Rafaella Resources Limited announced that a maiden JORC compliant Mineral Resource Estimate has been completed at its 100% owned San Finx tin and tungsten mine. Detailed 3D modelling of the vein system has successfully been completed for San Finx, including the less developed NE area of the deposit. Mined zones have been fully depleted for MRE purposes.

Inferred Resources of 1.2Mt with a combined grade of 0.80% with total contained metal being 3,581t WO3 and 5,786t Sn split between: the Pozo Nuevo zone, with 0.62 Mt at 1.00% combined; and the Buenaventura zone with 0.56Mt at 0.56% combined. An Exploration Target of 3.6Mt to 10.9Mt with a combined grade ranging between 0.70% to 1.17% for total contained metal of between 25,463t and 127,485t has been calculated demonstrating enormous upside potential in a mineralised zone that has historically produced clean, high- grade tin and tungsten concentrates, as recently as 2017. For exploration purposes, the surface mining trenches of the NE half of the San Finx deposit outlined the strike extension of the 3D vein model which have been extended down-dip to reasonable depths supported by exploration drilling and by reviewing the old workings.

Asturmine S.L. has successfully completed a JORC compliant underground MRE for San Finx mine as of September 2022. A breakdown of the inferred mineral resources indicates that at Buenaventura they come from 5 primary veins and for the Pozo Nuevo zone they come from 7 veins. Asturmine has delineated substantial Exploration Targets for the San Finx Mine, mostly located in the underexplored and less developed north-eastern half of the San Finx deposit.

The exploration targets have been modelled in 3D, based on surface trenches from historic workings, on drill intersections of the 3 exploration drillholes available, and on CAD plan views from underground old workings. Up to 63 veins have been modelled in the northeast part of the San Finx deposit known as Casti±eiros Zone. The historical processing plant at San Finx produced WO3 and Sn concentrates with an overall recovery of 77%, The San Finx mine was last operated in 2017, by Valoriza Minerfa, producing 35t of tin concentrate and 32t of wolframite concentrate.

During its ownership, Valoriza Mineria invested heavily in the mine by developing a new decline, electrifying the mine and building new auxiliary facilities, and completed the study to support the application for a water discharge permit to allow the dewatering of the deeper levels. The mine is currently in care and maintenance. Rafaella Resources acquired the project on 1 January, 2022 with any restoration liability transferring upon the successful award of the water discharge permit.

The San Finx tin and tungsten deposit is in the Galicia-Trßs-os-Montes Zone of the Iberian Massif which is made up of Paleozoic rocks deformed in the Variscan Orogeny, during the collision of Laurussia and Gondwana. The GTMZ corresponds to the inner part of the Variscan orogen of the Iberian Massif and the San Finx deposit lies within the Schistose Domain of GTMZ which is considered the Para- autochthonous Unit affected by late stage granite intrusions, and are believed to be responsible for the so many relevant Sn-W deposits hosted within the whole metamorphic belt, extending all along the collision margin, from the Iberian Massif to the West, through the French Massif Central, up to the Bohemian Massif to the East. The San Finx Sn-W deposit is vein type, which, in the southwest, the veins are hosted in a sequence of metasediments made up of biotitic schists, gneisses and migmatites.

The northeast part of the vein system is situated in a set of granitic intrusions. The deposit consists of several quartz vein systems with thicknesses ranging between 0.5m and 1.0m, showing good continuity along strike, at surface, for more than 2,300m. These vein sets are affected by a normal fault system trending northwest which is splitting the deposit in 5 zones, which from southwest to north-west are known as: Buenaventura Zone, Pozo Nuevo Zone, Campelo-Silva Zone, Casti±eiros Zone, Susana Zone.

The main zones of historic underground activity at San Finx mine have been the PN and BV zones in the southwestern part of the deposit. Tungsten mineralisation at San Finx consists of large, discrete aggregates of tabular crystals of wolframite hosted within the quartz matrix of the veins. Tin mineralisation consists of cassiterite strings hosted mainly along narrow and rich muscovite haloes developed at the salvages of the quartz veins, as typical of "Greisen" alteration type.

Irregular strings of chalcopyrite are also found within the quartz matrix . Copper should be considered as a secondary by-product. Historical recoveries at the processing plant of San Finx mine have proved a 60:40 ratio between Sn and W. ased on production concentrates, the San Finx deposit is zoned showing tungsten content increasing towards the southwest.

Additionally, Sn and W grade increases with depth. Main mining works have been developed in Pozo Nuevo zone, until the 8th level, with a vertical shaft of 200 meters deep. However, the last mining works conducted by Valoriza Minerfa, were in the Buenaventura zone, in the southwestern extent of the San Finx deposit.