TIDMMAFL
RNS Number : 5256X
Mineral & Financial Invest. Limited
20 December 2023
Mineral and Financial Investments Limited
Audited Full Year Financial Results and NAV for Period ended 30
June 2023
HIGHLIGHTS
-- Fiscal Year-end Net Asset Value GBP 9.4M (FYE: 30/6/23) up
26.5%, from GBP7.5M (FYE: 30/6/22)
-- Net Asset Value Per Share ("NAVPS") fully diluted 24.27p, up
21.1%, from 20.04p (FYE: 30/6/22)
-- Net Asset Value has increased at Compound Annual Growth Rate of 29.1% since 30 June 2018
-- Investment Portfolio now totals GBP9.1m, up 18.7%, Year/Year from GBP7.7M (FY: 30/6/22).
-- NAVPS growth has exceeded that of the FTSE 350 Mining index and of the S&P GSCI since 2017
Camana Bay, Cayman Island - 20 December 2023 - Mineral &
Financial Investments (LSE-AIM: MAFL) ("M&F" or the "Company"))
is very pleased to announce its audited Net Asset value and fiscal
year results on its activities for the 12 months ended 30 June
2023.
CHAIRMAN'S COMMENTS
During the 12-month fiscal period ending 30 June 2023 your
company generated Gross Income of GBP2.394 million which translated
into an Operating Profit of GBP1.806 million. Net Profit for the
full year was GBP1.550 million or 4.35p per share basic or 4.03p
per share on a Fully Diluted ("FD") basis for the period. At the
year-end of 30 June 2023, our Net Asset Value (NAV) was GBP9.423M
an increase of 26.4% from the 30 June 2022 NAV of GBP7.454M. The
NAV per share - fully diluted (NAVPS-FD) as of 30 June 2023 was
24.27p, up 21.1% from the 30 June 2022 was 20.04p. Since 30 June
2018, our NAV FD has appreciated on average by 26.5% annually. We
continue to be effectively debt free, with working capital of
GBP9.542M.
Summary of Financial Performance (Fig. 1)
30 30 30 June June June CAGR
June June June 30 2021 30 2022 30 2023 (%)
2018 2019 2020
Net Asset Value ('000) GBP2,623 GBP5,114 GBP5,474 GBP6,438 GBP7,454 GBP9,423 29.1%
--------- --------- --------- --------- --------- --------- ------
Fully diluted NAV
per share 7.49p 14.50p 15.50p 18.22p 20.04p 24.27p 26.5%
--------- --------- --------- --------- --------- --------- ------
In a series of challenging years for the metals and mining
sector, we believe 2023 has been the most challenging year since
2013. The industry has experienced slowing total World output (Fig.
3) from a COVID recovery high of 6% in 2021 to an estimated 3% in
2023. In 2022 total World Consumer Prices (Fig. 3) peaked at an
8.7% increase for the full year 2022. We believe cost inflation
coupled with rising interest rates, mediocre metal price
performance and "peak apathy" for the sector by investment markets
has created a brutal environment for the sector and general
investment performance. The FTSE 350 Mining Index was up 5.2%
Yr/Yr. for the period ending 30 June 2023 (Fig.6). As we write this
statement the month over month performance has been down for the
major equity markets indices we follow, but the FTSE 350 Mining
Index was up 3.9% in October 2023 over September 2023. We consider
this might be a turning point. The Directors noted that US 10-year
Treasuries rose 27.2% during the Company's fiscal year, ending 30
June 2023 to 3.84%, and today stand at 4.86%. US treasuries, which
we believe is the reference point for most interest rate markets,
have guided global rates upwards. We also have observed the Western
Central Banks, to mitigate inflationary pressures, have increased
their rates up along with the US Federal Reserve. We believe a
secondary objective, of the central banks is a return to more
historically consistent levels of treasury yields ending the
prolonged period of depressed interest rates. The Directors note
that according to Yale University's Professor Schiller, long term
Interest Rates, although volatile over time, have averaged
4.49%.
The regular readers of our Annual Report to shareholders will
note that we regularly refer to the International Monetary Fund
("IMF") bi-annual economic forecasts as a yardstick for global
economic performance. Additionally, we include the IMF's economic
forecast which we believe provide a sense of what the best-informed
consensus estimates are for near term economic performance. The IMF
is forecasting slowing economic performance from the so-called
"Advanced Economies" while forecasting that "Emerging and
Developing" economies should continue to generate constant growth
through 2024.
