A truly transformational deal for Lithium play Firering
“…The amazing thing is this deal has been done even before we announce the assay results. The credibility of the project has increased significantly…”
Investors were expecting assay results from the flagship project of Firering Strategic Minerals. Those are to come and will neatly align with the company’s one-year IPO anniversary timeline.
What shareholders were not anticipating, and certainly not before the assay results from the Atex Lithium-Coltan Project, was an US$18.6m cash injection from Ricca Resources Limited which allows Firering to accelerate its pathway to creating the Côte d’Ivoire’s first lithium mine.
That pathway is resembling a red carpet roll call of some of the biggest names in the natural resources universe.
Ricca Resources once belonged to AIM and ASX-quoted Atlantic Lithium Limited. The chairman of Atlantic is Firering’s senior non executive director Neil Herbert. So jettison the notion of incestousness and embrace the network that brings together like minded entrepreneurs and adjacent properties.
So back to Ricca. It’s essentially a gold exploration company. Its non-executive chairman Stuart ‘Stu’ Crowe however is also the chairman of high purity lithium-seeking Lake Resources which is a US$1.5bn Australian listed company with projects in Argentina. And Neil Herbert is also Deputy Chairman of Ricca and increasingly seen as the canny matchmaking conduit.
And so when Ricca lists on the Australian stock exchange next year it will have lithium in its portfolio courtesy not just of Crowe and Herbert’s credentials, but its partnership with Firering as they progress the Atex project together.
The PR from Ricca’s IPO will no doubt be immeasurable for Firering, and as this UK-listed company has fared better than most of its peers on the AIM market this year, 2023 will undoubtedly and hopefully be just as dilution-free and equally swift of pace.
Listen to Firering CEO Yuval Cohen and independent non-executive director Vasily Carellas talk to Sarah Lowther about the ‘win-win’ elements of the Firering-Ricca relationship and what the upside is for shareholders.
Access Firering’s pre-Ricca funding corporate presentation
Watch Ricca Resources presentation in Cape Town as broadcast by 121 Mining Investment TV.
Follow the company on Twitter @FireRing_SM
The author was remunerated but does not hold shares in the company
