TIDMMAFL
RNS Number : 9480K
Mineral & Financial Invest. Limited
23 December 2022
Mineral and Financial Investments Limited
Audited Full Year Financial Results and NAV for Period ended 30
June 2022
HIGHLIGHTS
-- Fiscal Year-end Net Asset Value GBP 7.454M (FYE: June 30,
2022) up 16%, from GBP6.438M (FYE: 30 June 2021)
-- Net Asset Value Per Share ("NAVPS") fully diluted (FD)
20.04p, up 10%, from 18.22p (FYE: 30 June 2021)
-- NAVPS FD has increased at compound annual growth rate (CAGR) of 23.2% since 30 June 2017
-- Net Asset Value has increased at CAGR of 24.1% since 30 June 2017
-- Investment Portfolio now totals GBP7.183M up 23%, from GBP5.822M (FY: 30 June 2021).
-- NAVPS growth has exceeded that of the FTSE 350 Mining index
and of the S&P GSCI since 2017
Camana Bay, Cayman Island - 23 December 2022 - Mineral &
Financial Investments ("M&FI" or the "Company") , the AIM
quoted resources investment company, is very pleased to announce
its Net Asset value and audited fiscal year update on its
activities for the 12 months ended 30 June 2022
Net Asset Value Performance 30 30 30 30 June June CAGR
June June June June 30 2021 30 2022 (%)
2017 2018 2019 2020
Net Asset Value ('000) GBP2,443 GBP2,623 GBP5,114 GBP5,474 GBP6,438 GBP7,454 24.1%
--------- --------- --------- --------- --------- --------- ------
Fully diluted NAV per
share 7.05p 7.49p 14.50p 15.50p 18.22p 20.04p 23.2%
--------- --------- --------- --------- --------- --------- ------
CHAIRMAN'S STATEMENT:
Mineral & Financial Investments Limited ("M&FI") is an
investing company that approaches its business as a mining finance
house, which includes providing investment in and capital to
finance mining and mineral exploration companies, and/or projects,
while aiming to provide our M&FI shareholders with superior
returns. We will seek to provide financing and act as a good
partner in exchange for meaningful ownership levels, and board
representation if needed and appropriate. We will provide advisory
services when possible and will be willing to make follow-on
investments in the investee companies if, and when, appropriate.
The full details of our investing policy are set out in the
Directors' Report on p.8 of the Company's Annual Report and
Accounts which are available on the Company's website.
During the 12-month fiscal period ending 30 June 2022 your
company generated net trading income of GBP1,297,000 which
translated into a net profit of GBP899,000 or 2.5p per share on a
Fully Diluted ("FD") basis for the period. At the period end of 30
June 2022, our Net Asset Value (NAV) was GBP7,454,000 an increase
of 15.8% from 30 June 2021 NAV of GBP6,438,000. The Net Asset Value
per share - fully diluted (NAVPS-FD) as of 30 June 2022 was 20.04p,
up 10% from the 30 June 2021 NAVPS FD of 18.22p. Since 30 June
2016, our NAV FD has appreciated on average by 38.6% annually. We
continue to be effectively debt free, with working capital of
GBP7.55 million.
It is our view that the world recovered strongly from the
economic effects of the Covid 19 Pandemic. Global economic output
increased by 6.0% in calendar 2021(1) , a turnaround from the 3.1%
decline of output in 2020(1) . We believe the recovery was driven
by pent-up demand, low interest rates, fiscal support policies from
virtually all governments and very loose monetary policies. We also
observe that this economic broth when combined with logistic
frictions generated a significant lift in global inflation from the
3.2% in 2020 to 8.8% estimated by the IMF in 2022. We note that the
return of inflationary pressures has caused most central bankers to
initiate rate increases to dampen inflationary pressures. Global
Output for 2022 is estimated to have grown by 32%(1) , half the
growth rate of the previous year(1) . Global economic growth is
expected to slow even further in 2023 and only expand by 2.7%.
Inflation's return has been a global phenomenon and is estimated to
reach an average of 8.8% in 2022(1) .
(1) International Monetary Fund, "Countering the Cost of Living
Crisis", October 11, 2022
In our last annual report, we included the Shiller S&P 500
Cyclically Adjusted Price Earning (CAPE) chart to underscore
relatively high P/E valuation of the S&P 500 a year ago. We
believe that the overvaluation extends to most major equity
markets. There are a couple of major drivers for equity valuations
- firstly and importantly, profits and their expected growth; the
second, are the major valuation inputs: growth expectations,
interest rates, and inflation. We believe that above average
inflation and rising interest rates will prevail in 2023.
The US dollar, as measured by the DXY Index was up 13.7% during
our fiscal year, appreciating versus virtually all currencies. The
US dollar's strength during the past year had the single greatest
impact on most aspects of our business. Virtually all global
commodities are priced in US dollars. When the US dollar rises in
value, the usual reaction is that the price of commodities is
weighted downwards (ceteris paribus). We believe the US dollar's
rise is in part because it has been the world's default currency.
Further enhancing its natural appeal, US interest rates are higher
than most advanced economies' interest rates for similar terms, and
the US Fed have claimed an unshakeable resolve to address
inflationary pressures. We consider that the direction of movement
in money supply is consistent with the rhetoric, however, the
amplitude of the moves is less dramatic. US M3(2) peaked at $21.74
Trillion March 2022 and has been reduced to $21.5 Trillion by
September 2022(2) . We believe that what has been significant has
been the rise in interest rates - during our fiscal period (July 1,
2021, to June 30, 2022) US 10-year treasury yields rose 129%, from
1.46% to 3.02%. They currently are 3.81% as of November 15, 2022(2)
. We believe that in isolation this is meaningful. However, we have
also observed that worldwide interest rates implicitly reference US
rates, and this has impacted most national interest rates.
Nevertheless, we believe that the inflationary pressures unleashed
by monetary and fiscal policies to manage the devastating economic
impact of the COVID 19 lockdowns in 2020 and 2021 will result in
longer lasting inflation, though less acute than seen in 2022.
(2) US Federal Reserve Board - Economic Research, Federal
Reserve Bank of St.Louis
We consider that the Fiscal and Monetary responses by most
"advanced economy" governments and central banks to the rise in
inflation have negatively impacted equity markets. As can be seen
in Figure 3 all major equity markets declined, with the FTSE 100
being the positive exception recording a modest 1.9% appreciation.
