Firering Strat Regulatory News (FRG)

Firering Strategic Minerals

Yuval Cohen

Vassilios Carellas

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

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

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.

· Soil samples weighing approximately 2-2.5kg were collected from a 25-30cm diameter hole. The surficial humus and debris cleared prior to excavation of the shallow hole and the sample collected from the B-horizon and placed into pre-numbered plastic bags. Oversize material was discarded.

· Sample tickets inserted into the bags which were then sealed with a cable-tie or taped shut.

· Sample holes were backfilled and locations marked with a stick (peg) and flagging tape with the sample ID marked.

· Duplicate samples were collected from locations where pegmatite material was sampled.

· Areas of anthropogenic disturbances were avoided such as roads and artisanal workings. However, cultivated fields were sampled. Streams, riverbeds and swamps were also avoided.

· QAQC samples comprising certified reference materials, blanks and field duplicates were inserted at regular intervals into the sample stream.

· Samples were dried, hand crushed, sieved

· Sample analysis was done by LIBS for lithium and a multi-element suite, including LCT pegmatite pathfinder elements (such as Sn, Ta, Rb) by pXRF.

· Uncased auger drilling was used to collect soil samples for Part 1 of Phase 2. All holes were drilled to the top saprolite, an extra 1-2m if lithology isn't recognisable.

· Each site was cleared of debris and plant material prior to drilling and levelled.

· Holes that failed to progress beyond 2m were redrilled to mitigate the eventuality a hole encountered a boulder and to ensure that the maximum depth could be reached to collect a suitable sample from as close to the top of saprolite as possible. A total of 1039 holes have been drilled to date.

· Holes varied between 1m and 18m in depth. The samples were collected at 1m intervals, weighing approximately 10kg.

· The samples were then riffle split to produce a nominal 3-5kg subsample. Any oversize material was coned and quartered and added to the primary sample and reject sample bags. Additional splitting was conducted on samples >5kg.

· The primary focus of this sampling is to identify and confirm pegmatites within the target areas identified from the previously completed soil sampling.

· The same methods and protocols are being used in Part 2 of Phase II of the auger drilling.

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).

· Uncased auger drilling is used to collect samples at 1m intervals.

· The drilling was conducted by Royal Mining, a company based in Abidjan using 2x Drilling Equipment Plant LTD manufactured rigs and towed by a Jiang Fa 2500 tractor. The rigs total depth capability was ~18m.

· All holes were drilled vertically.

· The same methods and protocols are being used in Part 2 of Phase II of the auger drilling.

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.

· 1039 auger soil samples were collected during For Part 1 of Phase 2, weighing between 2kg and 6.0kg, averaging 3.0kg.

· Sample recoveries are considered suitably representative for the purposes of target generation.

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.

· All the auger holes were geologically logged at 1m sample intervals.

· All samples were photographed.

· The same methods and protocols are being used in Part 2 of Phase II of the auger drilling.

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.

· The soil samples were processed at FSM's camp in Tounvré.

· Samples were oven dried for up to 120 mins and then pulverised with a motor and pestle until all material passed through 0.16mm sieve. 

· 2 pulp samples of 100-200g of the screened material was then collected, one bagged and labelled for despatch to Ricca Resources laboratory in Ghana and the duplicate remained as reference pulp sample in Tounvré camp. The remaining material was retained.

· In Ghana a pressed pellet was produced from the sample using a manual hydraulic press and the remaining sample retained.

· The 1m auger samples were riffle split on site to obtain a nominal 5kg subsample. A 5kg (or of similar mass) duplicate sample was also prepared for each sample from the reject material and has been retained on site. Wet clay samples are coned and split by hand and dried in the oven with other samples.

· The sample captured from the drill string is placed in 50cm wide washing tubs hand mixed and spilt through a 50:50 splitter.

· The auger samples are being processed at FSM's camp in Tounvré.

· Samples were oven dried for up to 120 mins and then pulverised with a motor and pestle until sufficient material passed through 0.16mm sieve. 

· A subsample comprising a 100g scoop from each metre sample is taken and placed in plastic bag for air drying and pXRF and at Touvre base.

· The ~3-5kg EOH field samples is split 50:50 at camp with this primary sample being prepped and the field duplicate stored at FSM's camp. The primary 2.5kg sample is prepped and generates two 100g minus 160micron subsamples. One is bagged and labelled for despatch to Ricca Resources laboratory in Ghana and the duplicate remained as reference pulp sample in Tounvré camp. The coarse reject is discarded. The auger top of saprolite samples are considered suitable for identifying exploration targets.

· The same methods and protocols are being used in Part 2 of Phase II of the auger drilling.

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 soil samples were couriered to Ricca Resources Ghana laboratory where they will be subject to industry accepted sample preparation and multi element analysis by pXRF for 34 elements including Rb, Sn, Nb and Zr and LIBS for Li.

· Olympus Vanta XRF Analyzer model VMR series was used in reading multi-element suite and SciAps LIBS analyser for reading and Li and selected elements.

· Internal laboratory QAQC checks analysis on its own certified reference material of standards and blanks /inserted at regular interval into the sample stream are reported.

· QAQC performance was monitored and reviewed by Ricca and demonstrated the results are acceptable for the reporting of the results.

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

· Geophysical instruments were not used in assessing the mineralisation.

· The same methods and protocols are being used in Part 2 of Phase II of the auger drilling.

