REG - Mineral & Financial - Investment Update: Redcorp

Mineral & Financial InvestmentsAnnouncement

17/04/2023 11:00

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RNS Number : 4175W  Mineral & Financial Invest. Limited  17 April 2023

MINERAL AND FINANCIAL INVESTMENTS LIMITED

Investment Update: Redcorp/Ascendant Provides an Update for The Lagoa Salgada
Polymetallic Project in Portugal

 

HIGHLIGHTS

·    Lagoa Salgada Feasibility Study Expected to be Delivered in May 2023

·    Final Metallurgical Study Results Expected Shortly

·    Current Focus is The Potential to Produce a Saleable Tin Concentrate
from the Tailings

·    The Permitting Process Is Advancing as Planned, With Recent Public
and Regulatory Meetings Having Been Concluded Without Any Major Issues To
Report

·    Ascendant Appoints Advisors to Investigate Export Credit Agency
Project Finance

George Town, Cayman Islands - 17 April 2023 - Mineral and Financial
Investments Limited (LSE-AIM: MAFL) ("M&FI" "MAFL" or the "Company") is
pleased to announce an investment update from Redcorp Empreedimentos Mineiros
Lda.("Redcorp"). These activities are being executed by Redcorp, in which
M&FI's currently has a 50% investment interest. The program is funded and
guided by Ascendant Resources Inc.(Ascendant), which owns 50% of Redcorp as
part of its earn-in agreement with the Company.

Ascendant and Redcorp expect to complete the feasibility study ("FS") for the
Lagoa Salgada Polymetallic Project in Portugal, in May 2023. All work streams
associated with the various disciplines are progressing and are substantially
completed. Metallurgy test work is also substantially complete confirming the
salability of the Company's copper, lead, and zinc concentrates as well as
finalizing the recovery curves. The current focus is investigating the
potential to produce a saleable tin concentrate from the tailings. Final
results and associated reports are expected to be completed in the coming
weeks.

The permitting process is ongoing, with recent public and regulatory meetings
having been concluded without any major issues to report. Ascendant continues
to expect a robust FS in line with or improving on the successful PEA results
completed in September of 2021. Additionally, Ascendant is announcing that it
has jointly appointed SD Capital Advisory Limited ("SDCA") and GKB Ventures
Limited ("GKB") to structure and arrange Export Credit Agency ("ECA")
supported project finance through a competitive bid process for the
development of the Company's Lagoa Salgada Project.

 

Review of Technical Information

The scientific and technical information in this press release has been
reviewed and approved by Joao Barros, BSc (Engineering), MSc (Geology), who
has more than 17 years of relevant experience in the field of activity
concerned. Mr. Barros is a Member of the Portuguese Engineers Association. Mr.
Barros is employed by Redcorp Empreedimentos Mineiros, Lda., a 50% owned
subsidiary of M&FI, and has consented to the inclusion of the material in
the form and context in which it appears.

 

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

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(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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