IMF - WORLD ECONOMIC OUTLOOK [1] (Fig. 2)
October 2023 2018 2019 2020 2021 2022 2023(e) 2024(f)
World Output 3.6% 2.8% -3.1% 6.0% 3.5% 3.0% 2.9%
----- ----- ------ ----- ----- -------- --------
World Output - Advanced
Economies 2.3% 1.7% -4.5% 5.2% 2.6% 1.5% 1.4%
----- ----- ------ ----- ----- -------- --------
Emerging Markets and Developing
Economies 4.5% 3.7% -2.1% 6.6% 4.1% 4.0% 4.0%
----- ----- ------ ----- ----- -------- --------
World Consumer Prices 3.6% 3.5% 3.2% 4.7% 8.7% 6.9% 5.8%
----- ----- ------ ----- ----- -------- --------
Consumer Prices - Advanced
Economies 2.0% 1.4% 0.7% 3.1% 7.3% 4.6% 3.0%
----- ----- ------ ----- ----- -------- --------
Emerging Markets and Developing
Economies 4.9% 5.1% 5.1% 5.9% 9.8% 8.5% 7.8%
----- ----- ------ ----- ----- -------- --------
The US dollar, as measured by the DXY Index, which is a trade
weighted index of the US dollar (composed of USD vs six foreign
currencies), was up 6.0% during our fiscal year, appreciating
currencies in that index. This rise exceeds the DXY's compounded
growth rate of 3.2% (fig. 5) since 2018 -we believe that a mean
reversion will occur at some point should aid the US dollar pricing
commodities.
The US Equity market valuation, as measured by the S&P 500
P/E Index, peaked this cycle at 4,766 in December 2022. Our June 30
fiscal period saw the S&P 500 open at 3785, peak at 4,766, but
end on 30 June 2023 at 4,450, resulting in a 17.6% yr./yr. gain.
The composite measure for the European big cap stocks, the Euro
Stoxx 50, appreciated by 27.3% in the period ending 30 June 2023.
The Shanghai and Hong Kong equity market indices were down 14.3%
and 13.5%, respectively. The Hang Seng (Hong Kong) index today is
at 17,101, down 24.6% from its 27 January 2023 peak of 22,701 -
Technically it is now in a "bear" market, while the Shanghai
exchange is down 16.3% from its January 2023, approaching bear
market territory.
Global Stock Index performance (Fig.3)
30/6/2023 30/06/2022 % Ch.
Shanghai Shenzhen CSI 300 3842 4485 -14.3%
---------- ----------- -------
Standard & Poor 500 4450 3785 17.6%
---------- ----------- -------
Euro Stoxx 50 4399 3455 27.3%
---------- ----------- -------
Hang Seng 18916 21870 -13.5%
---------- ----------- -------
FTSE 100 7532 7169 5.1%
---------- ----------- -------
Nikkei 225 33189 26393 25.7%
---------- ----------- -------
Source: Bloomberg LLP
M&FI continues to seek suitable strategic investment
opportunities that we believe will generate above average returns
while adhering to our standards of prudence while seeking above
average investment returns. 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 OFFICER'S REPORT
The Company generated gross income of GBP2.394M during the year,
an 84.5% improvement from the previous year's gross profit of
GBP1.297M. The operating profit for the full year, ending 30 June
2023, improved by 135.7% to GBP1.806M versus last year's operating
profit of GBP766,000.
The rise in profits is mainly due to the improved valuation of
Redcorp. Previously we used historical cost accounting to value the
investment, but since the publication of the feasibility study in
July 2023 it was resolved that the value of the investment should
be based on the estimated discounted cash flows from the
Feasibility Study of the project, applying an annual discount rate
of 20%. This has resulted in a GBP624,000 uplift in its carried
value. The improvement in M&F's profits is principally linked
to our investment portfolio performance and administrative costs
that rose by 10.6%, less than the rise in M&F's investment
performance. Per share earnings were 4.35p (basic) or 4.03p (FD),
up 71% from 2.55p (basic) and 2.35p (FD) for the 2022 fiscal year.
Foreign exchange rates negatively impacted our pre-tax income by
GBP230,000. as the British Pound rose by about 5% versus the US
dollar. The after-tax Net Income for the 2023 fiscal year was
GBP1.550,000 vs. GBP899,000 achieved during the 2022 fiscal year.
M&FI's NAVPS (FD) increased 21.1% year over year to 24.27p. The
overall cash and investment portfolios increased to GBP9.720M or by
26.8% on a year over year basis from GBP7.665M.