The Chinese markets were the weakest combined markets, which we
believe should be a source of global concern.
Global Stock Index performance (Fig.3)
June 30, 2021, to June
30, 2022 30/06/2021 30/06/2022 % Ch.
Shanghai Shenzhen CSI 300 5224 4485 -14.1%
----------- ----------- -------
Standard & Poor 500 4292 3785 -11.8%
----------- ----------- -------
Euro Stoxx 50 4064 3455 -15.0%
----------- ----------- -------
Hang Seng 28994 21870 -24.6%
----------- ----------- -------
FTSE 100 7037 7169 1.9%
----------- ----------- -------
Nikkei 225 28791 26393 -8.3%
----------- ----------- -------
The US Equity market valuation, as measured by the S&P 500
P/E Index, is declining both absolutely and relatively from its
peak at the beginning of 2022. As can be seen in the Shiller
S&P 500 index, as composed by Prof. Robert Schiller of Yale
University, shows that the S&P 500's Index current level for
Price/Earnings (P/E) is 27.4x, which is down from the 39.6x p/e
which we pointed to in last year's M&FI annual report, and
which we believe was priced for a flawless exit from the economic
life support offered by governments around the world during the
Covid Pandemic economic crisis. We remain cautious and, although
optimistic for metal prices, we believe that markets remain richly
priced relative to the historical valuations, as shown by Prof.
Shiller. We also see that interest rates are beginning to rise from
the lows reached after a 40-year decline from the 1981 highs.
Rising interest rates are an unfamiliar market feature for a
generation of market participants. We believe the financial turmoil
that rising rates can create should be a cause of concern.
M&FI continues to seek suitable strategic investment
opportunities that we believe will generate above average returns
while adhering to our standards of prudence. We thank you for your
support and we will continue to work diligently and thoroughly to
advance your company's assets and market position.
CHIEF EXECUTIVE'S REPORT:
Your company generated gross profit of GBP1,297,000 during the
year, a slight decline from the previous year's gross profit of
GBP1,362,000. The operating profit for the full year, ending 30
June 2022, was GBP899,000 versus last year's operating profit of
GBP998,000. The decline is linked to slightly lower yr./yr. gross
profits and higher administrative costs. Specifically, the issuance
of equity incentives, higher legal fees and an increase to the
CEO's salary, these represent 94.6% of the SG&A variance from
FY 2021. The post-tax income for the year was GBP899,000 vs.
GBP964,000 achieved last year. M&FI's NAVPS (basic) increased
15.8% year over year to 20.04p. The overall cash and investment
portfolios increased by 14.8% year over year to GBP7,664,000.
The key to creating shareholder value for Mineral &
Financial Investments is attempting to achieve positive risk
adjusted investment returns while keeping operating costs low. More
specifically, operating costs which grow at a slower rate than the
accretion in the Net Asset Value. Our full year administrative
costs totalled GBP439,000, 5.88% of net assets, an increase over
the previous year's costs of GBP341,000 (5.33% of net assets).
General & Administrative ("G&A") costs were higher.. The
increase was partly due to "Legal and Professional fees" increasing
by GBP51,000 year over year in the period due to some extraordinary
legal costs associated with a unsuccessful financing attempt by an
investee company (financing was secured later from a different
source). Excluding that increase in legal fees our G&A would
have been within our expectations rising by 13.6%. Also, there was
a GBP92,000 charge to the income statement in respect of the grant
of options and Restricted Share Units. M&FI's policy is that
management and directors will benefit and prosper along with
shareholders, not despite shareholder performance.
World commodity price performances were broadly negative in FY
2022 due to rise of the US dollar vs. most world currencies and a
recognition that global economic growth has slowed from the post
Pandemic demand spurt. Uranium was a strong performer, rising 52.6%
during our fiscal year. Energy insecurity led to a renewed optimism
for Uranium (U(3) O(8) ), as its principal use is for nuclear power
generation. Additionally, there were several new uranium ETF funds
created which amplifies demand. The Nickel (Ni) price was up 27.8%
during our fiscal year and is benefitting from LME inventories
being at 5-year lows (c. 49,470t in Nov 2022 vs 380,000t in
November of 2017) due to slowing supply growth. Nickel now, in
addition to its historic dominant use in combination with iron to
create stainless steel, which still represent 69% of global Ni
demand, is part of the revolution in battery technologies. Battery
production currently represents 11% of Ni global demand. Zinc (Zn)
was also one of the few metals which ended the period with year
over year gains, rising 8.6% during our fiscal period. Several
years ago, we recognized that Zn was being supplied by several
large-scale mines which were approaching the end of their mine
life. Like Ni, Zn LME inventories are at 5-year lows of 40,800t,
which represent less than 2 days of global demand (in 2021:
14,047,000t). Our investments in Zinc via Ascendant and more
importantly our investment in Redcorp, benefitted slightly from
Zinc's outperformance versus other metals.
