REG - Mineral & Financial - Unaudited Quarterly Net Asset Value

Mineral & Financial InvestmentsAnnouncement

05/02/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240205:nRSE9428Ba&default-theme=true

RNS Number : 9428B  Mineral & Financial Invest. Limited  05 February 2024

MINERAL AND FINANCIAL INVESTMENTS LIMITED

Unaudited First Quarter 2024 NAV was 25.72p, up 28.4% yr/yr.

HIGHLIGHTS

·    NAV on 30 September 2024 was £10.0 million, up 28.3% from £7.8
million

·    NAVPS(2) was 25.72p as at 30 September 2023, an increase of 22.9%
yr/yr.

·    Since 2018 NAVPS(2) has increased by an average of 30.7% per annum.

·    Unaudited EPS(2) FD was 1.49p for the Q1-2024 period vs. 1.03p in
Q1-2023.

·    Investment portfolio up to £9.8 million up 25% Yr/Yr from £7.8
million.

·    M&FI continues to significantly outperform its benchmarks.

Camana Bay, Cayman Islands - 5 February 2024 - Mineral and Financial
Investments Limited (LSE-AIM: MAFL) ("M&FI" "MAFL" or the "Company") is
pleased to provide an unaudited quarterly update of its financial performance
and its Net Asset Value for the first quarter ending 30 September 2023. At the
end of the first quarter, the NAV was £10.0 million, up 28.3%, from £7.8
million one year ago (table 1). The Net Asset Value Per Share was 25.72p at
the end of the Q1-2023 period, up 22.9% year on year. Unaudited gross profit
for the quarter was £774,000 and operating profits of £658,000  resulting
in net profits of  £575,000 or 1.49p on a fully diluted basis for the
quarter ending 30 September 2023. The Company's working capital at the period
end was £10.1 million 1 .

The following is a summary of the NAV, updated to include this unaudited NAV
calculation:

NAV SUMMARY OF HISTORICAL PERFORMANCE

(Table 1)

                                       30 Sept.  2018     30 Sept.   30 Sept.  30 Sept.  30 Sept.  30 Sept    2023/ 2022   5 Yr

                                                         2019        2020      2021      2022      2023      % Ch.         CAGR (%)
 Net Asset Value (,000)              £2,358              £5,346      £5,569.   £6,663    £7,793    £10,002   28.3%         33.5%
 NAVPS 2  (#_ftn2) (FD)              6.75p               15.15p      15.77p    18.59p    20.93p    25.72p    22.9%         30.7%
 FTSE 350 Mining Index               17,707              18,135      18,180    19,257    9,883     8,818     -10.8%        -13.0%
 GS Commodity Index                  486.3               403.6       350.2     557.7     607.8     609.6     0.3%          4.6%
 Baker Steel Natural Resource Trust  51.0p               69.8p       75.1p     97.0p     80.4p     66.3p     -17.5%        5.4%

 

The Company's year-on-year NAVPS growth of 22.9%. M&F's NAVPS annual
compound growth rate since September 30, 2018 (5 years) has been 30.7%. Our
investment portfolios and cash increased to £10.4 M,(table 2) a year over
year increase of 29.1% from £8.0M a year ago. The results were positively
impacted by the partial recognition of the value of the Put option on our
Redcorp interest as a result of the delivery of the Feasibility Study. This
more than offset the correction in the value of several of our investments,
including our Luca Mining stake. Luca recently completed debt to equity
conversion ending the balance restructuring begun last year by the new
management team.  Operationally, Luca has completed the capacity expansion at
the Tahuehueto mine and the Campo Morado are implementing changes in their
mill which should lead to improved metal recoveries and financial returns.
These two important operational improvements will be rolled out in H1-2024.
Equity markets for mining shares remain challenging as we enter 2024, but we
expect metal prices to remain stable.

 

PORTFOLIO COMPOSITION

(Table 2)

 COMMODITY CLASS                     Q1-2024    Q1-2023    Q1/Q1

                                     (£,000)    (£,000)    (% Ch.)
 Cash                                £578       £202       186.1%
 Precious Metals & Diamonds          £4,832     £3,809     26.9%
 Base Metals                         £3,852     £3,029     27.2%
 Food, Energy, Tech. & Services      £1,103     £991       11.3%
                                     £10,365    £8,027     29.1%

 

FOR MORE INFORMATION:

Jacques Vaillancourt, Mineral & Financial Investments
Ltd.                        +44 780 226 8247

Katy Mitchell and Sarah Mather, WH Ireland Limited
            +44 207 220 1666

Jon Belliss, Novum Securities
Limited
            +44 207 382 8300

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service (RIS), this inside information
is now considered to be in the public domain.

 1  Current Assets of £10,377,317 less Current Liabilities of £256,449 =
Working Capital of £10,120,868

 2  The NAV calculation is subject to audit and is made on the basis that the
Company has 36,905,871 shares. O/S (basic and 39,805,871 (FD) in issue.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFLFVDFVISIIS