MAFL Mineral & Financial Investments Limited

TIDMMAFL

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 

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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