Start of Phase II Soil Sampling Programme

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

18 January 2023

Firering Strategic Minerals plc

("Firering" or "the Company")

Start of Phase II Soil Sampling Programme 

40% of the 2,491 Planned Soil Samples Completed

Firering Strategic Minerals plc, an exploration company focusing on critical minerals, is pleased to announce the commencement of its large-scale Phase II Soil Sampling Programme at its flagship Atex Lithium-Tantalum Project ("Atex"), in Côte d'Ivoire.  The Phase II Programme is being undertaken in conjunction with Ricca Resources Limited ("Ricca") following its US$18.6 million investment to advance Atex to Definitive Feasibility Study ("DFS") announced on 2 November 2022.

Highlights:

·    Two new pegmatite zones identified; one on each side of the main strike

·    993 soil samples taken out of a planned 2,491 samples

·    673 soil samples prepared for analysis with portable x-ray fluorescence spectrometry ("pXRF") and Laser Induced Breakdown Spectrometry ("LIBS")

·    Coremet commenced coltan test work

Yuval Cohen, Chief Executive of Firering, said:

"After the successful completion of our Phase I diamond drilling programme and partnering with Ricca for the next phase of exploration, I am pleased to announce that Phase II of our planned soil sampling programme started on 9 January 2023.  A total of 993 soil samples, approximately 40% of a planned total of 2,491 samples, were completed with 673 prepared for analysis with pXRF and LIBS.

"Particularly encouraging are the two new pegmatite zones found and mapped during the soil sampling exercise.  Based on the current progress, we believe that our soil sampling programme will be completed ahead of time.  I am looking forward to receiving the results and updating the market in due course."

Soil Sampling

Phase II of the Atex soil sampling programme commenced on 9 January 2023.  By close of business on 16 January 2023, 993 soil samples had been taken out of a planned 2,491 samples, representing 40% (see map below).

The number of soil samples prepared for analysis in Ghana is 673.  Analysis of the prepared samples will be done with pXRF and LIBS, which specifically targets the lithium in the samples.  The first batch of prepared samples is expected to arrive in Accra in January 2023.

Map showing soil sampling progress as of 16 January 2023.  New pegmatite zones identified on the western and eastern side of the main strike.

Coremet Test Work

High level test work is being undertaken by SGS/Coremet in Johannesburg, South Africa on three samples comprising:

·    one composite sample of approximately 30kg lepidolite-bearing pegmatite material collected at surface from around Spodumene Hill; and

·    two composite samples of approximately 15kg and 80kg respectively comprising colluvial/eluvial material from pits excavated on and around Spodumene Hill.

The objective of the test work is to determine the nature of the tantalum ("Ta") and niobium ("Nb") mineralisation within the samples, the particle size distribution of the said mineralisation, liberation and whether the mineralisation is amenable to upgrading and potential production of a Ta-Nb concentrate.

Competent Person

In accordance with the AIM Note for Mining and Oil and Gas Companies, Firering discloses that Michael Cronwright of CSA Global is the Competent Person that has reviewed the technical information contained in this notification. Michael Cronwright has a Pr.Sci.Nat with the South African Council for Natural Scientific Professions ("SACNASP") and is a member in good standing with SACNASP. Mr Cronwright has the appropriate relevant qualifications, experience, competence and independence to act as a Competent Person as defined in the 2012 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Michael Cronwright consents to the inclusion of the information in this announcement in the form and context in which it appears.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

*** ENDS ***

For further information and updates on Firering's exploration programme, 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 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 intends to advance development at Atex with a view to establishing a maiden lithium resource and a pilot scale production of ethically sourced tantalum and niobium within 18 months to generate early revenues and support further exploration work. A large-scale Tantalum production facility may 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.

Glossary of Technical Terms