Firering Strat Regulatory News (FRG)

Firering Strategic Minerals

Yuval Cohen

Neil Herbert

Tel: +44 20 7236 1177

SPARK Advisory Partners Limited

Nominated Adviser

Neil Baldwin / James Keeshan / Adam Dawes

Tel: +44 20 3368 3550

Optiva Securities Limited

Broker

Christian Dennis / Daniel Ingram

Tel: +44 20 3137 1903

St Brides Partners Limited

Financial PR

Ana Ribeiro / Susie Geliher / Isabelle Morris

T: +44 20 7236 1177

E: firering@stbridespartners.co.uk

Lepidolite

Lepidolite is a purple to lilac-grey or rose-coloured member of the mica group of minerals. It has chemical formula K(Li,Al)3(Al, Si)4O10(F,OH)2. It is part of the polylithionite, lepidolite, and trilithionite group of minerals, which share similar properties but have varying ratios of lithium and aluminium in their chemical formulas and a potential secondary source of lithium.

ICP-OES

Inductively coupled plasma-optical emission spectroscopy.

ICP-MS

Inductively coupled plasma mass spectrometry.

Li

Lithium.

Li2O

Lithium Oxide (Lithia) - an inorganic lithium compound used to assess lithium minerals. Relationship between Li and Li2O: Li2O = Li x 2.153

Metasediments

Sedimentary rocks that have been metamorphosed.

Metavolcanics

Volcanic rocks that have been metamorphosed.

Pegmatite

An igneous rock typically of granitic composition, which is distinguished from other igneous rocks by the extremely coarse size of its crystals, or by an abundance of crystals with skeletal, graphic, or other strongly directional growth habits, or by a prominent spatial zonation of mineral assemblages.

pXRF

Portable X-ray Fluorescence handheld device that uses X-rays to excite matter at the atomic level for determining approximate chemical compositions. A built in CPU and display on the back of the unit provide live geochemical results within seconds.

QA/QC

Quality assurance and quality control. Use to assess the accuracy and reliability of assay results.

Spodumene

Spodumene is a pyroxene group mineral with a chemical formula of LiAlSi2O6. Spodumene is mined from pegmatites and concentrates produced which are the one of the primary sources of lithium.

Ta

Tantalum.

XRD

x-Ray diffraction (XRD), or x-ray powder diffraction, utilizes x-ray radiation on crystalline organic and inorganic samples. The rays are diffracted in a pattern determined by the position, arrangement, and size of the constituents of the crystal.

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria

JORC Code explanation

Commentary

Sampling techniques

· Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

· Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

· Aspects of the determination of mineralisation that are Material to the Public Report.

· In cases where 'industry standard' work has been done this would be relatively simple (e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

· Diamond drilling, producing drill core has been utilised to sample the pegmatite below ground surface. This method is recognised as providing the highest quality information and samples of the unexposed geology.

· Based on available data, there is nothing to indicate that drilling and sampling practices were not to normal industry standards.

· All pegmatites were sampled from the hanging wall contact continuously through to the footwall contact. The sampling did not include the host rocks and stopped at the pegmatite contacts.

· Diamond drilling has been used to obtain core samples, which have then been cut longitudinally. Intervals submitted for assay have been determined according to geological boundaries. Samples were nominally taken at 1m intervals but ranged from 0.2-1.28 m.

· The submitted half-core samples typically had a mass of 2-4 kg but ranged from 0.8-7.7 kg

· The primary focus of this sampling was to determine the nature and distribution of the lithium (and any other potential mineralisation) between different pegmatites intersected in each hole and also variations within individual pegmatites.

Drilling techniques

· Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

· The drilling was completed using diamond core rigs with PQ sized drill rods from surface to sample through to fresh rock. HQ sized drill rods were used after the top-of-fresh-rock had been intersected. Holes are angled at 50° either to the northwest or southeast and collared from surface into weathered bedrock. All holes were downhole surveyed using a digital multi-shot camera at about 30 m intervals.

· All core was orientated.

Drill sample recovery

· Method of recording and assessing core and chip sample recoveries and results assessed.

· Measures taken to maximise sample recovery and ensure representative nature of the samples.

· Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

· Drill core recovery averaged >95%. Weathered zone recoveries averaged between 90-95% and recoveries through the fresh rock averaged >99%.

