REG - Firering Strategic - JV Partner withdrawal from Lithium Projects

Firering Strategic MineralsAnnouncement

19/08/2025 08:15

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RNS Number : 8771V  Firering Strategic Minerals PLC  19 August 2025

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

19 August 2025

Firering Strategic Minerals plc

("Firering" or "the Company")

 

JV Partner withdrawal from Lithium Projects

Full Original Ownership of Atex and Alliance Licences Retained by Firering

 

Firering Strategic Minerals plc (AIM: FRG), an emerging producer of quicklime
and explorer of critical minerals, confirms that it has received a formal
notice of withdrawal from Ricca Resources Limited ("Ricca") in respect of the
earn-in agreement entered into with the Company ("EIA") and notified on 2
November 2022.

 

As a result of the withdrawal, Ricca ceases to hold any interest in the Atex
and Alliance Lithium-Tantulum Projects in Cote d'Ivoire ("Projects") and
accordingly the Company will continue to hold 90% of Atex and 51% in Alliance
of the Projects free and clear from any rights of Ricca. There is no
obligation on the Company to repay or refund any consideration received, or
expenditures covered by Ricca during the term of the EIA. Additionally, the
Company made certain funds available to the Projects (to be reimbursed by
Ricca under the EIA) in order to advance the Projects during the term of the
EIA up until withdrawal which the Company believes are outstanding to be
repaid to it. The Company is in dialogue with Ricca seeking to resolve and
finalise the amounts owing to the Company. As a result of the EIA, the Company
received shares in the capital of Ricca which currently amounts to an
approximate shareholding in Ricca of 10.6%.

 

Yuval Cohen, Chief Executive Officer of Firering, commented: "Ricca's
withdrawal from the earn-in to our Atex and Alliance Lithium-Tantalum Projects
transfers full control of these assets to Firering, and also equips the
Company with the flexibility to explore alternative ways to crystalize their
value.  While currently on care and maintenance, the Company remains
confident in the significant unrealised potential of Atex and Alliance, and
the Board is actively evaluating opportunities to unlock and maximise this
value for shareholders.

 

"Under the terms of the EIA, Firering will also retain its ~10% equity
interest in Ricca and we are also working to recover the funds advanced for
the furtherance of the Projects (and to be repaid by Ricca under the EIA)
during the partnership, which will be directed towards accelerating the
development of our flagship Limeco operations.  Limeco remains at the heart
of our business, offering scalable near-term revenues and the foundation for
Firering's long-term value creation alongside the additional upside that we
expect to realise ultimately from the Atex and Alliance Projects."

 

*** 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 26.9% 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.

 

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