Mineral & Fin Regulatory News (MAFL)

MINERAL AND FINANCIAL INVESTMENTS LIMITED

Investment Update: Updated & Expanded Mineral Resource Estimate and Update Of Geological Modeling To Support Future Growth Potential At Lagoa Salgada Project In Portugal

HIGHLIGHTS:

· Lagoa Salgada's Venda Nova (formerly LS-1) South zones' total resource ore (M, I &I) increased by 23.2% to 14.871Mt

· The new total Resource for Venda Nova North & South (M,I &I) is now 27.7Mt, up 11.2% and contained metal is up 2.4%

· LS-1 North, Central and South zones Renamed Venda Nova "North" and "South" zones

· New Resource Update on Venda Nova by Micon Combines Central And South Zones of The Venda Nova Deposit Into A Larger Single Deposit Based On Further 50m Step Out Drill Hole That Intercepted Strong Mineralization

· Notable Intercepts From Spring 2021 drill program Include 36m @ 1.20% CuEq1 And 5.0m @ 2.68%CuEq1 At The North Of The South Zone Bridging The Central And Southern Zones

· Evidence Of Large Volcanic Massive System Demonstrated By Continuity Of Mineralization Triggers Data Consolidation To Unveil Additional Potential Zones

George Town, Cayman Islands - 23 June 2021 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" or the "Company") is pleased to announce an updated Mineral Resources Estimate at the M&FI's 75% owned Lagoa Salgada Volcanogenic Massive Sulphide (VMS) project's Venda Nova deposit (formerly known as the LS-1 deposit). The Resource Update incorporates the results from a recently completed three-hole drill program this spring. The new resource will be used for the Preliminary Economic Assessment that is currently underway. The recent three-hole program continued the exploration success at the Venda Nova deposit and has been integrated into a new geological model resulting in a modest increase in inferred resources in the South Zone.

The new geological interpretation supports that Lagoa Salgada is a large VMS system, with strong continuity of mineralization and geophysical footprint suggesting significant potential for further growth of the resource. In parallel with the ongoing economic studies, further geological data integration aimed for definition of further targeting and resource expansion is underway.

Jacques Vaillancourt, President & CEO of M&FI stated, "The Venda Nova deposit (formerly known as the LS-1 deposit) at Lagoa Salgada continues to deliver impressive resource growth and indicates significant potential for future expansion. While the resource update is modest in size, it is impressive given the budgeted amount of drilling. Redcorp and Ascendant's strong and improving understanding of the relationship of geophysics and mineralogy, further resource expansion is expected in the future. These advances support our beliefthat Lagoa Salgada could well be the next world class mine on the Iberian Pyrite Belt. The new resource and enhanced knowledge will be incorporated into the upcoming Preliminary Economic Assessment (PEA) that Ascendant and Redcorp are working on which is expected to be available by the end of July. The PEA will include both the North and South Zones and is expected to demonstrate the robust economic potential at Lagoa Salgada."

The results of the recent three-hole drill program are outlined below:

2021 Drilling Results Highlights(All composites are reported as true thickness):

· LS_St_24 - 19.0m at 0.35% Cu, 0.46% Pb, 1.45% Zn, 0.05g/t Au, 11.34g/t Ag and (1.17% CuEq)

· LS_St_24 - 2.0m at 2.59% Cu, 2.07% Pb, 4.31% Zn, 0.21g/t Au, 55.00g/t Ag and (5.53% CuEq)

· LS_St_25 - 2.0m at 1.49% Cu, 0.09% Pb, 0.02% Zn, 0.30g/t Au, 40.50g/t Ag and (2.16% CuEq)

· LS_St_26 - 36.0m at 0.31% Cu, 0.92% Pb, 1.10% Zn, 0.08g/t Au, 13.22g/t Ag and (1.20% CuEq)

· LS_St_26 - 9.0m at 0.52% Cu, 2.02% Pb, 1.61% Zn, 0.11g/t Au, 18.61g/t Ag and (2.02% CuEq)

· LS_St_26 - 9.0m at 0.46% Cu, 1.07% Pb, 1.72% Zn, 0.03g/t Au, 16.61g/t Ag and (1.60% CuEq)

· LS_St_26 - 5.0m at 0.76% Cu, 1.21% Pb, 2.36% Zn, 0.10g/t Au, 60.6g/t Ag and (2.68% CuEq)

Exploration Program Details

The modest 1,171m drill program consisted of three drill holes completed in Q1 2021 that was part of the ongoing exploration program at the Venda Nova deposit at Lagoa Salgada targeting the expansion of the South Zone along its strike length, both to the SE and NW. Assays were recently received, and validated results show numerous mineralized intervals. Significant intercepts from the northern drill hole LS_St_26, confirmed the expansion of the South Sector towards the north resulting in the Central zone becoming part of the overall South Zone as opposed to a separate, isolated zone. Over time, the potential exists to connect the North and South Zones with further exploration work. The two other drill holes, LS_St_24 and LS_St_25, drilled each at 50 m step-out centers, in the southern end of the South Zone, intersected mineralization which confirmed the Company's expectations for further extension of the resource to the Southeast.

