Firering Strategic Minerals plc / EPIC: FRG / Market: AIM / Sector: Mining

13 October 2022

Firering Strategic Minerals plc

("Firering" or "the Company")

First Phase Diamond Drilling Complete - Awaiting Lithium Assays

-     Pegmatite Intersected in Every Hole with Visual Mineralisation Identified in

 18 out of the 19 holes Drilled -

Firering Strategic Minerals plc, an exploration company focusing on critical minerals, is pleased to announce the results and completion of its Phase 1 diamond drill ("DD") programme on its flagship Atex Lithium-Tantalum Project ("Atex"), in Côte d'Ivoire.

Highlights

·    Drilled the final eight holes of the Phase 1 DD programme, resulting in a total of 19 holes drilled and 3,039m of drilling.

·    Pegmatite intersected in all 19 drill holes.

·    Visual identification of lithium mineralisation in 18 of the 19 drill holes.  Intercepts include:

o  Hole 4: 9.3m (apparent thickness) showing spodumene and lepidolite.

o  Hole 4: 19.8m (apparent thickness) showing spodumene.

o  Hole 5: 11.6m (apparent thickness) showing spodumene.

o  Hole 6: 20.3m (apparent thickness) showing spodumene.

o  Hole 8: 11.2m (apparent thickness) showing spodumene.

o  Hole 11: 21.5m (apparent thickness) showing spodumene.

o  Hole 18: 16.7m (apparent thickness) showing spodumene and lepidolite.

·    Prepared half-core samples for assaying with the first results expected during Q4 2022.

·    Twenty samples were collected from the drill core for future petrographic (thin sections) and X-ray diffraction ("XRD") analysis.

·  Samples of colluvium and weathered pegmatite were sent to Cormet in South Africa for metallurgical test work.

Nineteen diamond drill holes were completed around and along strike from Spodumene Hill

·    Have now successfully completed a total of nineteen diamond drill ("DD") holes targeting the potential Li-bearing pegmatites for a total of 3,039m.

·    All drill holes have been drilled at a dip of 50 degrees to either the northwest or southeast to intersect the steeply dipping, north-northeast striking pegmatites (see map overleaf).

Yuval Cohen, Chief Executive of Firering, said:

"I am pleased to provide our next update regarding our Phase 1 core drilling programme, which has been completed successfully.  Nineteen holes were drilled, and pegmatites were intersected in every hole.  Lithium mineralisation was visually observed in eighteen out of the nineteen holes, and we are now eagerly awaiting the assay results, the first of which should arrive during Q4 2022.  We look forward to providing the market with these assay results in due course".

Map showing all nineteen drill holes and eight trenches completed across and along strike from Spodumene Hill.

Initial visual observations of the drill core

·    All nineteen holes drilled intersected pegmatites and have been logged in detail.

·    Visible lithium mineralisation is present in eighteen out of the nineteen holes.

·   The first batch of prepared half-core samples arrived at Intertek Laboratories in Perth on 21 September 2022 for assaying.

·    First assay results are expected in Q4 2022.

·    XRD and petrographic (thin section) analysis on the 20 samples selected from the drill core will commence once assay results have come in.

·    Additional XRD analysis will also be conducted on the basis of the assay results.

Results of all nineteen holes drilled during Phase 1 are shown in the table below.

Some photographs of recent core with visible spodumene (left) and spodumene and lepidolite (right).

Pegmatite intercepts of 1m or more are shown in the following table.

Note: Intersections show apparent thickness, not true thickness. The relationship between true and apparent thickness has not yet been established.

Metallurgical test work

·    All planned pits, including three additional pits, on and around Spodumene Hill were completed.

·    All pits were sampled and analysed for tantalum using Firering's new Vanta pXRF.

·    Composite samples containing tantalum were prepared and sent to Coremet in Johannesburg, South Africa, in September 2022 for metallurgical test work.

·    A separate sample of 30kg of lepidolite was also sent to Coremet for test work.

Environmental and Social Governance

·    Officially opened an additional water borehole in the nearby village of Touvré on 21 September 2022 in the presence of local, regional and national authorities (see photographs below).

Pictures taken during the official opening of the water borehole in Tounvré, 21 September 2022.

Competent Person

In accordance with the AIM Note for Mining and Oil and Gas Companies, Firering discloses that Michael Cronwright of CSA Global is the Competent Person that has reviewed the technical information contained in this document. Michael Cronwright has a Pr.Sci.Nat with the South African Council for Natural Scientific Professions ("SACNASP") and is a member in good standing with SACNASP. Mr Cronwright has the appropriate relevant qualifications, experience, competence and independence to act as a Competent Person as defined in the 2012 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Michael Cronwright consents to the inclusion of the information in this announcement in the form and context in which it appears.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

*** ENDS ***

For further information and updates on Firering's exploration programme, visit www.fireringplc.com or contact the following:

Notes to Editors:

Firering Strategic Minerals

Firering Strategic Minerals plc is an AIM-quoted mining company focused on exploring and developing a portfolio of mines producing critical minerals in the Côte d'Ivoire including lithium and Tantalum to support the global transition to net zero emissions. It operates the Atex Lithium-Tantalum Project in northern Côte d'Ivoire, which is prospective for both lithium and tantalum.  Firering intends to advance development at Atex with a view to establishing a maiden lithium resource and a pilot scale production of ethically sourced tantalum and niobium within 18 months to generate early revenues and support further exploration work.  Provided pilot production is successful, a large-scale Tantalum production facility will be developed, which will be supported by a debt facility of FCFA 5,057,000,000 (approximately €7,500,000) currently under negotiation to fund the entire scale-up plan to develop a portfolio of ethically sourced mineral projects in the Côte d'Ivoire, supplying EV batteries, high tech electronics and other fast-growing end markets.

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