Ricca Resources withdraws from earn-in deal with Firering
By Josh White
Date: Tuesday 19 Aug 2025
(Sharecast News) - Firering Strategic Minerals said on Tuesday that Ricca Resources had withdrawn from its earn-in agreement on two lithium-tantalum projects in Côte d'Ivoire, returning full control of the assets to the company.
As a result of the withdrawal, Firering said it would retain a 90% interest in the Atex project and 51% in the Alliance project, free from any rights previously held by Ricca.
The AIM-traded company said there was no obligation to repay consideration or expenditures covered by Ricca during the partnership, while it continued discussions to recover funds it advanced to the projects that were due to be reimbursed.
Firering also owns 10.6% of Ricca.
"Ricca's withdrawal from the earn-in to our Atex and Alliance Lithium-Tantalum Projects transfers full control of these assets to Firering, and also equips the company with the flexibility to explore alternative ways to crystalize their value," said chief executive Yuval Cohen.
"While currently on care and maintenance, the company remains confident in the significant unrealised potential of Atex and Alliance, and the board is actively evaluating opportunities to unlock and maximise this value for shareholders."
He added that under the terms of the EIA, Firering woud also retain its ~10% equity interest in Ricca, as it also worked to recover the funds advanced for the furtherance of the projects and to be repaid by Ricca under the EIA, which would be directed towards accelerating the development of the firm's flagship Limeco operations.
"Limeco remains at the heart of our business, offering scalable near-term revenues and the foundation for Firering's long-term value creation alongside the additional upside that we expect to realise ultimately from the Atex and Alliance Projects."
At 1100 BST, shares in Firering Strategic Minerals were down 1.3% at 1.9p.
Reporting by Josh White for Sharecast.com.
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