12th Nov 2025 17:28
Firering Strategic Minerals PLC - Zambia and Ivory Coast-focused mining company - Enters binding agreement to receive USD1 million as settlement for all outstanding debts and claims owed by Ricca Resources Ltd, of which it holds 10.6%. Firering also expects a net proceed distribution to shareholders by Ricca, following the completion of a subsidiary asset sale by Ricca for AUD4.4m, about GBP2.2 million, less an adjustment of up to AUD332,000 to Skylark Minerals Ltd. Completion is expected following approval by Ricca shareholders at an extraordinary general meeting to be convened after a 21-day notice period. Funds will be used to fund the third tranche of Firering's option over Limeco, bringing its interest in the Zambian quicklime project to 36.2%.
Chief Executive Officer Yuval Cohen says: "This is a significant and timely transaction for Firering, delivering a clear cash outcome that strengthens our financial position and supports our strategic priorities. The settlement of the Ricca debt, combined with the anticipated distribution to shareholders of the net proceeds from the asset sale to Skylark, will provide the funds to complete the next tranche of our Limeco option, increasing our stake to 36.2%. With production ramping up at Limeco and expansion plans progressing, we are well positioned to become a leading regional lime products producer and supplier."
Current share price: 1.71 pence, closed up 3.7% in London on Wednesday for a market cap of GBP5.80 million.
12-month change: down 64%
By Aidan Lane, Alliance News reporter
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