TIDMMAFL
RNS Number : 6936U
Mineral & Financial Invest. Limited
30 March 2023
Mineral & Financial Investments Limited
Interim Results (unaudited) for the Six Months Ended 31 December
2022
HIGHLIGHTS:
-- Net Asset Value per share ("NAVPS") on 31 Dec. 2022 was
22.03p, up 18.3% from 18.62p year/year.
-- H1-2023 NAV was GBP8,214,458, up 24.8% from GBP6,580,017 year over year
-- Net earnings[1] for H1-2023 were GBP702,824 (EPS-FD 1.84p)
vs. H1- 2022 Net earnings GBP141,740 (EPS-FD: 0.37 p/s FD)
-- The 6-year Compound Annual Growth rate for NAV was +32.9% and for NAVPS +23.4%
-- Cash position increased by 883.5% yr/yr to GBP2,284,667 as of
December 31, 2022 while invested capital was GBP6,214,891 (down by
5.32% yr/yr).
-- M&F remains debt free, with a very strong cash position
and a NAV growth performance outperforming a number of relevant
benchmarks.
CAMANA BAY, GRAND CAYMAN ISLANDS, 30 March 2023 - Mineral and
Financial Investments Limited (LSE-AIM: MAFL) ("M&F" or the
"Company") is very pleased to announce its unaudited interim
results for the six months ended 31 December 2022.
The Company generated a H1-2023 after-tax profit of GBP702,208
and a fully diluted earnings per share Fully Diluted ("EPS-FD) of
1.84p per share, this compares with H1-2022 net earnings of
GBP141,740 or 0.37p per share. The NAVPS as at the end of the
December 31, 2022, quarter was 22.03p an increase 18.3% from last
year's NAVPS for the same period of 18.62p. Working capital as of
31 December 2022 was GBP8,354,458 [2] . The Net Asset Value (basic)
has grown at an average of rate of 32.9% per year on a compounded
basis since 31(st) December 2016 (6 years).
M&F NAVPS vs. Comparable Benchmarks
Indexed Performance (Fig. 1)
(Dec 31 2016 = 1.0)
CHIEF EXECUTIVE'S STATEMENT:
The Company had a very strong cash position of GBP2,284,667.
M&F received a US$2.5M cash payment from Ascendant Resources in
the final quarter of 2022, as part of their earn-in agreement on
the Lagoa Salgada's copper project in Portugal. During the period,
we also monetized some of our smaller investments. Our NAV growth
Year on Year was 24.8% despite the continued strength in the USD.
The US dollar, as measured by the DXY was up 6.7% year over year.
Virtually all the reference prices for commodities are in USD and
it caused a headwind to commodity price appreciation in US dollars.
Moreover, the period was defined by the military action by Russia
upon Ukraine.
Since our June 30, 2022 financial year end, we have observed
that the interest rate hikes experienced in virtually every western
economy slowed from a rapid rise to a moderate pace of increase. US
10yr Government Bond yields rose +124.1% (3.63% vs. 1.62%) during
the 12-month period from 31 December 2021 to 31 December 2022
period [3] . However, the rise of US 10Yr Government Bond yields
from 30 June 2022 to 31 December 2022 moderated to +20.2% (3.63%
vs. 3.02%)(3) . The generally understood purpose of these rate
rises has been to subdue inflationary pressures caused, amongst
other things, by the logistical bottlenecks resulting from COVID
lockdowns and further pushed by the invasion of Ukraine. We
consider these frictional causes of inflation were exacerbated by
stimulative monetary policies by most of the world's central banks.
There is evidence [4] of slowing rates of inflation, but we believe
the path to containing the inflationary pressure will be longer and
more difficult than currently believed. We believe rising rates
will have a constricting effect on consumption and ultimately
economic performance which we have yet to fully witness.
Our performance in the period was muted somewhat by the rise in
the US dollar. Our Net Asset Value as at the end of the Q2-2023
period was GBP8,214,000. The DXY (US dollar Trade Weighted Currency
Index), was up 7.3% on a year over year basis. As most commodities
are denominated in US dollars, a rising US dollar, all things being
equal, has a depressing effect on dollar denominated commodities.
Despite this, the price of gold ended the period (31 Dec. 2022) up
5.5%, at US $1825/oz(3) . The best performing of the metal we
follow during this period was nickel, up 38.3% to US$28,824/t(3) .
