US$1m Received from Ricca & Earn-In Commences
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 Yuval Cohen Vassilios Carellas
|
Tel: +44 20 7236 1177 |
|
SPARK Advisory Partners Limited Nominated Adviser Neil Baldwin / James Keeshan / Adam Dawes |
Tel: +44 20 3368 3550
|
|
Optiva Securities Limited Broker Christian Dennis / Daniel Ingram |
Tel: +44 20 3137 1903 |
|
St Brides Partners Limited Financial PR Ana Ribeiro / Susie Geliher / Isabelle Morris |
T: +44 20 7236 1177 |
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
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.
About Reach announcements
Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute media only / non-regulatory news releases such as marketing messages, corporate and product information into the public domain. An RNS Regulatory announcement is required to be notified under the AIM Rules for Companies.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 22 minutes ago Helios Underwriting
- 43 minutes ago SSE
- 1 hour ago Judges Scientific
- 1 hour ago AB Dynamics
- 2 hours ago Henry Boot