TIDMMAFL

RNS Number : 1917Y

Mineral & Financial Invest. Limited

03 May 2023

Mineral and Financial Investments Limited

Investment Update: Redcorp/Ascendant Confirms Saleable Concentrates with Commercial Recoveries & Precious Metal Credits from Met. Test at Lagoa Salgada Project

HIGHLIGHTS:

   --    Optimization Tests Continuing for Final Grade and Recovery Profiles 
   --    Metallurgical Improvements found relative to the 2021 PEA analysis. 
   --    Flotation testing and optimization tests to be completed shortly. 

-- Final Floatation Tests should determine final grade recovery curves for the optimal grade and recovery for financial analysis.

-- These are part of the necessary Metallurgical Tests which are part of the Feasibility Study expected to be released in May 2023

George Town, Cayman Islands - 2 May 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"). 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. Redcorp is pleased to provide an update of its most recent metallurgical test results as part of the ongoing metallurgical test works which will be included in a Feasibility Study for the Venda Nova deposit at the Lagoa Salgada VMS Project, Portugal, targeted for completion in May 2023.

The Feasibility Program, funded by Ascendant is being led by Quadrante Engenharia e Consultoria, SA. (Portugal) ("Quadrante") with input from Micon International Limited (Canada) ("Micon") who will act as the Qualified Person ("QP") for the 43-101 Resource Update. Soluciones, Concentradores Y Procesos de Ingeniería, S.L. (Spain) ("SCYPI") has managed the flowsheet development and process optimization testing program. Grinding Solutions Limited (UK) ("GSL") has completed the detailed Metallurgical Testing using representative composite samples and variability testing. Maelgwyn Mineral Services Africa (PTY) LTD (South Africa) ("Maelgwyn") is completing independent validation of metallurgical results and completing Locked Cycle Testing (LCT) of selected circuit configurations. Both laboratories are Independent of Ascendant Resources.

The flotation testing and optimization tests will be completed shortly to determine final grade recovery curves for all domains and selection of the optimal grade and recovery for financial analysis. The testing results below are therefore for information purposes only to demonstrate the improvements identified during the Feasibility Study test program compared to the 2021 Preliminary Economic Analysis. The testing results below comprise the Copper, Lead and Zinc grade-recoveries for the Stockwork and Massive Sulphide domains.

Jacques Vaillancourt, President & CEO of M&F Investments, stated, "It is a very common feature of the Iberian Pyrite belt that the metallurgy is complex, as we have noted in the past, due to the polymetallic nature of the ores. Redcorp and Ascendant managements are pleased that the metallurgical test work completed to date supports their expectations for the Venda Nova deposit. These results, we believe, will support a robust feasibility study. Metallurgical test work to further optimize metal recoveries and concentrate grades will be a continuous process as we develop the project."

Metallurgical Testing

The most recent metallurgical test work was completed by GSL in the United Kingdom and has been validated using Maelgwyn in South Africa. Both laboratories are independent of Ascendant. These programs were completed using representative core from the 2022 drilling campaign to establish metal recoveries and concentrate grades and complete variability testing. The metallurgical test work results continue to support the use of a planned conventional polymetallic process flowsheet capable of recovering copper, lead, zinc, gold, and silver in three saleable concentrates.

Concentrate Specifications

The metallurgical testing has identified the following saleable concentrate products. These products specifications have been shared with several Smelters and Refineries and confirmed as suitable and meeting their requirements. Final negotiations with smelters and refineries are planned to commence post the publication of the NI 43-101 Feasibility Report, which is currently targeted for May 2023. Final grades may change as part of those negotiations.

 
                                           Cu     Pb     Zn      Ag      Au 
         Domain            Concentrate      %      %      %      ppm     ppm 
 Fresh Massive Sulphide    Cu/Pb conc.    0.5    35.0   3.1    272.2    0.9 
                          -------------  -----  -----  -----  -------  ----- 
 Fresh Massive Sulphide      Zn conc.     0.4    4.5    40.0   112.5    0.5 
                          -------------  -----  -----  -----  -------  ----- 
 Stockwork                   Cu conc.     25.0   3.50   5.00   200.00   0.08 
                          -------------  -----  -----  -----  -------  ----- 
 Stockwork                   Pb conc.     3.85   50.0   7.69   461.54   0.15 
                          -------------  -----  -----  -----  -------  ----- 
 Stockwork                   Zn conc.     0.54   2.70   45.0   180.00   0.54 
                          -------------  -----  -----  -----  -------  ----- 
 Blended                     Zn conc      1.57   6.27   41.8   148.38   0.59 
                          -------------  -----  -----  -----  -------  ----- 
 

Massive Sulphides

The Massive Sulphides testing by GSL has developed a sequential flotation circuit producing separate Lead and Zinc Concentrates. The results for the OCT, LCT and Variability tests undertaken by GSL for Lead are summarized below.

