per day, it was barely noticeable in isolation. But it was enough to cap every rally, absorb every bid, and convince the algo-trader that something was wrong. It was not wrong. It was just a pipeline. And then, on or around 01 April 2026, the pipeline ran dry. Let’s be clear about what that means. As of today, 09 April 2026, the Hargreaves Lansdown group holds a negligible amount of shares, if any, in Aterian PLC. I know. I’ve done the math. I’ve totalled-up the weekly block sales since February and it all adds up. HL are out. Of course, you'll still have sellers in a normal functioning market, and which is key to any price appreciation. But overall, the big seller is gone. 3️⃣ PART THREE: THE SILENT BULL IN THE ROOM But here’s where the story becomes truly elegant. HL still hold 500,000 warrants. Each warrant gives them the right to buy a share at 32.5p at any time before 15 February 2028. They paid nothing for these warrants. If the share price stays at 29p, the warrants are worthless. If the share price rises above 32.5p, they become valuable. And if the share price reaches 50p for three consecutive days, the company can force them to exercise. Do you see what has happened? The very people who were selling shares are now incentivised to see the share price rise. They have gone from being a headwind to a tailwind. 4️⃣ PART FOUR: THE MBO Now we come to the most bullish element of all. The Executive Chairman has publicly stated that the management team, represented by Summerhill Trust, is contemplating a management buyout should the company’s obscene undervaluation persist. Let that sink in for a moment. The people who run the company, who oversee every balance sheet, every license, every conversation with Rio Tinto and WOGEN, believe the market is so wrong that they are considering buying the entire business themselves. This is not a marketing gimmick. This is not a ploy to support the share price. This is the ultimate insider signal. And here’s how it would work: Summerhill Trust and Charles Bray (already holding 15.21% combined) would partner with specialist private equity or debt financier. They would make a cash offer to all shareholders. To take the company private, they would need 75% acceptance. At 29p, the entire company costs just £5.13 million. At a realistic offer of 45p-55p, the cost rises to £7.9 million – £9.7 million. But here's the kicker: the company’s SOTP valuation is £26.1 million, or 148p per share. Even at 55p, they would be buying the company for a fraction of what they believe it's worth. That's not a buyout. That's a heist. And they are considering it because they know what you know: the market has made a catastrophic error. 5️⃣ PART FIVE: THE ASSETS Let’s remind ourselves why 29p is absurd. ✅ Lithosquare licenses (8 licenses, 20% sold for €1.4M) → £6.1M ✅ HCK Project (Rio Tinto spent US$5M proving it up) → £2.0M ✅ Agdas copper-silver project (fully permitted) → £1.0M ✅ Tantalum trading JV with WOGEN (target £1M net profit in 2027) → £12.0M (12x PE, adjusted following Q1 2026 trading update) ✅ Remaining exploration acreage (Rwanda, Botswana, Morocco) circled by Tier-1 operators → £5.0M 👉 Total Fair Value → £26.1M (148p per share) At 29p, the market says: All of that is worth £5.13 million. That is a 5x upside just to reach a conservative, tangible, third-party-validated valuation. 6️⃣PART SIX: WHERE WE STAND TODAY Let me lay out the current landscape as clearly as I can: ✅ HL placing shares → Fully exited ✅ HL warrants → 500,000 held → now a bullish incentive above 32.5p and a likely selling point at the 50p — 55p mark. ✅ Management alignment → 15.21% → and considering an MBO ✅ Market cap → £5.13M → a fraction of fair value ✅ Fair value (sum-of-the-parts) → £26.1M → 148p per share ✅ Upside to fair value → 5x A FINAL WORD TO THE LONGS You've held through the five weeks of relentless selling. You've watched the share price refuse to reflect the obvious value. But that phase is over. The machine has run out of shares. The warrants have flipped the incentive. And the management team, the people who know best, are openly discussing taking the company private because they believe the market is wrong. They are right. The market is wrong. And when the market realises that the overhang is gone, the MBO is real, and the SOTP valuation is not speculation but arithmetic, you’ll need to buckle up, for what lies before you is a high octane set up.