Price Performance of Various Commodities & Indices
(Fig.5)
Commodity 2018 2019 2020 2021 2022 % Ch. CAGR
2022 2018
vs. 2021 to 2022
(June (June (June (June (June
30) 30) 30) 30) 30)
Gold (US$/oz) 1,187 1,389 1,784 1,784 1,809 -1.3% +11.1%
-------- -------- -------- -------- -------- ---------- ---------
Silver (US$/oz) 14.30 15.30 18.30 26.15 19.80 -24.3% +8.5%
-------- -------- -------- -------- -------- ---------- ---------
Platinum (US$/oz) 824 837 828 1083 881 -18.8% +1.7%
-------- -------- -------- -------- -------- ---------- ---------
Copper (US$/t) 6,171 5,969 6,120 9,279 7,901 -14.9% +6.4%
-------- -------- -------- -------- -------- ---------- ---------
Nickel (US$/t) 12,540 12,670 13,240 18,172 23,229 +27.8% +16.7%
-------- -------- -------- -------- -------- ---------- ---------
Aluminium (US$/t) 2,024 1,779 1,598 2,514 2,659 +5.8% +7.1%
-------- -------- -------- -------- -------- ---------- ---------
Zinc (US$/t) 2,612 2,575 2,043 2,899 3,147 +8.6% +4.8%
-------- -------- -------- -------- -------- ---------- ---------
Lead (US$/t) 2,017 1,913 1,770 2,301 1,899 -17.5% -1.5%
-------- -------- -------- -------- -------- ---------- ---------
Uranium (US$/t) 60,250 54,454 71,871 70,768 108,027 +52.6% +15.7
-------- -------- -------- -------- -------- ---------- ---------
WTI (US$/Bbl.) 73.25 60.06 40.39 75.25 107.86 +43.3% +10.2%
-------- -------- -------- -------- -------- ---------- ---------
DXY 95.13 96.56 96.68 92.66 105.09 +13.7% +2.7%
-------- -------- -------- -------- -------- ---------- ---------
FTSE 350 Mining
Index 18,877 20,688 17,714 22,585 9,810 -55.6% -15.1%
-------- -------- -------- -------- -------- ---------- ---------
We made a conscious decision to be overweight in precious
metals, notably gold and to a lesser extent silver. This has been a
very difficult year for gold, which was down 1.3%, while silver was
down 24.3% during our fiscal year. We remain confident that our
allocation will bear fruit. We consider that inflation is once
again a global concern, central bankers are tightening monetary
policies, economic growth has slowed and we believe that the most
recent fashionable alternative to gold as a defensive store of
value, crypto currencies, are suffering yet another existential
crisis with the bankruptcy of FTX.
We believe the equity markets are afflicted by a disconnect
between metal prices and the performance of the shares of the
companies that explore and produce these metals. We believe the
market is, understandably, plagued with anxiety about the weak
metal price performances and the increases in production costs, led
upwards by energy costs and soon to be followed by labour costs. We
also believe that inflation above Central banks' inflation targets
will be a fact of life for a few more years. The US dollar's
out-performance is, we believe, unlikely to continue as it did in
2022. Lastly, operating costs will have to rise, or capacity will
have to close, which will lead to metal price rises. Although not
the most robust setting for mining companies, there is, we believe,
good cause for bullishness that more broadly based metal price
rises will define 2023 and that the inflationary pressures of 2022
will moderate, but not return to 2019 levels for some time.
INVESTMENT PORTFOLIOS
We have high expectations. Our performance in 2022 was
relatively strong, but below our expectations for the year. Our
NAVPS by 10% during 2022 but was significantly better than the
yardsticks by which we measure our performance. The broader equity
markets were down during our fiscal year, the S&P 500 was down
11.8%, the CSI 300 (Shanghai) was down 14.1%, while the FTSE 100
did manage a gain of 1.9%. The more specific comparables, such as -
the S&P/TSX Global Mining Index was down 11.5% during our
fiscal period, while FTSE 350 Mining Index, was down 55.2% -
although it must be noted that the FTSE 350 Mining Index was
dragged down by the Ukrainian conflict and the sanctions imposed on
Russian companies, which are part of the Index.
Portfolio Performance 2017 - 2022 (Fig.6)
2022 CAGR
vs. '17
(GBP,000) 2017 2018 2019 2020 2021 2022 2021 to 2022
Strategic GBP746.0 GBP766.9 GBP3,655.3 GBP3,909.7 GBP4,110.3 GBP4,946.5 20.3% 46.0%
----------- ----------- ----------- ----------- ----------- ----------- ------- ---------
Tactical GBP983.6 GBP1,319.2 GBP226.3 GBP430.4 GBP1,711.9 GBP2,237.0 30.7% 17.9%
----------- ----------- ----------- ----------- ----------- ----------- ------- ---------
Cash GBP273.5 GBP422.3 GBP224.4 GBP274.6 GBP854.7 GBP481.4 -43.7% 12.0%
----------- ----------- ----------- ----------- ----------- ----------- ------- ---------
Total GBP2,003.2 GBP2,508.3 GBP4,106.0 GBP4,614.8 GBP6,677.0 GBP7,664.9 14.8% 30.8%
----------- ----------- ----------- ----------- ----------- ----------- ------- ---------
CASH
Our liquidity as of 30 June 2022, was GBP481,000 a decline of
43.7% from the GBP855,000 as at the end of fiscal 2021. In 2021 we
had received the funds from Ascendant on 22 June 2021 and had not
fully deployed the funds. In 2022 we received a US$1.0M payment
from Ascendant, as part of their earn-in on the Lagoa Salgada
Project, earlier in the period, and some of the funds were invested
in what we felt were attractive values. The intention is to keep
the cash and tactical holdings' combined value to be between 25 and
60 percent. For the past 2 years we have been at 38.4% as of the
end of 2021 and ended 2022 at 35.5% of NAV. As this mining cycle
moves ahead, we would like to gradually evolve to a higher cash
& tactical holding, to allow us to exploit strategic investment
opportunities along the economic cycle.
TACTICAL HOLDINGS
The Tactical portfolios grew by 30.7% to end the year at
GBP2,237,004. As we advance through the mining cycle the tactical
portfolio should grow more quickly than the strategic portfolio, as
we monetize the some of our strategic investments and convert them
into either cash or tactical investments. The tactical portfolio
now comprises 22 distinct investments, the following are some of
the most noteworthy.
Cerrado Gold: We initiated an investment in common shares of
Cerrado Gold in 2019. It now represents 5.4% in the allocated
investments. Cerrado is a South American gold producer with a mine,
Minera Don Nicolas, in Argentina. Which mined 44,000 oz in 2021 and
should mine 50,000 oz of gold. Based comparable valuations
presented by Cerrado trades at around US$26 of EV per oz of Au
equivalent resource, the comparable producers trade at
approximately US$99 p/Oz of Au equivalent resource. Production is
expected to grow by 322% over the next 4 years. In the second half
of 2022 Cerrado has funded and begun development of a heap leach
operation which should amplify its production and lower its all-in
sustaining costs (AISC). Additionally, it is infill drilling with
an aim of expanding the resource base, defining underground mining
potential, while continuously working on optimizing production
levels. Cerrado's second, and perhaps more exciting asset is the
Monte do Carmo exploration asset located in the state of Tocantins
in Brazil. The current project economic indicate, using a
US$1,600/oz gold price, an after-tax NPV(@5% DR) of US$617M, and
IRR of 99% while requiring US$126M of CAPEX. The resulting project
is estimated to produce gold an average of 131,000 oz per year of
gold with an all-in sustaining cost (AISC) life of mine of
US$612/oz. Whilst these numbers are providing for guidance only and
there is no guarantee that either these production levels or the
valuations will be achieved, the Directors consider this is an
exciting opportunity that they will continue to provide updates on
as it progresses. Most independent analysts covering the stock have
a share price target of between $2.50 and $5.50 per share.