 
                                                  Grade                            Recovery 
   Test                    Mass                            Au      Ag 
    No.         Conc        Pull   Cu%     Pb%     Zn%     g/t     g/t    Cu    Pb    Zn     Au    Ag 
           -------------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  OCT 4     Pb Cl5 Conc    1.7%    0.58   34.06   3.12     -       -      3%    16%   1%     -     - 
           -------------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  OCT 5     Pb Cl5 Conc    1.6%    0.77   45.49   3.36    1.26   320.78   5%    18%   1%    3%    7% 
           -------------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  OCT 7     Pb Cl5 Conc    1.3%    1.39   43.65   3.99     -       -      7%    15%   1%     -     - 
           -------------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  OCT 8     Pb Cl5 Conc    2.0%    0.85   41.91   3.36     -       -      7%    22%   1%     -     - 
           -------------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  OCT 10    Pb Cl3 Conc    5.0%    0.62   38.10   3.82     -       -      10%   51%   4%     -     - 
           -------------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
             Pb Ro Cl5 
  OCT 11         Con       2.7%    0.94   42.81   3.64     -       -      8%    32%   2%     -     - 
           -------------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
             Pb Ro Cl5 
  OCT 12         Con       0.2%    3.97   46.68   3.11     -       -      3%    3%    0%     -     - 
           -------------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
             Pb Ro Cl5 
  OCT 13         Con       2.2%    1.08   39.58   3.90     -       -      8%    23%   2%     -     - 
           -------------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
              Pb Cl 5 
  LCT 1          Con       1.6%    1.07   45.81   2.66     -       -      7%    25%   1%     -     - 
           -------------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
             Pb Ro Cl3 
  LCT 3          Con       3.3%    0.96   38.20   3.83    0.92   282.72   12%   31%   3%    5%    12% 
           -------------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
             Pb Ro Cl4 
  LCT 4          Con       6.9%    0.63   32.26   4.70    1.04   241.09   16%   55%   7%    10%   22% 
           -------------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
             Pb Ro Cl4 
  LCT 1          Con       5.5%    0.87   36.52   3.14    0.80   260.06   21%   54%   4%    7%    21% 
           -------------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
   PMS1      Pb Ro Cl4 
   OCT1          Con       3.3%    2.45   40.56   2.72     -       -      32%   43%   2%     -     - 
           -------------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
   PMS1      Pb Ro Cl4 
   OCT2          Con       0.5%    9.87   32.63   3.45     -       -      20%   5%    0%     -     - 
           -------------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
   Vari       Pb Ro Cl 
  PMS 15         Con       10.6%   2.90   34.54   11.51    -       -      45%   58%   11%    -     - 
           -------------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
 

The GSL Massive Sulphides testing results for Zinc are summarized below.