🚨What's Aterian Actually Worth? #ATERIAN #ATN Aterian has 17,684,000 Ordinary Shares in issue. At 23p per share, the entire company (everything it owns, its trading business, its exploration projects, its partnerships) is being valued by the market at just £4.07M. That is the starting point. Now, let's walk through the Executive Chairman's recent interview with Sunday Roast and see what it tells us about the company's actual worth. By the way, this is not speculation. These figures come directly from what third parties have already spent or committed to the company's assets. 1️⃣Exploration Licenses: Lithosquare, a strategic partner, is spending €1.4M to acquire a 20% stake in eight of Aterian's licenses. If 20% is worth €1.4M, then 100% of those licenses is worth approximately €7 million. In pound sterling, that is £6.1M. 2️⃣HCK Project (Rio Tinto Validation): Mining giant Rio Tinto spent US$5M proving-up the HCK project. That's money already in the ground. If we then acknowledge that the 'sunk exploration cost' has real value, this single project is, therefore, worth at least £2M to Aterian. 3️⃣Moroccan Copper-Silver Project (Agdas): Aterian owns 100% of Agdas. It has just secured its Environmental Impact Assessment approval, a major regulatory milestone that materially de-risks the project. While not yet drilled, a copper-silver project at this stage of development with full permitting carries a baseline value. A conservative placeholder is £1M. 4️⃣Tantalum Trading Joint Venture with WOGEN: This is where the story transforms. Charles Bray has explicitly targeted the trading business to deliver £1M in NET PROFIT to Aterian in 2027. To be crystal clear, a profitable, scalable, trading platform with a TOP-FIVE global partner is NOT a speculative asset. Chiefly, in the public markets, a business generating £1M in annual net profit would typically command a price-to-earnings multiple of 10x. That alone gives this division a standalone value of £10M. 5️⃣The Remaining Exploration Portfolio: Aterian's Rwanda, Botswana, and Morocco acreage, with significant exploration upside, is assigned a nominal value of £5M - which is more than reasonable given the scale of the opportunity and the calibre of BIG PLAYERS (£3.6bn mcap Sandfire Resources in Botswana, £7.5bn mcap Managem SA in Morocco, and £350M mcap Trinity Metals in Rwanda), extracting metal within close proximity of the assets. 🚨Adding It All Up: 1️⃣ Exploration Licences (Lithosquare) → £6.1M 2️⃣ HCK Project (Rio Tinto) → £2M 3️⃣ Moroccan Copper-Silver Project → £1M 4️⃣ Tantalum Trading JV with WOGEN → £10M 5️⃣ The Remaining Exploration Acreage → £5M 👉TOTAL FAIR VALUE: £24.1M (136p per share) That's a 6x UPSIDE just to reach the conservative sum-of-the-parts valuation! In a BULL case scenario — where Tantalum prices remain strong, the HCK project moves into development with a partner (as Bray is targeting by year-end), and the trading business exceeds its targets, a fair value of £35M is easily achievable. That would equate to approximately 198p per share, representing an 8.5x return from current levels. 🚨BOTTOM LINE: Boasting a Target Share Price (fair value) of 136p, Aterian represents one of the most compelling, deep-value opportunities in the junior resource sector today.

