Signs RC drilling contract with FTE Drilling

Firering, an exploration company focusing on critical minerals, is pleased to announce that it has signed the Reverse Circulation ("RC") drilling contract with FTE Drilling for an initial total of c.3000m of drilling. The RC campaign, which is expected to commence in mid-January 2024, is carried in conjunction with our Joint Venture ("JV") partner Ricca Resources ("Ricca").

Yuval Cohen, Chief Executive Officer of Firering, said:

"I am very pleased to announce the signing of the initial RC drilling contract with FTE Drilling for c.3,000m. FTE Drilling is expected to be on site and start drilling operations mid- January 2024. RC hole locations have been finalised and Firering's field team will be preparing the drill pads in due course. We estimate that the RC drilling campaign will be completed during February 2024 and that assay results will be available towards the end of Q1 2024 when we will provide the results of the RC campaign to the market".

Signing of RC drilling contract

Firering and FTE Drilling signed the initial RC drilling contract for c.3,000m of drilling on 11 December 2023. FTE Drilling plans to be on site mid- January 2024 for the commencement of the RC drilling. In conjunction with Ricca, 18 holes have been planned and positioned (Figure 1). The RC drilling campaign should be completed during February 2024. All RC holes will be logged and sampled at 1m intervals with all fresh pegmatite samples sent to Intertek Laboratories in Côte d'Ivoire for sample preparation, after which the prepared samples will be sent to Intertek Laboratories in Australia for assaying. As announced on 25 October 2023, the drilling is planned to intersect fresh pegmatite beneath the weathered pegmatite identified during Part 1 of the auger drilling campaign and to test the potential lithium mineralisation of the pegmatites. Assay results are expected towards the end of Q1 2024 and will be used to direct future drilling programmes.

Summary on FTE Drilling

FTE Drilling is a Canadian headquartered company offering a complete range of drilling services across Africa, Canada, the United States, and South America. FTE origins go back to 1923 when the first drill holes were drilled in Canada by 'F. Lapointe et fils'. In 1987, Forage Technic-Eau inc. was established, which specialised in commercial and industrial drilling. In 1999, FTE Drilling commenced drilling operations at mines in West Africa. In Côte d'Ivoire, FTE Drilling is represented by Forage FTE Drilling CI SARL. With its strong reputation, FTE Drilling is gradually expanding its global presence and solidifying its position as an international leader in the drilling industry.

Figure 1: Plan view of the hole locations for the 18 RC holes.

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