Firering Strategic Minerals plc (LON:FRG), an emerging quicklime production and critical mineral exploration company, has announced its Interim Results for the six months ended 30 June 2025.
HIGHLIGHTS
· Scaling Limeco to full design capacity to establish it as a leading quicklime supplier to the region and generate strong revenues
· First gasifier commissioned with Kiln 1 in February 2025; optimisation has lifted recent output to c.55 tonnes per day (‘tpd’) with improved product quality and quantity steadily increasing
· Kiln 2 refurbishment on track for hot commissioning in Q4 2025, with Kilns 3 and 4 to follow leveraging operational experience gained from Kiln 1
· Mining licence awarded; operations scheduled to commence in 2026 to supplement the existing stockpile of over 150,000 tonnes
· Strong demand pipeline with buying interest across all product categories and further product lines under evaluation
· Sales of aggregates and other ancillary products continue to provide supplementary revenues
· Director-backed fundraisings completed, with bank discussions maturing to support increasing interest in Limeco
INVESTOR PRESENTATION
Firering intends to publish a new investor presentation including a Q&A on the Directors Talk platform: https://www.directorstalkinterviews.com/company/firering-strategic-minerals-plc/frg.l. Please submit questions to firering@stbridespartners.co.uk by 9:00 am on 1 October 2025. No material new financial or other information will be disclosed.
CHAIRMAN’S STATEMENT
In May 2024, we embarked on a transformational reset of the Company centred on acquiring management control and a material interest in Limeco Resources Limited (‘Limeco’), a developed quicklime project in Zambia. Since then, we have focused on refurbishing and modernising Limeco’s plant to ensure sustainable production of quicklime, supporting the region’s growing industries, from copper and gold processing to other vital industrial applications that underpin regional growth and development.
Limeco
The Limeco project combines a substantial limestone resource with an integrated processing operation including a two-stage crushing circuit capable of processing 300 tonnes per hour of feedstock, which is then calcined in a bank of eight kilns designed for quicklime production.
During 2024, the team initiated an optimisation programme at the project, commissioning the first of two gasifiers in February 2025 alongside Kiln 1. Early ramp-up of Kiln 1 highlighted some familiar industry challenges, including blockages referred to as hangups or ring formations along the refractory lining. While such issues are inherent in lime production, they can be mitigated through tighter feedstock control and refined operating procedures. Drawing on this early experience, Limeco implemented targeted improvements, including optimising feed particle size and moisture, upgrading process controls, and refining blockage detection and removal protocols.
These adjustments delivered tangible progress: from 10 May to 19 July 2025, Kiln 1 produced commercial-grade quicklime on a consistent basis, averaging around 40 tpd. More recently, we made further improvements including the installation of a new Induced Draft (‘ID’) fan motor to enhance efficiency and stability, resulting in output increasing to 45-50 tpd, with recent output reaching 55 tpd. This marks an important proof of concept for our refurbishment strategy and confirms that with targeted investment and disciplined engineering Limeco is well positioned to create meaningful value for shareholders.
To unlock additional capacity, refurbishment of Kiln 2 is progressing, including the removal of internal arches, an improvement aimed at resolving the uneven heat distribution experienced in Kiln 1, and the construction of new access ports to the kiln called ‘poke holes’, to monitor material flow and monitor product quality. Once Kiln 2 is operational, these same enhancements will be implemented in Kiln 1 and the rest of the kilns as they come online, increasing overall quality and throughput. Hot commissioning of Kiln 2 is targeted for Q4 2025, after which Kilns 3 and 4 will be upgraded in sequence, each benefitting from the lessons learned to accelerate ramp-up.
Elsewhere on site, Limeco was awarded a Mining licence and plans to restart mining during 2026 to supplement the current 150,000+ tonne stockpile. Additionally, sales of aggregates and other ancillary revenues continue to provide useful cash flow for the operation, with plans underway to expand this stream through the eventual erection of a cement plant currently stored in containers on site.
While the commissioning has faced unforeseen circumstances and our initial timeline extended, the progress achieved in just over a year has been significant. We have converted the fuel supply to cleaner gasifiers, modernised the kiln infrastructure, expanded crushing capacity, and commissioned a new on-site laboratory to meet the stringent purity requirements of offtake discussions. In parallel, we have been strengthening our sales and operational teams to ensure the business is well resourced to scale effectively.
With recent throughput at Kiln 1 now up at around 55 tpd, we are confident that the remaining seven kilns can be brought into operation more efficiently, enabling us to reach our long-term target of 600-800 tpd of quicklime. Importantly, each additional kiln brought online enhances both the economics and the cash-generative capacity of the operation.
Market & Sales
The demand for lime in the region remains strong, driven by copper and gold producers’ heavy reliance on quicklime in processing, as well as by other industries that depend on it for essential operations. Despite this robust demand, the region still relies largely on imports, primarily from South Africa. By offering a dependable, locally produced supply, Firering, through Limeco, is uniquely positioned to bridge this gap and support the region’s growing needs.
Accordingly, interest in Limeco’s product has been strong. In June 2025, Limeco completed its first commercial sale of 90 tonnes of quicklime to a client in Zimbabwe. Building on this momentum, earlier this month it secured a contract with a regional trader for both high- and lower-grade quicklime, reinforcing our confidence that Limeco can rapidly establish itself as a competitive supplier. In parallel, Limeco is exploring the addition of a new product line. While quicklime has so far been sold in its natural form, some buyers prefer hydrated lime, which offers easier logistics. Installing a hydration circuit, a low-cost add-on, would enable Limeco to produce this higher-value product, significantly expanding its commercial product line. With these growth initiatives underway, and as additional kilns come online, we are confident that demand will easily absorb the increased production volumes.
Other Projects
While Limeco is our near-term growth focus, we continue to hold exposure to the critical minerals space through our interests in Côte d’Ivoire.
In August 2025, Ricca Resources withdrew from an earn-in agreement with us. As a result, Firering now retains 90% of the Atex lithium-tantalum project and 51% of the Alliance project, both free of any further Ricca rights or obligations. Importantly, there is no requirement to refund any funds already invested, and we are in discussions with Ricca to recover costs advanced during the partnership. Firering also continues to hold a c.10% equity stake in Ricca itself.
Ricca’s exit gives us full control and the flexibility to explore fresh options for unlocking the significant, and in our view still underappreciated, potential of Atex and Alliance. While these projects remain on care and maintenance for now, they represent an important pipeline of value alongside Limeco.
Corporate
Having signed a share purchase agreement in May 2024 to acquire an initial 20.5% interest in Limeco, with an option to increase the stake to 45%, we completed fundraises in March and July to settle two tranches, increasing Firering’s holding first to 20.5% and then to 26.9%. My fellow directors, Shai Kol and Vassilios Carellas, and I personally participated in one or both fundraises, reflecting our strong confidence in Limeco’s potential to deliver meaningful returns.
To support further interest acquisitions, we continue discussions with several Zambian banks regarding debt facilities with completion expected once consistent daily output and commercial sales from Kiln 1 are established.
Outlook
Firering has made decisive progress over the past six months, moving Limeco from remedial work into operational production, recording its first quicklime sales, and demonstrating the viability of our strategy. Leveraging the operational experience from the optimisation of the first kiln, we expect an expedited route to full commercial production for the subsequent kilns, enabling us to establish Limeco as a key supplier of quicklime to the region and generate substantial revenues.
I would like to thank our management team, partners, and shareholders for their continued support as we move from rebuilding towards delivering long-term value.
Youval Rasin
Chairman, Firering Strategic Minerals Plc
