Firering Strategic Minerals (AIM:FRG), a small-cap Africa-focused producer of quicklime and critical minerals explorer, highlighted accelerated momentum in its financial year, as it reported a loss of €2.49 million for the year ended 31 December 2025,
It came as Firering spent on the ramp-up of its Limeco lime operation in Zambia. Cash at year-end stood at €716,000, against gross fundraising of approximately £3.02 million during the year. In the year, it also deployed capital to lift its stake in Limeco to 30.7%.
According to Firering, the headline operational achievement of the period was the commissioning of Kiln 1 and the start of commercial quicklime, hydrated lime and aggregate sales to mining, agricultural and industrial customers in Zambia.
Momentum accelerated after the year-end: Kiln 2 came online and has averaged approximately 85 tonnes per day since 21 April, work is underway on Kilns 3 and 4, and a further £2.5 million fundraising in April 2026 enabled Firering to exercise its final option tranches, raising its Limeco interest to 45% at a total acquisition cost of US$8.2 million.
A two-year offtake agreement with a major Zambian copper producer was also secured in the second quarter of 2026, alongside a US$1 million settlement following Ricca Resources' withdrawal from an earn-in agreement on the Atex lithium-tantalum project in Côte d'Ivoire.
"With additional capacity coming online, new product opportunities, and strengthening customer relationships, we believe Limeco is well placed to deliver the next phase of growth," said Youval Rasin, Chair and Interim CEO.
Commissioning of Kilns 3 and 4 is targeted for the coming weeks and the fourth quarter, respectively, with a high-purity calcium carbonate circuit aimed at commissioning toward the end of 2026.
