Actualización de inversiones: recursos ascendentes
INVERSIONES MINERALES Y FINANCIERAS LIMITADAS
Investment Update: Ascendant Resources Announces an Additional US$4.0M of Funding for the Lagoa Salgada VMS Project in Portugal
DESTACADOS:
· Ascendant finalizing amendment of existing Stream Agreement with Sprott Streaming for an additional US$4M
· Ascendant progressing funding to further Optimize Development of Lagoa Salgada
· Ascendant's focus is currently on Improved Metallurgical Recoveries, Concentrate Qualities and Optimized Mine Plan and Plant Sizing
· Extension granted to M&F on its Put option and for EDM on its Option on Lagoa Salgada
Camana Bay, Cayman Islands - 15 November 2023 - Inversiones minerales y financieras limitadas (LSE-OBJETIVO: MAFL) ("M&F" "MAFL" o la "Compañía") is pleased to provide an update of its investments in Redcorp Empreedimentos Mineros Lda ("redcorp") y Ascendente Recursos Inc. ("ascendente") 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 ).
Acuerdo de transmisión
Ascendant 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" o la "Proyecto") 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.
The 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.
Proceeds 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, production scheduling and plant size which are expected to improve Project Economics.
Extension of EDM's Option
Additionally, following a request by Empresa de Desenvolvimento Mineiro S.A. ("EDM"), the Portuguese State Mining Development Agency, for a 60-day extension to its existing option to participate in or sell up to a 15% interest in the Project by making its election by 3 February 2024 (previously 2 December 2023), Ascendant and the Company have agreed consequential amendments to the terms of their respective call and put options.
Under the amendments, EDM shall have the right and option, but not the obligation to participate in or sell up to a 15% interest in the Project by making its election to do so by 3 February 2024 (the previous agreement stated that this election need to be made by 2 December 2023) (the "Elección"). Thereafter, in accordance with its existing terms, if EDM elects to exercise its option, then Ascendant is entitled to exercise its call option causing the transfer of a relevant portion of shares that M&F hold in Redcorp, to Ascendant such that Ascendant will continue to own an 80% interest in the Project. If EDM's elects not to participate then M&F's 20% Carried Interest ("CI") remain in place. If EDM's exercises its option and receives a 15% Working Interest, then M&F's interest is diluted to a 5% Carried Interest
Extension of M&F's Put Option
The amendments also change the timeframe of M&F's right, but not the obligation, to exercise its put option. This right to Put its interest to Ascendant now commences on the date on which EDM makes the Election and terminates four (4) months thereafter (the previous time frame was that M&FI's right commenced of the date the Definitive Feasibility Study on the Project was produced, and expired six months +10 days thereafter). If exercised the right requires Ascendant to purchase all of the Redcorp shares then held by M&FI, representing a 5% CI in Redcorp by paying the put price to M&FI. 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 "Poner opción"). More details of this are set out in the announcement dated November 28, 2022.
PARA MÁS INFORMACIÓN:
Jacques Vaillancourt, Mineral & Financial Investments Ltd. +44 780 226 8247
Katy Mitchell y Sarah Mather, WH Irlanda Limitada +44 207 220 1666
Jon Belliss, Novum Securities Limited +44 207 382 8300
La Compañía considera que la información contenida en este anuncio constituye información privilegiada según lo estipulado en las Regulaciones de abuso de mercado (UE) No. 596/2014 (MAR) vigentes en el Reino Unido de conformidad con la Ley de (Retirada) de la Unión Europea de 2018. Tras la publicación de este anuncio a través del Servicio de información regulatoria (RIS), esta información privilegiada ahora se considera de dominio público.
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