REG - Mineral & Financial - Investment Update: Ascendant / Redcorp

Mineral & Financial InvestmentsAnnouncement

03/01/2024 11:00

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RNS Number : 5063Y  Mineral & Financial Invest. Limited  03 January 2024

 

MINERAL AND FINANCIAL INVESTMENTS LIMITED

Investment Update: Ascendant / Redcorp Announce the Submission of the
Environmental Impact Study (EIS) for the Lagoa Salgada Project

 

HIGHLIGHTS:

·      Ascendant / Redcorp have completed the Environmental Impact
Assessment ("EIA")

·      The EIA has been submitted to the Portuguese Environmental
Authority, APA ("Agência Portuguesa do Ambiente").

·      Approval of the EIA is expected by midyear 2024.

·      Following EIA approval, Redcorp will enter a RECAPE phase,
verifying the EIA criteria, which would allow for a formal construction
decision.

·      Application for construction of 30MW Photovoltaic plant was also
submitted in parallel.

 

Camana Bay, Cayman Islands - 3 January 2024 - Mineral and Financial
Investments Limited (LSE-AIM: MAFL) ("M&F" "MAFL" or the "Company") is
pleased to provide an update on its investments in Redcorp Empreedimentos
Mineros Lda. ("Redcorp") and Ascendant Resources Inc. ("Ascendant") which are
developing the Lagoa Salgada Polymetallic Project in Portugal (the Project).
The Project is being managed by Ascendant. M&F owns a conditional 20%
carried interest in Redcorp and Ascendant owns the balance (please see the
announcement dated 28 November 2022 for further details).

M&F has been advised that Redcorp submitted the Environmental Impact
Assessment Report ("EIA") for its Lagoa Salgada Project to the Portuguese
Environmental Authority, APA ("Agência Portuguesa do Ambiente") on 21
December 2023.

Jacques Vaillancourt, Chief Executive Officer of M&F commented, "We are
very pleased with the continued progress Ascendant and Redcorp are making.
This evidenced by the EIA assessment which is the summation of an extensive
and detailed period of study and analysis by the Redcorp team and consultants.
This submission reflects the next step in bringing the Lagoa Salgada project
into full development and eventual production.  The Directors believe the
extensiveness of the EIA submission and project development work demonstrates
Redcorp's commitment to the advancement and value of the Lagoa Salgada Project
and represents a key step forward for the Lagoa Salgada Project on its
development path to become the next operating mine in Portugal, which could
contribute significantly to the country and local communities in which the
Project is located".

The Directors of M&F are advised that the submission of the EIA is the
culmination of more than 18 months of data collection, aggregation and
analysis prepared by management and internationally renowned consulting
experts. The EIA document includes complete environmental baseline studies,
hydrological and hydrogeological modelling, human, archaeological, fauna and
flora characterization and impact evaluation, along with the mitigation,
controls and benefits that will be present over the Life of Mine ("LoM") of
the Project, from construction to final closure.

It also represents extensive collaboration and relationship development with
National and regional authorities and local organizations. In particular, the
Directors understand that Ascendant has undertaken complex and detailed
hydrological and hydrogeological modelling exceeding statutory requirements
which has provided positive outcomes and provides confidence the Lagoa Salgada
Project has been carefully planned to avoid and mitigate any potential impacts
on surface and underground aquifers.

If approval of the EIA is given, it is expected to be obtained by midyear 2024
at which time a further announcement will be made. Ascendant then intends to
follow this approval up with a RECAPE phase - Environmental Compliance Report
of the Execution Project ("RECAPE"). The RECAPE phase aims to verify that the
execution of the project complies with the criteria established in the
Environmental Impact Statement ("EIA"); complying with the terms and
conditions set forth therein would position the project to be ready for the
execution of a formal construction decision once all criteria are determined.

The Directors also understand that Ascendant is submitting as a complementary
project, plans to construct a 30MW PV (photovoltaic) plant as part of the
environmental licensing process. The Directors understand that integrating
renewable energy sources like solar power into the Lagoa Salgada project mine
operations to meet future mine requirements should have multiple benefits,
both in terms of environmental impact and long-term cost savings. In addition
to the environmental benefits, incorporating solar energy aligns with best
practices for Environmental, Social, and Governance ("ESG") standards and at
the same time  should make significant strides towards reducing Lagoa
Salgada's carbon emissions, operating costs and promote sustainable practices.

 

 

FOR MORE INFORMATION:

Jacques Vaillancourt, Mineral & Financial Investments
Ltd.                        +44 780 226 8247

Katy Mitchell and Sarah Mather, WH Ireland
Limited                    +44 207 220 1666

Jon Belliss, Novum Securities
Limited
+44 207 382 8300

 

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(EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service (RIS), this inside information
is now considered to be in the public domain.

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