We believe Nickel has "benefitted" from tightening supply and from
being increasingly embraced as a battery technology metal. The
surprizing performance of the year was from copper, which declined
4.4% as at the end of 2022 to US$9,338/t(3) . We consider Copper to
be the "original" electrification metal. We believe that copper
supply will grow more slowly than demand and that the outlook for
copper is better than it has been for some time.
The following is a summary of the Company's NAV Performance for
the 6 years to 31 December 31 2022:
M&F - Financial Performance Summary (Fig.2)
31 31 31 31 31 31 31 H1-2023 CAGR
Dec Dec Dec Dec Dec Dec Dec / H1-2022
2016[5] 2017(1) 2018 2019 2020
FYE FYE H1 H1 H1 2021 2022 % Ch. 2022
/ 2016
H1 H1
-------- -------- -------- ----------
NET ASSET VALUE (NAV)
(,000) GBP1,494 GBP2,603 GBP4,393 GBP5,361 GBP5,681 GBP6,580 GBP8,214 24.8% 32.9%
-------- -------- -------- -------- -------- -------- -------- ---------- --------
Net Asset Value Per
Share (FD) 6.25p 7.43p 12.43p 15.19p 16.11p 18.62p 22.03p 18.2% 23.4%
-------- -------- -------- -------- -------- -------- -------- ---------- --------
FTSE 350 Mining Index 14,799 18,719 17,705 19,049 21,699 16,679 11,154 -42.1% -4.6%
-------- -------- -------- -------- -------- -------- -------- ---------- --------
Goldman Sachs Commodity
Index 398.20 442.44 374.33 439.58 409.46 561.18 610.07 17.0% 7.4%
-------- -------- -------- -------- -------- -------- -------- ---------- --------
For the 12-month period ending 31 December 2022, many of the
largest equity markets closed down - notably: Shanghai's CSI 300
Index (closed down 21.3% on the year) and the Hong Kong's Hang Seng
Index (closed down15.1% on the year). The US equity markets were
also weak, as measured by the S&P500 (-19.9% down on the year)
and closer to home the FTSE 100 (closed 0.7% down of the year)
nearly ended the period as a rising market. Despite commodities
rising sharply in the period, the Reuters/Jefferies CRB Index rose
22.0% and the S&P Goldman Sachs Commodity Index was up 26.0%
while the FTSE 350 Mining Index underperformed the overall market
in the UK declining 42.1% on a yr./yr. basis, exacerbated, by the
embargo on Russian companies listed on the London Stock
Exchange.
Portfolio Allocation by Commodity Grouping (Fig. 3)
H1-2023 H1-2022 % Change As a %
of Total
Cash GBP2,284,667 GBP232,303 883.49% 26.9%
-------------- -------------- --------- ----------
Precious Metals GBP3,482,094 GBP3,193,920 9.02% 41.0%
-------------- -------------- --------- ----------
Base Metals GBP1,760,403 GBP2,889,722 -39.08% 20.7%
-------------- -------------- --------- ----------
Diamonds GBP60,878 - - 0.7%
-------------- -------------- --------- ----------
Food, Energy,
& Tech. GBP911,516 GBP480,527 89.69% 10.7%
-------------- -------------- --------- ----------
Total GBP8,499,558 GBP6,796,472 25.06% 100.0%
-------------- -------------- --------- ----------
M&F's investable funds, as at the end of Q2 period, are
broken down as follows: cash is currently at a temporarily high
level of 26.9% of our investable capital; precious metals represent
41%, and; base metals represent 20.7% of our investments; while
food, energy, tech and miscellaneous investments represent 10.7% of
investable funds. We expect the decline of the relative weighting
of base metals within the overall portfolio to be short term and
explained in part by Ascendant increasing its ownership of Redcorp
to 50% as part of their Earn-in Agreement.
Our belief is that the underperformance of mining and
exploration companies, despite stable commodity pricing, is due to
inflation exceeding metal price rises resulting in shrinking
margins for most mining companies. We do not believe this can be
sustained and furthermore, commodities are traditionally viewed as
a hedge against inflation. The world needs metals and only a
profitable mining industry can satisfy this need. We expect to see
improving metal prices over the next 18 to 24 months. Moreover, we
see the greater investment values in public markets, rather than
private markets. We are currently cash rich and have invested in
short term fixed income instruments from an S&P AA- rated
global bank. It should be noted that we expect to conclude several
investments in the next quarter.