🚨JUST RELEASED: Chairman's Interview #ATN #ATERIAN #TANTALUM #WOGEN #MULTIBAGGER For those unaware, Aterian’s Executive Chairman just said something extraordinary. youtube.com/watch?v=c8_jpu… In an interview (53mins in...) released today, at 12:30, Charles Bray looked directly at a £4M market cap and effectively told the market it has lost its mind. His words, not mine. And for private investors sitting on the side lines, this interview is the most direct, unfiltered, and compelling explanation of why Aterian represents one of the MOST ABSURD MISPRICINGS on AIM today. 1️⃣Let's start with the partnership that just went live. Aterian has secured a 50|50 joint venture with Wogen, and Bray is unflinching in describing its significance: "This is one of the world's best, metal-focused trading companies! Wogen is a billion-dollar, London trading house with 50 years of history, and they have chosen Aterian as their exclusive partner in Rwanda.” 2️⃣Bray then goes on to explain the strategic shift: "The Rwandan market has historically had a heavy dependence on Chinese refiners. So for us, this offers the opportunity to increase those margins by broadening the market pool. The result is a funded, scalable platform that fundamentally changes the company's financial trajectory.” 3️⃣What does this mean for 2026? Bray is specific: “The company now expects trading revenues to cover 2026 operational expenses, and in effect, investors will have exploration assets for free." Let that sink in. The entire exploration portfolio—high-grade copper in Morocco, district-scale copper in Botswana, the HCK lithium-tantalum project with Rio Tinto's US$5 million data set—becomes a zero-cost option package funded entirely by the trading division. 4️⃣When asked if this removes the need for equity raises, Bray responded: “I don't see why we would need to go back to the equity markets.” No dilution. No death spiral. Just cash flow funding growth. 5️⃣And the growth trajectory is explicit. Bray outlined targets: "We're looking to increase the gross profit per quarter at approximately 50%. So that for us would mean that in 2026, we would cover our expenses. And 2027 would be, let's say, closer to £2.5M of gross profit!” That is not a forecast. That is a stated target from the Executive Chairman. 6️⃣Then there is HCK, the Rwandan project where Rio Tinto spent US$4.7 million proving mineralisation before walking away because it wasn't Tier-1 scale. For Aterian, it is a company-maker. Bray walked investors through the numbers: "From our preliminary analysis, it's approximately 35% Tantalum and approximately 40% Niobium, and that's virtually the entire hill that you can see." 7️⃣The Tantalum price has more than trebled since Rio walked. Bray confirms: "Last year this time, we could have worked on developing HCK and it still would have been profitable. So we're in a much, much better situation. The company is now in discussions with partners to take HCK into development by the end of this year.” 8️⃣The competitive landscape is equally telling. When asked who else provides fully traceable, conflict-free tantalum at scale, Bray was candid: "If you read the reports by the various NGOs... nobody, just us." 9️⃣He acknowledged Traxys as a billion-dollar competitor, but concluded: "That's our only competition. Aterian IS ONE OF TWO PLAYERS IN THE WORLD, offering what the market increasingly demands: certified, ethical, fully traceable critical minerals.” The demand drivers are accelerating. Bray notes that: “Tantalum is not a niche curiosity; it is the hidden backbone of the AI revolution, and Aterian has a front-row seat.” 🔟The exploration portfolio is also advancing. The EIA approval for Agdz in Morocco has been secured, a milestone Bray describes as "not easy to come by." It de-risks the project and accelerates development. And Lithosquare, the AI exploration partner, has completed its targeting. Bray reveals: "They matched off with what we had prioritised, not necessarily in the same order. The work they did was actually quite remarkable. They did the equivalent of what it would take us probably 20 geologists to do over the past three to four months. The announcement of their expenditure focus is imminent.” 🚨Which brings us back to the VALUATION. Bray's closing comments are the most damning indictment of the market's inefficiency. "Rio Tinto spending US$5 million on HCK1 alone gives you some indication of what Eastinco or the Rwandan business is worth. That's not counting the trading. Lithosquare spending 1.4M Euros across 8 different licenses gives you an indication of what those eight licenses are worth. And that's for 20% of those licenses. I think it just boggles the mind." Then the punchline: "I no longer believe in the efficient market hypothesis." 🚨BOTTOM LINE: For private investors on the side lines, the message is unmistakable. Aterian has a funded, scaled trading platform with a billion-dollar partner, targeting profitability in 2026. It has a fully owned exploration portfolio that includes a project Rio Tinto spent millions proving. It has AI partners spending millions to earn into its licenses. It has a management team that has executed partnerships with the world's best. And the entire package trades at £4m? Bray's bewilderment is your opportunity. One Word: MULTIBAGGER!

@investwisely321 @HarryBlake77318 Yes a 3m company has just signed a JV with a billion dollar company Huge huge news #ATN without any doubt in my mind is a multibagger

