REG - Firering Strategic - Firering Secures US$1M Debt Settlement

Firering Strategic MineralsAnnouncement

12/11/2025 07:00

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RNS Number : 1450H  Firering Strategic Minerals PLC  12 November 2025

 

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

12 November 2025

Firering Strategic Minerals plc

("Firering" or "the Company")

 

Firering Secures US$1M Debt Settlement:

& Additional Funds through Ricca Asset Sale Distribution to Shareholders

 

Firering Strategic Minerals plc (AIM: FRG), a producer of lime products and
explorer of critical minerals, is pleased to announce that it has entered into
a binding agreement resulting in the receipt of US$1m for the full settlement
of all outstanding debts and claims owed by Ricca Resources Limited ("Ricca")
to Firering.  In addition, Firering anticipates a net proceed distribution to
shareholders by Ricca, following the completion of a subsidiary asset sale by
Ricca for A$4.4m (c£2.2m) less an adjustment of up to A$332k (c£166k) to
Skylark Minerals Limited (ASX: SKM) ("Skylark").

 

HIGHLIGHTS

·      Firering to receive US$1m in cash from Skylark Minerals Limited
to settle all outstanding amounts due from Ricca

·      Completion expected following Ricca shareholders' approval at an
EGM to be convened after a 21 day notice period

·      Firering expects to receive further funds via a shareholders'
distribution from the net proceeds of Ricca's subsidiary asset sale, at a
value of A$4.4m, Firering is a 10.6% shareholder in Ricca.

·      Proceeds will be sufficient to fund the third tranche of
Firering's option over its primary value driver, Limeco - option due date 30
January 2026, to increase Firering's interest in Limeco to 36.2%.

 

Yuval Cohen, Chief Executive Officer of Firering, commented: "This is a
significant and timely transaction for Firering, delivering a clear cash
outcome that strengthens our financial position and supports our strategic
priorities. The settlement of the Ricca debt, combined with the anticipated
distribution to shareholders of the net proceeds from the asset sale to
Skylark, will provide the funds to complete the next tranche of our Limeco
option, increasing our stake to 36.2%. With production ramping up at Limeco
and expansion plans progressing, we are well positioned to become a leading
regional lime products producer and supplier."

 

DETAILS

Background

On 2 November 2022, Firering entered into an earn-in agreement ("EIA") with
Ricca relating to its Atex and Alliance Lithium-Tantalum Projects in Côte
d'Ivoire (together, the "Projects").

 

On 19 August 2025, Firering announced receipt of Ricca's formal notice of
withdrawal from the EIA. Following that withdrawal, Ricca relinquished all of
its interests in the Projects. Firering now retains a 90% interest in Atex and
a 51% interest in Alliance, both free of any Ricca rights or obligations.

 

During the term of the EIA, Firering contributed funding to the Projects,
which was to be reimbursed by Ricca (from which the dispute (referred to
below) arose), and acquired shares representing approximately 10.6% of Ricca's
issued share capital.

 

Transaction Summary

Under the Deed of Settlement ("DoS") executed on 10 November 2025 between
Firering, Ricca, and Skylark, Skylark has agreed to pay Firering US$1m as full
and final settlement to resolve a dispute between Ricca and Firering under the
EIA.

 

The total cash consideration is payable to Firering with completion
conditional upon approval of Ricca shareholders at an extraordinary general
meeting ("EGM") of the Share Purchase Agreement and Option Sale and Purchase
Agreement entered between Ricca and Skylark.  In accordance with statutory
requirements, Ricca shareholders must be given at least 21 days' notice of the
EGM.  Completion is expected to occur immediately following the EGM.

 

Through the Share Purchase Agreement* transaction entered between Ricca and
Skylark, Ricca is expected to receive gross proceeds of A$4.4m (c£2.2m), less
an adjustment of up to A$332k (c£166k). Through the Option Sale and Purchase
Agreement* a further sum of A$500k may be received by Ricca upon exercise by
Skylark, less any adjustments for accrued liabilities.  It is anticipated
that Ricca will distribute net proceeds from this asset sale to shareholders.
Firering is currently a 10.6% shareholder in Ricca.

 

Use of Proceeds

Proceeds from the transaction will be applied primarily to fund the exercise
of the third tranche (of $981,667) of Firering's option in Limeco Resources
Limited ("Limeco"), due by 30 January 2026.

 

Upon exercise and payment of the third tranche, Firering's ownership in Limeco
will increase to approximately 36.2%, further strengthening its position in
the rapidly expanding Zambian quicklime market.

 

Next Steps

Firering will provide a further update upon completion of the sale following
Ricca shareholders' approval.

 

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
 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 quicklime 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 other regional
industries that currently rely on imported quicklime from South Africa.
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.

 

* Further details of these agreements are set out on Skylark's website :
https://skylarkminerals.com/ (https://skylarkminerals.com/)

 

 

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