REG - Firering Strategic - First Quicklime Production at Limeco, Zambia

Firering Strategic MineralsAnnouncement

27/02/2025 07:00

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RNS Number : 5885Y  Firering Strategic Minerals PLC  27 February 2025

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

 

27 February 2025

Firering Strategic Minerals plc

("Firering" or "the Company")

 

First Quicklime Production at Limeco, Zambia

 

Firering Strategic Minerals plc, an emerging quicklime production and critical
mineral exploration company, is pleased to announce the first production of
quicklime at its Limeco Project in Zambia ("Limeco" or the "Project"). This
achievement represents a key milestone in the Company's strategy to become a
leading supplier of quicklime to support the expanding copper production
industry in the Central African Copperbelt.

 

Highlights

·      The first of eight kilns is now operational, with initial
quicklime production achieved.

·      A 30-day optimisation period is underway to reach steady-state
production of 80-100 tonnes of quicklime per day from Kiln 1.

·      More than 50,000 tonnes of kiln feed material stockpiled, with
continuous replenishment.

 

Yuval Cohen, Chief Executive of Firering, commented: "Reaching first quicklime
production at Limeco marks a significant milestone in our journey. Our focus
now is on steadily ramping up production to full capacity while ensuring the
consistent delivery of high-quality quicklime to meet the growing demands of
the Central African Copperbelt and Agricultural sectors. We look forward to
providing updates on the production ramp-up from Kiln 1 and first quicklime
sales in the coming weeks."

 

Details

Firering has started its phased production strategy at its Limeco quicklime
project in Zambia, as it focuses on potentially becoming Zambia's largest
quicklime producer, targeting a daily output of 600-800 tonnes.

 

Having recently fired the first of two planned new gasifiers and heated the
first of eight kilns to over 1,000°C, production of quicklime has now
commenced. Each kiln is fed with crushed limestone (-90mm to +60mm), sourced
from Limeco's Tier 1 deposit, and is expected to produce between 80-100 tonnes
of quicklime daily. Approximately 50,000 tonnes of crushed kiln feed material
is currently stockpiled near the plant, sufficient to support well over six
months of production for Kiln 1 operating at full capacity. This stockpile is
continuously replenished, with smaller size fractions continuing to be sold as
aggregate to local industries. Notably, aggregate production from the -60mm
stream has already reached nameplate capacity, contributing to Limeco's
positive operational cash flow (see RNS dated 22 January 2025).

 

Following a period of fine tuning the production process, which is expected to
be approximately 30 days, Limeco expects to commence its first quicklime sales
shortly thereafter.

 

Issue of Equity and Total Voting Rights

Application will be made to the London Stock Exchange for the admission of a
total of 263,000 ordinary shares of €0.001 each ("Ordinary Shares") issued
to an adviser at an issue price of c.4.6 pence in settlement of fees for
services provided of £12,000 ("Admission"). It is expected that Admission
will become effective on or around 7 March 2025. Following Admission, the
Company's issued share capital will consist of 184,508,717 Ordinary Shares
which may be used by shareholders as the denominator for the calculations by
which to determine if they are required to notify their interest in, or a
change to their interest in, the Company under the FCA's Disclosure Guidance
and Transparency Rules.

 

 

*** 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
 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 / Seb Weller

 

Notes

Firering Strategic Minerals plc, an AIM-listed resource company, is positioned
to scale up production in 2025 at its quicklime project in Zambia to produce
600-800 tonnes of quicklime daily along with a range of 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.  Firering currently holds an SPA over a 20.5% stake in Limeco
Resources Limited ("Limeco") with 16.7% already paid and an option to increase
this to 45%. 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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