Our current weighting of the Tactical fund is low at 26.2%, but
its weighting should be considered in conjunction with our cash
holdings. The collective holding of cash and the Tactical portfolio
is 53.1%. Investors should expect that the weighting of the
Tactical and Strategic portfolio should increase over the next 6
months at the expense of our cash holding.
Portfolio Allocation by Portfolio Category (Fig. 4)
H 1 -2022 H 1 -2021 % Change As a % of
Total
Cash GBP2,284,667 GBP230,303 883.49% 26.9%
-------------- -------------- --------- ----------
Tactical Portfolio GBP2,229,129 GBP2,106,760 5.81% 26.2%
-------------- -------------- --------- ----------
Strategic Portfolio GBP3,985,762 GBP4,457,409 -10.58% 46.9%
-------------- -------------- --------- ----------
Total GBP8,499,558 GBP6,796,472 25.06% 100.0%
-------------- -------------- --------- ----------
Tactical Portfolio:
The purpose of the Tactical Portfolio is to protect our
performance by generating "excess returns" to offset our cash
holdings and by positioning itself to hedge, if deemed appropriate,
against market circumstance that would negatively affect our
Strategic Portfolio. Additionally, the Tactical Portfolio allows
M&F the flexibility to take advantage of short-term
opportunities across asset classes in high quality names, whilst
remaining liquid enough to deploy working capital elsewhere when
needed. The Tactical portfolio increased by 5.81% compared to
Q2-2022, despite selling several investments and reducing the
number of holdings.
During the year we reduced the number of tactical holdings from
22 companies to 18 by selling holdings in the following companies:
Aclara Resources; Coeur Mining; Equinox Gold; Fiore Gold; Fortuna
Silver; Fresnillo Plc; Hecla Mining Company; Hochschild Plc;
Kinross Gold; VanEck Vectors Gold Miners; VanEck Junior Gold
Miners. We added the following equity investments: Agnico Eagle
Mines; Calibre Mining; Camellia Plc; Mountain Province Diamonds;
Lucara Diamonds; Newcrest Mining; Sabina Gold & Silver; and,
Victoria Gold Corp.
We initiated an Agnico-Eagle (AEM) position after it announced
the merger of equals with Kirkland Lake Gold that resulted in
Agnico shareholders owning 54% of the combined company, while the
Kirkland shareholders owning 46% of the "new' Agnico. When share
based acquisitions occur, we believe there can be a temporary
decline in the combined companies market value. This can be due to
selling by some shareholders which often ensues before any of the
corporate combination's benefits manifest themselves in improved
financial performance. Additionally, during this very busy year for
AEM, it acquired the outstanding 50% interest in the Canadian
Malartic mine (CMM) from Yamana Gold as part of the Yamana takeover
by Pan American Silver. AEM acquired CMM for US$1.0B and 36.89M
Agnico shares. In 2022 CMM produced 714,794 ounces of gold at a
total cash cost of US$663/oz of gold and 580,000 oz. of silver
making it the 9(th) largest gold mine in the world [6] . AEM also
acquired a 50% interest in the San Nicolas Mine from Teck Resources
Limited for US$580 million. 2022 was a very active year for Agnico.
We expect the company and its shares to benefit from improved
results in 2023.
Our Fiore Gold position benefitted from a takeover bid by
Calibre Mining Corp. during the period. Fiore, a Canadian domiciled
company with Nevada gold mining assets, and gold resources
totalling 3.0M/oz at a grade of 0.79g/t. It was acquired by Calibre
Mining, also a Canadian Mining company, with mining assets in
Central America. We also added to our Ascendant position after it
announced that it successfully secured US$15.0M of financing
allowing it to advance the Lagoa Salgada project. Newcrest was
added to the Tactical Portfolio during the 12-month period after it
announced the acquisition of Pretium. After the end of the period
Newmont announced an indicative and non-binding offer to acquire
Newcrest for 0.38 shares of Newmont for each share of Newcrest.
