Mineral & Fin Regulatory News (MAFL)

MINERAL AND FINANCIAL INVESTMENTS LIMITED

INVESTMENT UPDATE: 2018 LAGOA SALGADA EXPLORATION PROGRAM MORE THAN DOUBLES ITS PREVIOUS NI 43-101 MINERAL RESOURCE TO 20.7Mt

HIGHLIGHTS:

· Total Resources (Measured, Indicated and Inferred) for Lagoa Salgada's deposits have more than doubled to 20.7Mt from the 10.0Mt reported in August 2018, with overall grades being maintained

· Lagoa Salgada's North Zone has its first Measured Mineral Resource of 1.8 Mt at 11.02% ZnEq

· Lagoa Salgada's North Zone now has Total Measured & Indicated Mineral Resource of 6.0 Mt at 9.4% ZnEq and Inferred Mineral Resource of 7.8 Mt at 7.4% ZnEq, for a Total Resource of 13.8Mt

· Potential remains for further growth along this continuous 1.6-km-long IP anomaly as the deposits remain open along strike and at depth

· Infill drilling provides indication that grade improves with confidence level

· The ratio of meters of drilling per million tonnes of resource is high, making the project extremely encouraging and promising for future growth

GEORGE TOWN CAYMAN ISLANDS, February 13, 2019 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" or the "Company") is very pleased to announce the results of an updated National Instrument 43-101 Mineral Resource Estimate (CIM compliant resource) at the Lagoa Salgada polymetallic VMS Project located on the prolific Iberian Pyrite Belt ("IPB") in Portugal. The new Mineral Resource Estimate demonstrates material growth in both the North Zone (Main Massive Sulphide) and the South Zone (Stockwork) deposits. Both zones sit on an estimated geological strike length of 1.6km and have been delineated by less than a total of 50 holes combined. The work completed by Redcorp Empreedimentos Mineiros Lda. (Redcorp), is funded and guided by Ascendant Resources (Ascendant) as part of Ascendant's previously announced earn-in agreement with TH Crestgate, Mineral and Financial's wholly owned subsidiary. In conjunction with Ascendant, M&FI is very pleased to announce these potentially transformational results from this 20-hole drill program totaling 7,077 meters. An additional geophysics program was also completed at the Lagoa Salgada, a polymetallic VMS Project located on the Iberian Pyrite Belt ("IPB") in Portugal. The IPB is home to some of the world's largest volcanogenic massive sulphide mines.

Jacques Vaillancourt, Chairman of Mineral & Financial Investments stated, "We continue to be delighted with the cooperation and productive partnership we have with Ascendant Resources. Additionally, the partnership is exceptionally pleased to deliver on the goal of expanding and upgrading the Mineral Resource Estimate at Lagoa Salgada. The increase in scale of the resources represent a significant milestone for Lagoa and the directors believe this validates the initial investment at the lows of the Zinc cycle in 2015. We believe that exploration program was exceptionally well executed and exceeded our expectations by nearly doubling the tonnes in both deposits while concurrently improving the grade profile of the deposits."

He continued, "The success of the exploration work in 2018, demonstrates the overall growth potential and scalability of the Project, which Redcorp and Ascendant plans to expand with further exploration work this year. Given the deposits are located near surface with significant targets identified from the IP and gravimetric survey data, the team are excited about the future progression and overall long-term development potential of the Project."

A summary of the Lagoa Salgada Mineral Resource Estimates - Effective February 8, 2019 is set out in Tables below:

Lagoa Salgada -

Total Mineral Resource Estimate for LS North, Central & South

@ Cut-off: Zn-Eq ≥ 3.00%

Source: The Mineral Resource Estimate was prepared by Micon International Limited

* Subject to Final Approval by Portuguese Secretary of State of EDM's sale of 15% of Lagoa Salgada to Redcorp;**Current Redcorp Ownership: TH Crestgate 75%, Ascendant 25%*** Contained Metal Calculation: Tonnes x Grade

Lagoa Salgada - North Deposit

Mineral Resource Estimate

1 GO: Gossan; MS: Massive Sulphide; SW: Stockwork.

Lagoa Salgada - Central Deposit

Mineral Resource Estimate

Lagoa Salgada - South Deposit

Mineral Resource Estimate

Lagoa Salgada Total

Mineral Resource Estimate - Zinc Equivalent

2Notes to all tables: Cut-off: Zn-Eq ≥ 3.00%.