🚨So, an absolutely cracking RNS today at #ATERIAN #ATN #TANTALUM #WOGEN #MULTIBAGGER Let's start by translating the Chairman’s comments, and what they actually mean for those who read between the lines. 1️⃣"This achievement speaks volumes about the quality of our assets, our team, and our operational and traceability standards.” TRANSLATION: We've passed the most rigorous due diligence in the metals trading world. The Wogen Group doesn't partner with amateurs. This is a statement that Aterian's systems, compliance, and ethics are now institutional-grade. 2️⃣"The credibility associated with working alongside Wogen materially enhances our positioning with stakeholders, including regulators, financiers, and prospective partners.” TRANSLATION: We are now a credible counterparty for major banks, government buyers, and future strategic partners. This unlocks doors that were previously closed. 3️⃣"We are targeting trading net revenues to fully cover Aterian operational expenses for the full year 2026.” TRANSLATION: The Tantalum trading division will now pay for everything. All exploration, all corporate overhead, all growth – funded by cash flow, not equity. The dilutive death spiral that kills most juniors is over. Every pound of exploration in Morocco, Botswana, and Rwanda is now a free option. 4️⃣"Clearer details as to our trading volumes and profitability as established over a representative period.” TRANSLATION: We are now in a quiet period of scaling, but the next quarterly update will show numbers that will force a complete re-rating. He's managing expectations while telegraphing that the data is coming. Now, contextualise all that with the Tantalum market. 5️⃣“10 MTs of 30% grade Ta2O5 CIF China is valued at approximately US$1.5 million USD.” TRANSLATION: This is a mathematical signal. At these prices, even modest volumes generate millions in revenue. With a 50/50 profit share, and a funded working capital facility, Aterian's cash flow is now directly levered to a commodity in a historic bull run. 🚨Now, let's talk about WOGEN, a billion-dollar critical minerals player — because understanding who they are reveals the scale of what Aterian has just secured: ✅Through its network (Wogen Resources, Wogen Titanium, Wogen Pacific, and its financing arm Xcelsior Capital), it transacts hundreds of millions of dollars annually across the global critical minerals supply chain. What this means for Aterian's valuation. ✅The JV structure is crystal clear: Wogen provides funding, offtake, and logistics; Eastinco provides origination, processing, compliance, and logistics. This is a 50/50 profit share on international Tantalum sales, with Wogen's working capital facility removing every material funding bottleneck. ✅At today's record Tantalum prices of US$225/lb (up from US$95/lb just four months ago), a single 10-tonne container of 30% grade Ta2O5 is worth approximately US$1.5 million. With a 50% profit share and Wogen funding the working capital, the cash flow generation potential is TRANSFORMATIVE! The estimated value of Aterian following this deal: A conservative re-calculation. Using a sum-of-the-parts framework: ✅Trading Platform (JV with Wogen): The platform now has institutional-grade funding, a blue-chip partner, and exposure to record tantalum prices. At even modest scaling — say US$10-15 million in annual revenue — applying a conservative 2x sales multiple to Aterian's 50% share yields £8-12 million in value from this leg alone! ✅Exploration Portfolio (Morocco Cu-Ag, Botswana Cu, HCK Li-Ta-Nb): Now fully funded by trading cash flow, carrying zero dilution risk. Conservatively valued at £5-8 million. ✅Strategic & AI Premium: Partnerships with Lithosquare and Cambridge, plus the Wogen validation, add £2-3 million. 💥Total conservative fair value: £15-23 million💥 ✅With 17,684,000 shares in issue, that implies a fair value share price of 85p to 130p. The current price of 25p (or 22p on the technical close) represents a 70-80% discount to a rational post-JV valuation. 🚨BOTTOM LINE: Aterian has just secured a partnership with a billion-dollar-scale London institution that has exclusive offtake deals with ASX-listed miners, financing relationships across three continents, and a reputation for absolute integrity. The trading platform is now funded, scaled, and profitable. The exploration portfolio is a free, non-dilutive option package on top. Thus, the disconnect is not just absurd; it's an indictment of market inefficiency. Hold the line!

🚨 BIG STEP FOR @aterianplc 👀 A major milestone for #ATN just landed… and this is EXACTLY what execution looks like 👇 🔥 Strategic JV with Wogen Resources Limited now LIVE 🚚 First export already COMPLETED 📦 More supply being aggregated RIGHT NOW 💰 Near-term revenue generation underway ⚡ Key Takeaways: ✅ Stronger working capital model (LESS reliance on equity 👀) ✅ Same-day liquidity = faster deal flow ✅ Institutional-grade trading & risk framework ✅ Premium positioning via responsible sourcing 🌍 ✅ Built to SCALE trading volumes 💡 From agreement → execution at speed 💡 Revenue visibility improving 💡 Platform now set for growth This is how you build a serious critical minerals trading business 🔋 londonstockexchange.com/news-article/A…

£100k buy in a £4m mcap company #ATN assume price has been held there to allow that buy at 25p. Could start go properly move now from tomorrow

