Mineral & Financial Investments Ltd on Monday noted that the Lagoa Salgada polymetallic project in Portugal has been selected to take part in the EU project ’Undercover’.

The natural resources sector-focused investment company said the project, which will employ seismic reflection and refraction and magnetic surveys, will be fully funded by the EU under its Horizon programme.

The programme is expected to start in the first quarter of 2025.

Mineral & Financial is an investor in Redcorp Empreedimentos Mineros Lda and Ascendant Resources Inc, which develop the Lagoa Salgada project. It is managed by Ascendant.

Mineral & Financial Chief Executive Jacques Vaillancourt said: ‘We are pleased to learn that Redcorp will participate in this EU funded critical minerals exploration initiative. We are advised that the ’Undercover‘project is an exciting initiative, and along with Ascendant’s recently announced AI partnership with the University of Evora, we believe this demonstrates Ascendant’s commitment to innovation using cutting edge technology to unlock the vast exploration potential we see at Redcorp’s Lagoa Salgada project. The initial program will be defined in the coming months and starting works onsite early next year. ’

Mineral & Financial shares were up 4.4% to 12.00 pence each on Monday afternoon in London.

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