Ascendant Resources Inc.: We have held our position in Ascendant
for several years. The holding, despite its performance represent
4.3% of our investment portfolios; and is held by one of our
subsidiaries. It was part of the payment made by Ascendant for its
original acquisition of a 25% interest in Redcorp from TH
Crestgate; and part of the earn-in agreement with Ascendant for the
Lagoa Salgada Project located on the well-known Iberian Pyrite Belt
(IPB) in South Central Portugal. The IPB is home to several of the
world's largest zinc mines and hosts the original mine that became
the cornerstone of Rio Tinto Mines. We consider Ascendant suffered
significantly during the early stages as the price of Zinc
plummeted. In 2019 Zinc was as high as US$2,950/t and by March of
2020 Zinc had fallen to US$1750/t, a 40% decline that pushed its El
Mochito Mine, located in Honduras into significant monthly losses,
forcing Ascendant to dispose of the operations at the cycle bottom.
We consider that Ascendant have rebounded by advancing the Lagoa
Salgada Project, meeting all earn-in obligations and being a good
partner. They are currently advancing a Feasibility Study which it
is hoped will meet, or exceed, the results in the Preliminary
Economic Assessment (PEA) which indicated an after-tax NPV(@8%DR)
of US$246.7M, an IRR of 55% and a payback period of 1.5years - all
based on lower than current metals price assumptions. Whilst there
can be no guarantee that any of these results can be achieved and
acknowledging this is no-longer a core holding, we remain
optimistic that this investment will outperform from the current
levels.
UBS Gold ETF (CHF): Our investments in precious metal bullion is
2.66% of total investments. We will almost always have some
physical gold holdings as an "insurance policy", the size of the
holding will fluctuate as our investment outlook evolves. We
maintained the core of this holding, although took some profits
when bullion exceeded US$2,000/oz. We expect that gold will perform
its historical role of providing protection against weakening
currencies and economic turmoil. In the third quarter of 2022
global gold mine production (i.e. supply) was up 2% year/year and
recycling was down 6% y/y.
The World Gold Council announced that Q3-2022 gold demand trends
were up 28% year on year, reaching 1,181 tonnes. Retail investors
demand increased by 36% y/y as they sought to purchase bullion and
coins as inflation hedges. Jewellery demand was also up in 10% y/y
the third quarter. Central Banks purchased a record 400 tonnes in
the quarter. In a survey of Central banks, 25% of the respondents
stated that they expected to increase their holdings further in the
next 12 months. These positives outweighed the Q3 47% y/y decline
in demand from ETF, in large part due to the strength of the US
dollar.
Zuercher KTBK Silver ETF (CHF) : We consider that silver is
occasionally, and unfairly, described as the "poor man's" gold.
Physical Silver holdings represent 2.31% of our investment
holdings. Silver is a precious metal with dominant and growing
industrial applications. Silver plays a critical role in the
advancement of electronics. In the past century silver demand was
initially dominated by jewellery and silverware demand, then
photographic and X-ray usage were its key users(3) . It is now a
metal used primarily in various technologies that will be critical
in the world's advancement. Industrial and electronic applications
represent 81.0% of total demand, giving it distinctly different
fundamental drivers that other precious metals(3) . Silver is now
used in solar technology, medical applications (e.g. coating body
implants made of polymers), automotive and electric vehicles, 5G
devices, water purification. Silver demand in 2021 was up 19% to
1.05B/oz. Mine production grew by 5.3% in 2021 to 822.6m/oz. Scrap
supply rose 173m/oz. Considering all sources of supply, the
industry was in a deficit of 71.5M/ oz in 2021(3) . Much like gold,
we believe that for the foreseeable future a silver holding is a
sensible default investment in a commodity that has strong demand
fundamentals and supply which is struggling to keep pace at current
prices.
(3) The Silver Institute
Agnico Eagle Mines: Agnico is a Canadian Gold mining company
founded by a colourful industry legend, Paul Penna, in 1957. Agnico
represents 2.3% of our portfolio's holdings. Agnico has evolved
from its original Joutel Mine in Quebec, to now being an
international mining organisation ranking as the third largest, by
gold production, gold mining company in the world. We believe that
Agnico is an exemplary operator and has developed a reputation of
swimming against conventions. As a testimony to the wisdom of its
strategy - it now has more than 50M oz of gold reserves and is
expected to produce 3.3 million ounces in 2022. We consider its
mines are well run and note that its total cash costs are US$769/oz
and AISC is US$1,067/oz. and it pays a US$0.40 per share quarterly
dividend. In addition, we note that these operations are
underpinned by strong financial footings and US$2.0B of liquidity.
We believe that the shares were depressed by the share acquisition
of Kirkland Lake Gold, which we used as an opportunity to initiate
a position
STRATEGIC PORTFOLIO
Our Strategic Portfolio are longer term holdings, that we
strongly believe will outperform. At the bottom of the cycle, we
made investments in out-of-favour assets that we considered had
high potential but were, we acknowledge, higher risk and less
liquid. We believe our competitive advantage was that we were
capable and willing to invest when others would, or could, not
invest. We believe that the best return to risk ratio is to invest
in good assets when these are out of favour. The next phase of our
strategy is to gradually monetize these investments when and where
it makes sense and redeploy these funds into more liquid
investments that are out of favour but have strong long term
investment merits.
Redcorp Empreedimentos Mineiros Lda.: Redcorp is a Portuguese
company whose main asset is 85% ownership of the Lagoa Salgada
project. Our investment in Redcorp, held through our subsidiary,
represents 47% of our investment portfolios. In 2018 our subsidiary
entered into a sale and earn-in option agreement with a Canadian
listed company, Ascendant Resources. Ascendant has met all its
financial and operational obligations to date. We consider they
have been good partners, running the exploration program for which,
we are appreciative. On May 25, 2022, Ascendant increased its
ownership of Redcorp to 50% by completing US$9,000,000 of
exploration work on the project and making a US$1.0M payment to
M&FI's subsidiary (in accordance with the terms of the
agreement between the parties). Ascendant can now earn up to 80% of
the overall project by completing a Definitive Feasibility Study
and making a final US$2.5M payment to M&FI. The payment has
been made, and the Feasibility Study must be completed on, or
before June 22, 2023.
