REG - Firering Strategic - Fundraising and Limeco Operations Update

Firering Strategic MineralsAnnouncement

24/12/2025 07:00

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RNS Number : 7340M  Firering Strategic Minerals PLC  24 December 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

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

24 December 2025

Firering Strategic Minerals plc

("Firering" or "the Company")

 

Fundraising and Limeco Operations Update; Related Party Transactions

 

Funded and Scaling Production

 

Firering Strategic Minerals plc (AIM: FRG), a producer of lime products and
explorer of critical minerals, is pleased to announce that it has received
US$1m in full and final settlement of all debts and claims owed by Ricca. In
addition, Firering announces the closing of a placing and subscription raising
a further £0.86 m (the "Placing" and "Subscription"). The injection of new
capital will support continued progress at Firering's flagship asset, Limeco
Resources Limited ("Limeco") in Zambia, where the ramp up of lime production
is advancing in line with the Company's growth strategy.

 

HIGHLIGHTS

·      US$1m Ricca debt settlement received together with £0.86m
raised, support increasing Firering's interest in Limeco and the continued
ramp up of operations

·      Kiln 2 refurbishment complete with current activities focussed on
connecting it to the gasifier and feed system - cold commissioning to commence
in mid-January.

·      Final container for Kiln 3 & 4 expected on site next month
allowing for the immediate refurbishment and commissioning of these two
additional kilns after bringing Kiln 2 online.

·      Third product stream, a >95% CaCo(3) powder, which is expected
to achieve multiples of the sales value of the limestone in its current
aggregate form, now being developed.

·      Commercial traction accelerating under new Head of Sales, with
several long-term partner negotiations advancing through a three to six month
testing cycle.

 

Yuval Cohen, Chief Executive Officer of Firering, commented: "We are pleased
to have received the US$1m Ricca settlement along with completing the Placing
and Subscription for an additional £0.86 m, largely supported by existing
shareholders.  The injection of new capital comes at a pivotal stage for
Firering as we look to increase our interest in Limeco, our primary value
driver, as we push forward with operational ramp up and product
diversification efforts.

 

"Operational progress at Limeco continues to build, reflecting our focus on
establishing an efficient and growth-oriented lime products business. With
Kiln 1 performing reliably and Kiln 2 due for cold commissioning in the coming
weeks, we are on track to increase output, producing both quicklime and
hydrated lime. This momentum is further supported by third party interest in
acquiring limestone powder produced directly from Limeco's Tier 1 limestone
resource. These developments position Limeco as a responsible, long-term
supplier of lime products to the mining, food, and industrial sectors."

 

DETAILS

 

Ricca Resources US$1M Settlement

 

Further to updates announced on the 19 November 2025 and 12 December 2025, all
the Share Purchase Agreement completion conditions have been satisfied and
Skylark has transferred US$1m to settle all outstanding amounts due from
Ricca.

 

Firering expects Ricca will make a distribution of net proceeds to Ricca
shareholders following completion of the sale of a subsidiary asset for A$4.4m
(approximately £2.2 million), subject to an adjustment of up to A$332,000
(approximately £166,000) payable to Skylark Minerals Limited (ASX:SKM)
(Skylark). Firering holds a 10.6% shareholding in Ricca.

 

Background to the Placing and Subscription

 

Firering has raised additional funds via a Placing and Subscription
principally to cover general working capital requirements, the property
transfer tax charges in relation to the transfer of the shares it has already
acquired in Limeco and to cover its share of any potential Limeco operating
expenditures.

 

Placing

 

The Placing has been undertaken by the Company's broker Shard Capital Partners
LLP ('Shard') and has raised, in aggregate, gross proceeds of £0.585m through
the placing of 46,800,000 new ordinary shares of €0.001 each ("Ordinary
Shares") to certain investors at a price ("Issue Price") of 1.25 pence per
share. The Issue Price represents a discount of approximately 7 percent to
the Closing Price of 1.35 pence per Ordinary Share on 23 December 2025, being
the latest practicable business day prior to this announcement.

 

The Placing is conditional upon Admission of the Placing Shares to trading on
AIM by 13 January 2026. The Company has agreed to pay Shard certain commission
on the funds raised in addition to the grant of 2,808,000 warrants over
Ordinary Shares (the 'Broker Warrants'). Each Broker Warrant will entitle
Shard to subscribe for one new Ordinary Share at a price of 1.25 pence per
Ordinary Share, exercisable for a period of three years from date of
Admission.

 

Subscription

 

The Company has raised £0.275 million through the subscription whereby
various investors have subscribed directly with the Company for 22,000,000 new
Ordinary Shares at the Issue Price of 1.25 p per share.

 

The Subscription is conditional upon Admission of the Subscription Shares to
trading on AIM by 8,00am on 13 January 2025.

 

In aggregate the Company has raised £0.86 million gross (£0.817 million net)
in the Placing and Subscription.

