REG - Firering Strategic - AGM Statement

Firering Strategic MineralsAnnouncement

12/08/2024 07:00

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RNS Number : 9831Z  Firering Strategic Minerals PLC  12 August 2024

Firering Strategic Minerals plc / EPIC: FRG / Market: AIM / Sector: Mining

12 August 2024

Firering Strategic Minerals plc

("Firering" or "the Company")

 

AGM Statement

 

On track to start production of quicklime at Limeco Q4 2024

 

Firering Strategic Minerals plc, a development company specialising in
critical minerals, is holding its Annual General Meeting ("AGM") today, where
Non-Executive Chairman Youval Rasin will deliver the following statement:

 

"This year has been transformative for Firering having strategically shifted
our focus to our quicklime venture in Zambia, Limeco Resources Limited
("Limeco"), which we are optimising with the goal of commencing phased
production in Q4 this year.

 

"With a historical investment of over US$100 million, this promising project
is set to produce 600-800 tonnes of quicklime daily. To contextualise,
quicklime prices have ranged from US$160 to US$218 per tonne over the past two
years, underscoring the significant value of our asset.

 

"Several factors drive the robust demand for quicklime, including its crucial
role in copper smelting by controlling pH levels during flotation, and
enhancing copper separation from other minerals. This market is particularly
attractive for Limeco as it is poised to be the sole quicklime producer in the
region, coinciding with increased activity in the Zambian Copperbelt. Zambia,
currently the seventh largest copper producer globally, aims to boost output
to 3Mt by 2032, potentially making it the second largest world producer.

 

"Accordingly, Limeco is advancing off-take discussions with copper producers
while also engaging with companies in other industries such on the
construction and fertiliser industries. Further, it is well-positioned to
scale production to meet demand given it has a current Mineral Resource of
73.7Mt at 95.3% CaCO3 and an identified Exploration Target of 95Mt. Limeco has
applied for an exploration licence, which is pending approval.

 

"Limeco's strategy focuses on generating multiple revenue streams from
quicklime, aggregate, and ancillary products like ash for the concrete
industry. Aggregate sales commenced in October 2023 and more recently an
agreement was signed with a multinational commodity trading company to provide
logistics services, which is projected to generate US$600-720k per annum. This
means Limeco is positioned to generate positive operational cashflow even
before the start of quicklime production in Q4 2024.

 

"While Limeco is our primary focus, we continue to advance the Atex Project,
which has lithium and tantalum-niobium potential in northwest Côte d'Ivoire.
Following a 2022 scout drilling campaign, we completed a reverse circulation
drilling campaign in March 2024, which saw us expand known lithium
mineralisation by 122% and extend the strike length to 800 meters. Our next
phase involves expanding exploration eastward and northward and delineating a
maiden resource.

 

"With our strategic shift towards quicklime production well underway,
significant milestones achieved, and more on the horizon, we are excited about
Firering's future. We look forward to delivering sustained value to
shareholders through diversified revenue streams, robust resource management,
and strategic market engagement."

 

*** ENDS ***

 

For further information visit www.fireringplc.com or contact:

 

 Firering Strategic Minerals                          E: info@firering-holdings.com

 Yuval Cohen
 SPARK Advisory Partners Limited (Nominated Adviser)  T: +44 20 3368 3550

 Neil Baldwin / James Keeshan / Adam Dawes
 Optiva Securities Limited (Joint Broker)             T: +44 20 3137 1903

 Christian Dennis / Daniel Ingram
 Shard Capital Partners LLP (Joint Broker)            T: +44 20 7186 9950

 Damon Heath / Erik Woolgar
 St Brides Partners Limited (Financial PR)            E: firering@stbridespartners.co.uk

 Isabel de Salis / Susie Geliher

Notes

Firering Strategic Minerals plc is an AIM listed resource company set to
commence commissioning its significant quicklime project in Zambia in Q4 2024
to produce 600-800 tonnes of quicklime per day along with ancillary products.
With over US$100 million in historical investment, the project is
strategically positioned to support the expanding copper producers in the
Zambian Copper Belt, which are currently reliant on imported quicklime from
South Africa. Additionally, the Company is advancing the Atex Lithium-Tantalum
Project in northern Côte d'Ivoire, an exploration project rich in lithium and
tantalum-niobium, with drilling results indicating significant resource
potential in this established mining jurisdiction.

 

 

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