# Firering Strategic Minerals receives US$1m Ricca settlement to boost Limeco stake

- Link: https://www.directorstalkinterviews.com/firering-strategic-minerals-receives-us1m-ricca-settlement-to-boost-limeco-stake/4121225663
- Published: 2025-11-12T07:23:17+00:00
- Author: Amilia Stone

**[Firering Strategic Minerals plc](https://www.directorstalkinterviews.com/company/firering-strategic-minerals-plc/frg.l)**(
LON:FRG), a producer of lime products and explorer of critical minerals, has announced
that it has entered into a binding agreement resulting in the receipt of US$1m for
the full settlement of all outstanding debts and claims owed by Ricca Resources 
Limited to Firering.  In addition, Firering anticipates a net proceed distribution
to shareholders by Ricca, following the completion of a subsidiary asset sale by
Ricca for A$4.4m (c£2.2m) less an adjustment of up to A$332k (c£166k) to Skylark
Minerals Limited (ASX:SKM).

**HIGHLIGHTS**

·      Firering to receive US$1m in cash from Skylark Minerals Limited to settle
all outstanding amounts due from Ricca

·      Completion expected following Ricca shareholders’ approval at an EGM to be
convened after a 21 day notice period

·      Firering expects to receive further funds via a shareholders’ distribution
from the net proceeds of Ricca’s subsidiary asset sale, at a value of A$4.4m, Firering
is a 10.6% shareholder in Ricca.

·      Proceeds will be sufficient to fund the third tranche of Firering’s option
over its primary value driver, Limeco – option due date 30 January 2026, to increase
Firering’s interest in Limeco to 36.2%.

> **Yuval Cohen, Chief Executive Officer of Firering Stratgeic Minerals, commented:**_“
> This is a significant and timely transaction for Firering, delivering a clear 
> cash outcome that strengthens our financial position and supports our strategic
> priorities. The settlement of the Ricca debt, combined with the anticipated distribution
> to shareholders of the net proceeds from the asset sale to Skylark, will provide
> the funds to complete the next tranche of our Limeco option, increasing our stake
> to 36.2%. With production ramping up at Limeco and expansion plans progressing,
> we are well positioned to become a leading regional lime products producer and
> supplier.”_

**DETAILS**

**Background**

On 2 November 2022, Firering entered into an earn-in agreement (“EIA”) with Ricca
relating to its Atex and Alliance Lithium-Tantalum Projects in Côte d’Ivoire (together,
the “Projects”).

On 19 August 2025, Firering announced receipt of Ricca’s formal notice of withdrawal
from the EIA. Following that withdrawal, Ricca relinquished all of its interests
in the Projects. Firering now retains a 90% interest in Atex and a 51% interest 
in Alliance, both free of any Ricca rights or obligations.

During the term of the EIA, Firering contributed funding to the Projects, which 
was to be reimbursed by Ricca (from which the dispute (referred to below) arose),
and acquired shares representing approximately 10.6% of Ricca’s issued share capital.

**Transaction Summary**

Under the Deed of Settlement (“DoS”) executed on 10 November 2025 between Firering,
Ricca, and Skylark, Skylark has agreed to pay Firering US$1m as full and final settlement
to resolve a dispute between Ricca and Firering under the EIA.

The total cash consideration is payable to Firering with completion conditional 
upon approval of Ricca shareholders at an extraordinary general meeting (“EGM”) 
of the Share Purchase Agreement and Option Sale and Purchase Agreement entered between
Ricca and Skylark.  In accordance with statutory requirements, Ricca shareholders
must be given at least 21 days’ notice of the EGM.  Completion is expected to occur
immediately following the EGM.

Through the Share Purchase Agreement* transaction entered between Ricca and Skylark,
Ricca is expected to receive gross proceeds of A$4.4m (c£2.2m), less an adjustment
of up to A$332k (c£166k). Through the Option Sale and Purchase Agreement* a further
sum of A$500k may be received by Ricca upon exercise by Skylark, less any adjustments
for accrued liabilities.  It is anticipated that Ricca will distribute net proceeds
from this asset sale to shareholders. Firering is currently a 10.6% shareholder 
in Ricca.

**Use of Proceeds**

Proceeds from the transaction will be applied primarily to fund the exercise of 
the third tranche (of $981,667) of Firering’s option in Limeco Resources Limited,
due by 30 January 2026.

Upon exercise and payment of the third tranche, Firering’s ownership in Limeco will
increase to approximately 36.2%, further strengthening its position in the rapidly
expanding Zambian quicklime market.

**Next Steps**

Firering Strategic Minerals will provide a further update upon completion of the
sale following Ricca shareholders’ approval.

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