Highlights

  • Firering receives USD 1m Ricca debt settlement and raises GBP 0.86m, supporting Limeco operations.
  • Kiln 2 refurbishment completed; cold commissioning expected mid-January to expand lime production.
  • Development of >95% CaCO₃ powder and new sales initiatives underway at Limeco site.

Firering Strategic Minerals plc (LSE:FRG), a producer of lime products and explorer of critical minerals, has received USD 1m in full settlement of debts and claims owed by Ricca. In addition, the Company has completed a Placing and Subscription raising a further GBP 0.86m. The new funds will support operations at Limeco Resources Limited (Limeco) in Zambia, including ongoing lime production ramp-up and related expenditures.

The Placing, facilitated by Shard Capital Partners LLP, raised GBP 0.585m through the issue of 46,800,000 new ordinary shares at 1.25p per share. The Subscription raised GBP 0.275m via 22,000,000 new ordinary shares at the same price. Related party transactions included GBP 85,000 from Clearglass Investments Limited and GBP 250,000 from Premier Miton Group plc. The Independent Directors confirmed these subscriptions were fair and reasonable.

Following Admission on AIM, the Company’s total issued share capital will consist of 399,154,292 ordinary shares, each with one vote.

Limeco Operational Progress
Kiln 1 at Limeco continues to operate reliably. Kiln 2 refurbishment is complete, with activities now focused on connecting it to the feed system and gasifier. Cold commissioning of Kiln 2 is expected to commence in mid-January. The final container for Kilns 3 and 4 is expected next month, enabling refurbishment and commissioning soon after Kiln 2 is brought online.

Limeco has also expanded its product range with hydrated lime, currently manually produced, and is assessing installation of a larger automated hydrating system. A third product, a >95% CaCO₃ powder derived from its Tier 1 limestone resource, is being developed to capture higher sales value compared to current aggregate limestone sales.

Commercial Developments
Commercial activity has increased under a new Head of Sales. Discussions with industrial partners are progressing through structured three-to-six-month testing cycles. Laboratory testing has been completed for quicklime and hydrated lime, and larger trial orders have been shipped to Zimbabwe and Zambia’s Copperbelt for operational trials.

Limeco has initiated registration to become a supplier of lime products to one of Zambia’s largest copper producers. As lime products are used in gold and copper production, Limeco is positioned to supply the mining sector in both Zambia and Zimbabwe.

Share Price Snapshot
FRG was trading at GBX 1.30 per share as of 24 December 2025