The three drill holes successfully tested new mineralization expansion areas of the South Zone and have demonstrated that the stockwork/disseminated mineralization continues along strike in both north and south directions. Drilling success continues to validate the strong correlation of geophysical results and mineralization. Geophysical modeling has notably helped in the high drilling success, quantified as mineralization volume per drilled metre. Given the continued high degree of correlation, this is expected to continue going forward.

Table 1 below provides the assay results for the 3 drill holes (1,171 metres) in the South Zone of the Venda Nova deposit (see Figure 1 for location).

Drilling - Relevant Intercepts

(Table 1)

The drill holes were drilled at an angle of 60º to provide additional information of the true thickness and orientation of the ore zone. Several mineralized corridors and significant thickness of mineralization were intersected in drill hole LS_St_26 in the northern end of the South Resource, see Table 1.

Drill Hole Information

(Table 2)

Plan view with Venda Nova sectors, domain projections and location of new reported drilling

(Figure 1)

http://www.rns-pdf.londonstockexchange.com/rns/8593C_1-2021-6-23.pdf

New Mineral Resource Estimate

Based on the results of three new drill holes and updated geological modelling, Ascendant and Redcorp have reported an updated Mineral Resource Estimate. This new estimate was prepared in accordance with Canadian National Instrument 43-101 ("NI 43-101") by Micon International and resulted in a modest increase in the inferred resources of the South Zone. The effective date of this Mineral Resource Estimate is June 10, 2021.

Three dimensional ("3D") solid models of the stockwork mineralization reflecting a minimum grade of 1.1% CuEq were built in Leapfrog Geo 2021.1.1. The Leapfrog Edge estimation module was used to assign block grades for copper (%), zinc (%), lead (%), tin (%), silver (g/t), and gold (g/t) for Indicated and Inferred Mineral Resources using the ordinary kriging interpolation methodology and capped 2-m hole assay composites. Up to four interpolation passes were applied using progressively increasing ellipsoid ranges to cover the range of 3D solid model sizes present. Block size is 10m across strike (x) by 10m along strike (y) by 10m vertically (z). Mineral Resource categorization was applied using geometric criteria, i.e., spacing between drill holes/assay composites and variogram ranges.

The new geological model now combines what was previously the South and Central Zones into one larger South Zone based upon the results of drill hole LS_St_26, which was drilled as a 50 m step-out to the east from drill hole LS_St_05. The latter drill hole (2018 program) reported lower metal tenors. The mineralization intensity and grade increase from hole LS St 26 proves that the known South Sector is open to the north carrying consistent mineralization along a north dipping plunge. Hole LS_St_26 metal tenors, mineralization styles and host rock nature allowed the refinement of the main fissure remobilized/ stockwork domain that now is merged to the previously isolated central zone. The newly modeled South Zone domain has a strike length of approximately 700m and a down plunge extent of nearly 1 km. It comprises Exhalative Sedimentary Volcaniclastic layers that can contain semi-massive sulphide mineralization, and an intermediate Volcanic package that hosts vein/stockwork mineralization partially associated with epigenetic remobilizations. Corridors of better continuity and metal tenor, notably the Central and Western sub-domains, have also been modeled, encompassing most of the mineralized structures. These subdomains are predominantly composed of Dacitic to Andesitic-Basaltic Volcanic rocks that are more affine with the occurrence of fissural remobilisation.

A summary of the new Mineral Resource Estimate for the South Zone is set out in Table 3 below. It should be noted that these resources are in addition to the current Mineral Resource Estimate for the North Zone of the Venda Nova deposit at Lagoa Salgada and are inclusive of the previously reported inferred resource of the Central Zone.

Lagoa Salgada Project

Venda Nova South Deposit Updated Resources[2] (Full Credit 100%/Gross)

as at June 10, 2021 (Table 3-a)

Source: Micon International

Lagoa Salgada Project

Venda Nova South Deposit Updated Resources2 (Net 75% to M&FI)

as at June 10, 2021 (Table 3-b)

Source: Micon International

Notes to tables above:

1. Mineral resources unlike mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

2. The mineral resources have been estimated in accordance with the CIM Best Practice Guidelines (2019) and the CIM Definition Standards (2014).

3. Differences may occur in totals due to rounding.

4. The operator for this site is Ascendant

While this increase in overall size of the new resource for the South Zone is modest compared to the prior resource, this new resource will be combined with the resources defined in North Zone and will be the basis of the resource to be used in the upcoming Preliminary Economic Assessment (see press release dated June 9 for more details). The combined resource is summarized in Table 4. Given the expanded resource a larger scale operation is envisioned than the prior PEA on the North Zone as a standalone operation.