· Based on the high recoveries, FSM did not implement additional measures to improve sample recovery and the drill core is considered representative and fit for sampling.

· Most pegmatites were intersected in fresh rock and the core recovery was near 100% and there is no sample bias due to preferential loss or gain of fine or coarse material. Some bias may occur in the weathered portion of pegmatites where recoveries were slightly lower but is not considered material to the results as very few pegmatites were intersected in this zone.

Logging

· Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

· Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

· The total length and percentage of the relevant intersections logged.

· Drill core was logged by qualified geologists and the logs were then captured into the database.

· All drill core was logged for qualitatively for geology (capturing geological, weathering and mineralogical properties) and quantitatively geotechnical properties (RQD and structures) and recovery.

· A complete copy of the data is held by CSA Global in a SQL database.

· All drill core was photographed both in dry and wet states, pre and post sampling, with the photographs stored in the database.

Sub-sampling techniques and sample preparation

· If core, whether cut or sawn and whether quarter, half or all core taken.

· If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

· For all sample types, the nature, quality and appropriateness of the sample preparation technique.

· Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

· Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

· Whether sample sizes are appropriate to the grain size of the material being sampled.

· Core is cut longitudinally, and half-core samples of a nominal 1m length are submitted for assay.

· The sample preparation for drill core samples incorporates standard industry practice.

· The half core samples are then packaged and the certified reference material, blanks and duplicates are inserted at appropriate intervals and submitted for crushing and pulverizing at the Intertek sample preparation lab in Yamoussoukro.

· The half-core samples of approximately 2-4 kg are oven dried, crushed to a nominal -2 mm with a sub-ample of approximately 100g being split out. This sub-sample is then pulverised to produce a pulp with 85% passing -75um size fraction. A subsample is then split from this and then the complete sample batch is couriered to Australia for assay analysis.

· Standard sub-sampling procedures are used by Intertek during all stages of sample preparation such that each sub-sample split is representative of the sample it was derived from.

· Duplicate sampling comprising coarse and pulp duplicates were undertaken for the drilling programme. These were prepared by the lab during the sample preparation process and the samples inserted into empty pre-numbered bags that were placed into the sample sequence by SEMS geologists. These were then processed further, along with all the other samples.

· The drilling produced PQ and HQ drill core, providing a representative sample of the pegmatites which is coarse-grained. Sampling was mostly at nominal 1m intervals, and the submitted half-core samples typically had a mass of 2-4 kg.

Quality of assay data and laboratory tests

· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

· For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

· Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

· The sample pulps were couriered to Intertek in Perth for assay using a sodium peroxide fusion followed by an ICP-MS and ICP-OE assay. Method code FP6/MS and FP6/OES. The samples were assayed for 21 elements including Li, Ta, Nb and Sn.

· Peroxide fusion results in complete digestion of the sample and is suitable for many refractory, difficult-to-dissolve minerals. Peroxide fusion also provides for a more complete digestion of some silicate mineral species and is considered to provide the most reliable determination of elements associated with LCT pegmatites and associated mineralisation.

· QAQC samples comprising blanks (pulp and coarse crush chips) and certified reference materials sourced from AMIS in South Africa were inserted into the sample batches. In addition, the laboratory (Intertek) incorporated its own internal QAQC procedures to monitor its assay results prior to release of results to FSM.

· The Competent Person is satisfied that the results of the QAQC are acceptable and that the assay data from Intertek is suitable for the reporting of exploration results.

· Geophysical instruments were not used in assessing the mineralisation.

Verification of sampling and assaying

· The verification of significant intersections by either independent or alternative company personnel.

· The use of twinned holes.

· Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

· Discuss any adjustment to assay data.

· CSA Global (CSA) observed the mineralisation in the majority of drill core, but no check assaying was completed by them at this stage of the exploration programme.

· The logging and sampling data were captured onto paper logs and transferred into Excel spreadsheets that were imported into a SQL database managed by CSA Global.

· The field programme was managed by SEMS-Exploration (Cote d'Ivoire).

· All hole locations were sited using a handheld GPS and surveyed with a differential GPS (DGPS) once all drilling was completed. The information was then transferred to the logging Excel spreadsheets.

