REG - Firering Strategic - Corporate and Operations Update

Firering Strategic MineralsAnnouncement

21/01/2026 07:00

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RNS Number : 6664P  Firering Strategic Minerals PLC  21 January 2026

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

21 January 2026

Firering Strategic Minerals plc

("Firering" or "the Company")

 

Corporate and Operations Updates

 

Kiln 2 Progress, Exercise of Limeco Third Option Tranche and Board Changes

 

Firering Strategic Minerals plc (AIM: FRG), a producer of lime products and
explorer of critical minerals, is pleased to provide an operational update
together with a corporate update on Limeco Resources Limited ("Limeco"), its
producing lime asset in Zambia.

 

Highlights

·    Hot commissioning of Kiln 2 commenced

·    The Company has notified the relevant parties of its intention to
exercise the next tranche of the Limeco Option, which will increase Firering's
shareholding to 36.2 percent

·    Leadership realigned to support Limeco's growth, with Yuval Cohen
stepping down as CEO of Firering to focus fully on his role as CEO of Limeco

·    Youval Rasin appointed as Interim CEO of Firering whilst a permanent
replacement in sought

 

Firering Chairman and Interim CEO, Youval Rasin, commented: "This is a pivotal
period for Firering as Limeco enters its production growth phase. Increasing
our ownership, strengthening leadership at the asset level and commencing hot
commissioning of Kiln 2 demonstrate our clear focus on scaling our flagship
operation. With Yuval now focused entirely on leading Limeco on the ground, we
are well positioned to optimise output, enhance operational performance and
unlock meaningful shareholder value. I would like to thank Yuval for his
significant time, commitment and contribution to the Board, and I look forward
to continuing to work closely with him as he drives Limeco forward."

 

DETAILS

Operations Update

Limeco has commenced hot commissioning of Kiln 2 anticipated to take 10-14
days. Once commissioning is complete, production from Kiln 2 is expected to
ramp up over an approximately three-month optimisation period. This represents
an important milestone in increasing Limeco's production capacity and
advancing the business toward steady-state production. Further updates will be
provided as commissioning of Kiln 2 progresses and the optimisation phase
advances.

 

Limeco Option

In line with the Limeco Option Agreement (see RNS dated 28 May 2024), Firering
has notified the relevant parties of its intention to exercise the next
tranche of the Option, which will increase its shareholding from 30.7 percent
to 36.2 percent. The cash consideration to be paid amounts to US$981,667. This
decision reflects the Board's continued confidence in Limeco as production
ramps up.

 

Limeco

In its most recent published accounts (financial year ended 31 December 2024),
Limeco posted a loss before tax of ZMW 222,443,499 (US$8,496,696†) on
turnover of ZMW 26,296,833 (US$1,004,463†). As at 31 December 2024, Limeco
had net liabilities of ZMW 2,867,291,084 (US$102,844,013‡). Liabilities
included ZMW 2,914,751,858 (US$104,546,336‡) due to shareholders
("Shareholders Loan"). Following the exercise of the third tranche of the
Option, Firering increases its right to 36.2% (cUS$28.1m‡) of the
Shareholders Loan.

 

Notes

* the Option was described as the "New Option" in the Company's notification
of 28 May 2024 which sets out detail of the Share Purchase Agreement and
Option arrangements

† at the exchange rate of Zambian Kwacha (ZMW) 26.18 : $1

‡ at the exchange rate of ZMW 27.88 : $1

 

Directorship Change

As Limeco continues to represent the Company's primary value driver, Mr Yuval
Cohen has stepped down with immediate effect from his roles as CEO and
Director of Firering to focus exclusively on his position as CEO of Limeco.
Yuval has been closely involved in Limeco's development to date, and his
full-time focus is expected to strengthen operational execution and accelerate
the business's commercial progress. Youval Rasin, Firering's Chairman, has
been appointed as Interim CEO of Firering whilst a permanent replacement in
sought.

 

ENDS

 

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

 

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

 Vassilios Carellas
 SPARK Advisory Partners Limited (Nominated Adviser)  T: +44 20 3368 3550

 Neil Baldwin / James Keeshan
 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 / Seb Weller

 

Notes

Firering Strategic Minerals plc (AIM: FRG) is an emerging producer of
quicklime and explorer of critical minerals. The Company is currently focused
on ramping up production at the Limeco lime project in Zambia, in which it
holds a 30.7% interest with an option to increase this to 45%. Targeting daily
output of 600-800 tonnes, Limeco is well positioned to supply copper producers
operating within the Central African Copperbelt and gold producers operating
in Zimbabwe. Additionally, Firering is progressing the Atex Lithium-Tantalum
Project in northern Côte d'Ivoire, a highly prospective asset with
significant lithium and tantalum-niobium potential, supporting the global
shift to clean energy technologies.

 

 

 

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