MINERAL & FINANCIAL INVESTMENTS LIMITED

Investment Update: Redcorp Provides update of Geological and Exploration Activities at Lagoa Salgada Project in Portugal

HIGHLIGHTS:

·     Copper Stockworks Identified Below Current Venda Nova North Mineralization

·     Discovery Of Copper Rich Enrichment Zone at Venda Nova North

·     Potential For New Massive Sulphide Lens at Venda Nova South

·     Additional Geophysical Anomalies Identified on Lagoa Salgada Property

GEORGE TOWN, CAYMAN ISLANDS, May 16, 2022 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" or the "Company") is pleased to report an investment update from its investment, Redcorp Empreedimentos Mineiros Lda and Ascendant Resources Inc. (who are operating the site), which include the following:

i.    Identification of copper rich stockworks below the North zone at Venda Nova;

ii.   Identification of a Copper rich transition/enrichment zone at the North zone at Venda Nova;

iii.  Identification of a potential massive sulphide lens lateral to the South zone at Venda Nova; and

iv.  New drill ready geophysical anomalies identified from the results of the Deep Penetrating Electromagnetic Survey ("DPEM").

Jacques Vaillancourt, CEO of M&FI stated, "The infill drilling and DPEM programs have uncovered some very positive unexpected outcomes which solidify our long-held belief that the Lagoa Salgada property is still in the very early discovery phase of exploration, with significant untapped resource growth remaining.  The potential to grow both the North and South zones of Venda Nova, which are approximately 400 meters apart, as well as a prospective new target to the northeast of the property has the potential to be transformational for Redcorp.  We look forward to initiating future drilling programs as we look to expand the overall resource potential on the greater Lagoa Salgada land package."

North Zone of Venda Nova: Copper Rich Stockwork

Based on recent drilling, the results for which have not yet been received, a new potential copper zone has been identified at depth in the North zone of Venda Nova (shown in Fig. 2.).

The new Stockworks zone occurs downdip from the northern segment of the North Zone and has been identified as a result of visual intercepts from hole LS_MS-41 (assays pending). Visual inspection of the core identifies a potential Copper rich stringer zone with seams of semi massive chalcopyrite that spatially relates to the higher Copper grades in the massive sulphide, suggesting a possible feeder zone. Further updates will be provided when the results of the assays have been received.

Copper feeders can generate high grade ore zones in VMS systems and can also include high gold values. The results of hole MS -41, if they confirm the visual observations, will prompt follow up and a subdomain effort within the stringer zone that in the current resource model only contributes minor tonnage.

Drill core and cross section along hole LS_MS-41

(fig. 1)

http://www.rns-pdf.londonstockexchange.com/rns/6381L_1-2022-5-16.pdf

North Zone of Venda Nova: Copper Rich Secondary Enrichment Zone

A new understanding of metal domaining has been developed because of the ongoing infill and metallurgical drill program at the North Zone; principally, the presence of an enriched copper blanket in the shallower part of the massive sulphide ore which is immediately below the gossan. The identification of this zone, which is rich in copper and silver (as highlighted by the results of MET_MS_01 previously reported in press release dated May 3^rd, 2022) has a different mineral profile than the massive sulphides which has a potential for a significant impact on optimizing recoveries for the project.

Longitudinal 3D view of the North Zone

(Fig.2)

http://www.rns-pdf.londonstockexchange.com/rns/6381L_1-2022-5-16.pdf

The enhanced understanding of the metal domaining has aided in further refinement of "Primary metal zoning" which is a common characteristic in Volcanic Massive Sulphide ("VMS") systems, which tend to have Copper dominated ore spatially separated from Zinc/ lead Ore. Additionally, secondary processes (oxidation and metal re-distribution) can generate the gold rich gossan caps and related enriched secondary sulphide blankets in the upper levels of the massive sulphides. 

The new sub domaining of the massive sulphide body follows Geochem proxies based on metal ratios. The Geochem proxies analysis is being extrapolated to the entire North zone sector, making use of the historic geochemical database, preliminarily defining a continuous secondary horizon (Copper rich) underlying the Gossan and overlying the primary mineralization.

As we better understand the mineralogy and zoning of the deposit, we can further refine the metallurgical process and potential to enhance overall recoveries. These results are being built into the metallurgical testwork program that is currently underway.

South Zone of Venda Nova: Massive Sulphide Potential

In the South zone, the new drill results from 3 May 2022 have identified the presence of "Cap rocks" (Hanging wall volcanics similar to the massive sulphide lenses in the North) suggesting the potential proximity of a new zone of massive sulphides. The Cap rocks crossed in hole LS_ST-29 are overlying the Exhalative sedimentary unit that represents the hanging wall of the fissural ore (stockwork ore) of the south zone (see Figure 3.). This stratigraphic observation is relevant as it reveals the potential of connecting the north and south zones along a trend that is yet untested immediately to the east of the drilled pattern that has targeted mainly the fissural ore in the south zone.

