Firering Strategic Minerals plc (LON:FRG), an Africa-focused producer of quicklime and explorer of critical minerals, has announced its final results for the year ended 31 December 2025.
The Company also gives notice that its Annual General Meeting (‘AGM’) will be held at Hill Dickinson LLP, The Broadgate Tower, 20 Primrose Street, London EC2A 2EW on 12th August at 10am BST. The Notice of AGM will be sent to shareholders, and the Notice of AGM and Accounts will be made available to download later today from the Company’s website www.fireringplc.com.
OVERVIEW
Operational
· Advanced Limeco’s development as a vertically integrated lime producer in Zambia, underpinning Firering’s transition to an industrial minerals business
· Commissioned Kiln 1 and established a platform for future production growth
· Initiated commercial sales of quicklime, hydrated lime and aggregates, while expanding customer engagement across mining, agriculture, and industrial sectors
· Secured a two-year offtake agreement with a major Zambian copper producer in Q2 2026 post period end
· Commissioned Kiln 2 in Q1 2026 and commenced work on Kilns 3 and 4 as part of the planned production expansion
· Progressed the development of a high-purity calcium carbonate circuit, creating a pathway to additional higher-value product streams
Corporate
· Raised funds and increased Firering’s interest in Limeco to 30.7% during the year and subsequently to 45% following the exercise of the final option tranches post period end
· Secured a US$1 million settlement following Ricca Resources’ withdrawal from the Atex earn-in agreement
· Implemented Board changes in January 2026 to support scaling Limeco’s operations
Commenting on the results, Youval Rasin, Chair and Interim CEO of Firering said:
“Firering is a very different business from the one it was 18 months ago. Through Limeco, now hold a 45% interest in a revenue generating lime products business, with established infrastructure, a substantial resource base, a fully permitted producing operation and a strong position in one of the world’s most active copper/gold producing regions.
“Our priority is now to build on that foundation. With additional capacity coming online, new product opportunities, and strengthening customer relationships, we believe Limeco is well placed to deliver the next phase of growth and establish itself as a leading industrial minerals business in Southern Africa.”
Chairman’s Statement
2025 was a transformative year for Firering as the Company advanced from a junior exploration business to an emerging industrial minerals producer. Following the strategic shift towards Limeco in 2024, our focus was on establishing a scalable lime business capable of generating sustainable revenues and cash flow.
Limeco
Limeco is a vertically integrated lime products operation located near Lusaka, Zambia, supported by a substantial high-grade limestone resource and an established processing platform with a design capacity of up to 800 tonnes per day (‘tpd’) of quicklime across eight kilns. Lime products are essential inputs across mining, infrastructure, water treatment, agriculture and industrial applications, providing exposure to a broad and diverse customer base.
Operational progress at the plant continued throughout the year. While its refurbishment programme advanced more gradually than initially anticipated, the commissioning of Kiln 1 in early 2025 provided valuable operational insights that improved Limeco’s understanding of the plant and informed the commissioning strategy for subsequent kilns. These learnings have contributed to improving efficiencies across the business and establishing a stronger platform for future scale-up.
Commercial development also advanced during the year. Initial sales of quicklime and aggregates confirmed market acceptance of Limeco’s products, while customer qualification programmes progressed with mining companies, industrial operators and distributors. Following the period end, these efforts resulted in the awarding of a two-year offtake agreement with a major Zambian copper producer, formalising an existing commercial relationship and providing greater revenue visibility.
Alongside this commercial progress, Limeco continued to broaden its product offering. The business expanded into hydrated lime production, providing access to additional end markets and higher-value applications. Plans also advanced for the construction of a high-purity calcium carbonate circuit, targeted for commissioning towards the end of 2026. This is expected to leverage Limeco’s high-quality limestone resource to supply industrial filler, coatings, plastics and agricultural markets, creating further revenue opportunities and strengthening its position as a diversified lime and limestone products producer.
Operational momentum accelerated further after the year end. Kiln 2 was successfully commissioned and rapidly exceeded the performance achieved by Kiln 1, operating at an average of approximately 85 tpd since 21 April 2026. Modifications to Kilns 3 and 4 are also well underway, with commissioning anticipated in the coming weeks and during the fourth quarter respectively.
Encouragingly, Limeco’s financial performance continues to improve with only two kilns online, highlighting the strength of the underlying economics at a relatively modest level of production. As additional kilns are brought into production, Limeco expects to benefit from greater economies of scale, lower unit costs and enhanced production flexibility, providing a clear pathway to further growth in output and profitability.
Other Projects
Beyond Limeco, Firering retained exposure to critical minerals through its Atex and Alliance projects in Côte d’Ivoire. Following Ricca Resources’ withdrawal from an earn-in agreement, the Company secured a US$1 million settlement and strengthened its ownership position.
Discussions are ongoing with third parties regarding a potential strategic interest in the Atex Lithium-Tantalum Project, supported by improving sentiment across the lithium sector as market fundamentals begin to recover and buyer interest returns.
Corporate
The year marked an important period of corporate development for Firering as it continued to strengthen its position in Limeco and prepare the business for its next phase of growth.
During 2025, Firering raised approximately £3.02 million gross through placings and subscriptions, principally to increase its interest in Limeco to 30.7% at year end. Following the period end, the Company completed a further £2.5 million fundraising in April 2026, enabling it to exercise the final two option tranches and increase its interest in Limeco to 45%. Importantly, Firering has now secured its full ownership position under the option structure and has no further acquisition-related funding commitments associated with increasing its stake.
Post period end, Yuval Cohen stepped down from the Board and as Chief Executive Officer of Firering to focus on operational leadership at Limeco. I subsequently assumed the role of Interim Chief Executive Officer, ensuring continuity as the Company continues to scale its operations.
As expected for a business at this stage of development, the Company reported a loss for the year of €2.49 million, reflecting continued investment in Limeco’s operational ramp-up, expansion initiatives and broader corporate development activities.
As at 31 December 2025, the Company held cash balances of €716 thousand.
Outlook
The outlook for lime products across Southern Africa remains positive, supported by investment across the mining, infrastructure, agriculture and industrial sectors. Recent industry activity has further highlighted the value of established lime operations in the region, including Wonderful Group’s acquisition of a 55% interest in Zambia’s Ndola Lime for US$30 million.
The Board notes that Firering acquired its 45% interest in Limeco for US$8.2 million. Although no two assets are identical, the Ndola Lime transaction highlights the value strategic investors are placing on quality lime assets in the Central African Copperbelt, particularly those with established operations, expansion potential and long-life mineral resources.
Looking ahead, the immediate focus is on bringing Limeco’s next two kilns into operation by year end. This will be a significant milestone and allow the team to assess the performance of the gasification system at scale. Subject to successful operation of the four-kiln configuration, we will then place the order for the second gasifier, supporting a further four kilns and increasing total capacity to eight.
With much of the foundational work now complete, Limeco is well positioned for its next phase of growth. Having reached breakeven and with additional capacity and new product streams coming on stream, the Board believes the Company has a strong platform for further value creation.
On behalf of the Board, I would like to thank our shareholders, employees and partners for their continued support. We look forward to updating the market on our progress over the coming year.
