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.