TIDMMAFL
RNS Number : 3484F
Mineral & Financial Invest. Limited
07 July 2023
MINERAL AND FINANCIAL INVESTMENTS LIMITED
Unaudited Quarterly Net Asset Value per Share was 22.5p (as @ 31
March 2023, Q3-2023), up 14.9% year on year
Highlights
-- NAVPS (FD) was 22.5p as at 31 March 2023, an increase of 14.9% yr/yr
-- NAV at 31 March 2023, was up to GBP8,394,069 or up 20.9% yr/yr from GBP6,940,482
-- Unaudited EPS (FD) was 2.20p for the 9 months to 31 March 2023
-- M&FI's total investable capital rose 21.8% to GBP8.71M;
Working Capital is strong at GBP8.53M, with over GBP2.0m of cash
and no long term debt
-- M&F continues to outperform comparable yardsticks in a challenging environment
Camana Bay, Cayman Islands - 7 July 2023 - Mineral and Financial
Investments Limited (LSE-AIM: MAFL) ("M&F" "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 31 March 2023. At the end of the third quarter, the NAV was
GBP8,394,069 an increase of 20.9% from GBP6,940,482 achieved in the
same period one year ago.The Net Asset Value Per Share (FD) was
22.5p at the end of the Q3-2023 period, up 14.9% year on year.
Unaudited gross profit for the 9 months was GBP808,002 and the net
profit was GBP838,065 with earnings per share of 2.20p fully
diluted and 2.38p basic. The Company's working capital at the
period end was GBP8,535,569 [1] . The following is a summary of the
NAV, updated to include this unaudited NAV calculation:
SUMMARY OF HISTORICAL PERFORMANCE
(Table 1)
31 March 31 March 31 March 31 March 31 March 31 March 2023 2023/
/ 2018
2018 2019 2020 2021 2022 2023 2022 CAGR
%
Ch.
Net Asset
Value
(NAV) GBP2,536,875 GBP4,832,434 GBP5,333,187 GBP6,011,884 GBP6,940,482 GBP8,394,069 20.9% 27.0%
------------- ------------- ------------- ------------- ------------- ------------- --------- -------
NAVPS [2]
(FD) 7.2p 13.6p 15.1p 17.1p 19.6p 22.5p 14.9% 25.4%
------------- ------------- ------------- ------------- ------------- ------------- --------- -------
FTSE 350
Mining
Index 17,259 20,000 13,373 21,911 10,926 10,161 -7.0% -10.1%
------------- ------------- ------------- ------------- ------------- ------------- --------- -------
GS
Commodity
Index 452.9 434.1 261.5 467.4 724.2 574.0 -20.7% 4.9%
------------- ------------- ------------- ------------- ------------- ------------- --------- -------
Baker
Steel
Natural
Resource
Trust 56.95 57.90 67.30 97.40 97.50 76.80 -21.2% 6.2%
------------- ------------- ------------- ------------- ------------- ------------- --------- -------
M&F's year-on-year NAVPS (FD) growth of 14.8%, was lower
than our average 5 year NAVPS growth of 25.4% (CAGR) since March
2018. The lower growth rate on a per share FD basis is due to the
issuance of management incentive options and RSU's. The period was
made more challenging by broadly rising interest rates. During the
12 month period ending 31 March, 2023, US 10 year Treasury yields
were up to 3.47%, a 48.3% increase year on year. During this same
period many equity markets were weak, notably the the S&P 500
was down 9.3% on year on year. basis, this coupled with soft metal
commodity pricing made the period challenging for all in the
sector.
PORTFOLIO COMPOSITION
(Table 2)
INVESTMENT COMMODITY Q3-2023 Q3-2023 Q3-2022 Q3-2022
CLASSES
(GBP) (%) (GBP) (%)
Cash GBP2,060,653 23.7% GBP90,204 1.3%
-------------- --------- ------------- ---------
Precious Metal GBP3,899,904 44.8% GBP3,564,886 49.8%
-------------- --------- ------------- ---------
Base Metals GBP1,768,681 20.3% GBP3,004,643 42.0%
-------------- --------- ------------- ---------
Food, Energy & Tech GBP922,756 10.6% GBP404,790 5.7%
-------------- --------- ------------- ---------
Diamonds GBP59,208 0.7% GBP88,811 1.2%
-------------- --------- ------------- ---------
Total Investable Capital GBP8,711,203 100% GBP7,153,334 100%
-------------- --------- ------------- ---------
During this 12 month period ending 31 March 2023 precious metals
held their own, while base metals were generally weaker. The
following is a selected summary of metals performance during the 12
month period ended March 31, 2023: Gold was up 1.55%; Silver was
down 3.5%; Copper was down 14.4%; Nickel was down 29.4%; Zinc was
down 29.9%. s can be seen in Table 2 M&F is cash rich and
overweighted in precious metals. Our cash holdings increased due to
the receipt of a payment of US$2.5M in December 2022 from our
partner Ascendant Resources ("Ascendant") as part of the earn-in
agreement on Redcorp Empreedimentos Lda. ("Redcorp"), this
increased Ascendant's ownership of Redcorp to 50%.
The Company's reduced weighting in base metals is in part a
conscious positioning and amplified by the reduced ownership of
Redcorp. There has been an anticipation of an upcoming economic
slowdown. Most central banks are increasing interest rates, in
conjunction with the US Federal Reserve Board. Increasing borrowing
rates are an attempt to confront and curtail inflation.
Historically, increasing interest rates will have a slowing effect
on economic activity and overall valuations.
Our most recent significant strategic investment of 5.7 million
shares of Luca Mining was made in the first week of April 2023 at
C$0.35 for a unit composed of 1 share and 1/2 warrant exerciseable
at C$0.50. Luca is not part of the current NAV performance, as the
investment was made after the end of the current period under
review. Luca shares, as at 5 July 2023 were trading at C$0.51 per
share. The Company also received shares from the spin-out of
Terrasun shares from Golden Sun Resources. Terrasun which holds 17
exploration projects, several of which have historical resources,
also owns owns a mill and 6 drill rigs. The Company owns a little
over 5% of Terrasun and internally values this investment at
GBP197,000.
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 GBP8,741,442 less Current Liabilities of
GBP205,852 = Working Capital of GBP8,535,569
[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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END
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