The project has advanced from an initial resource of
approximately 4.4Mt with Zinc Equivalent grade of 6.0% to a
resource totalling 27.5Mt with a 7.5% Zinc Equivalent grade.
Redcorp and Ascendant have recently announced that they have
secured a mine development licence from the Portuguese government.
Redcorp and Ascendant have also completed a second a PEA that
indicating that the Lagoa Salgada Project has, based on 100%
ownership, a pre-tax NPV(@8%) of US$341.6M resulting in a pre-tax
IRR of 68.2%, with a 1.3-year pre-tax payback based on its planned
14-year life of mine.
Ideon Technologies Inc.: Ideon Technologies Inc. is Canadian
based company which is a world pioneer in the application of
cosmic-ray muon tomography. Ideon now represents 11.64% of our
investment portfolios. M&FI made its initial investment in 2019
and since then has participated in three follow-on investments. The
initial equity investment was priced at C$0.37 per share. This
spring a term sheet and pricing was tabled by Ideon with a Silicon
Valley VC called Playground LLC with an exciting track record
committed to investing in Ideon. Their investment was made at a
higher price than our average investment cost. The revaluation to
the latest financing price has resulted in an uplift to Ideon's
value in our portfolio.
Ideon's discovery platform provides x-ray-like visibility up to
1 km beneath the Earth's surface, much like medical tomography
images the interior of the body using x-rays. Using proprietary
detectors, imaging systems, inversion technologies, and artificial
intelligence, we map the intensity of cosmic-ray muons underground
and construct detailed 3D density profiles of subsurface anomalies.
Ideon's discovery platform can identify and image anomalies such as
mineral and metal deposits, air voids, caves, and other structures
with density properties that contrast with the surrounding earth.
The potential result is a new exploration paradigm that could
result in a 90% reduction in core drilling, while increasing
exploration certainty by 95% in the geological settings suited by
tomography. The environmental impact from such a technological
change would be meaningful. Since last year Ideon's commercial
advances have continued and now they have several of the world's
largest mining companies as revenue generating clients.
Golden Sun Resources: In 2019, MAFL participated in a round of
financing of Golden Sun Resources (GSR) by acquiring convertible
notes of GSR. As of the date of writing GSR represents 9.6% of the
investment portfolios. The GSR notes represent a 5.5% net ownership
in Golden Sun. Our increased investment is largely due to
acquisition of a fractional ownership of a 2% Net Smelter Royalty
on the BellaVista Mine as well as on the other exploration projects
in Costa Rica and a bridge loan to advance the engineering work to
build the mill. The GSR notes mature on 30 April 2024, interest is
charged and accrues at the rate of 20% per annum, calculated
monthly in arrears on the outstanding Loan Amount and shall become
payable upon maturity. GSR brought the Bellavista project back into
production. Its business plan is to expand the project in small,
financially self-sustaining phases. The next phase is to progress
from small leach pad production to a 450 tonnes per day CIL plant,
which could result in production exceeding 35,000/oz of gold per
year. We believe that GSR could receive the project expansion
funding via a streaming agreement with a well-known North American
mining financier in the near term, although there is no guarantee
this will occur. Additionally, GSR has applied for and secured
several other Costa Rican exploration project licenses from the
Costa Rican government, many with historical resources. We believe
GSR is evolving to become a leading and respected mining company in
Costa Rica. We believe it has done so by exhibiting market leading
Environmental and Social practices. GSR is progressing more slowly
than planned but has not deviated from the agreed principal course
and we believe it continues to offer a distinctive investment
opportunity and should over the next 24 months. We believe that GSR
is progressing towards a monetization event.
Cap Energy PLC: CAP Energy PLC (CAP) is an offshore oil and gas
exploration company focused on West Africa. We have decided to
write-down our investment in CAP to nil due to unresolved liquidity
issues. We proposed to CAP several financial solutions, which were
declined. During a period, that was establishing the foundations
for an explosion in oil prices due to insufficient exploration,
CAP's management was unable to secure funding. Although there may
be an opportunity to recover some value, at this juncture we
believe it more prudent to take this action. Moreover, we are
considering our next steps with the Company and management to seek
a solution to the situation.
Notice of AGM and Dispatch of Report and Accounts
Mineral & Financial's Audited Financial Statements for the
year ended 30 June 2022 will be available on the Company's website
( http://www.mineralandfinancial.com/ ) on 30 December 2022 and
will be posted to shareholders together with the notice of the AGM
on or before 30 December 2022. A further announcement confirming
the dispatch and providing the details of the AGM will be made at
that time.