🚨OBSCENELY UNDERVALUED #ATERIAN #ATN #TANTALUM So, can someone explain to me why a LONG would sink £150,000 into a nano-cap stock? The second such investment in three weeks? Whilst definitive agreements to a MAMMOTH transaction are being progressed? Because that's exactly what happened at 13:51 yesterday (RNS). And if you can't answer why, you're missing the entire setup. 🟢The Tantalum Price Move Nobody's Talking About Buried in Charles Bray's quote is the most important data point of 2026: "China Tantalum Concentrate 30% CIF has risen from US$101/lb to US$212/mtu since year-end 2025." TRANSLATION? The raw material Aterian trades has more than doubled in ten weeks. That's not inflation. That's a supply shock meeting an AI-driven demand supercycle. Rubaya is offline and Zimbabwe has banned exports. 🟢The Non-Dilutive Capital Injection This was a zero-coupon CLN to a LONG at 25p, a premium to where the stock was trading, with a notable redemption feature; "This redemption feature provides the Company with the flexibility and optionality to repay the notes in cash should operational cash flows from trading activities continue to remain positive, thereby potentially reducing and | or eliminating dilution to shareholders from the capital raise" . TRANSLATION? The Tantalum trading business is printing serious cash that Bray is publicly telegraphing that they're likely to pay this back rather than dilute. Yes, that's a bullish operational update from the Executive Chairman right there, and hopelessly missed by the market. 🟢The Business the Market Still Values at £4.2M At 24p, with 17.6M shares, Aterian's market cap sits at £4.24 million . For context, that's less than the value of a single shipload of Tantalum concentrate at today's prices. So, what does that £4.24 million buy you? 1️⃣The only LSE-listed boots on the ground in OECD|RMI-compliant Rwanda actively trading Tantalum, and currently generating serious cash. 2️⃣The only leveraged play on the Tantalum supercycle (prices up 110% in ten weeks), on the LSE, funded by a multibillion-dollar partner, trading at a fraction of its intrinsic value. 3️⃣The 100%-owned Agdz Est Copper-Silver asset in Morocco. Exploration drill results confirm multiple mineralized zones hosting Cu and Ag. The drill bit is due to turn shortly. And what's the current price of Cu and Ag? 4️⃣The 100%-owned Sua Pan asset in Botswana, where a material Soda Ash discovery was made on 04/02/2026. 5️⃣The 90%-owned PL265/2025 asset in Botswana. It's located within a proven, world-class, copper-silver district, directly along strike from operating and advanced deposits in the KCB, including Sandfire Resources' Motheo Mine. Importantly, the work has identified multiple priority targets that materially enhance the potential scale, quality, and future value of the Licence. Again, what's the current price of Cu and Ag? 6️⃣The 100%-owned HCK asset in Rwanda, and where Rio Tinto spent US$4.8M in exploratory drilling. High-grade lithium drill results recorded: 6.90m at 2.11% Li₂O, including 3.45m at 3.20% Li₂O. Mining optionality also exists for development of broader mineral systems in tantalum and niobium. What's the price of Li? 7️⃣Rwanda is the world's second-largest Tantalum producer. And beyond Tantalum, Rwanda is a top global exporter of Tungsten (31% of supply in 2022) and a significant Tin producer. The mammoth transaction, when completed, gives Aterian a scalable platform that could, in future, extend into these adjacent, high-demand critical metals. 🚨BOTTOM LINE: Bray doesn't do fluff. When he references the Tantalum price move, when he highlights the redemption feature, when he notes "dramatic moves in commodity demand and pricing", he's telling you that the business fundamentals have shifted beneath a market that's still looking at last year's charts. The mammoth transaction is being finalised. The partner is likely Traxys. The Tantalum price is up 110%. The business is cash-generative. And a LONG just wrote a £150k cheque at a premium. TWO WORDS: OBSCENELY UNDERVALUED

