Investment Update

MINERAL AND FINANCIAL INVESTMENTS LIMITED

Investment Update: Ascendant Resources Files the Technical Report for the Preliminary Economic Assessment for the Lagoa Salgada VMS Project In Portugal with the Ontario Securities Commission

HIGHLIGHTS:

·; Maiden PEA outlines a highly profitable project with low LOM cash costs of $0.44[1]/lb ZnEq and AISC of $0.66/lb ZnEq

·; Lagoa Salgada has outlined 10.3MT in M&I Resources at 9.1% ZnEq[2] and 2.5MT in Inferred Resources at 5.9% ZnEq in the North Zone only from 60 holes totaling 13,380 metres of drilling with substantial additional resources expected from future drilling

·; The South and Central Zones, with reported Resources delineated by only 20 holes totaling 9,849 meters of drilling, are not included in the current PEA, yet both zones are expected to have a significant benefit to future development

·; Lagoa Salgada represents a substantial standalone project that has significant potential for growth, expansion and additional value creation

GEORGE TOWN, CAYMAN ISLANDS, February 27, 2019 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" or the "Company") is very pleased to announce that Ascendant is today filing the Technical Report, entitled, "Technical Report and PEA for the Lagoa Salgada Property, Setúbal District, Portugal", supporting the robust results from the maiden Preliminary Economic Assessment ("PEA") for the North Zone at the Lagoa Salgada VMS project located on the Iberian Pyrite Belt in Portugal, with the Ontario Securities Commission. The Technical Report has an effective date of December 19, 2019 and was prepared in accordance with Canadian National Instrument 43-101 ("NI 43-101") "Standards of Disclosure for Mineral Projects".

PEA Overview:

Highlights of the key project metrics are provided in the following table on a 100% basis:

Notes to Table: The project economics have been calculated using consensus prices at the time of the Resource Estimate report in September 2019.

The table above confirms that the Gold recovery assumptions in the report for the Gossan are 86% and the silver recovery assumptions for the Gossan are 66%.

The PEA was prepared by AMC Mining Consultants (Canada) Ltd (AMC) with contributions from Resource Development Inc (RDI) for Mineral Processing and Micon International Limited (Micon), who estimated the Mineral Resources The PEA is preliminary in nature, as it includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the preliminary economic assessment will be realized.

The Technical Report will be available for review on the Company's website.

Technical Disclosure

The reader is advised that the PEA summarized in this press release is intended to provide only an initial, high-level review of the project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of Inferred Mineral Resources. Inferred Mineral Resources are considered to be too speculative to be used in an economic analysis except as allowed for by Canadian Securities Administrators' National Instrument 43-101 in PEA studies.

Qualified Persons

This PEA was prepared for Ascendant Resources Ltd by AMC and other industry consultants, all Qualified Persons ("QP") under National Instrument 43-101. The scientific and technical information in this press release has been reviewed by the following QPs as described below:

·; The Mineral Resource estimate contents of this press release have been reviewed and approved by Charley Murahwi, M.Sc., P.Geo., Pr. Sci. Nat., FAusIMM, Senior Geologist, Micon International Limited.

·; The Mining Engineering content of this press release has been reviewed and approved by Gary Methven P.Eng. of AMC Mining Consultants (Canada) Ltd. who is an "Independent Qualified Person" as defined by National Instrument 43-101.

·; The Infrastructure content of this press release has been reviewed and approved by George Zazzi P.Eng. of AMC Mining Consultants (Canada) Ltd. who is an "Independent Qualified Person" as defined by National Instrument 43-101.

·; The Metallurgical and Process Plant technical contents of this press release have been reviewed and approved by Deepak Malhotra of as President of Pro Solv Consulting who is an "Independent Qualified Person" as defined by National Instrument 43-101. 

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.

About Mineral and Financial Investments Limited:

Mineral and Financial Investments Ltd is an investment company whose purpose is to create value for its shareholders by investing in, financing, and advising companies active in the natural resources sectors, with a particular emphasis on mining and exploration companies. Investments will be made in the securities of quoted and un-quoted companies and their assets, units in open-ended investment companies, exchange traded funds, physical commodities, derivatives, and other hybrid securities.

As the Company's assets grow the intention is to diversify company, geographic, and commodity risks. The Company will have a blend of passive and active investments and, if and when appropriate, it may seek to gain control of an investee company.

Returns to Shareholders are expected to be by way of growth in the value of the Company's Ordinary Shares. The Company may also from time to time make market purchases to buy in the Company's Ordinary Shares if the Directors consider this to be in the interests of Shareholders as a whole.

FOR MORE INFORMATION:

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

Jon Belliss, Novum Securities Limited +44 207 399 9400

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