FOR MORE INFORMATION:
Jacques Vaillancourt, Mineral & Financial Investments Ltd. +44 7802 268 247
Katy Mitchell, Sarah Mather, WH Ireland Limited +44 207 220
1666
Jon Belliss, Novum Securities Limited +44 207 399 9400
Consolidated Income Statement
Year ended Year ended
30 June 30 June 2021
2022
Notes GBP'000 GBP'000
------------------------------------------ ------ ----------- --------------
Investment income 128 96
Fee revenue - 3
Net gains on disposal of investments 861 1,244
Net change in fair value of investments 308 19
1,297 1,362
Operating expenses 3 (439) (341)
Share based payment expense (92)
Other gains and losses 5 133 (24)
----------------------------------------- ------ ----------- --------------
Profit before taxation 899 997
Taxation expense 6 - (33)
Profit for the year from continuing
operations and total comprehensive
income, attributable to owners of
the Company 899 964
Profit per share attributable to owners
of the Company during the year from 7 Pence Pence
continuing and total operations:
Basic (pence per share) 2.5 2.7
Fully diluted (pence per share) 2.5 2.7
Consolidated Statement of Financial Position
2022 2021
Notes GBP'000 GBP'000
------------------------------------- ------ --------- ---------
CURRENT ASSETS
Financial assets held at fair value
through profit or loss 8 7,183 5,822
Trade and other receivables 10 17 27
Cash and cash equivalents 481 855
------------------------------------- ------ --------- ---------
7,682 6,704
------------------------------------- ------ --------- ---------
CURRENT LIABILITIES
Trade and other payables 11 125 163
Convertible unsecured loan notes 12 10 10
------------------------------------- ------ --------- ---------
135 173
------------------------------------- ------ --------- ---------
NET CURRENT ASSETS 7,547 6,531
------------------------------------- ------ --------- ---------
NON-CURRENT LIABILITIES
Deferred tax provision 13 (93) (93)
NET ASSETS 7,454 6,438
------------------------------------- ------ --------- ---------
EQUITY
Share capital 15 3,099 3,096
Share premium 15 5,914 5,892
Loan note equity reserve 16 6 6
Reserve for employee share schemes 17 92 23
Capital reserve 15,736 15,736
Retained earnings (17,393) (18,315)
------------------------------------- ------ --------- ---------
Equity attributable to owners of
the Company and total equity 7,454 6,438
------------------------------------- ------ --------- ---------
Consolidated Statement of Changes in Equity
Reserve for
Share Share employee Loan note Capital Accumulated Total
capital premium share schemes reserve reserve losses equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- -------- -------- -------------- --------- -------- ----------- -------
At 1 July 2020 3,096 5,892 23 6 15,736 (19,279) 5,474
Total comprehensive
income for the
year - - - - - 964 964
-------------------- -------- -------- -------------- --------- -------- ----------- -------
At 30 June 2021 3,096 5,892 23 6 15,736 (18,315) 6,438
-------------------- -------- -------- -------------- --------- -------- ----------- -------
Total comprehensive
income for the
year - - - - - 899 899
-------------------- -------- -------- -------------- --------- -------- ----------- -------
Share based payment
expense - - 92 - - - 92
Exercise of options 3 22 (23) - - 23 25
At 30 June 2022 3,099 5,914 92 6 15,736 (17, 393) 7,454
-------------------- -------- -------- -------------- --------- -------- ----------- -------
Consolidated Statement of Cash Flows
Year ended Year ended
30 June 2022 30 June 2021
Notes GBP'000 GBP'000
-------------------------------------------- ------- -------------- --------------
OPERATING ACTIVITIES
Profit before taxation 899 997
Adjustments for:
Profit on disposal of trading investments (861) (1,244)
Fair value gain on trading investments (308) (19)
Investment income (128) (96)
Share based payment expense 92 -
Operating cash flow before working
capital changes (306) (362)
Decrease in trade and other receivables 9 54
(Decrease)/increase in trade and other
payables (52) 36
----------------------------------------------------- -------------- --------------
Net cash outflow from operating activities (348) (272)
----------------------------------------------------- -------------- --------------
INVESTING ACTIVITIES
Purchase of financial assets (2,177) (2,269)
Disposal of financial assets 2,098 3,116
Investment income 29 5
----------------------------------------------------- -------------- --------------
Net cash (outflow)/inflow from investing
activities (50) 852
----------------------------------------------------- -------------- --------------
FINANCING ACTIVITIES
Proceeds of share issues 25 -
Net cash inflow from financing activities 25 -
-------------------------------------------- ------- -------------- --------------
Net (decrease)/increase in cash and
cash equivalents (374) 580
Cash and cash equivalents as at 1
July 855 275
C ash and cash equivalents as at 30
June 481 855
----------------------------------------------------- -------------- --------------
Notes to the Financial Statements
1. Operating Profit
2022 2021
GBP'000 GBP'000
-------------------------------------------- -------- --------
Profit from operations is arrived at after
charging:
Directors fees 104 67
Other salary costs 20 19
Share based payment expense 92 -
Registrars fees 31 31
Corporate adviser and broking fees 39 42
Other professional fees 180 124
Foreign exchange differences (133) 24
Other administrative expenses 45 39
Fees payable to the Group's auditor:
For the audit of the Group's consolidated
financial statements 20 19
-------------------------------------------- -------- --------
398 365
-------------------------------------------- -------- --------
2. Other Gains and Losses
2022 2021
GBP'000 GBP'000
--------------------------------------- --------- ---------
Foreign currency exchange differences 133 (24)
--------------------------------------- --------- ---------
133 (24)
--------------------------------------- --------- ---------
3. Income Tax Expenses
2022 2021
GBP'000 GBP'000
-------------------------------------------------------- -------- -------
Deferred tax charge relating to unrealised gains
on investments - 33
Other tax payable - -
-------------------------------------------------------- -------- -------
- 33
-------------------------------------------------------- -------- -------
The tax on the Group's profit before tax differs from the theoretical
amount that would arise using the weighted average rate applicable
to the results of the Consolidated entities as follows:
2022 2021
GBP'000 GBP'000
-------------------------------------------------------- -------- -------
Profit before tax from continuing operations 899 1,004
-------------------------------------------------------- -------- -------
Profit before tax multiplied by rate of federal
and cantonal tax in Switzerland of 14.6% (2021:
14.6%) 131 146
Less abatement in respect of long term investment
holdings (118) (131)
Unrelieved tax losses - 18
Overprovided in previous period (13)
Total tax - 33
-------------------------------------------------------- -------- -------
4. Earnings Per Share
The basic and diluted earnings per share are calculated by dividing
the profit attributable to owners of the Company by the weighted
average number of ordinary shares in issue during the year.
