Cash Payment Received from Ascendant Resources

MINERAL AND FINANCIAL INVESTMENTS LIMITED

US$1.0 Million Cash Payment Received from Ascendant Resources

George Town, Cayman Islands - 22 June 2021 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" or the "Company") is pleased to provide an update on its earn-in agreement with Ascendant Resources in Redcorp Empreedimentos Mineiros Lda and its 25Mt volcanic massive sulphide (VMS) polymetallic Zinc/Lead/Copper/Silver/Gold Lagoa Salgada deposit located in South Central Portugal. Today M&FI received a US$1.0 million payment  as part of the earn-in agreement it has with Ascendant Resources Ltd.

M&FI President and CEO Jacques Vaillancourt stated  "Ascendant Resources have been an outstanding partner meeting every payment and significantly expanding the projects size and scope during a challenging time globally. We continue to believe that this project will grow from its current size"

Summary of Ascendant Agreement

The following is a summary of the earn-in agreement (extracted from the announced dated 2 August 2018):

"TH Crestgate (now MAFL's 100% subsidiary) and Ascendant Resources Inc have entered into an agreement for the sale of 25% of its 100% owned subsidiary Recdorp Empreedimentos Mineiros Lda and to simulataneously enter into an Earn-in Option agreement. 

In the first part of the transaction Ascendant acquired an initial effective 25% interest for an upfront payment of US$2.45 million composed of US$800,000 in cash (US$400,000 on closing of the transaction and US$400,000 on July 15, 2018) and US$1.65 million in Ascendant shares. The second part of the Agreement is an Earn-in Option which has a minimum total value, if fully exercised, of US$15.0 million. Earn-in transaction terms are as follows:

§ Ascendant has the right to earn a further effective 25% interest via staged payments and funding obligations as outlined below:

o  Investing a minimum of US$9.0 million directly in the operating company, Redcorp within 48 months of the closing date, to fund exploration drilling, metallurgical test work, economic studies and other customary activities for exploration and development, and

o  Making payments totaling US$3.5 million to Crestgate according to the following schedule or earlier:

§ 6 months after the closing date: US$0.25 million (Dec 22, 2018 - Received)

§ 12 months after the closing date: US$0.25 million (June 22, 2019 - Received)

§ 18 months after the closing date: US$0.5 million (Dec. 22, 2019 - Received)

§ 24 months after the closing date: US$0.5 million (June 22, 2020 - Received)

§ 36 months after the closing date: US$1.0 million (June 22, 2021 - Received)

§ 48 months after the closing date: US$1.0 million (June 22, 2022)

·    Ascendant then has the option to earn an additional 30%, totaling an 80% interest in Redcorp, the operating subsidiary, by completing a Feasibility study within 54 months (Dec 22, 2022) and making a further payment of US$2.5 million to Crestgate.

·    Ascendant will fund all development and future construction costs and recoup Crestgate's share of investment through cash flow until repaid.

·    First-Right of refusal, 'tag-along', 'drag-along' and other sale and exit provisions.

·    Additional terms as standard in such transactions.

·    The Redcorp board composition will be 50/50 to the full earn-in of 80%

·    Redcorp's operations will be led by an operating committee composed by Ascendant Resources reporting to the Redcorp Board of Directors."

For further information please see the announcement of 2 August 2018.

FOR MORE INFORMATION:

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

Katy Mitchell and Matt Chan, WH Ireland Limited                                    +44 207 220 1666

Jon Belliss, Novum Securities Limited                                                     +44 207 382 8300

ABOUT MINERAL AND FINANCIAL INVESTMENTS LIMITED:

Mineral and Financial Investments Limited is a Swiss and Cayman Island based investment company quoted on AIM, a market of the London Stock Exchange. M&FI has in excess of 20 investments in the natural resource sector with the majority in the metals and minerals. M&FI's Net Asset Value per share (NAVPS) is 17.1p, as of March 30, 2021. M&FI's NAVPS has risen at a Compound Annual Growth Rate (CAGR) of 26.7% since December 31, 2016.