An investment which has yet to meet our expectations has been
our foray into diamond miners. In 2022 economic sanctions were
introduced against Russia, the world's largest producer of
diamonds. In 2021 Russia is believed to have produced 39.12M carats
[7] . According to DeBeers[8] the start of Russia's invasion of
Ukraine and the imposition of related formal sanctions , as well as
self-sanctioning, of Russian diamonds created uncertainty in the
sector. De Beers also believed that healthy consumer demand,
particularly in the US, led to polished price growth and robust
demand for rough diamonds in the first half of the year. By June
2022, the economic outlook had changed and De Beers observed that
consumer demand for diamond jewellery in the US softened for the
second half of 2022, although it remained above pre-Covid-19
levels. Amid this economic uncertainty, De Beers also observed that
retailers restocked more cautiously, causing midstream polished
diamond inventories to build up through the second half of the
year, putting downward pressure on polished prices and softening
demand for rough diamonds. Furthermore, De Beers noted that in
China, the heightened Covid-19 restrictions from the second quarter
onwards impacted diamond jewellery retail sales, resulting in
negative demand growth for the year. We remain confident that this
investment will yield fruit, but will take additional time.
Strategic Portfolio:
The Strategic Portfolio holds investments which are longer term
in nature and which we believe had unique investment
characteristics at the time we invested. These longer-lived
investments require M&F to assess the four keystone foundations
to a successful investment in the natural resource sectors: 1.
Management; 2. Finance; 3. Location, and 4. Geology. We can assist
in the improvement of the first two, however, we cannot affect the
location (i.e.jurisdiction and logistics) or the geology of the
asset, and therefore must evaluate these investments more
cautiously on the latter two keystones. As such, we are constantly
reviewing potential investments filtering through the many
underfunded projects left struggling, we believe, by 10 years of
sector neglect, underfunding and underperformance.
Ascendant continues to make progress on the Lagoa Salgada
project and is working diligently to advance towards completing a
Feasibility Study (FS). Redcorp Empreedimentos Mineiros Lda.
(funded by Ascendant Resources as part of the Earn-In agreement of
June 2018) and Ascendant are currently completing a FS expected to
be delivered on, or before, 22 June 2023. The FS delivery date was
extended from 22 December 2022 to 22 June 2023 in exchange for
Ascendant agreeing to some additional terms. These additional terms
include granting M&F the right to exercise a put option with
Ascendant for 6 months after the delivery of the FS. The put price
would be based on the estimated Net Present Value of the Project
(NPV) after applying a 10.5% discount rate of the estimated cash
flows in the FS.
Golden Sun Resources (GSR) has achieved another very important
watershed in the past 6 months by securing financing from a
specialist finance house ("Lender") to build a 400tpd mill at its
BellaVista mine in Costa Rica. Construction planning began in
Q4-2022, equipment has been ordered and is beginning to arrive at
site. Construction should start in earnest by June 2023 and should
be completed by Q3-2024. To facilitate the execution of the
Financing Package M&F agreed to convert its existing secured
convertible loan notes (known as the Series B Notes (issued on 30
June 2019), the Series C Notes (issued on 31 January 2020) and the
Series D Notes (issued on 26 May 2021) (together the "Secured
Convertible Notes") into common shares of Golden Sun Resources. All
the Secured Convertible Notes accrued interest at 20% per annum and
had a maturity date of 30 April 2024. The agreement reached with
GSR, and the Lender meant that the Secured Convertible Notes have
been converted into common shares in GSR with immediate effect.
However, the accrued value utilised was at a 30% premium to the
accrued face value as of 18 December 2022. The share conversion
price of US$1.2677 per GSR share, this premium reflects the loss of
the interest accruals up to the maturity date of each note.
Accordingly, M&F now holds 922,955 common shares in GSR
representing 5.2% of the issued common shares of GSR. We value
these shares at US$1.45 in our NAV. However, there has since been a
transaction valuing GSR shares at US$1.75. Additionally, GSR will
dividend out to GSR shareholders its exploration company, Terrasun
Resources SA (Terrasun). Terrasun has 17 distinct exploration
permits covering 202km(2) of which with 7 projects have either
historical resources and / or had historical production. Terrasun
also owns a new 500TPD CVL gold processing plant and six drill
rigs. M&F is finalizing its ownership of a portion of a 2% NSR
royalty on BellaVista. Until these transactions are finalized, they
have not been included in the NAV.