In fact, visual interpretation of hole LS_ST-29 (assays pending) identified in the immediate footwall of the cap rock contains massive pyrite dominated massive sulphide mineralization (see Figure 3). Moreover, Ascendant had previously highlighted the occurrence of some discrete massive sulphide lenses contained in the exhalative sedimentary horizon in the south zone. This area will be followed up with additional holes that were part of the original infill program.  Future follow up drilling will target the potential for a massive new sulphide zone in the South zone to further expand the overall mineral endowment at Venda Nova.

Cross Section of LS_ST-29

(Fig. 3)

http://www.rns-pdf.londonstockexchange.com/rns/6381L_1-2022-5-16.pdf

Lagoa Salgado:  New Regional Geophysical Target

Ascendant retained International Geophysical Technology ("IGT") to undertake 2 phases of Deep Penetrating Electromagnetic ("DPEM") surveying over the Venda Nova deposit at Lagoa Salgada. Phase one included two large loops centered along strike of the known mineralization, both north and south sectors.

Phase one revealed a possible deep anomaly to the northeast of Venda Nova. To properly constrain and further model this East anomaly a third loop was completed (Phase 2) in March 2022 (see Figure 4).

Geophysical anomalies (EM & Chargeability)

(Fig. 4)

http://www.rns-pdf.londonstockexchange.com/rns/6381L_1-2022-5-16.pdf

As shown above, the Phase 2 program identified a new large target to the northeast of the Venda Nova deposit ("EM Anomaly B") which the Company believes has the potential to host an additional massive sulphide lens. The Electromagnetic response in this area is partially affected by the conductive character of the tertiary overburden (140m sequence above the permissive volcanic). Results of the survey have been thoroughly modeled and every effort has been made to determine if EM Anomaly B is caused by the conductive overburden or by a combination of the overburden and a more highly conductive deep body, which could represent a Massive Sulphide lens. There are several compelling reasons to believe that this anomaly is caused by a conductive source which is separate but additional to the regional conductive overburden. The deep response has been modeled as a subvertical domain with a general azimuth of 330 and a possible depth of ~ 400 m. (See Figure 5.)

Cross section showing modeled plate (Anomaly B) and proximity to Venda Nova North

(Fig. 5)

http://www.rns-pdf.londonstockexchange.com/rns/6381L_1-2022-5-16.pdf

Anomaly B defined by the Phase 2 work will be drill tested jointly with other targets using previous geophysical surveys (e.g., Induced Polarization). Chargeability anomalies along the contact between the tertiary and volcanic rocks are believed to represent Gossan zones as proved empirically at Venda Nova. Several zones have been identified when evaluating the IP 3D inversion over the tertiary contact surface. These anomalies resemble the Venda Nova footprints and will be systematically tested.

Additionally, Ascendant is planning borehole EM in the north sector to penetrate under the conductive gossan seem effectively reducing any masking and a possible 4^th DPEM loop to test deeper roots of the chargeability anomalies mentioned above and outlined in Figure 4.

In summary the Company is pleased by the results to date of this year's Geophysical programs confirming:

·    Even though the tertiary overburden exhibits conductive seams that partially mask deeper responses, both EM and IP accurately footprint mineralization on bedrock immediately below the tertiary sedimentary sequence. 

·    Both chargeable and conductive zones respond either to gossan and/ or sulphides. The former being the oxidation product of primary mineralization.

·    A notable new deep EM conductor has been defined to the Northeast of Venda Nova. Relevant anomalies tend to be aligned and follow structural and stratigraphic trends warranting drill testing

·    Refined stratigraphic framework reveals consistent sequence with key markers (e.g. Cap rock and massive sulphide) extending probably for the full combined strike length of the combined deposits: approximately 1.5 km. 

·    The relevance of this stratigraphic correlation is the extent of untested areas along the permissive stratigraphic horizon permissive for exhalative or immediate sub sea for massive sulphide development.

·    Sub domaining of previous bulk domains (e.g. massive sulphide and Stringer) is a relevant tool for improving processing outcome, defining dominant metals and as a vectoring exploration tool

As a result of the enhanced understanding of Venda Nova and the regional exploration work, Ascendant is confident that considerable resource endowment upside remains on the property.  As results of the infill program continue to become available, Ascendent will look to develop a separate exploration program to follow up on this potential.

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 75% 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 7 802 268 247

Katy Mitchell and Ben Good, WH Ireland Limited                              +44 207 220 1666

Jon Belliss, Novum Securities Limited                                                 +44 207 399 9400