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Investment Update: Ascendant Resources
Investment Update: Ascendant Resources.
About this update from Mineral And Financial Investments Ltd
[{"type":"text","content":"\n\nMINERAL AND FINANCIAL INVESTMENTS LIMITED\nInvestment Update: Ascendant Resources Announces an Additional US$4.0M of Funding for the Lagoa Salgada VMS Project in Portugal\nHIGHLIGHTS:\n· Ascendant finalizing amendment of existing Stream Agreement with Sprott Streaming for an additional US$4M\n· Ascendant progressing funding to further Optimize Development of Lagoa Salgada\n· Ascendant's focus is currently on Improved Metallurgical Recoveries, Concentrate Qualities and Optimized Mine Plan and Plant Sizing\n· Extension granted to M&F on its Put option and for EDM on its Option on Lagoa Salgada\n \nCamana Bay, Cayman Islands - 15 November 2023 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) (\"M&F\" \"MAFL\" or the \"Company\") is pleased to provide an update of 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 is being funded and led 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 ).\nStream Agreement\nAscendant has announced that it is finalizing an amendment to the existing metals purchase and sale agreement (the \"Agreement\") with Sprott Resource and Streaming Royalty Corp. (\"Sprott Streaming\"), including an increased deposit of US$4 million against future production at its Lagoa Salgada VMS project (\"Lagoa Salgada\" or the \"Project\") in Portugal. The Agreement is being amended to increase the stream percentage to 2.75% of gross metals from 1.75%. To facilitate funding in advance of commercial production, the parties intend to amend the existing 10% secured note from US$15 million to US$19 million.\nThe amendments are expected to be completed and funded on or about 29 November 2023, although there is no assurance that the transactions will close, and the amendments are not legally binding until such time as definitive agreements are executed.\nProceeds will fund development works including metallurgical work aimed to further enhance both recoveries and concentrate qualities at Lagoa Salgada as well as optimizing the mine plan, p...