TIDMMAFL
RNS Number : 4655S
Mineral & Financial Invest. Limited
09 March 2023
MINERAL AND FINANCIAL INVESTMENTS LIMITED
Correction: Unaudited First Quarter 2023 NAV was up 17%
yr/yr.
The following amendment has been made to the 'Unaudited
Quarterly Net Asset Value' announcement released on 9 March 2023 at
08:06 under RNS No. 4360S.
At the end of the first quarter, the NAV was GBP7,792,467, up
17.0%, from GBP6,662,892 one year ago. The Net Asset Value Per
Share was 20.9p at the end of the Q1-2023 period, up 12.5% year on
year. Unaudited gross profit for the quarter was GBP442,847 and the
net profit was GBP309,769 or 0.81p on a fully diluted basis for the
quarter ending 30 September 2022. The Company's working capital at
the period end was GBP7,885,467 .
In addition, please note that base metals in Table 2 (Portfolio
Composition) has been amended to GBP3,029,384 and as a result the
total has been amended to GBP8,031,860.
All other information remains unchanged.
The full amended version is shown below.
HIGHLIGHTS
-- NAV on 30 September 2023 was GBP7,792,467, up 17% from GBP6,662,892
-- 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 GBP7,829,735, up 26.7% Yr/Yr from GBP6,179,118.
-- 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 GBP7,792,467, up 17.0%, from GBP6,662,892 one year ago.
The Net Asset Value Per Share was 20.93p at the end of the Q1-2023
period, up 12.5% year on year. Unaudited gross profit for the
quarter was GBP442,847 and the net profit was GBP309,769 or 0.81p
on a fully diluted basis for the quarter ending 30 September 2022.
The Company's working capital at the period end was GBP7,885,467
[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. 30 Sept. 30 Sept. 30 Sept. 30 Sept. 2022/ 2022
2018 2021 / 2018
2019 2020 2021 2022 % Ch. CAGR
(%)
Net Asset Value GBP2,358,580 GBP5,346,041 GBP5,568,940 GBP6,662,892 GBP7,792,467 17.0% 34.8%
------------- ------------- ------------- ------------- ------------- -------- --------
NAVPS[2] (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 GBP7,829,735 up 26.7% from GBP6,179,118 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)
COMMODITY CLASS Q1-2023 Q1-2023
(GBP) (% Ch.)
Cash GBP202,125 2.5%
-------------- ---------
Precious Metals GBP3,739,728 46.2%
-------------- ---------
Base Metals GBP3,029,384 38.5%
-------------- ---------
Food & Energy GBP80,203 1.0%
-------------- ---------
Technology & Service GBP911,029 11.1%
-------------- ---------
Diamonds GBP69,391 0.8%
-------------- ---------
GBP8,031,860 100%
------------------------------------- ---------
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] Current Assets of GBP8,048,051 less Current Liabilities of
GBP162,584 = Working Capital of GBP7,885,467
[2] 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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