 
                                                Grade                           Recovery 
    Test                  Mass                           Au     Ag 
     No.        Conc       Pull   Cu%    Pb%     Zn%     g/t    g/t    Cu    Pb    Zn    Au    Ag 
             ----------  ------  -----  -----  ------  -----  ------  ----  ----  ----  ----  --- 
               Zn Cl5 
   OCT 4         Conc     7.6%    0.56   9.14   36.12    -       -     13%   20%   59%    -    - 
             ----------  ------  -----  -----  ------  -----  ------  ----  ----  ----  ----  --- 
               Zn Cl5 
   OCT 7         Conc     2.3%    0.26   3.10   49.17    -       -     2%    2%    22%    -    - 
             ----------  ------  -----  -----  ------  -----  ------  ----  ----  ----  ----  --- 
               Zn Cl5 
   OCT 8         Conc     2.9%    0.31   4.14   44.85    -       -     3%    3%    25%    -    - 
             ----------  ------  -----  -----  ------  -----  ------  ----  ----  ----  ----  --- 
               Zn Cl5 
   OCT 9         Conc     3.9%    0.29   3.61   38.09    -       -     4%    4%    30%    -    - 
             ----------  ------  -----  -----  ------  -----  ------  ----  ----  ----  ----  --- 
               Zn Cl3 
   OCT 10        Conc     5.8%    0.17   1.51   44.04    -       -     3%    2%    49%    -    - 
             ----------  ------  -----  -----  ------  -----  ------  ----  ----  ----  ----  --- 
                Zn Ro 
   OCT 11      Cl4 Con    6.4%    0.19   1.63   41.63    -       -     4%    3%    52%    -    - 
             ----------  ------  -----  -----  ------  -----  ------  ----  ----  ----  ----  --- 
                Zn Ro 
   OCT 12      Cl4 Con    4.4%    0.22   2.29   47.15    -       -     3%    3%    45%    -    - 
             ----------  ------  -----  -----  ------  -----  ------  ----  ----  ----  ----  --- 
                Zn Ro 
   OCT 13      Cl4 Con    3.6%    0.21   2.29   48.19    -       -     3%    2%    37%    -    - 
             ----------  ------  -----  -----  ------  -----  ------  ----  ----  ----  ----  --- 
                Zn Sc 
   OCT 13      Cl3 Con    4.7%    0.46   3.96   30.10    -       -     8%    5%    30%    -    - 
             ----------  ------  -----  -----  ------  -----  ------  ----  ----  ----  ----  --- 
               Zn Cl1 
   OCT 14        Conc     6.0%    0.39   6.23   35.48    -       -     8%    10%   45%    -    - 
             ----------  ------  -----  -----  ------  -----  ------  ----  ----  ----  ----  --- 
               Zn Cl5 
   LCT 1         Con      7.7%    0.40   7.11   32.91    -       -     12%   18%   55%    -    - 
             ----------  ------  -----  -----  ------  -----  ------  ----  ----  ----  ----  --- 
                Zn Ro 
   LCT 3       Cl3 Con    6.8%    0.24   3.24   38.34   0.96   84.03   6%    5%    54%   10%   7% 
             ----------  ------  -----  -----  ------  -----  ------  ----  ----  ----  ----  --- 
                Zn Ro 
   LCT 4       Cl4 Con    8.2%    0.34   3.61   36.55   1.07   85.50   10%   7%    62%   12%   9% 
             ----------  ------  -----  -----  ------  -----  ------  ----  ----  ----  ----  --- 
                Zn Ro 
   LCT 1       Cl4 Con    6.5%    0.36   3.69   36.35   0.71   82.73   10%   7%    61%   7%    8% 
             ----------  ------  -----  -----  ------  -----  ------  ----  ----  ----  ----  --- 
                Zn Ro 
 PMS1 OCT1     Cl3 Con    6.1%    0.30   0.09   37.37    -       -     7%    0%    61%    -    - 
             ----------  ------  -----  -----  ------  -----  ------  ----  ----  ----  ----  --- 
                Zn Ro 
 PMS1 OCT2     Cl4 Con    4.8%    0.34   4.20   41.07    -       -     6%    6%    53%    -    - 
             ----------  ------  -----  -----  ------  -----  ------  ----  ----  ----  ----  --- 
  Vari PMS      Zn Sc 
      5         Cl Con    8.5%    0.21   4.61   32.54    -       -     9%    5%    32%    -    - 
             ----------  ------  -----  -----  ------  -----  ------  ----  ----  ----  ----  --- 
 

The initial indication from the independent verification work by Maelgwyn has shown good alignment on the results achieved. The preliminary results for a Massive Sulphide 7-cycle LCT are presented below.

