Investment Update: Ascendant

Camana Bay, Cayman Islands - 4 February 2025 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) ("M&F" "MAFL" or the "Company") notes the recent announcement by one of its Investee Companies, Ascendant Resources Inc. ("Ascendant") (TSX: ASND) that it has entered into an agreement with Cerrado Gold Inc. ("Cerrado") (TSXV: CERT), subject to certain conditions (the "Proposed Ascendant Transaction").

The full announcement can be read here: https://www.ascendantresources.com/English/Investors/press-releases/press-release-details/2025/Ascendant-Resources-Announces-Business-Combination-With-Cerrado-Gold/default.aspx (the "Ascendant Announcement").

A further announcement will be made if the outstanding conditions are satisfied, and the Proposed Ascendant Transaction completes.

M&F currently owns 2,000,000 Common shares of Ascendant. Additionally, M&F currently owns 200,000 ordinary shares of Cerrado. Accordingly, if this transaction is concluded, M&F would own 456,410 shares of the combined Cerrado / Ascendant entity representing approximately 0.4% of the resulting combined company of the proposed enlarged issued share capital of the two entities.

In addition, as previously announced, M&F has a 20% Carried Interest ("CI") in the Lagoa Salgada project. Empresa de Desenvolvimento Mineiro S.A. ("EDM"), the Portuguese State Mining Development Agency, has an option, that it has yet to trigger, to earn a 15% Working Interest ("WI") in the Lagoa Salgada Project by paying 15% of development costs. If it exercises this option M&F would be diluted down to a 5% Carried Interest ("CI"). M&F has a right to sell through a Put agreement, its 5% (net) CI in Lagoa Salgada to Ascendant. If M&F exercises this option Ascendant (and the successor company) is obligated to purchase all the Redcorp shares then held by M&FI, representing a 5% (net) CI in Lagoa Salgada. The put price would be an amount in US dollars, payable in cash, equal to 5% of the post-tax net present value of the Project provided in the then current feasibility study using a 10.5% discount rate (the "Put Option"). More details of this are set out in the announcement dated November 28, 2022. Ascendant carries the value of this obligation to M&F on its balance sheet as US$6,158,000.

This Directors consider that the Proposed Ascendant Transaction would reinforce the balance sheet of its counter-party (Ascendant) in the resulting combined Company.

M&FI does not anticipate that there will be any change to the ongoing work programme or schedule of activities at its Lagoa Salgada asset.