REG - Mineral & Financial - Investment Update: Redcorp

Mineral & Financial InvestmentsAnnouncement

17/07/2024 07:00

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RNS Number : 6584W  Mineral & Financial Invest. Limited  17 July 2024

MINERAL AND FINANCIAL INVESTMENTS LIMITED

Investment Update: Redcorp Files Final Stage Submission of the Environmental
Impact Assessment for the Lagoa Salgada Project, Portugal

 

HIGHLIGHTS:

·      Final stage of Lagoa Salgada Environmental Impact Assessment
("EIA") process.

·   Lagoa Salgada now entering the RECAPE process has been submitted for
review to APA, the Portuguese environmental agency.

·      The 60 day RECAPE review, aims to verify that the execution of
the project complies with the criteria established in the Environmental Impact
Declaration.

·      Once verified, and subject to APA approval, the project expected
to receive its environmental title.

 

Camana Bay, Cayman Islands - 17 July 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 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). Redcorp has successfully submitted
additional and revised information as part of the final stage in the
Environmental Impact Assessment ("EIA") process for the Lagoa Salgada project.
This final submission is in response to a request from Agência Portuguesa do
Ambiente ("APA"), the Portuguese environmental regulatory body, and is subject
to no additional requests prior to approval of the EIA.

Jacques Vaillancourt, President & CEO stated, "APA's request for
additional information and revisions is a standard part of the EIA approval
process in Portugal. We are advised that Redcorp's technical team and external
consultants have excelled with their comprehensive and high-quality responses
to APA's requests."  Additionally, he stated, "Redcorp continues to work
extremely closely with the regulators, the community and various government
departments of Portugal to advance the Lagoa Salgada project. We believe the
efficiency of the process is a testament to the government of Portugal and the
project's status as a PIN Project. The approval of the EIA, is another
milestone that should establish the Lagoa Salgada Project's position as one of
the most advanced projects on the Iberian Pyrite Belt today."

 

EIA DELIVERY TIMELINE:

·   Submission of Additional Material: As anticipated, APA requested
additional information, which has been compiled and submitted by Redcorp's
technical team and environmental consultants.

·   Pre-Phase Review Timetable: The 90-working day review period was paused
upon APA's request for additional information and has now resumed with the
submission of the requested data.

·   Declaration of Conformity: Ascendant expects to receive a "declaration
of conformity" for the EIA within the next 20 working days.

·   Public Consultation: Following the declaration, there will be a period
of public consultation and a review by APA's Evaluation Committee.

·   Final Technical Statement: The results from the public consultation and
the Evaluation Committee's review will form the basis for the Committee's
"Final Technical Statement," allowing APA to prepare the Environmental Impact
Declaration ("DIA") and grant the project its DIA.

·   Completion of Pre-Phase: This will complete the 'Pre-Phase' stage of
the EIA application process. The project will then move to the second stage,
"RECAPE," expected to take 60 working days. Subject to APA's approval, the
project will receive its Environmental Title.

Upon approval of the EIA, the project will enter the 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 Declaration ("DIA");
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 and approved. While in this phase, Ascendant may
be authorized to initiate select minor early works on the Project. This phase
and receipt of the RECAPE, expected during Q4,

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 18 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.

The scientific and technical information contained in this release in relation
to metallurgical test work has been approved and verified by Mr. David Castro
López (MIMMM), who serves as Process Engineer at Minepro Solutions and is a
"Qualified Person" in accordance with National Instrument 43-101 - Standards
of Disclosure for Mineral Projects.

 

 

FOR MORE INFORMATION:

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

Katy Mitchell and Sarah Mather, Zeus
                        +44 203 829 5000

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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