 
                                                           MAELGWYN 
                                              Grades          Recoveries 
                     ----  -------  -------  -------  -----  -----------  ------ 
      Product         Cyc   Wt (g)   Wt (%)    % Pb    % Zn      % Pb      % Zn 
                     ----  -------  -------  -------  -----  -----------  ------ 
     PbCl Conc4        7     58.1    6.23%     41.6    1.8      67.7%      3.6% 
                     ----  -------  -------  -------  -----  -----------  ------ 
  Pb Scav Cl Conc2     7     44.3    4.74%     6.9     3.1       8.6%      4.7% 
                     ----  -------  -------  -------  -----  -----------  ------ 
    Zn CT-4 Conc       7     41.1    4.40%     1.6     43.2      1.9%      61.0% 
                     ----  -------  -------  -------  -----  -----------  ------ 
  Zn Scav Cl Conc      7     36.2    3.88%     2.8     12.7      2.8%      15.8% 
                     ----  -------  -------  -------  -----  -----------  ------ 
 Zn Scav Cl TAILS1     7    258.2    27.66%    1.1     1.2       8.2%      10.6% 
                     ----  -------  -------  -------  -----  -----------  ------ 
       Zn RT           7    495.6    53.08%    0.8     0.3      10.8%      4.2% 
                     ----  -------  -------  -------  -----  -----------  ------ 
       Total                933.6     100%     3.83    3.12      100%      100% 
                     ----  -------  -------  -------  -----  -----------  ------ 
 

Note: Results for cycle 7 only, results are preliminary and subject to final confirmation .

Stockwork

The Stockwork testing by GSL has developed a sequential flotation circuit producing separate Copper, Lead and Zinc Concentrates. The Stockwork Open Circuit Tests (OCT), Locked Cycle Tests (LCT) and Variability Tests by GSL for Copper are summarized below.

 
                                           Grade                            Recovery 
 Test              Mass                             Au      Ag 
  No.     Conc      Pull    Cu%     Pb%     Zn%     g/t     g/t    Cu    Pb    Zn     Au   Ag 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  OCT    Cu Cl3 
   1       Con     1.1%    20.93   10.72   20.48   0.15   233.86   46%   10%   14%   3%    13% 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  OCT    Cu Cl3 
   2       Con     1.1%    25.18   8.08    14.02   0.07   171.86   23%   3%    4%    0%    4% 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  OCT    Cu Cl3 
   3       Con     0.1%    27.98   7.44    8.61     -       -      8%    1%    1%     -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  OCT    Cu Cl3 
   4       Con     0.1%    28.95   6.37    7.39     -       -      4%    0%    0%     -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  OCT    Cu Cl3 
   8       Con     0.7%    34.05   8.03    9.56     -       -      48%   3%    3%     -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  LCT    Cu Cl3 
   1       Con     0.8%    21.50   13.07   10.81    -       -      61%   25%   10%    -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  LCT    Cu Cl3 
   2       Con     1.1%    25.48   8.09    19.92   0.21   237.52   52%   7%    15%   4%    14% 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  LCT    Cu Cl3 
   3       Con     1.1%    29.41   7.87    15.04   0.31   400.06   58%   6%    11%   5%    22% 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  LCT    Cu Cl3 
   4       Con     1.1%    25.27   6.90    18.06    -       -      66%   10%   12%    -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  LCT    Cu Cl3 
   5       Con     0.8%    28.04   4.77    17.30   0.42   340.62   58%   7%    9%    4%    17% 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  STW    Cu Cl1 
   6       Con     1.0%    22.32   7.46    14.61    -       -      55%   7%    7%     -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  STW    Cu Cl1 
   11      Con     2.7%    31.99   3.52    5.62     -       -      64%   9%    8%     -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  STW    Cu Cl1 
   13      Con     1.1%    32.25   0.67    0.99     -       -      56%   4%    2%     -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  STW    Cu Cl1 
   17      Con     0.1%    26.92   3.86    7.84     -       -      38%   3%    2%     -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
  STW    Cu Cl1 
   19      Con     8.3%    32.06   3.88    2.93     -       -      71%   25%   15%    -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ----  ---- 
 

The Stockwork GSL test results for Lead are summarized below.:

