Firering Strategic Minerals plc (LON:FRG), an Africa-focused industrial minerals company, has announced its Interim Results for the six months ended 30 June 2026.
OVERVIEW
- Increased interest in Limeco to 45%, with no further payments due under the original acquisition arrangement.
- Commissioned Kilns 2 and 3 and progressed Kiln 4 modifications ahead of planned Q4 2026 commissioning.
- Installed first pulveriser to improve hydrated lime recovery and product quality, with a second larger unit planned before year end.
- Commenced quarry drilling and blasting to support increasing limestone requirements.
- Entered into an option agreement with Australasian Metals for the majority of Firering’s Côte d’Ivoire interests, providing potential cash proceeds while retaining exposure to Atex.
CHAIR’S STATEMENT
The first half of 2026, together with progress since the period end, has seen Firering continue its transition towards becoming a revenue-generating industrial minerals business. Having increased our interest in Limeco to 45%, our focus has been on building production and increasing our product range at the operation in Zambia. While progress in some areas has taken longer than anticipated, we have continued to work through these issues and move the operation forward.
Limeco
During the period, Limeco commissioned Kiln 2, incorporating operational experience gained from Kiln 1. Since the period end Kiln 3 has also been brought into production and is performing well, with the proportion of under-burnt material reducing as operations are continually being optimised.
Work is progressing on the renovation of Kiln 4, with commissioning currently planned for Q4 2026. With Limeco operating with a largely fixed cost base, bringing Kiln 4 into production is expected to deliver further economies of scale and lower unit costs as production increases.
Further investment in the plant has always formed part of Limeco’s development plans, and we are now looking to bring forward several upgrades to support higher volumes and improve efficiency and consistency. Most recently, Limeco installed its first pulveriser at the hydrated lime circuit to recover more of the coarser material into the saleable product fraction, further improving product quality. A second, larger pulverising unit is expected to be installed before the year end.
Alongside these plant upgrades, progress continues at the quarry, where Limeco commenced mining activities, including drilling and blasting, in August. On the commercial side, Limeco’s on-site laboratory continues to undertake product testing and validation to support customer requirements and new orders.
Corporate
Firering made the final payment under its Limeco option arrangement in July 2026, increasing its interest to 45%, with no further payments due under the original acquisition terms.
Post period end, we entered into a binding agreement with ASX-listed Australasian Metals Limited (“Australasian”), granting it a 90-day option to acquire the majority of Firering’s interests in the Atex and Alliance Lithium-Tantalum Projects in Côte d’Ivoire. Firering has received a non-refundable A$100,000 option fee and, if the option is exercised and the transaction completes, a further A$1.4 million in cash. The Company will also retain a 15% free-carried interest in Atex, together with potential further value through agreed buyout and royalty arrangements.
We believe this provides an appropriate route for the assets, offering potential near-term cash proceeds while retaining exposure to their future development. Notably, Australasian is already planning a drilling programme at Atex, allowing the project to be advanced without further exploration funding from Firering.
Outlook
Our priority is to continue building production at Limeco while improving the consistency and efficiency of the operation. There remains work to do to achieve the levels of production and quality we are targeting, but Limeco is making steady progress, and we expect this to continue as further plant upgrades are completed.
I would like to thank our shareholders for their continued support and the teams at Firering and Limeco for their considerable efforts during the period.
Youval Rasin
Chair, Firering Strategic Minerals
