Firering Strategic Minerals PLC US$1m Received from Ricca & Earn-In Commences (0998H)
November 21 2022 - 9:00AM
UK Regulatory
TIDMFRG
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 .
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 @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 EUR7,500,000)
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
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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