Firering Strategic Minerals, the Africa-focused quicklime producer and critical minerals explorer, has granted ASX-listed Australasian Metals an exclusive 90-day option to acquire the bulk of its Atex and Alliance Lithium-Tantalum Projects in northern Côte d'Ivoire.
The deal is worth up to AUS$1.5 million (approximately £0.79 million) in cash, comprising a non-refundable A$100,000 option fee and a further A$1.4 million if Australasian Metals exercises the option.
The option covers a 75% stake in Atex Mining Resources SARL, out of Firering's 90% holding, plus its 51% interest in Alliance Minerals Corporation SARL and rights to a further 29% of Alliance.
Firering would retain a 15% free-carried interest in Atex, with no funding obligations until a final investment decision, US$5 million of qualifying spend by Australasian Metals, or completion of an agreed exploration plan.
Australasian Metals also holds a separate option to buy out Firering's retained stake for A$5 million, alongside a 1% revenue royalty that it could later acquire for another A$5 million.
"This agreement represents a positive development for Firering and its shareholders, providing near-term cash proceeds from our non-core Côte d'Ivoire lithium-tantalum assets while retaining a 15% free-carried interest and royalty," said Youval Rasin, Chairman and Interim CEO.
Proceeds will fund working capital, outstanding shareholder bridge loan notes, and the Limeco quicklime project in Zambia, where Firering's stake has risen to 45%.
News Intelligence what this means for the company
Firering has granted Australasian Metals a 90-day exclusive option to acquire most of its Côte d'Ivoire lithium-tantalum assets for up to A$1.5 million, retaining a 15% free-carried stake and royalty rights. The cash proceeds will fund working capital, shareholder bridge loans, and the Limeco quicklime project in Zambia, where Firering's stake has risen to 45%. This monetizes non-core exploration assets while preserving upside and freeing capital for the company's primary focus.
- Australasian Metals gains an option over lithium-tantalum exploration assets in Côte d'Ivoire, with paths to acquire Firering's retained 15% stake and royalty rights for additional payments.
The deal provides near-term liquidity to fund Limeco development and shareholder obligations, but the A$1.5 million proceeds are modest relative to the US$8.2 million total acquisition cost Firering has already deployed at Limeco. Success hinges on Limeco's ability to ramp production and generate returns sufficient to justify the capital already committed.
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