Aterian : Corporate Presentation May 2024

Unlocking the Potential

of Critical Metals

in Africa

Corporate Presentation

May 2024

LSE : ATN

Private & Confidential

1

Disclaimer

The information contained in this confidential document ("Presentation") has been prepared by Aterian plc (the "Company"). It has not been fully verified and is subject to material updating, revision and further amendment. This Presentation, which is not a financial promotion for the purposes of Section 21 of the Financial Services and Markets Act 2000, is issued by the Company which accepts responsibility for the information contained herein.

Recipients of the Presentation are: (a) prohibited from using, or attempting to use, the information by acquiring or disposing of, directly or indirectly, financial instruments relating to that information for either their own account or that of a third party (Article 11(5)(b) MAR); (b) prohibited from using, or attempting to use, the information by cancelling or amending an order which has already been placed concerning a financial instrument to which the information relates (Article 11(5)(c) MAR); and (c) obliged to keep the information confidential (Article 11(5)(d) MAR).

Novum is acting in the provision of corporate finance business to the Company, within the meaning of the Financial Conduct Authority's Conduct of Business Sourcebook ("COBS"), and no-one else in connection with the proposals contained in this Presentation. Accordingly, recipients should note that Novum is neither advising nor treating as a client any other person and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Novum under the COBS nor for providing advice in relation to the proposals contained in this Presentation.

While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation.

This Presentation may contain forward-looking statements that involve substantial risks and uncertainties, and actual results and developments may differ materially from those expressed or implied by these statements. These forward-looking statements are statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, the Company's results of operations, financial condition, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These forward-looking statements speak only as of the date of this Presentation and the Company does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this Presentation.

Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right is reserved to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent.

This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. In particular, this Presentation does not constitute an offer or invitation to subscribe for or purchase any securities and neither this Presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Any decision to subscribe for the Company's securities must be made only on the basis of the information contained in the prospectus in its final form relating to the Company, which may be different to the information contained in this Presentation. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters.

Neither this Presentation nor any copy of it may be (a) taken or transmitted into Australia, Canada, Japan, the Republic of Ireland, the Republic of South Africa or the United States of America (each a "Restricted Territory"), their territories or possessions; (b) distributed to any U.S. person (as defined in Regulation S under the United States Securities Act of 1933 (as amended)) or (c) distributed to any individual outside a Restricted Territory who is a resident thereof in any such case for the purpose of offer for sale or solicitation or invitation to buy or subscribe any securities or in the context where its distribution may be construed as such offer, solicitation or invitation, in any such case except in compliance with any applicable exemption. The distribution of this document in or to persons subject to other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of the relevant jurisdiction.

Aterian PLC

Strategy - From Exploration to Trading

Delivering Critical Metals with Low Impact

It is our responsibility and in our long-term interests to be a responsible investor

Integrating Social Impact Outcomes in investment decision-making and active ownership practices

CONFLICT MINERAL POLICY - Supporting the OECD and EU guidelines preventing armed groups in the DRC and adjacent countries from benefitting from the sourcing of Conflict Minerals

LOCAL COMMUNITY SUPPORT - Improving service levels to clients whilst acting fairly in dealings with suppliers and third parties

ENVIRONMENT - Minimising impact on the environment is a company focus. This includes reducing our carbon footprint and water usage, reforestation, and protecting biodiversity

TRAINING AND DEVELOPMENT - Dedicated to providing training and development opportunities to staff members

CLEAN WATER INITIATIVE - Helped provide clean drinking water to approx. 26,000 school children and teachers in

Rwanda

CORPORATE GOVERNANCE - The Company conforms to the QCA Corporate Governance Code and applies this to all its subsidiaries

Rwanda

The New Lithium Frontier in Africa

Rwanda - A New African Lithium Province

EARN-IN JV TO DEVELOP THE LITHIUM OPPORTUNITY

15%

Mining code changes implementing international regulatory framework are attractive to foreign investors

The mining sector is the second largest export in the Rwandan economy (36% in 2019) (www.worldstopexports.com)

Rapidly growing mining industry - government aims to increase contribution to GDP from 1.2% to 5.7%

No foreign exchange controls - currency freely convertible

All mineral exports are traceable through a tagging system accepted by downstream buyers

9

Rwanda - Unlocking Potential Through Partnerships

Near-term revenues from Mine Development and Trading to fund future exploration - An integrated, sustainable business model