Ideon Technologies Inc. successfully secured a US$15M Venture
Capital investment during the period. Ideon is a world pioneer in
the application of cosmic-ray muon tomography. 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,
Ideon's technology maps the intensity of cosmic-ray muons
underground and construct detailed 3D density profiles of
subsurface anomalies. Ideon is working with several world leading
mining companies, such as BHP, Orano, Teck Corp, Glencore, and
several others, in applying Ideon's technology to their exploration
programs.
The directors look forward to providing shareholders with an
update on investments in due course.
On behalf of the Board
Mark T. Brown, CA CPA Jacques Vaillancourt CFA
Chairman President, CEO and Director
FOR MORE INFORMATION:
Katy Mitchell and Sarah Mather, WH Ireland Limited +44 207 220 1666
Jon Belliss, Novum Securities Limited +44 207 399 9400
Jacques Vaillancourt, Mineral & Financial Investments Ltd. +44 777 957 7216
Statement of comprehensive Income
for the 6 months ended 31 December 2022
UNAUDITED UNAUDITED AUDITED
6 months 6 months to 12 months to
to 31 December 30 June
31 December 2021 2022
2022
Note GBP'000 GBP'000 GBP'000
-------------------------- ------ ------------- ------------- -------------
Continuing operations:
Investment income 110 50 128
Fee revenue - - -
Net gains on investments 899 233 1,169
Total income 1,009 283 1,297
Operating expenses (225) (198) (439)
Share based payment
expense (58) - (92)
Other gains and losses 24 57 133
---------------------------------- ------------- ------------- -------------
Profit before taxation 750 142 899
Taxation expense (47) - -
-------------------------- ------ ------------- ------------- -------------
Profit for the period
attributable to owners
of the Company 703 142 899
Earnings per share
attributable to owners pence pence pence
of the Company during
the period 3
Basic: 2.0 0.4 2.5
Diluted: 1.8 0.4 2.5
---------------------------------- ------------- ------------- -------------
Statement of Financial Position
as at 31 December 2022
UNAUDITED UNAUDITED AUDITED
31 December 31 December 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
----------------------------- ------------ ------------ ---------
CURRENT ASSETS
Financial assets 6,215 6,564 7,183
Trade and other receivables 15 14 17
Cash and cash equivalents 2,284 233 481
------------------------------ ------------ ------------ ---------
8,514 6,811 7,682
----------------------------- ------------ ------------ ---------
CURRENT LIABILITIES
Trade and other payables 149 128 125
Convertible unsecured
loan notes 10 10 10
------------------------------ ------------ ------------ ---------
159 138 135
----------------------------- ------------ ------------ ---------
NET CURRENT ASSETS 8,355 6,683 7,547
------------------------------ ------------ ------------ ---------
NON-CURRENT LIABILITIES
Deferred tax provision (140) (93) (93)
NET ASSETS 8,215 6,580 7,454
------------------------------ ------------ ------------ ---------
EQUITY
Share capital 3,099 3,096 3,099
Share premium 5,914 5,892 5,914
Loan note equity reserve 6 6 6
Reserve for employee
share option schemes 150 23 92
Other reserves 15,736 15,736 15,736
Retained earnings (16,690) (18,173) (17,393)
------------------------------ ------------ ------------ ---------
SHAREHOLDERS' EQUITY 8,215 6,580 7,454
------------------------------ ------------ ------------ ---------
Statement of Changes in equity
for the 6 months ended 31 December 2022
Reserve
Loan for
Share Share note Employee Other Accumulated Total
capital Premium reserve Share schemes reserves losses equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- -------- -------- -------- -------------- --------- ----------- -------
At 30 June 2021 3,096 5,892 6 23 15,736 (18,315) 6,438
-------------------- -------- -------- -------- -------------- --------- ----------- -------
Profit for the
6 months to
31 December 2021 - - - - - 142 142
-------------------- -------- -------- -------- -------------- --------- ----------- -------
At 31 December
2021 3,096 5,892 6 23 15,736 (18,173) 6,580
Profit for the
6 months to
30 June 2022 - - - - - 757 757
-------------------- -------- -------- -------- -------------- --------- ----------- -------
Share based payment
expense - - - 92 - - 92
Exercise of options 3 22 - (23) - 23 25
-------------------- -------- -------- -------- -------------- --------- ----------- -------
At 30 June 2022 3,099 5,914 6 92 15,736 (17,393) 7,454
-------------------- -------- -------- -------- -------------- --------- ----------- -------