· All data is stored locally on a laptop computer and also backed-up onto the cloud.

· The assay data has not been adjusted.

Location of data points

· Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

· Specification of the grid system used.

· Quality and adequacy of topographic control.

· The drill hole locations were recorded using a DGPS device.

· Coordinates are relative to WGS84 UTM zone 29P.

· For the purposes of early-stage geological modelling, the drillhole collars were projected onto a topographic surface.

· The locations are considered suitably accurate for the purpose of reporting exploration results.

Data spacing and distribution

· Data spacing for reporting of Exploration Results.

· Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

· Whether sample compositing has been applied.

· Drill holes were laid out along a northeast-southwest pattern spaced between 70 and 300m apart. Holes were not drilled on a regular grid as this early-stage phase of scout drilling was designed to test the mapped pegmatites for mineralisation, determine orientation at depth and geological continuity for certain pegmatites.

· The spacing is considered suitable to determine targets for follow-up work. Areas for follow-up exploration have also been identified based on gaps identified in the data generated to date.

· No sample compositing was done.

Orientation of data in relation to geological structure

· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

· If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

· The drillhole orientation is designed to intersect the pegmatites at, or nearly at, 90° to the plane of the pegmatite. However, due to the poor control on the pegmatite orientations and limitations of the drill rig (could not drill holes

· The pegmatite intercepts in the drill holes thus represent widths which are greater than the true pegmatite widths. This is illustrated in the attached sections.

· The relationship between the apparent widths and true width has not yet been established.

Sample security

· The measures taken to ensure sample security.

· All samples were collected, labelled and bagged on site by the SEMS-Exploration team.

· Samples were secured and stored in FSM's core yard facility in Tounvré.

· The sample batches were then collected from Tounvré by Intertek Yamoussoukro.

· The sample lists were submitted to Intertek electronically and checked by Intertek against what was received.

· Once the samples had been prepared, Intertek Yamoussoukro couriered the sample pulps to Intertek Perth, via Intertek Ghana, for assay.

Audits or reviews

· The results of any audits or reviews of sampling techniques and data.

· The drilling and sampling techniques were reviewed by Mr Michael Cronwright of CSA Global, the Competent Person, during the site visit in August 2022.

· Discussions were held with key technical staff from SEMS-Exploration regarding the geology, sampling and data capturing they conducted.

· The Competent Person considers that the exploration work conducted to date has been using appropriate techniques for the style of mineralisation and is suitable for the reporting of the exploration results.

Section 2 Reporting of Exploration Results

(Criteria listed in the previous section also apply to this section.)

Criteria

JORC Code explanation

Commentary

Mineral tenement and land tenure status

· Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

· The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

· The Atex exploration permit was issued as PR-777 on 6 December 2017 to Atex Mining Resources and was valid for four years and expired in December 2021. In March 2021, Firering Holdings acquired 51% of Atex Mining and has an option to acquire an additional 39%.

· PR-777 has been renewed for an additional three years for Li, expiring on 5 December 2024. The Mining Code of Ivory Coast allows for the adding of other commodities, e.g. Ta and Au when found during exploration activities.

Exploration done by other parties

· Acknowledgment and appraisal of exploration by other parties.

· Within PR-777, limited exploration work comprising geological mapping and prospecting, focussed on the eluvial, alluvial and pegmatite hosted columbo-tantalite mineralisation and was done between 1953 and 1963. This work identified the area to have "good" potential for columbo-tantalite mineralisation as well some evidence of placer gold mineralisation around Tounvré.

· Adam (1966) conducted the systematic exploration in the area on behalf of SODEMI from 1965-1966. His work comprised non-systematic and systematic pitting, mapping, rock chip and mineral concentrate sampling, and identified a number of areas with potentially economic columbo-tantalite mineralisation as well as spodumene-lepidolite bearing pegmatite(s) around Spodumene Hill. His mapping also recognised five types of pegmatites in the area, namely:

· lepidolite, muscovite, spodumene, columbo-tantalite type;

· green muscovite, columbo-tantalite type;

· green muscovite and beryl type;

· muscovite, beryl type; and

· biotite, magnetite type.

· More recently, the permit was covered by a larger licence held by Perseus Mining Limited who were exploring for gold within the region. The results of this exploration are unknown.

