Mineral & Financial Investments Ltd (AIM:MAFL) has given Ascendant Resources, its partner at Lagoa Salgada, a deadline extension until 3 August 2023 to complete the definitive feasibility study on the polymetallic project.
In return, Ascendant has granted M&FI 500,000 common share purchase warrants exercisable at any time for a period of 30 months at a price of US$0.20 per share.
M&FI currently holds a 50% interest in the Lagoa Salgada, in Portugal, through its position in Redcorp with Ascendant holding the other 50%.
Ascendant can increase its interest in the project to 80% through the completion of a feasibility study by the agreed deadline.