The AIM-listed company increased its stake through the acquisition of 10% of the issued shares in Atex Mining Resources in exchange for 1.16 million shares in Firering, with a value of £76,441 (US$92,583) at the closing share price on July 1 of 6.6p per share.

"We are making rapid progress at Atex with the commencement of our 3,000 metre diamond drilling programme with eleven drill targets identified to intercept the potentially lithium-bearing pegmatite veins—marking a huge step forward in our exploration work," Firering chief executive Yuval Cohen said.

He added that the decision reflects Firering's confidence in the project and that he believes it to have the potential to become a "significant" lithium resource in West Africa.

There remains the option for Firering to acquire the remaining 23% stake of Atex to increase its ownership at the project to 100%.

The Atex project is in the western limit of the Bagoe Basin within the Baoule-Mossi domain of the West African Cration. It hosts multiple gold, base metals, and Birimian-age pegmatite-hosted columbo-tantalite and lithium deposits, Firering says.

Firering's share price closed trading on July 4 at 6.85p.