Next BIG mover in the small cap space ⁉️ Have a look into @aterianplc #ATN

🚨HIDDEN IN PLAIN SIGHT #ATERIAN, #ATN, #TANTALUM, #MULTIBAGGER, #LITHIUM, #COPPER, #SILVER 👉How a Tiny London Lister Just Secretly Partnered with a Multibillion-Dollar Giant to Corner the Tantalum Market London-listed junior miner Aterian recently delivered what could only be described as a career-defining masterstroke, yet the market appears to have missed it entirely. The announcement landed in early February 2026 with the kind of understated legalese that typically sends retail eyes glazing over. Heads of Terms signed. Strategic commercial partnership. Working capital solution. Yawn. But scratch the surface, and what emerges is possibly the most asymmetric setup on the entire AIM market. So let's revisit the numbers, the structure, the hidden partner, and the staggering upside that this tiny stock just unlocked. 🚨In a Nutshell: Aterian has signed a 50 | 50 profit share with what we strongly suspect is a multibillion-dollar global trading titan, likely Traxys. This isn't just another mining update. It's a financial revolution. By outsourcing the financial heavy lifting, Aterian has effectively removed the bottleneck from its business model, turning a cash-constrained penny stock into a scalable, cash-generative machine with direct exposure to the red-hot tantalum market. We are looking at a potential 600 percent to 1,600 percent rerating by 2029, all hiding in plain sight on the London exchange. 🚨The Holy Grail Deal: On paper, with a market cap hovering just above £4.3 million, Aterian looks like just another AIM-listed explorer burning through cash and hoping for a drill result. But look closer. On February 09, 2026, they announced they had signed Heads of Terms for a transformational strategic commercial and funding partnership relating to the sale, marketing, and funding of their Rwandan-origin tantalum concentrates. The key details are electric: ✅First, the 50 | 50 profit share means Aterian keeps half the profits on every dollar of tantalum sold internationally. This is direct leverage to surging global prices, not a fixed fee that caps upside. If tantalum prices double, Aterian's profits double. Simple. ✅Second, and this is the kicker, the partner provides 100 percent working capital. That means same-day funding for purchases, in-warehouse inventory financing in Kigali, and cash for material procurement. For a company with a tiny market cap and a previously undervalued share price that made equity raises painfully dilutive, this is the equivalent of strapping a rocket to a skate board. ✅Third, this deal grants institutional status. It embeds Aterian directly into the global tantalum supply chain, moving them from a stressed trader, constantly hunting for cash, to a scalable platform with serious firepower and direct end-customer relationships. 🚨The Silent Partner: Why Traxys Makes Sense: Here is where the narrative gets really interesting. The partner has not been named, cited only as a global metals and minerals trading house specialising in non-ferrous and specialty materials. But the clues are everywhere, and they point in one direction. This partnership is actually an expansion of an existing relationship. In September 2025, Aterian announced it had partnered with a major international trading house to launch its Coltan trading operations in Rwanda, complete with a US$250,000 mezzanine loan facility. That initial partner was described in identical terms. The February 2026 deal is simply that relationship on steroids. So who is it? The strongest candidate, by far, is Traxys. traxys.com/detailnew/185/… Traxys is a physical commodity trader and merchant in the metals and natural resources sectors. Its annual turnover is in excess of US$10 billion (£7.4bn). The company is actively engaged in sourcing, trading, marketing, and distributing non-ferrous metals, ferro-alloys, minerals, industrial raw materials, and energy. So, we're talking about a partner with multibillion-dollar scale. Imagine the dynamic; A £4m London micro-cap standing shoulder to shoulder with a multibillion-dollar global trading powerhouse, splitting profits fifty-fifty on every shipment! That is the kind of asymmetric partnership that venture capitalists dream about. And it’s currently hiding in plain sight because the market is too busy scrolling past the headline to read the fine print. Other candidates exist, of course. Cogency, now part of IXM and backed by Mitsubishi Corporation's massive balance sheet, would also fit the profile. Global Advanced Metals, a key player in the tantalum supply chain, could represent a deep vertical integration play. But Traxys ticks every single box, from African focus to specialty materials expertise to serious financial firepower. 🚨The Numbers Game: Based on the April 2025 US$4.5 million operational trading facility, and aggressive volume assumptions, the growth trajectory is staggering. We are modeling net margins of 15 to 20 percent on concentrate sales, with Aterian taking half. In the conservative path, which we assign a 30 percent probability, volumes hit 80 tonnes by 2029. Revenue reaches approximately US$36 million, and Aterian's share of net profit lands around £1.02m (US$1.35 million). The base case, which carries a 50 percent probability and represents our target, sees volumes double to 150 tonnes. With tantalum prices firming on AI-driven demand, revenue hits roughly US$71 million. Aterian's net profit climbs to £2.3m (US$3.2 million). This implies a three-year revenue compound annual growth rate of 26 percent. In the bull run scenario, which carries a 20 percent probability, volumes explode to 250 tonnes. Revenue smashes through US$125 million, and net profit for Aterian hits £4.5m (US$6.25 million). To put those numbers in context, Aterian's latest reported revenue for Q42025 was just £106,000, with revenues in Q12026 recently mooted (in CEO Interview on 05 Feb 2026) to be approaching £300,000! @thesundayroast4064/videos" target="_blank" rel="nofollow noopener">youtube.com/@thesundayroas… We are talking about scaling from tens of thousands to tens of millions in under three years. That is not growth. That is metamorphosis. 