MINERAL AND FINANCIAL INVESTMENTS LIMITED
Investment
Update: Redcorp Files Final Stage Submission of the Environmental
Impact Assessment for the Lagoa Salgada Project,
Portugal
HIGHLIGHTS:
· Final stage of Lagoa Salgada
Environmental Impact Assessment ("EIA") process.
· Lagoa Salgada now entering the RECAPE
process has been submitted for review to APA, the Portuguese
environmental agency.
· The 60 day RECAPE review,
aims to verify that the execution of the project complies with the
criteria established in the Environmental Impact
Declaration.
· Once verified, and subject to
APA approval, the project expected to receive its environmental
title.
Camana Bay, Cayman Islands - 17 July 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 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). Redcorp has successfully
submitted additional and revised information as part of the final
stage in the Environmental Impact Assessment ("EIA") process for
the Lagoa Salgada project. This final submission is in response to a request from Agência
Portuguesa do Ambiente ("APA"), the Portuguese environmental
regulatory body, and is subject to no additional requests prior to
approval of the EIA.
Jacques Vaillancourt, President
& CEO stated, "APA's request for
additional information and revisions is a standard part of the EIA
approval process in Portugal. We are advised that Redcorp's
technical team and external consultants have excelled with their
comprehensive and high-quality responses to APA's
requests." Additionally, he stated, "Redcorp continues to work
extremely closely with the regulators, the community and various
government departments of Portugal to advance the Lagoa Salgada
project. We believe the efficiency of the process is a testament to
the government of Portugal and the project's status as a PIN
Project. The approval of the EIA, is another milestone that should
establish the Lagoa Salgada Project's position as one of the most
advanced projects on the Iberian Pyrite Belt today."
EIA DELIVERY TIMELINE:
· Submission of Additional Material: As anticipated, APA
requested additional information, which has been compiled and
submitted by Redcorp's technical team and environmental
consultants.
· Pre-Phase Review Timetable: The 90-working day review period
was paused upon APA's request for additional information and has
now resumed with the submission of the requested data.
· Declaration of Conformity: Ascendant expects to receive a
"declaration of conformity" for the EIA within the next 20 working
days.
· Public Consultation: Following the declaration, there will be
a period of public consultation and a review by APA's Evaluation
Committee.
· Final Technical Statement: The results from the public
consultation and the Evaluation Committee's review will form the
basis for the Committee's "Final Technical Statement," allowing APA
to prepare the Environmental Impact Declaration ("DIA") and grant
the project its DIA.
· Completion of Pre-Phase: This will complete the 'Pre-Phase'
stage of the EIA application process. The project will then move to
the second stage, "RECAPE," expected to take 60 working days.
Subject to APA's approval, the project will receive its
Environmental Title.
Upon approval of the EIA, the
project will enter the 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 Declaration
("DIA"); 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 and
approved. While in this phase, Ascendant may be authorized to
initiate select minor early works on the Project. This phase and
receipt of the RECAPE, expected during Q4,
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 18
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.
The scientific and technical
information contained in this release in relation to metallurgical
test work has been approved and verified by Mr. David Castro López
(MIMMM), who serves as Process Engineer at Minepro Solutions and is
a "Qualified Person" in accordance with National Instrument 43-101
- Standards of Disclosure for Mineral Projects.
FOR
MORE INFORMATION:
Jacques Vaillancourt, Mineral &
Financial Investments Ltd. +44 780 226
8247
Katy Mitchell and Sarah Mather, Zeus
+44 203 829 5000
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.