Lagoa Salgada: Venda Nova Deposit Total Resources at 100%/Gross (North and South Zones)

(Table 4-a)

Source: Micon International

Lagoa Salgada: Venda Nova Deposit Total Resources (75% Net to M&FI) (North and South Zones)

(Table 4-b)

Source: Micon International

Notes To Tables above:1. Mineral resources unlike mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.2. The mineral resources have been estimated in accordance with the CIM Best Practice Guidelines (2019) and the CIM Definition Standards (2014)3. The resources for the South Zone are reported at a cut-off grade of 1.10 % CuEq; for the North zone, resources contained in the Gossan and Stringer domains are reported at a cut-off grade of 2.5 % ZnEq, and within the Massive Sulphide domain at 3.0 % ZnEq.4. Totals may not tally due to rounding5. CuEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62))/67.246. ZnEq% = ((Zn Grade*25.35)+(Pb Grade*23.15)+(Cu Grade * 67.24)+(Au Grade*40.19)+(Ag Grade*0.62)+(Sn Grade*191.75))/25.357. Metal Prices: Cu $6,724/t, Zn $2,535/t, Pb $2,315/t, Au $1,250/oz, Ag $19.40/oz, Sn $19,175/t8. Densities: GO=3.12, MS=4.76, Str=2.88, Str/Fr=2.88 (north Zone) & 3.00 (South Zone)9. MMlb: Million Pounds

10. The operator is Ascendant

Geological Potential Update

Current geological understanding suggests that the original spatial breakdown of the Venda Nova deposit at Lagoa Salgada into the North, Central and South deposits was arbitrary. This segmentation is due to the drilling pattern. Ascendant and Redcorp believe that mineralization continuity gaps are probably related to varying strike, dip, and plunge along the system. As per the QP interpretation in the previous technical report, with further systematic drilling, the known sectors are likely to coalesce into a continuous zinc-lead-copper VMS system, displaying local variation of mineralization styles and tenors: from secondary gossan to primary massive ending with peripheral primary/secondary stringer/fissure type mineralization. This interpretation is backed by continuity of the geophysical footprint.

Surface and Borehole 3D Models show that all three Venda Nova deposits lie on continuous, coincidental Resistivity (Low) and Chargeability (High) anomalies with an estimated geological strike length of 1.7 km. Anomalies extend in a SSE to NNW direction from the South deposit to beyond the North deposit and terminating against the Alpine fault (see Figure 2). Combined drilling and geophysical results indicate that the mineralization remains open beyond the current limits of drilling, along strike in both directions and down plunge/dip.

The known footprint of the large continuous system is constrained vertically by the depth of penetration of the IP/Res system, ~ 350 m. A deep penetrating Electro Magnetic (DEPM) survey will be planned to image the roots of the IP/Res anomalies and test the existence of high-grade massive sulphide lenses below the current threshold of the geophysical footprint (350 m below surface)

Plan view with Lagoa Salgada Venda Nova Zones on top of Chargeability grid.

Change sector to zone

(Figure 2)

http://www.rns-pdf.londonstockexchange.com/rns/8593C_1-2021-6-23.pdf

Redcorp and Ascendant firmly believes that the large proven footprint of the Lagoa Salgada VMS system suggests high potential exploration upside in the property. Given the size of the system it is probable that exhalative system recognized in Lagoa Salgada is associated to fertile deep-rooted fractures that may be related to additional stacked or lateral mineralized lenses.

Quality Assurance and Quality Control

Core samples are retrieved from the core barrel by the drilling crew. Each core box is labeled with the drill hole number, the depth intervals, and an arrow indicating the downhole direction. Core samples retrieved from the barrel are immediately transferred to the core boxes and transported after to the logging facilities in batches. After the logging, core is cut in half and placed in labeled sample bags with the sample tags and transported to the sample preparation lab of ALS Lab, in Seville, Spain. Samples are dried, crushed to 70 % passing 2 mm, split and finally pulverized to 85% passing 75 μm. Pulp samples are then sent to their analytical Laboratory in Galway, Ireland, for analysis. The core samples are analyzed for gold (ppm) by fire assay (Au‐AA25), and for the other elements by Multi element analysis of base metal ores and mill products by optical emission spectrometry using the Varian Vista inductively coupled plasma spectrometer (ME-ICPORE).

ALS Laboratories has routine quality control procedures which ensure that every batch of samples includes three sample repeats, two commercial standards and blanks. ALS Laboratories is independent from Ascendant. Additionally, Ascendant used standard QA/QC procedures, when inserting reference standards and blanks, for the drilling program. No significant QAQC failure issues were identified in the reported batches.

Review of Technical Information

The scientific and technical information in this press release has been reviewed and approved by References in this announcement to exploration results and resource updates have been approved for release by Joao Barros, BSc (Engineering), MSc (Geology), who has more than 16 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. +44 780 226 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.