· It is understood that they conducted airborne geophysical (magnetic and radiometric) surveys over the area.

· Atex Mining Resources conducted the most recent exploration comprising limited mapping and rock chip sampling focussed on the lithium potential of the licence and confirmed the presence of spodumene and lepidolite mineralisation on and in the area around Spodumene Hill.

Geology

· Deposit type, geological setting and style of mineralisation.

· The Atex Project occurs in the western limit of the Bagoé Basin within Baoulé-Mossi domain of the West African Craton (WAC). The WAC comprises Archaean basement material and the surrounding Proterozoic granite-greenstone terranes (termed the Birimian or Birimian Supergroup). The Birimian rocks are synchronous with the Eburnean orogeny. The Baoulé-Mossi domain comprises a number of north-northeast to south-southwest to north-south arcuate belts that stretch hundreds of kilometres and are host to multiple gold, base metal, and pegmatite-hosted columbo-tantalite and lithium deposits that are spatially and temporally related to the Eburnean orogeny that took place between 2,250 and 1,980 Ma.

· The geology of the Project area is underlain by Birimian metavolcanics and Eburnian-aged granitoid intrusions, including undeformed, late stage potassic granites considered to be genetically related to the pegmatites.

· Historical work within the permit area has identified a number of pegmatite types within the licence area, including pegmatites that are prospective for lithium and columbo-tantalite mineralisation. The exploration work by Adam (1966) also identified surficial columbo-tantalite mineralisation associated with the pegmatites and weathering thereof.

· Recently, several companies have demonstrated the potential for pegmatite-hosted lithium mineralisation in the region. These include Atlantic Lithium (previously IronRidge Resources) who have developed the Ewoyaa Lithium Project in Ghana, Firefinch (previously Mali Lithium) and their Goulamina project and Kodal Minerals with their Bougouni project both in southern Mali.

· The pegmatites within the Atex permit belong to the LCT-Rare Element group of pegmatites and includes the LCT spodumene-lepidolite bearing pegmatite at Spodumene Hill and muscovite-columbo-tantalite type pegmatites.

· The pegmatites within the Atex Proiect are hosted in mafic schists, although some minor mica schist is also present, and comprise a series of steeply dipping north-northeast striking bodies. Less common are smaller east-west orientated pegmatites.

· Current work by Firering Strategic Minerals has identified a number of pegmatite bodies around Spodumene Hill, which have been the focus of the current drilling campaign.

· Several of these pegmatites have been identified to be potentially lithium bearing, with the lithium hosted in spodumene and lepidolite.

· The area is also considered moderately prospective for orogenic Birimian gold mineralisation based on the local geology and proximity to a number of gold deposits in the broader region. Historical exploration in the 1960s also noted a small "placer" gold deposit close to Tounvré.

Drill hole Information

· A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

o  easting and northing of the drill hole collar

o  elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar

o  dip and azimuth of the hole

o  down hole length and interception depth

o  hole length.

· If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

· All drill hole location data is provided in the accompanying documentation

· Only significant intercepts have been reported comprising pegmatites meeting the following criteria: pegmatites intercepts >1m and containing at least one sample interval with >0.5% Li2O.

Data aggregation methods

· In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.

· Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

· The assumptions used for any reporting of metal equivalent values should be clearly stated.

· Significant Intercepts are reported as length-weighted grades within the logged pegmatite.

· The significant intercepts have been reported as per the accompanying documentation

· The majority of samples were taken at 1m lengths.

· No equivalent values are used or reported.

· No other data aggregation or metal equivalents have been reported.

Relationship between mineralisation widths and intercept lengths

· These relationships are particularly important in the reporting of Exploration Results.

· If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

· If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. 'down hole length, true width not known').

· The pegmatite intercepts (downhole lengths) in the drill holes represent apparent widths, which are greater than the true pegmatite widths. This is illustrated in the attached sections.

· The relationship between the apparent widths and true width has not yet been established.

Diagrams

· Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

· Relevant maps are presented in the accompanying documentation.

Balanced reporting

· Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

· The reported exploration results from the Atex project are related to the diamond core drilling sample assays reported to date.

Other substantive exploration data

· Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

· Not applicable.

Further work

· The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling).

· Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

· Additional exploration is planned and summarised in the accompanying documentation.