🚨Valuation: The Multiples Game: Using the current share count of 17,084,000 ordinary shares and a current share price of 27p, the math gets seriously exciting. Comparable junior mining and trading companies trade at 10 to 15x price-to-earnings once profitability is established. Applying a 12x multiple to the base case net profit of £2.3m (US$3.2 million) gives an implied market cap of £27.6 million at current exchange rates. Dividing that by the 17,084,000 shares in issue yields a theoretical share price of 161p. In the bull case, applying a 15x multiple to £4.5m (US$6.25 million) of net profit pushes the market cap to £67.5 million. That implies a share price of 395p. Let's put that in perspective. From the current 27p, the base case represents ~600 percent upside and the bull case represents over 1,600 percent upside. That is asymmetric risk at its finest. And it’s hiding in plain sight because the market is, quite frankly, asleep. 🚨Why This Isn't Just Hype: ✅First, there is AI-driven demand. Tantalum is critical for semiconductors and high-performance capacitors. The AI revolution, with its insatiable hunger for computing power and advanced components, is a demand supercycle for this metal. Markets are only beginning to price this in. The Pentagon recently sought up to US$100 million in tantalum for defence applications. This is not speculative demand. It is here, and it is growing. ✅Second, there is Rwanda. It is the only stable, OECD-compliant sourcing hub in the Great Lakes region, offering full traceability and ethical supply chains under ITSCI and RMI standards. Aterian is the only London-listed company with boots on the ground and an operational trading presence there. That is a moat. And with Rwanda actively pushing to position itself as a regional mineral processing hub, early movers like Aterian stand to benefit from long-term government alignment. ✅Third, there is the free option. Beyond trading, Aterian holds the HCK exploration project, which comes with a Rio Tinto-generated dataset following the major's US$4.73 million investment and eventual exit. Rio Tinto does not spend that kind of money on dirt without seeing serious potential. If Aterian converts that project into production, they vertically integrate from miner to trader and command even higher multiples. The exploration upside is a free call option on top of the trading cash flow. 🚨The Risks (Because Nothing is Free): The partner remains anonymous. If that relationship sours, the entire funding model breaks. Investors are placing trust in management's ability to maintain that alignment. The fact that this is an expansion of an existing relationship rather than a new one provides some comfort, but it remains a concentration risk. Rwandan tax policy is shifting. A new bill before parliament aims to incentivise local processing, which could eventually impose higher taxes on raw concentrate exports. Aterian will need to navigate this carefully. The flip side is that if they eventually process in-country, they could qualify for lower royalty rates of just 2 to 3 percent. Tantalum prices, while hot, are volatile. A sudden demand shock or supply glut would directly impact the 50/50 profit share. That said, the long-term demand story from AI, defence, and 5G provides a structural floor. And finally, there is competition. Other traders are eyeing Rwandan supply. Aterian's first-mover advantage is real, but it is not permanent. They need to execute and scale quickly to cement their position. 🚨The Final Word: Aterian has executed a classic financial manoeuvre: de-risking the balance sheet to maximise operational leverage. The company is poised to transform its revenue base from thousands to tens of millions. For investors willing to look past the market's apparent indifference, the next three years offer a compelling narrative of scarcity, demand, and financial alchemy. The definitive agreements are being finalised as we speak. When they drop, and when the market finally connects the dots between a tiny London lister and a multibillion-dollar trading partner hiding in plain sight, the rerating could be violent. 🚨Data Snapshot: Shares in issue stand at 17,084,000. The current price is 27p, giving a market cap of approximately £4.60 million. The catalyst to watch is the finalisation of the Heads of Terms into definitive agreements, which is imminent. The partner remains unnamed, but all signs point to a Traxys-scale giant with billions in backing. 🚨Conclusion: Aterian is not a mining stock. It’s a leveraged play on the Tantalum supercycle, funded by a multibillion-dollar partner, trading at a fraction of its intrinsic value. The market has missed it because it looks small, because it sounds complicated, and because the partner is playing silent. But the numbers do not lie. Base case fair value is 161p. Bull case is 395 pence. From 27p, that is the kind of setup that defines careers. And it's hiding in plain sight. discoveryalert.com.au/global-industr…

