Firering Strategic Minerals PLC (AIM:FRG) shares fell on Tuesday, as the small-cap told investors that its joint venture partner, Ricca Resources, has withdrawn from its earn-in agreement for the Atex and Alliance lithium-tantalum projects in Côte d’Ivoire.
As a result, Firering will now retains 90% of Atex and 51% of Alliance.
The company confirmed that it is not required to repay or refund any consideration received from Ricca.
"Ricca's withdrawal from the earn-in to our Atex and Alliance Lithium-Tantalum Projects transfers full control of these assets to Firering, and also equips the company with the flexibility to explore alternative ways to crystalize their value," said Firering chief executive Yuval Cohen.
"While currently on care and maintenance, the company remains confident in the significant unrealised potential of Atex and Alliance, and the board is actively evaluating opportunities to unlock and maximise this value for shareholders."
Talks are also taking place over certain funds advanced to the projects by Firering, which were due for reimbursement by Ricca during the term of the joint venture agreement. And, it is anticipated that any funds recovered from Ricca will be directed to Firering's Limeco quicklime operations in Zambia.
Firering, meanwhile, continues to hold an approximate 10.6% equity interest in Ricca.
In London, Firering shares were down 4.8% at 1.83p, having seen as low as 1.62p in earlier exchanges.