2022 2021
GBP'000 GBP'000
----------------------------------------------- ----------- -----------
Profit attributable to owners of the Company
- Continuing and total operations 899 964
------------------------------------------------ ----------- -----------
2022 2021
----------------------------------------------- ----------- -----------
Weighted average number of shares for
calculating basic earnings per share 35,271,011 35,135,395
Weighted average number of shares for
calculating fully diluted earnings per
share 35,271,011 35,204,897
------------------------------------------------ ----------- -----------
Earnings per share from continuing and
total operations
- Basic (pence per share) 2.5 2.7
- Fully diluted (pence per share) 2.5 2.7
------------------------------------------------ ----------- -----------
5. Investments Held at Fair Value Through Profit or Loss
2021 2020
GBP'000 GBP'000
---------------------------------------------------- -------------- -----------
1 July - Investments at fair value 5,315 4,952
Cost of investment purchases 2,269 1,279
Proceeds of investment disposals (3,116) (1,639)
Profit on disposal of investments 1.244 497
Fair value adjustment 19 226
Accrued interest on loan notes 91 -
---------------------------------------------------- -------------- -----------
30 June - Investments at fair value 5,822 5,315
---------------------------------------------------- -------------- -----------
Categorised as:
Level 1 - Quoted investments 1,712 1,001
Level 3 - Unquoted investments 4,110 4,314
---------------------------------------------------- -------------- -----------
5,822 5,315
---------------------------------------------------- -------------- -----------
The Group has adopted fair value measurements using the IFRS 7
fair value hierarchy
Categorisation within the hierarchy has been determined on the
basis of the lowest level of input that is significant to the fair
value measurement of the relevant asset as follows:
Level 1 - valued using quoted prices in active markets for identical
assets
Level 2 - valued by reference to valuation techniques using observable
inputs other than quoted prices included in Level 1.
Level 3 - valued by reference to valuation techniques using inputs
that are not based on observable market criteria.
LEVEL 3 investments
Reconciliation of Level 3 fair value measurement of investments
2021 2020
GBP'000 GBP'000
------------------------------------------------ ------------- ----------------
Brought forward 4,314 3,835
Reclassified to Level 1 (404) -
Purchases 207 122
Disposals - (16)
Fair value adjustment (7) 373
------------------------------------------------ ------------- ----------------
Carried forward 4,110 4,314
------------------------------------------------ ------------- ----------------
INVESTMENTS HELD AT FAIR VALUE THROUGH PROFIT OR LOSS (continued)
LEVEL 3 investments
Reconciliation of Level 3 fair value measurement of investments
2022 2021
GBP'000 GBP'000
------------------------------------------------------- --------- -------------
Brought forward 4,110 4,314
Reclassified to Level 1 - (404)
Purchases 152 207
Fair value adjustment 684 (7)
Carried forward 4,946 4,110
------------------------------------------------------- --------- -------------
Level 3 valuation techniques used by the Group are explained on
page 32 (Fair value of financial instruments)
The Group's largest Level 3 investment is Redcorp Empreendimentos
Mineiros LDA ("Redcorp").
REDCORP EMPREIMENTOS MINEIROS LDA
Redcorp is a Portuguese company whose main asset is the Lagoa Salgada
Project, which has resources of zinc, lead and copper.
In June 2018, TH Crestgate entered into an agreement with Ascendant
Resources Inc ("Ascendant") under which Ascendant initially acquired
25% of the equity in Redcorp for a consideration of US$2.45 million,
composed of US$1.65 million in Ascendant shares and US$800,000
in cash.
The second part of the Agreement is an Earn-in Option under which
Ascendant has the right to earn a further effective 25% interest
via staged payments and funding obligations as outlined below:
Ascendant is required to spend a minimum of US$9.0 million directly
on the Lagoa Salgada Project within 48 months of the closing date,
to fund exploration drilling, metallurgical test work, economic
studies and other customary activities for exploration and development,
and to make stage payments totalling US$3.5 million to TH Crestgate
according to the following schedule or earlier:
22 Dec 2018 US$250,000 (Received)
22 Jun 2019 US$250,000 (Received)
22 Dec 2019 US$500,000 (Received)
22 Jun 2020 US$500,000 (Received)
22 Jun 2021 US$1,000,000 (Received)
22 Jun 2022 US$1,000,000 (Received)
Under the last part of the agreement Ascendant can acquire an additional
30% taking its total interest to 80% by the payment of US$2,500,000
on or before 22 Dec 2022.
To date the payments due by Ascendant under the agreement have
been paid on time and the Group's investment in Redcorp has been
valued on a discounted cash flow basis of the remaining payments
due under the agreement plus an additional amount for the discounted
value of the Group's residual investment in the project. As at
30 June 2022, Mineral and Financial Investments AG owns 50% of
Redcorp (2021: 75%). Ascendent increased its ownership of Redcorp
from 25% to 50% as a result of making the payments on time under
the agreement
Redcorp currently owns 85% of the Lagoa Salgada project and signed
an agreement in June 2017 with Empresa Desenvolvimento Mineiro
SA (EDM), a Portuguese State-owned company to re-purchase the remaining
15% of the project resulting in a 100% ownership of the project.
The 2017 agreement was subject to the Portuguese Secretary of State's
approval which has not yet been received. Redcorp and Mineral &
Financial continue to explore ways and means to complete the purchase.
M&FI has granted Ascendant conditional options that would enable
Ascendant to have a net 80% interest in the Project if the company
is unsuccessful in re-acquiring EDM's interest within a still to
be determined period after the completion of the Feasibility Study.
6. Subsidiary Companies
The Group's subsidiary companies are as follows:
Proportion of
ownership
Country of incorporation interest and
Principal and principal voting rights
Name activity place of business held by the Group
Mineral & Financial
Investments AG Investment Steinengraben 18 100%
(Formerly TH Crestgate
GmbH) company 4051 Basel, Switzerland
5 Bath Road, London,
United Kingdom,
M&FI Services Ltd Service company W4 1LL 100%
All intergroup transactions and balances are eliminated on
consolidation.
7. Trade and Other Payables
2022 2021
GBP'000 GBP'000
--------------------------------------- ----------------- ----------------
Other receivables 11 9
Prepayments 6 18
Total 17 27
The fair value of trade and other receivables is considered by
the Directors not to be materially different to the carrying amounts.
At the balance sheet date in 2022 and 2021 there were no trade
and other receivables past due
8. Convertible Unsecured Loan Notes
The outstanding convertible loan notes are zero coupon, unsecured
and unless previously purchased or converted they are redeemable
at their principal amount at any time on or after 31 December 2014.
The net proceeds from the issue of the loan notes have been split
between the liability element and an equity component, representing
the fair value of the embedded option to convert the liability
into equity of the Company as follows:
2022 2021
GBP'000 GBP'000
---------------------------------------------------- --------- ---------
Liability component at beginning and end of
period 10 10
The Directors estimate the fair value of the liability component
of the loan notes at 30 June 2022 to be approximately GBP10,000
(2021: GBP10,000)
9. Deferred Tax Provisions
2022 2021
GBP'000 GBP'000
---------------------------------------- -------- --------
As at 1 July 93 60
Provision relating to unrealised gains
on investments - 33
---------------------------------------- -------- --------
As at 30 June 93 93
---------------------------------------- -------- --------
10. Employee Share Schemes
SHARE OPTIONS
On 10 June 2022 the Company granted 2,350,000 options to directors,
advisers and consultants, exercisable at 13.5p per share, representing
a 15% premium to the closing mid-market price on 9 June 2022.
