Aim-listed Firering Strategic Minerals has increased its stake in its flagship Atex lithium/tantalum project, in Côte d'Ivoire, to 90%.
Pursuant to an existing option shares agreement between Firering and Atex dated March 31, 2021, Firering has acquired a further 13% of the issued share capital of Atex for €258 484.
Consideration for the acquisition was split between Firering and Ricca Resources pursuant to the terms of an investment agreement announced on November 2, 2022.
The split of payments was €58 742 by Firering and €199 742 by Ricca.
It has been mutually agreed with the option shares vendor, a local owner, that they shall retain the remaining 10% of the option shares to retain a shareholding interest in the Atex project moving forward.
Firering says the transaction aligned with its strategy of focusing on critical minerals and developing Atex to feed high demand for ethically sourced minerals required for the net zero transition.
Atex is located in a politically stable, proven mining jurisdiction in West Africa, which is underexplored and ripe for mining investment, Firering posits.
“The Atex project has the potential to become a significant lithium resource in West Africa in a relatively short period of time. The quality and potential of Atex was recognised by Ricca who is earning into the project and supporting us in fast-tracking the project to definitive feasibility study.
“This, coupled with the success of our Phase I drilling campaign and start of the Phase II soil sampling programme announced at the beginning of this year, made our decision to increase our stake in the project to 90% an easy one. We look forward to updating shareholders on our progress,” comments CE Yuval Cohen.