 
                                           Grade                            Recovery 
 Test              Mass                             Au      Ag 
  No.     Conc      Pull    Cu%     Pb%     Zn%     g/t     g/t    Cu    Pb    Zn    Au   Ag 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Pb Cl3 
   1       Con     1.2%    3.89    47.65   16.57   0.16   517.41   10%   46%   13%   3%   31% 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Pb Cl3 
   2       Con     1.2%    4.77    48.22   20.53   0.17   577.48   12%   18%   10%   1%   13% 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Pb Cl3 
   3       Con     0.2%    9.48    54.52   5.56     -       -      13%   8%    3%    -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Pb Cl3 
   4       Con     0.3%    8.56    55.94   6.82     -       -      16%   13%   5%    -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Cu Cl3 
   5       Con     1.5%    16.86   34.35   7.51     -       -      63%   40%   10%   -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Pb Cl3 
   5       Con     0.5%    1.97    39.79   17.69    -       -      2%    15%   7%    -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Cu Cl3 
   6       Con     1.5%    16.86   34.35   7.51     -       -      66%   40%   10%   -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Pb Cl3 
   6       Con     0.5%    1.97    39.79   17.69    -       -      2%    15%   7%    -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Cu Cl3 
   7       Con     1.5%    16.86   34.35   7.51     -       -      58%   5%    8%    -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Pb Cl3 
   7       Con     0.5%    1.97    39.79   17.69    -       -      6%    40%   6%    -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Pb Cl3 
   8       Con     1.1%    4.62    61.31   3.21     -       -      10%   41%   2%    -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  LCT    Pb Cl3 
   2       Con     1.7%    7.02    47.21   13.87   0.22   578.04   22%   67%   16%   7%   52% 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  LCT    Pb Cl3 
   3       Con     1.7%    5.98    55.06   10.74   0.19   573.54   18%   69%   12%   5%   48% 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  LCT    Pb Cl3 
   5       Con     1.0%    8.52    36.51   22.02   0.39   728.79   21%   61%   13%   4%   45% 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  STW    Pb Cl1 
   4       Con     0.9%    3.45    47.57   6.45     -       -      8%    56%   4%    -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  STW    Pb Cl1 
   6       Con     2.1%    2.48    34.95   12.15    -       -      13%   64%   13%   -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  STW    Pb Cl1 
   11      Con     1.5%    3.11    41.47   6.54     -       -      4%    60%   5%    -     - 
        --------  ------  ------  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
 

A summary of the Stockwork GSL test results (OCT and LCT) for Zinc is shown below:

 
                                          Grade                            Recovery 
 Test              Mass                            Au      Ag 
  No.     Conc      Pull   Cu%     Pb%     Zn%     g/t     g/t    Cu    Pb    Zn    Au   Ag 
        --------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Zn Cl3 
   1       Con     1.7%    2.30   8.59    44.97   0.25   180.49   8%    11%   45%   6%   15% 
        --------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Zn Cl3 
   2       Con     1.7%    3.26   8.56    51.96   0.20   199.18   11%   12%   53%   4%   16% 
        --------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Zn Cl3 
   3       Con     2.6%    5.59   14.19   41.54    -       -      31%   27%   65%   -     - 
        --------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Zn Cl3 
   4       Con     2.5%    5.68   12.05   42.96    -       -      29%   21%   63%   -     - 
        --------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Zn Cl3 
   5       Con     0.7%    1.30   4.94    32.61    -       -      2%    3%    19%   -     - 
        --------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Zn Cl3 
   6       Con     0.7%    1.30   4.94    32.61    -       -      2%    5%    26%   -     - 
        --------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Zn Cl3 
   7       Con     0.7%    1.30   4.94    32.61    -       -      5%    4%    52%   -     - 
        --------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  OCT    Zn Cl3 
   8       Con     2.8%    2.88   8.83    42.40    -       -      17%   16%   66%   -     - 
        --------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  LCT    Zn Cl3 
   1       Con     1.3%    1.16   4.71    32.42    -       -      5%    15%   47%   -     - 
        --------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  LCT    Zn Cl3 
   2       Con     1.8%    2.90   9.29    45.27   0.21   212.73   9%    13%   53%   7%   19% 
        --------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  LCT    Zn Cl3 
   3       Con     1.8%    2.72   7.11    49.53   0.16   157.81   8%    9%    55%   4%   13% 
        --------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
  LCT    Zn Cl3 
   5       Con     1.7%    2.45   4.93    46.39   0.23   187.02   11%   14%   48%   4%   20% 
        --------  ------  -----  ------  ------  -----  -------  ----  ----  ----  ---  ---- 
 

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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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END

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May 03, 2023 02:00 ET (06:00 GMT)

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