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) has not observed any of the sampling process executed by Ricca Resources sampling team.

· No verification sampling was done.

· The auger logging and sampling data are captured on tablets that were imported into a SQL database managed by CSA Global.

· The field programme is being managed by Ricca Resources

· All hole locations are recorded on a handheld GPS on tablets.

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

· The assay data presented 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.

· All soil sampling locations were captured using a handheld GPS The information was then transferred to the logging Excel spreadsheets.

· Coordinates are relative to WGS84 UTM zone 29P.

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

· The auger hole locations were recorded using a handheld GPS device.

· Coordinates are relative to WGS84 UTM zone 29P.

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

· The same methods and protocols are being used in Part 2 of Phase II of the auger drilling.

· The results will not be used in any Mineral Resource estimation.

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.

· Soil sampling was completed on east-west grid with lines spaced at 100m apart and samples collected at 100m intervals along the lines to create a 100x100m sample grid across the Atex licence.

· The spacing is considered suitable to determine targets associated with LCT pegmatites for follow-up exploration work. 

· No sample compositing was done.

· Auger lines for Part 1 of Phase II were laid out along a northeast-southwest pattern with lines spaced 150 m apart covering selected soil anomalies. Station spacing along the lines orientated in a northwest-southeast direction is 20m.

· The auger lines for Part 2 of Phase II have been planned along a northeast-southwest orientation for areas 2 and 3, and a northeast-southwest orientation for area 4, with lines spaced 160 m apart covering selected soil anomalies. Station spacing along the lines orientated in a northwest-southeast direction is 20m.

· The spacing is considered suitable to determine targets for follow-up work.

· 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.

· Soil sampling was completed on east-west grid with lines spaced at 100m apart and samples collected at 100m intervals along the lines to create a 100x100m sample grid across the Atex licence and was suitable to delineate a number of soil anomalies for targeted follow up in the subsequent auger programme

· Individual auger lines are orientated northwest-southeast (perpendicular to the inferred orientation of the pegmatite at Spodumene Hill), and trend of the soil anomalies, and lines spaced at 150m along a northeast-southwest orientation. Orientation of the planned auger lines in Area 4 is northeast-southwest.

· The grid was designed to determine potential strike extents to the northeast-southwest striking Spodumene Hill pegmatite (and east west orientation pegmatites in Area 4) and also test a number of the additional soil anomalies identified from the soil sampling programme

· No relationship has been establishing between the interpreted pegmatite intercepts from the auger holes and true widths.

· The results will not be used in any Mineral Resource estimation.

Sample security

· The measures taken to ensure sample security.

· All soil and auger samples were collected, labelled and bagged on site by the Ricca exploration team.

· At the end of each day the samples were placed in large plastic bags and large plastic labelled bags. Each bag usually contained samples from one hole.

· Samples were secured and stored in FSMs core yard facility in Tounvré where the sample preparation was also done.

· Sample batches of the prepared sample material were then dispatched to Ricca Resources' laboratory in Ghana for assay by LIBS and pXRF.

· Sample transport to Ghana was managed by Ricca Resources and facilitated by Intertek Yamoussoukro Prep lab, which delivered the samples to Ghana on behalf of Ricca Resources

· A chain of custody sheet was verified and signed off at each stage in transit before in get to the Laboratory in Ghana and finally checked and signed by the recipient.

· The sample lists were submitted to the Ricca Resources laboratory in Ghana electronically and checked by the recipient against what was received.

· Batch tracking file is updated regularly, considering the status of samples dispatched and results received.

· The same methods and protocols are being used in Part 2 of Phase II of the auger drilling.

Audits or reviews

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

· The soil sampling and auger sampling technique was reviewed by Ricca Resources and the Competent person.

· Regular reviews of the data and assay results have been conducted to ensure the data are suitable for target generation purposes.

· Discussions were also held with key technical staff from Ricca Resources regarding the geology, sampling and data capture they conducted.

· The Competent Person considers that the exploration work conducted to date is 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.)

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 4 years, expiring 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 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 Touvre.

· 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. The work identified a number of areas with potentially economic columbo-tantalite mineralisation as well as the spodumene-lepidolite bearing pegmatite(s) around Spodumene Hill. His mapping also recognised 5 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.

· The most recent exploration conducted has been by Atex Mining Resources who conducted mapping, rock chip sampling, limited drilling and licence wide soil sampling and focused auger drilling targeting the lithium potential of the licence and confirmed the presence of spodumene and lepidolite mineralisation 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 bothin 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 relevant maps showing the sample locations results have been included in the announcement.

· Geological results have been reported

· Only lithium results have been reported for the soils as this data best summarises and highlights the potential target areas identified.

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.

· Results plotted and interpreted are based on the geology encountered in the end of hole auger sample.

· No 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').

· There is no relationship between the lithium results in the soil samples and possible pegmatite hosted lithium mineralisation.

· There is no relationship between the geological results from the auger samples and possible pegmatite hosted lithium mineralisation.

· No relationship has been established with respect to the target sizes and the size of potential pegmatite hosted lithium mineralisation. However, the auger results do provide a more accurate delineation of the pegmatites for follow up drill targeting

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 logged geology and assays from the soil sampling and logged geology from the auger drilling completed to date and have been previously reported.

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, namely the planned RC drilling campaign, and summarised in the accompanying documentation. This drilling has been planned to test the targets identified and establish whether the targets are associated with mineralised pegmatites.

· Maps are included in the Report.