REG - Firering Strategic - US$1m Received from Ricca & Earn-In Commences

Firering Strategic MineralsAnnouncement

21/11/2022 14:00

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RNS Number : 0998H  Firering Strategic Minerals PLC  21 November 2022

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

 

21 November 2022

 

Firering Strategic Minerals plc

 

 

US$1m Upfront Consideration Received from Ricca Resources Ltd and

Commencement of Earn-In

 

Firering Strategic Minerals plc, an exploration company focusing on critical
minerals, is pleased to announce that, as expected, it has received the
upfront consideration payment of US$1 million from Ricca Resources Limited
("Ricca"). This payment has been made following the $US18.6 million binding
and definitive earn in agreements (the "Agreement") announced on 2 November
2022 to advance the Atex Lithium-Tantalum Project and the adjacent Alliance
exploration licence (once granted)  in Côte d'Ivoire. To see the
announcement regarding the Agreement and its terms, click here:
https://bit.ly/3t6vdW6 (https://bit.ly/3t6vdW6) .

 

In accordance with the terms of the Agreement, Ricca has commenced phase 1 of
the earn-in and details of the work programme will be announced in the coming
weeks.

 

*** ENDS ***

 

For further information and updates on Firering's exploration programme, visit
www.fireringplc.com or contact the following:

 

 Firering Strategic Minerals                     Tel: +44 20 7236 1177

 Yuval Cohen

 Vassilios Carellas

 SPARK Advisory Partners Limited                 Tel: +44 20 3368 3550

 Nominated Adviser

 Neil Baldwin / James Keeshan / Adam Dawes
 Optiva Securities Limited                       Tel: +44 20 3137 1903

 Broker

 Christian Dennis / Daniel Ingram
 St Brides Partners Limited                      T: +44 20 7236 1177

 Financial PR                                    E: firering (mailto:firering@stbridespartners.co.uk) @stbridespartners.co.uk

                                               (mailto:firering@stbridespartners.co.uk)
 Ana Ribeiro / Susie Geliher / Isabelle Morris

 

Notes to Editors:

 

Firering Strategic Minerals

Firering Strategic Minerals plc is an AIM-quoted mining company focused on
exploring and developing a portfolio of mines producing critical minerals in
the Côte d'Ivoire focused on Lithium and Tantalum to support the global
transition to net zero emissions. It operates the Atex Lithium-Tantalum
Project in northern Côte d'Ivoire, which is prospective for both lithium and
tantalum.  Firering's main focus is working together with Australian
diversified minerals company Ricca Resources following the signing of an
US$18.6m investment agreement to advance development at Atex with a view to
establishing a maiden lithium resource and then progressing a Lithium project
through to DFS.  Firering is also assessing pilot scale production of
ethically sourced tantalum and niobium to generate early revenues and support
further exploration work.  Should pilot production be successful, a
large-scale Tantalum production facility may be developed, which will be
supported by a debt facility of FCFA 5,057,000,000 (approximately
€7,500,000) currently under negotiation to fund the entire scale-up plan to
develop a portfolio of ethically sourced mineral projects in the Côte
d'Ivoire, supplying EV batteries, high tech electronics and other fast-growing
end markets.

 

About Ricca Resources

www.riccaresources.com.au (http://www.riccaresources.com.au)

 

Ricca Resources is an Africa-focused, diversified mineral exploration company
with extensive gold portfolios in prospective Birimian terrains in Côte
d'Ivoire, a potential new gold province discovery in Chad, a drill-ready gold
target in Liberia and a strategic partnership to advance a lithium-tantalum
project also in Côte d'Ivoire.

 

The Company was formed as the entity to hold and advance the Atlantic Lithium
Limited (formerly IronRidge Resources Limited) suite of demerged gold
projects. Ricca's strategy is to further grow, diversify and de-risk its asset
portfolio across gold and green metals, driving value for the Company and its
shareholders through mineral deposit discovery, development and investment.

 

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