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

29 November 2021

Firering Strategic Minerals plc

Commencement of Drilling 

Firering Strategic Minerals plc ('Firering' or 'the Company'), an exploration company focusing on critical minerals, is pleased to announce the commencement of a two-year exploration drilling programme at the Atex Lithium-Tantalum Project in the Côte d'Ivoire ('Atex' or 'the Project').  This exploration programme at Atex, which the Board believes has the potential to become Africa's next significant lithium pegmatite and coltan resource, is fully funded from the proceeds of the recent IPO.

Key highlights:

·    Commencement of two-year exploration programme at flagship Atex Lithium-Tantalum Project to determine the extent and depth of the lithium bearing pegmatites and define potential coltan resources with the arrival of the first auger drill on site.

·    Atex's exploration programme, planned with the input and approval from CSA Global, comprises two phases: 4,000m of auger drilling and 2,100m of diamond drilling during Phase 1, followed by 1,500m of auger drilling and 4,900m of diamond drilling during Phase 2.  Results from the first phase will be used to identify prime lithium and coltan targets for resource definition.

·    Royal Mining ('RM'), the recently appointed drilling contractor, will be carrying out all auger drilling.  RM is an experienced drilling company, having worked on AIM quoted Atlantic Lithium's (previously known as IronRidge Resources) projects in Côte d'Ivoire and Ghana.

·    RM's drilling activities will be closely monitored by recently appointed SEMS Exploration ('SEMS'), a mineral exploration and mining consultancy, with significant experience across West Africa.

·    The start of the drilling programme at Atex is an important milestone for Firering and advances its objective to become an important supplier of ethically sourced, strategic minerals required for the transition to a green economy.

Yuval Cohen, Chief Executive of Firering Strategic Minerals, said:

"The swift start of our drilling programme at Atex, following our successful London listing earlier this month, is testament to our prime focus on defining the depth and extent of the lithium bearing pegmatites and coltan mineralisation at our flagship asset.

"We are excited about the road ahead and look forward to updating the market on our drilling progress in due course."

The Company is pleased to advise that photos of the auger drilling are available on Firering's website at www.fireringplc.com.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 ("MAR"). With the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

For further information visit www.fireringplc.com or contact the following:

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 including lithium and columbite-tantalite 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 columbite-tantalite.  Firering intends to advance development at Atex with a view to establishing pilot scale production of tantalum and niobium production within 18 months to generate early revenues and support further exploration work.  A large-scale coltan production facility will be developed following pilot results, 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.

SEMS Exploration

SEMS Exploration is the leading full-service mineral exploration and mining consultancy company in West Africa. It provides a full range of geological, mining engineering and environmental services; from grassroots reconnaissance through mineral resource estimations, project management and mine design to the supervision of feasibility studies. SEMS has provided technical and corporate support services to the Mineral Exploration and Mining Industry of West and Central Africa since 2002.  It has a reputation for dedicated, high-quality work which has attracted a high calibre of staff from all disciplines within the mining sector.

Royal Mining

West African based Royal Mining are experienced operators in the region with clients including Atlantic Lithium's (previously called IronRidge Resources) gold and lithium licences in Côte d'Ivoire and in Ghana. RM's activities will be overseen by SEMS of Côte d'Ivoire and mining consultants CSA Global of South Africa.