Profit for the
6 months to
31 December 2022 - - - - - 703 703
-------------------- -------- -------- -------- -------------- --------- ----------- -------
Share based payment
expense - - - 58 - - 92
At 31 December
2022 3,096 5,892 6 150 15,736 (16,690) 8,215
-------------------- -------- -------- -------- -------------- --------- ----------- -------
Statement of Cash flows
for the 6 months ended 31 December 2022
UNAUDITED UNAUDITED AUDITED
6 months 6 months 12 months
to to to
31 December 31 December 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
--------------------------------- ------------- ------------- ----------
OPERATING ACTIVITIES
Profit/(loss) before taxation 750 142 899
Adjustments for:
Net gains on investments (899) (233) (1,169)
Investment income (110) (50) (128)
Share based payment expense 58 - 92
---------------------------------- ------------- ------------- ----------
Operating cashflow before
working capital changes (201) (141) (306)
(Increase)/decrease in trade
and other receivables 3 13 9
Increase/(decrease) in trade
and other payables 21 (35) (52)
---------------------------------- ------------- ------------- ----------
Net cash outflow from operating
activities (177) (163) (348)
---------------------------------- ------------- ------------- ----------
INVESTING ACTIVITIES
Purchase of financial assets (1,110) (811) (2,177)
Disposal of financial assets 3,060 343 2,098
Investment income 30 9 29
Net cash (outflow)/inflow
from investing activities 1,980 (459) (50)
---------------------------------- ------------- ------------- ----------
FINANCING ACTIVITIES
Proceeds of share issues - - 25
---------------------------------- ------------- ------------- ----------
Net cash inflow from financing
activities - - 25
---------------------------------- ------------- ------------- ----------
Net (decrease)/increase in
cash and cash equivalents 1,803 (622) (374)
Cash and cash equivalents
at start of period 481 855 855
Cash and cash equivalents
at end of period 2,284 233 481
---------------------------------- ------------- ------------- ----------
Notes to the unaudited interim statement
for the 6 months ended 31 December 2022
1. General information
The Company is a limited company quoted on AIM, a market of the
London Stock Exchange, and is registered in the Cayman Islands.
The address of its registered office is One Nexus Way, Camana
Bay, Grand Cayman, KY1-9005, Cayman Islands . The financial
statements are presented in Pounds Sterling which is the Company's
functional and presentational currency.
2. Basis of preparation
The interim financial statements of Mineral & Financial
Investments Limited have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by
the European Union (EU) and on the historical cost basis using the
accounting policies which are consistent with those set out in the
Company's Annual Report and Accounts for the year ended 30 June
2022.
This interim financial information for the 6 months to 31
December 2022 was approved by the board on 30 March 2023 .
The unaudited interim financial information for the 6 months to
31 December 2022 does not constitute statutory accounts. The
comparative figures for the year ended 30 June 2022 are extracted
from the statutory financial statements which contain an
unqualified audit report.
3. Earnings per share
The basic and diluted earnings per share is calculated by dividing
the profit/(loss) attributable to owners of the Company by the
weighted average number of ordinary shares in issue during the
year.
6 months 6 months 12 months
to to to
31 December 31 December 30 June
2022 2021 2022
GBP'000 GBP'000 GBP'000
------------------------------- ------------- ------------- -----------
Weighted average number of
shares for calculating basic
earnings per share 35,465,395 35,135,395 35,271,011
Weighted average number of
shares for calculating fully
diluted earnings per share 38,365,395 35,465,395 35,271,011
------------------------------- ------------- ------------- -----------
4. The interim report is available to view and download from the
Company's website: www.mineralandfinancial.com
[1] Unaudited
[2] Current Assets of GBP8,514,147 less Current Liabilities of
GBP159,689 = Working Capital of GBP8,354,458
[3] Bloomberg LLC
[4] Federal Reserve Board Economic Data (St. Louis Fed) - PPI:
Final Demand Finished Consumer Goods (March 15, 2023)
[5] Audited Fiscal Year end results.
[6] Mining.com and the World Gold Council
[7] Statista 2023
[8] DeBeers Preliminary financial results 2022
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