 

Related Party Transactions

 

Clearglass Investments Limited ("Clearglass") has subscribed £85,000 for
6,800,000 shares in the Subscription at the Issue Price. Clearglass is a
Cypriot company (Company number HE351995), in which the Company's Chairman,
Youval Rasin, is a director and 40% shareholder.

This subscription constitutes a related party transaction under AIM Rule 13 of
the AIM Rules for Companies.

 

Premier Miton Group plc has subscribed £250,000 for 20,000,000 shares in the
Placing at the Issue Price. This subscription constitutes a related party
transaction under AIM Rule 13 of the AIM Rules for Companies.

 

The Independent Directors (being Shai Kol, Yuval Cohen, Vassilios Carellas and
Remy Welschinger) consider, having consulted with SPARK Advisory Partners
Limited, the Company's nominated adviser, that the terms of the subscription
by Clearglass and Premier Miton Group plc are fair and reasonable in so far as
Shareholders are concerned.

 

Subscribing Directors' Shareholdings

 

 Name           Number of Subscription Shares  Total number of shares held post Admission  % of enlarged share capital
 Youval Rasin*  6,800,000                      33,004,795                                  8.27

 

* 13,466,666 of Mr Rasin's shareholding post Admission set out above are held
by Clearglass Investments Limited, a company in which Mr Rasin is a director
and shareholder.

 

Admission

 

Application will be made shortly to the London Stock Exchange plc for
68,800,000 new Ordinary Shares to be admitted to trading on AIM ("Admission").
It is expected that Admission will become effective and that dealings in these
Shares on AIM will commence at 8:00 a.m. on or around 13 January 2026.

 

Total voting rights

 

On Admission, the Company's issued ordinary share capital will consist of
399,154,292 Ordinary Shares, with one vote per share. The Company does not
hold any Ordinary Shares in treasury. Therefore, on Admission, the total
number of Ordinary Shares and voting rights in the Company will be
399,154,292. With effect from Admission, this figure may be used by
shareholders in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or a
change to their interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.

 

 

Limeco Operations Update

 

In line with its development strategy, the Limeco quicklime operation
continues to advance with Kiln1 continuing to operate reliably. Refurbishment
of Kiln 2 is complete and activities are now focussed on connecting this Kiln
to the feed system and gasifier. The schedule slipped slightly after one
container was held at the border for several weeks, but cold commissioning is
now expected to be commence in mid-January.

 

Planning for Kilns 3 and 4 is also moving ahead, with key equipment already on
site and the final container for these kilns expected to be on site next
month.  The Company will then be in a position to move forward with the
refurbishment and commissioning soon after Kiln 2 has been brought online.

 

Limeco has also expanded its product range with the introduction of hydrated
lime product whose margins are higher than those of quicklime. The hydrated
lime is currently manually produced and interest for this product has
necessitated Limeco to investigate installing a larger automated hydrating
system.

 

In addition to hydrated lime, there has been third party interest for Limeco
to produce a limestone powder from its Tier 1 high quality JORC Code Compliant
limestone deposit. Limeco has confirmed that the cement plant that is
currently being stored in containers on site has all the necessary equipment
to produce this product. Limeco is now putting plans in place to install the
required milling circuit to produce the >95% CaCo(3) powder which is
expected to achieve multiples of the value when compared to what it is
currently being sold for in its aggregate form.

 

Limeco is accelerating its commercial momentum under its new Head of Sales,
backed by a focused marketing refresh and deeper customer outreach.
Discussions with multiple long-term industrial partners are progressing,
moving through the structured three to six month engagement and testing cycle.
Following laboratory testing of Limeco's products, larger trial orders for
quicklime and hydrated lime have been shipped to Zimbabwe and to the
Copperbelt to run through their respective processing circuits.

 

Further, Limeco has also commenced with a registration process to become a
registered supplier of lime products to one of the largest copper producers in
Zambia.

 

As lime products are a key reagent to both the gold and copper producing
processes, Limeco is well positioned between the copper belt and gold fields
of Zimbabwe to benefit from the resulting increase in production due to demand
and higher commodity prices.

 

 

*** 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 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 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.

 

 

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name

                                                                    Youval Rasin

 2    Reason for the notification

 a)   Position/status                                              Director

 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Firering Strategic Minerals PLC

 b)   LEI                                                          2138005GMF9GR4W9MN36

 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted
 a)   Description of the financial instrument, type of instrument  Ordinary Shares of €0.001 each in the share capital of Firering Strategic

                                                                 Minerals PLC

      Identification code

 b)   Nature of the transaction                                    Subscription for Ordinary Shares

                                                                   6,800,000 shares have been subscribed by Clearglass Investments Limited, a

                                                            company in which Mr Rasin is a director and shareholder

 c)   Price(s) and volume(s)

                                                                                        Price(s)             Volume(s)
                                                                                        1.25 pence           6,800,000

 d)   Aggregated information

      - Aggregated volume                                          N/A

      - Price

 e)   Date of the transaction                                      24 December 2025

 f)   Place of the transaction                                     Outside a trading venue

 

 

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