LITHIUM

CÔTE D’IVOIRE

LITHIUM – CÔTE D’IVOIRE

  • Agreement with AIM-listed Firering Strategic Minerals plc to advance Côte d’Ivoire’s first lithium project

  • Advancing project through MRE and feasibility studies towards production

  • Lithium-tantalum project within prolifc Baoulé-Mossi domain

  • 135km² Atex Project + adjacent 365km² Alliance exploration licence (under application)

  • Pegmatite-hosted lithium mineralisation confirmed

 

ATEX PROJECT

  • Baoulé-Mossi domain is host to multiple base metal, columbite-tantalite and lithium deposits

  • 40 km north of Boundiali and approx. 100 km northwest of Korhogo

  • Includes prospective Spodumene Hill Target

    Rock chip samples collected in 2019 returned highlight values of 1.42% Li₂O, 1.56% Li₂O and 2.01% L₂O

  • Adjacent 365 km² Alliance exploration licence, offering the potential of an extension to the Atex pegmatites or a secondary deposit

 

Exploration programmes

In December 2022, Firering announced results from the maiden scout diamond drill programme at Atex.

Highlights include:

  • 64m at 1.24% Li₂O from 76m in hole TVDD0004, including 27m at 2.13% Li₂O from 76m - 4.06% Li₂O, the highest individual sample assay grade.

  • 25m at 1.39% Li₂O from 77m in hole TVDD0018, including:
    18m at 1.85% Li₂O from 80m.

  • 7m at 1.33% Li₂O from 60m in hole TVDD0019.

A 14,000+ Phase II soil sampling programme was completed in H1 2023 with several new and related pegmatite anomalies identified and initial auger drill targets confirmed.

Atex Project and adjacent Alliance licence earn-in agreement

Advancing Project towards production for up to US$18.6m

Agreement includes defining a maiden resource estimate and feasibility studies

  • Ricca will earn an initial 25% interest in the AALTP, via shares in the SPV, on the earlier of:

    • Ricca obtaining AALTP’s inferred JORC mineral resource estimate (“MRE”); or

    • completion of funding to the amount of US$4.5m

    Phase 1 investment spend commenced

  • Ricca will earn a further 10% interest in the AALTP (taking its interest to 35%), via shares in the SPV on the earlier of:

    • completing a Scoping Study in respect of the Project; or

    • completion of funding to the amount of US$0.9m

  • Ricca will earn a further 10% interest in the AALTP (taking its interest to 45%), via shares in the SPV on the earlier of:

    • completing a Pre-Feasibility Study in respect of the Project; or

    • completion of funding of US$5.9m

  • Ricca will earn a further 5% interest in the AALTP (taking its interest to 50%), via shares in the SPV on the earlier of:

    • completing a Definitive Feasibility Study; or

    • completion of funding of US$3.4m.

  • The four phases of the earn-in are estimated to cost $US14.7m, however, Ricca will provide funding for all expenditure of the Project up to US$17m. This expenditure amount will be increased by US$2m if the MRE surpasses 20Mt @ 1.0% Li₂O.

    After the earn-in expenditure funding is completed, any expenditure commitments will be shared equally between Ricca and Firering.

    Ricca and Firering to establish a joint operating committee to approve the relevant works programme and budgets for the Project.

    Ricca will contribute 50 per cent of the amount payable by Firering to exercise the Atex Option (to increase Firering's holding from 77% to 100%) or the Alliance Option (to increase Firering's holding from 51% to 80%).