For some tantalum exposure been buying #ATN recently following their commercial partnership. Not many options out there #SWT is another one but decided on former. "Immediate acceleration of trading capacity, enabling higher volumes without an overly constrained balance sheet"

Strategically, #ATN is now embedded in the global tantalum supply chain with fully traceable, ESG-compliant sourcing. A genuinely transformational moment for the company. #MiningNews #CriticalMinerals #Rwanda londonstockexchange.com/news-article/A…

🚨 TRANSFORMATIONAL NEWS for #ATN @aterianplc secures a landmark tantalum funding & marketing partnership in Rwanda 🔹 50/50 profit share on international tantalum sales 🔹 Working-capital bottleneck removed 🔹 Scale volumes without equity dilution 🔹 Direct exposure to global pricing & margins 💬 Charles Bray: “A step change in our ability to trade, scale and generate cash — without balance-sheet stress or shareholder dilution.” This fundamentally changes the economics and scalability of the business. londonstockexchange.com/news-article/A…

🚨🔥 #ATN on the move… and this story is only getting started 👀⛏️ Aterian’s Agdz Cu–Ag project in Morocco 🇲🇦 is shaping up fast: ✅ Up to 2.97% Cu + 51g/t Ag ✅ Multiple mineralised structures ✅ Only ~10% tested so far ✅ Clear path to drilling With #copper & #silver at historic highs 📈⚡️ district-scale discoveries = BIG leverage. +24% today. Momentum building. Drill story loading… 🎯 Think you’ve missed it? The party hasn’t even started yet 🚀 #ATN #Aterian #Copper #Silver #MiningStocks #SmallCaps #FOMO #CriticalMetals #Commodities

@that_stocks_guy Excellent write-up and bang on the money! An absolute steal.

#ATN Aterian. Some good value here post-Rio exit. My thoughts. open.substack.com/pub/thatstocks…

Power Metal Resources #POW For those unaware, Friday’s closing bell marked a genuine inflection point — one the broader market has yet to price in. POW launched its rocket; the Minestarters ‘Go Live’ event. This isn't just another milestone; it’s an entry into an untapped financial arena where POW faces ZERO direct competitors across the London, Canadian, and U.S. markets. But to understand the shift, you must understand Minestarters — because it fundamentally redefines what you own with POW shares. Let’s talk first-mover advantage — a term often overused, but here, utterly deserved. Real World Asset (RWA) tokenisation has surged from US$8.6Bn to over US$25Bn in just six months — a 260% explosion! Yet, until now, it’s been limited to bonds and credit. The multi-trillion-dollar mining and exploration sector remained untouched. Enter Minestarters: the FIRST fully compliant platform built exclusively to tokenise early-stage mining projects. It transforms physical copper, silver, gold, platinum, and uranium assets into liquid digital tokens, unlocking global pooled capital and solving the industry’s perennial funding gap. In essence, they’ve built the ‘stock exchange’ for next-gen mining finance — and it went live on Friday. The site is open, and the project pipeline is building now. Now, consider the explosive potential of a 2026 Nasdaq | TSX listing of Minestarters? The appetite on these exchanges for disruptive, high-growth fintech and RWA platforms is absolutely phenomenal. Thus, a successful pathway to a North American listing could see its valuation run into the tens of millions of pounds (‘first mover’ propulsion). This is the scale of opportunity now in play. But in the meantime, how does Minestarters create value for POW? Minestarters generates scalable, high-margin fees from vetting, tokenising, and managing projects. As the anchor shareholder, POW captures a major share of these earnings — a powerful new revenue stream built on financial innovation, not just drill results. Now, the valuation case — where things get compelling. POW’s current market cap is ~£18M, backed by ~£15M in cash. That means the market values POW’s entire global portfolio — Oman, Saudi, Botswana, Canada, Austrailia, plus active drilling in a historic metals bull market — at just £3M. That’s simply insane. And that’s before including Minestarters. POW paid £1M for 35%, implying a £2.86M starting valuation. Hitting key milestones — onboarding projects, securing exchange listings — triggers an option to invest another £2M for 49%, lifting Minestarters’ valuation to £6.12M. Once live with a pipeline, a conservative next-round valuation, based on current RWA peer valuations, approaches ~£45M — making POW’s 49% stake worth ~£22M. And that’s before factoring in the monumental rerate potential of a 2026 Nasdaq | TSX listing. Thus, the catalyst engine is already firing. This isn’t a “wait-and-see” story. The platform is live. Milestones that trigger POW’s increased stake are now actionable. Thus, expect news in weeks, with each RNS forcing a market rerate of this embedded fintech gem. BOTTOM LINE: As of Friday (evening), POW transformed into a powerful hybrid; a cash-rich explorer with prime critical metals acreage and multiple drills turning, a shrewd strategic investor (Apex Royalties, GSAe, FCM), the largest shareholder in Minestarters — a platform poised to finance the industry’s future (now with a clear and explosive pathway to a North American listing), and an aggressive £2.5M buyer of its own stock! In a market desperately searching for real innovation and asymmetric opportunities — where else would you rather be? ATB

We are LIVE → minestarters.com 🚀 See how #Minestarters brings compliance-first, on-chain access to mining exploration opportunities—with KYC access and clear reporting. Subscribe to our YouTube channel where we'll be creating more detailed explainers - going live next week 👋 @minestarters25" target="_blank" rel="nofollow noopener">youtube.com/@minestarters25 More to come! Stay tuned. #RWA #MiningFinance #Tokenization #MiningTokenization #Mining