The options vest in three tranches, one third on the date of
grant, one third on the anniversary of the date of grant, and
one third on the second anniversary of the date of grant. The
options can be exercised at any time from the date of vesting
for a period of 5 years whilst the recipient is employed or engaged
by the Company.
The fair value of the options granted during the year was determined
using the Black-Scholes pricing model. The significant inputs
to the model in respect of the options were as follows:
Date of grant 10 June 2022
Share price at date
of grant 11.75p
Exercise price per
share 13.50p
No. of options 2,350,000
Risk free rate 1.0%
Expected volatility 50%
Life of option 5 years
Calculated fair value
per share 4.6797p
The share-based payment charge for the year was GBP41,000 (2021:
GBPNil).
The share options movements and their weighted average exercise
price are as follows:
2022 2021
Weighted average Weighted average
exercise price exercise price
Number (pence) Number (pence)
------------------------ --------- ---------------- ------- ----------------
Outstanding at 1 July 330,000 7.50 330,000 7.50
Granted 2,350,000 13.50 - -
Exercised (330,000) 7.50 - -
Lapsed - - - -
Outstanding at 30 June 2,350,000 13.50 330,000 7.50
------------------------ --------- ---------------- ------- ----------------
RESTRICTED SHARE UNITS ("RSUs")
On 10 June 2022 the Company granted 1,150,000 RSUs to directors.
The RSUs vest in three tranches, one third on the date of grant,
one third on the anniversary of the date of grant, and one third
on the second anniversary of the date of grant. They can be exercised
at any time from the date of vesting for a period of 5 years
whilst the recipient is employed or engaged by the Company, with
a reference price of 11.75p being the closing mid-market price
on 9 June 2022.
The fair value of the RSUs granted during the year was determined
to be the reference price of 11.75p per share, and the share-based
payment charge for the year in respect of the RSUs was GBP51,000
(2021: GBPNil).
The RSU movements and their weighted average reference price
are as follows:
2022 2021
Weighted average Weighted
Reference price average
Reference
price
Number (pence) Number (pence)
-------------------------- ----------- ----------------- ------ -----------
Outstanding at 1 July - - - -
Granted 1,150,000 11.75 - -
Exercised - - - -
Lapsed - - - -
Outstanding at 30 June 1,150,000 11.75 - -
-------------------------- ----------- ----------------- ------ -----------
11. Share Capital
Number of Nominal Share
shares Value premium
GBP'000 GBP'000
------------------------------------- ------------ -------- ---------
AUTHORISED
At 30 June 2021 and 30 June 2022
Ordinary shares of 1p each 160,000,000 1,600
Deferred shares of 24p each 35,000,000 8,400
------------------------------------- ------------ -------- ---------
10,000
------------------------------------- ------------ -------- ---------
ISSUED AND FULLY PAID
At 30 June 2021
Ordinary shares of 1p each 35,135,395 351
Deferred shares of 24p each 11,435,062 2,745
------------------------------------- ------------ -------- ---------
3,096 5,892
Ordinary shares issued in year to
30 June 2022 330,000 3 22
------------------------------------- ------------ -------- ---------
At 30 June 2022
Ordinary shares of 1p each 35,465,395 354
Deferred shares of 24p each 11,435,062 2,745
------------------------------------- ------------ -------- ---------
3,099 5,914
------------------------------------- ------------ -------- ---------
The ordinary shares carry no rights to fixed income but entitle
the holders to participate in dividends and vote at Annual and
General meetings of the Company.
The restricted rights of the deferred shares are such that they
have no economic value.
12. Loan Note Equity Reserve
2022 2021
GBP'000 GBP'000
-------------------------------------------- -------- --------
Equity component of convertible loan notes
at 1 July 6 6
Equity component of convertible loan notes
at 30 June 6 6
-------------------------------------------- -------- --------
13. Reserve For Employee Share Schemes
RESERVE FOR EMPLOYEE SHARE SCHEMES
2022 2021
GBP'000 GBP'000
---------------------------------------------- -------- --------
Brought forward at 1 July 23 23
Transfer to retained earnings on exercise of (23)
options -
Share based payment charge 92 -
---------------------------------------------- -------- --------
Carried forward at 30 June 92 23
---------------------------------------------- -------- --------
14. Financial Instruments
FINANCIAL ASSETS BY CATEGORY
The IFRS 9 categories of financial assets included in the balance
sheet and the headings in which they are included are as follows:
2022 2021
GBP'000 GBP'000
----------------------------------------------------- --------- ---------
Financial assets:
Cash and cash equivalents 481 855
Loans and receivables 11 9
Investments held at fair value through profit
and loss 7,183 5,822
7,675 6,686
----------------------------------------------------- --------- ---------
FINANCIAL LIABILITIES BY CATEGORY
The IFRS 9 categories of financial liability included in the balance
sheet and the headings in which they are included are as follows:
2022 2021
GBP'000 GBP'000
----------------------------------------------------- --------- ---------
Financial liabilities at amortised cost:
Convertible unsecured loan notes 10 10
Trade and other payables 71 118
------------------------------------------------------ --------- ---------
81 128
----------------------------------------------------- --------- ---------
15. Contingent LIABILITIES AND CAPITAL COMMITMENTS
There were no contingent liabilities or capital commitments
at 30 June 2022 or 30 June 2021.
16. POST YEAR EVENTS
There have been no material post year end events.
17. RELATED PARTY TRANSACTIONS
Key management personnel, as defined by IAS 24 'Related Party
Disclosures' have been identified as the Board of Directors,
as the controls operated by the Group ensure that all key decisions
are reserved for the Board of Directors. Details of the directors'
remuneration and the options granted to directors are disclosed
in the remuneration report.
18. ULTIMATE CONTROLLING PARTY
1.1 The Directors do not consider there to be a single ultimate
controlling party.
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