# Firering Strategic Minerals strengthening position in critical minerals (LON:FGR)

- Link: https://www.directorstalkinterviews.com/firering-strategic-minerals-strengthening-position-in-critical-minerals-lonfgr/4121226650
- Published: 2025-11-20T12:58:37+00:00
- Author: Amilia Stone

**[Firering Strategic Minerals plc](https://www.directorstalkinterviews.com/company/firering-strategic-minerals-plc/frg.l)(
LON:FRG) **Non-Executive Director Vassilios Carellas caught up with DirectorsTalk
to discuss** **the background of Ricca settlement, its impact on Firering’s operations,
and the company’s strategic direction moving forward.

**Q1: A great outcome on the recent announcement with respect to the US$1 million
settlement in Firering Strategic Minerals’ favour. Can you just provide some background
to this settlement though?**

**A1**: It is indeed a timely and welcome injection of funds into the company’s 
coffers.

By the way of background, if one recalls, we had a JV with Ricca over our lithium
assets in the Ivory Coast, whereby Ricca were meant to fund the development of these
assets. Circumstances resulted in the cyclical decline in the lithium space over
the last couple of years and Ricca wasn’t able to raise sufficient funding for the
project. We, as Firering, ended up using our own resources to fund the development
of the drilling that we did at the time and the other work.

So, this downturn lasted a lot longer than anyone anticipated and ultimately resulting
in Ricca formally pulling out of the JV in the summer with an amount owing to Firering
which has now been formally settled.

**Q2: Following Ricca’s withdrawal from the Atex and Alliance projects, what are
Firering’s plans to advance or monetise these assets now?**

**A2**: To recap, Firering holds 90% of Atex and 51% of the Alliance licences that
together cover both the lithium and tantalum and niobium assets which are key critical
minerals. There really does seem to be a shift in sentiment in the lithium space
over recent months so timing-wise, this seems to work well for us now that we’re
back in full control of these assets, as Ricca didn’t actually meet any of the milestones
set in the JV to retain an interest in those licences.

So, the past few months, we’ve seen a few well-known lithium players starting to
lift off from their lows in terms of share price. So, I wouldn’t be surprised if
a third party got in touch with us to have a chat.

**Q3: Will any portion of the settlement funds beyond those allocated for the next
Limeco tranche to reach 36.2% interest be distributed to shareholders as a dividend?**

**A3**: There’s no current plan for a shareholder distribution of those funds. All
the proceeds will go towards Limeco and funding our next tranche and strengthening
the company’s cash reserves.

**Q4: What will Firering Strategic Minerals’ do with its 10.6% shareholding in Ricca?**

**A4**: Well, as we understand and announced, Ricca is due to receive gross proceeds
of AU$4.4 million from the sale of its gold assets in the Ivory Coast to Skylark
Minerals. It is anticipated that Ricca will settle all of its liabilities and then
shut down Ricca. So, we expect to receive further funding pro rata to our shareholding,
and that theoretically would be the end of our interest in Ricca.

Share on: