AIM-listed Firering Strategic Minerals has completed the acquisition of its final option tranche in Limeco Holdings Limited, increasing its interest in the Zambian quicklime and hydrated lime producer to 45%, the company announced.

The final tranche, exercised on 29 June 2026, raised Firering's holding from 41.7% to 45%. The company had previously exercised the fourth tranche on 27 May 2026, acquiring a further 5.5% interest for $981,667, taking its stake to 41.7%.

Limeco's operations are advancing. Combined kiln discharge output averaged more than 135 tonnes per day (tpd) across the first 20 active days of May 2026. Kiln 2 optimisation was completed and is now operating above its initial 80 tpd discharge target, averaging approximately 85 tpd since 21 April 2026, a 61% improvement over Kiln 1.

Hot commissioning of Kiln 3 commenced on 20 July 2026. Modifications to Kiln 4 are progressing, with commissioning targeted for Q4 2026. Combined production is expected to exceed 200 tpd as Kiln 3 ramps up, positioning Limeco as a major high-quality lime producer in the region.

Limeco achieved operational breakeven, reflecting improving production performance, lower unit costs and an expanding customer base across Southern Africa. Syngas production costs per tonne of saleable product fell by approximately 25% compared to prior months.

Commercially, Limeco supplies quicklime, hydrated lime and aggregates to mining, industrial and agricultural customers across Zambia, Zimbabwe and Malawi, including a leading copper producer in the Copperbelt. The company has a confirmed order pipeline of approximately 2,500 tonnes pending dispatch.

In a leadership change announced in January 2026, Yuval Cohen stepped down as CEO and Director of Firering to focus exclusively on his role as CEO of Limeco. Youval Rasin, Firering's Chairman, was appointed Interim CEO while a permanent replacement is sought.

Limeco is underpinned by a 145.2 million tonne JORC-compliant limestone resource grading 95.7% CaCO₃, with a negligible stripping ratio and an expected mine life exceeding 50 years. The processing plant comprises eight vertical kilns and a 300 tonnes per hour crushing circuit.

Firering's near-term focus remains the ramp-up of production at Limeco, where it holds a 45% interest. The company has also granted Australasian Metals a 90-day exclusive option over its Côte d'Ivoire lithium-tantalum projects as it concentrates capital on the Zambian lime operation.