REG - Mineral & Financial - Unaudited Quarterly Net Asset Value

Mineral & Financial InvestmentsAnnouncement

09/03/2023 08:15

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RNS Number : 4360S  Mineral & Financial Invest. Limited  09 March 2023

MINERAL AND FINANCIAL INVESTMENTS LIMITED

Unaudited First Quarter 2023 NAV was up 17% yr/yr.

HIGHLIGHTS

·    NAV on 30 September 2023 was £7,792,467, up 17% from £6,662,892

·    NAVPS(2) was 20.93p as at 30 September 2022, an increase of 12.5%
yr/yr.

·    Since 2018 NAVPS(2) has increased by an average of 32.7% per annum.

·    Unaudited EPS(2) FD was 0.81p for the Q1-2023 period vs. 0.34p in
Q1-2022.

·    Investment portfolio up to £7,829,735, up 26.7% Yr/Yr from
£6,179,118.

·    M&FI continues to significantly outperform its benchmarks.

Camana Bay, Cayman Islands - 9 March 2023 - 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 quarter ending 30 September 2022. At the end of the first
quarter, the NAV was £7,967,046, up 21.4%, from £6,569,892 one year ago. The
Net Asset Value Per Share was 21.4p at the end of the Q1-2023 period, up 15.1%
year on year. Unaudited gross profit for the quarter was £622,028 and the net
profit was £493,925 or 1.29p on a fully diluted basis for the quarter ending
30 September 2022. The Company's working capital at the period end was
£8,060,046 1  (#_ftn1) .

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.     2022/ 2021  2022 / 2018

                                                    2019         2020         2021         2022         % Ch.       CAGR (%)
 Net Asset Value                     £2,358,580     £5,346,041   £5,568,940   £6,662,892   £7,792,467   17.0%       34.8%
 NAVPS 2  (#_ftn2) (FD)              6.75p          15.15p       15.77p       18.59p       20.93p       12.5%       32.7%
 FTSE 350 Mining Index               17,707         18,135       18,180       19,257       9,883        -48.7%      -13.6%
 GS Commodity Index                  486.3          403.6        350.2        557.7        607.8        9.0%        5.7%
 Baker Steel Natural Resource Trust  51.0p          69.8p        75.1p        97.0p        80.4p        -17.1%      9.0%

 

The Company's year-on-year NAVPS growth of 12.5%, although better than most of
our peers, was lower than the average NAVPS growth of 32.7% (CAGR) since
September 2018. Our investment portfolios increased to £7,829,735 up 26.7%
from £6,179,118 a year ago. The period captured the impact of the conflict in
Ukraine, which was very challenging for markets overall; additionally global
interest rates increased in an effort to curtail inflationary growth. The
increases in metal commodity prices after the period end, cash holdings
increased with the receipt of US$2.5m in early December 2022 from our partner
Ascendant Resources, as part of the earn-in agreement on Lagoa Salgada.
Additionally, certain corporate transactions along with improved commodity
price performances positively impacted performance.

 

PORTFOLIO COMPOSITION

(Table 2)

 Cash                      £202,125     2.5%
 Precious Metals           £3,739,728   46.2%
 Base Metals               £3,024,784   38.5%
 Food & Energy             £80,203      1.0%
 Technology & Service      £911,029     11.1%
 Diamonds                  £69,391      0.8%
                           £8,027,259   100%

 

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  (#_ftnref1) Current Assets of £8,048,051 less Current Liabilities of
£162,584 = Working Capital of £7,885,467

 2  (#_ftnref2) The NAV calculation is subject to audit and is made on the
basis that the Company has 35,465,395 shares. O/S (basic and 38,365,395 FD) in
issue.

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