Zn-Eq = [Zn%]+([Cu%]*2.652)+([Pb%]*0.913)+([Au g/t]*1.585)+([Ag g/t]*0.025) + ([Sn%]*7.565)

Densities: GO = 3.11, MS = 4.85, MS2=4.85, SWN = 2.91, SWS = 2.91

Contained Metal Calculation: Tonnes x Grade

Lagoa Salgada Total

Mineral Resource Estimate - Copper Equivalent

3Notes: Cut-off: Cu-Eq2 ≥ 1.0%

Cu-Eq = [Cu%]+([Zn%]*0.377)+([Pb%]*0.344)+([Au g/t]*0.598)+([Ag g/t]*0.009)+([Sn%]*2.852)

Densities: GO = 3.11, MS = 4.85, MS2=4.85, SWN = 2.91, SWS = 2.91

The North Zone, previously referred to as the Main Massive Sulphide Zone, saw a substantial transition as the deposit now includes a Measured Resource of 1.8 million tonnes at a grade of 11.02% ZnEq. Also, there are Indicated Resources of 4.3 million tonnes at an average grade of 8.7% ZnEq. The largest increase was to the Inferred Resources of 7.8 million tonnes with an average grade of 7.4% ZnEq.

The Mineral Resource Estimate update incorporates all historic drilling and results of re-assaying of some historic drilling, the high-grade drill results from the 2018 exploration program announced in the Company's January 14, 2019 press release as well as the 4 remaining holes that complete the 20-hole program at Lagoa. Metallurgical testing is underway, and the Company expects results during the first quarter.

Mineral Resource Estimate

The Mineral Resource Estimate was prepared by Micon International Limited ("Micon"). The effective date of this Mineral Resource Estimate is February 8th, 2019, and it is based on 3 contiguous areas (North, Central and South zones) of Volcanogenic Massive Sulphide ("VMS") style mineralization defined by 50 diamond drill holes up to December 31st, 2018. 3D solid models of sulphide mineralization reflecting a minimum grade of 3% ZnEq. Leapfrog Geo 4.4.2 software was used to assign block grades for copper (%), zinc (%), lead (%), tin (%), silver (g/t), gold(g/t) and density (g/cm3) for Measured, Indicated and Inferred Mineral Resources using ordinary kriging interpolation methodology and capped 2-metre 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 5 m across strike (x) by 10 m along strike (y) by 5 m vertically (z). Mineral Resource categorization was applied using geometric criteria, i.e. spacing between drill holes/assay composites.

The new technical Report is being prepared in accordance with National Instrument 43-101 ("NI 43-101") and the CIM Standards for mineral disclosure by Micon. This Technical Report will be filed on M&FI's internet site within 45 days of this press release.

Quality Assurance and Quality Control

Analytical work was carried out ALS Laboratories. Drill core samples were prepared in ALS Lab, in Seville, Spain. Pulp samples were then sent to their analytical Laboratory in 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). Samples from the Main Resource, LS_MS_DH ID, are also assayed for Tin (Sn) by ICP-AES after Sodium Peroxide Fusion (Sn-ICP81x).

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. Ascendant used standard QA/QC procedures, when inserting reference standards and blanks, for the drilling program.

Qualified Persons

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 15 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.

About Ascendant Resources Inc.

Ascendant is a Toronto-based mining company focused on its 100%-owned producing El Mochito zinc, lead and silver mine in west-central Honduras and its high-grade polymetallic Lagoa Salgada VMS Project located in the prolific Iberian Pyrite Belt in Portugal.

After acquiring the El Mochito mine in December 2016, Ascendant spent two years implementing a rigorous and successful optimization program restoring the historic potential of El Mochito, a mine in production since 1948, to deliver record levels of production with profitability restored. The Company now remains focused on cost reduction and further operational improvements to drive robust profitability in 2019 and beyond. With a significant land package of approximately 11,000 hectares in Honduras and an abundance of historical data, there are several near-mine and regional targets providing longer term exploration upside which could lead to further Mineral Resource growth.

Ascendant holds an interest in the high-grade polymetallic Lagoa Salgada VMS Project located in the prolific Iberian Pyrite Belt in Portugal. The Company is engaged in exploration of the Project with the goal of expanding the already-substantial defined Mineral Resources and testing additional known targets. The Company's acquisition of its interest in the Lagoa Salgada Project offers a low-cost entry point to a potentially significant exploration and development opportunity. The Company holds an additional option to increase its interest in the Project upon completion of certain milestones.

Technical glossary

Mineral Resources: Mineral Resources are sub-divided, in order of increasing geological confidence, into Inferred, Indicated and Measured categories. An Inferred Mineral Resource has a lower level of confidence than that applied to an Indicated Mineral Resource. An Indicated Mineral Resource has a higher level of confidence than an Inferred Mineral Resource but has a lower level of confidence than a Measured Mineral Resource.

Measured Mineral Resource:The part of a mineral resource for which quantity, grade or quality, etc., are so well established that they can be estimated with confidence sufficient to allow the appropriate application of technical parameters to support production planning and evaluation of economic viability.

Inferred Mineral Resource: The part of a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity.

Indicated Mineral Resource : The part of a mineral resource for which quantity, grade, quality, etc., can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic parameters, to support mine planning and evaluation of economic viability.

Mt: Million tonnes

ZnEq: Zinc Equivalent

Zn: Zinc

Cu: Copper

Pb: Lead

Sn: Tin

Ag: Silver

Au: Gold

NI 43-101 National Instrument: 43-101 Canadian Standard if reporting incorporates Canadian Institute of Mining standards.

Cut Off grade: Cut-Off grade is the minimum grade required in order for a mineral or metal to be economically mined.

IP: Induced Polarisation - Induced electrical polarization is manifested either by a decay of voltage in the Earth following the cessation of an excitation current pulse, or by a frequency dependence of the apparent resistivity of the Earth.

Anomaly: Any derivation from the norm. In mineral exploration, one is mainly concerned with anomalies in the geophysical and geochemical character of rocks, tills, soils, water or unconsolidated sediment in streams or lakes sediments. Anomalies are classed as positive or negative.

Kriging: In statistics, originally in geostatistics, kriging or Gaussian process regression is a method of interpolation for which the interpolated values are modeled by a Gaussian process governed by prior covariances.

Gossan: an iron-containing secondary deposit, largely consisting of oxides and typically yellowish or reddish, occurring above a deposit of a metallic ore.

PPM: Parts per million

Stockwork: In geology, a stockwork is a complex system of structurally controlled or randomly oriented veins. Stockworks are common in many ore deposit types and in greisens. They are also referred to as stringer zones.

VMS: Volcanognic Massive Sulphide. VMS type of metal sulfide ore deposit, mainly copper-zinc which are associated with and created by volcanic-associated hydrothermal events.

QA/QC: Quality Control and Quality Assurance, a set of defined procedures in all aspects of the mineral deposit evaluation to ensure the best possible confidence in resultant mineral Resource and Reserve estimates are achieved; the quality of an estimate is dependent on the quality of the data used

Soil sampling: A rapid chemical analysis to access available nutrient status of the soil and includes interpretation, evaluation and fertilizer recommendation based on the result of chemical analysis and other considerations.

For further information please contact:

James Lesser

Mineral & Financial Investments Limited

Chief Operating Officer

Tel: +44 777 957 7216

FOR MORE INFORMATION:

Katy Mitchell and Jessica Cave, WH Ireland Limited +44 161 832 2174

Jon Belliss, Novum Securities Limited +44 207 399 9400

James Lesser, Mineral & Financial Investments Ltd. +44 777 957 7216