Summary of Financial Performance (Fig.4)
Net Asset Value Performance 30 30 30 June June June CAGR
June June June 30 30 30 (%)
2018 2019 2020 2021 2022 2023
Net Asset Value ('000) GBP2,623 GBP5,114 GBP5,474 GBP6,438 GBP7,454 GBP9,423 29.2%
--------- --------- --------- --------- --------- --------- ------
Fully diluted NAV per
share 7.49p 14.50p 15.50p 18.22p 20.04p 24.27p 26.5%
--------- --------- --------- --------- --------- --------- ------
The Directors believe 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 GBP588,000, an increase of 10.6%
versus the previous year's costs of GBP531,000. General &
Administrative ("G&A") costs were up nominally but declined as
a percentage of year/year total assets (6.2% vs. 7.1%). The
increase in yr./yr. costs were principally associated with
increased share-based payments and higher operating costs for our
Swiss subsidiary M&F AG.
Price Performance of Various Commodities & Indices ( Fig.5
)
Commodity 2019 2020 2021 2022 2023 % Ch. CAGR
2023
vs. 2022
(June (June (June (June (June 2018
30) 30) 30) 30) 30) - 2023
Gold (US$/oz) 1,389 1,784 1,784 1,809 1,920 5.7% 8.4%
-------- -------- -------- -------- -------- ---------- ---------
Silver (US$/oz) 15.30 18.30 26.15 19.80 22.76 11.3% 10.4%
-------- -------- -------- -------- -------- ---------- ---------
Platinum (US$/oz) 837 828 1083 881 903 0.6% 1.9%
-------- -------- -------- -------- -------- ---------- ---------
Copper (US$/t) 5,969 6,120 9,279 7,901 8,257 (1.1%) 8.5%
-------- -------- -------- -------- -------- ---------- ---------
Nickel (US$/t) 12,670 13,240 18,172 23,229 19,869 (16.4%) 11.9%
-------- -------- -------- -------- -------- ---------- ---------
Aluminium (US$/t) 1,779 1,598 2,514 2,659 2,104 (20.3%) 4.3%
-------- -------- -------- -------- -------- ---------- ---------
Zinc (US$/t) 2,575 2,043 2,899 3,147 2,369 (27.5%) (2.1%)
-------- -------- -------- -------- -------- ---------- ---------
Lead (US$/t) 1,913 1,770 2,301 1,899 2,126 10.6% 2.7%
-------- -------- -------- -------- -------- ---------- ---------
Uranium (US$/t) 54,454 71,871 70,768 108,027 124,561 15.3% 23.0%
-------- -------- -------- -------- -------- ---------- ---------
WTI (US$/Bbl.) 60.06 40.39 75.25 107.86 70.64 6.1% 4.1%
-------- -------- -------- -------- -------- ---------- ---------
Trade Weighted
US$ (DXY) 96.56 96.68 92.66 105.09 102.91 6.0% 3.2%
-------- -------- -------- -------- -------- ---------- ---------
FTSE 350 Mining
Index 20,080 17,714 22,585 9,810 10,161 5.2% (15.7%)
-------- -------- -------- -------- -------- ---------- ---------
Global Food Price
Index [2] 100.272 97.636 129.448 144.224 136.674 (5.2%) 8.1%
-------- -------- -------- -------- -------- ---------- ---------
Source: Bloomberg LLP
During our fiscal year global commodity price performances were
mixed. Precious metals were up modestly, base metals were down with
zinc being down 27.5%, which led to reduced mine production from
several mines. We also believe that temporary mine closures are
critical, and often needed, market reactions to return markets to
more favourable supply demand balances. Lead, the standout
exception amongst base metals, was up 10.6%. Oil (WTI) prices was
up 6.1%, above its 5-year growth trend. Uranium surprised with the
creation of several physical U(3) O(8) investment funds, and or
ETF's and the growth in energy insecurity caused by the energy
shortfalls caused by the Russian/Ukrainian conflict. We admit to
not having missed the boom in the Lithium market and chose not to
chase the sector. Lithium, carbonate prices peaked late in 2022 at
US$82.00/kg and are now US$23.00/kg. It is our considered belief
that Lithium will be an important part of energy storage as we
transition away from hydrocarbon usage. However, we believed that
the market was "over exuberant" for Lithium which is the 25(th)
most abundant mineral on the planet. The US Geological Survey
estimated in 2021 that there was 88M/t of Lithium, and total global
Lithium consumption in 2023 was 134,000 tonnes (i.e. 0.15% of
currently estimated reserves). It should be noted that current
estimates are that 80% to 90% of Lithium in EV's will be recycled.
The Directors understand that a little-publicized clause in the
U.S. Inflation Reduction Act ("IRA") has had US companies
scrambling to recycle electric vehicle batteries in North America,
which they also believe will put the region at the forefront of a
global race to undermine China's dominance of the field. The
Directors also understand that IRA includes a clause that
automatically qualifies EV battery materials recycled in the U.S.
as American-made for subsidies, regardless of their origin. The
Directors consider that, if this is correct, it is important
because it could potentially qualify automakers using U.S.-recycled
battery materials for EV production incentives, although there is
no guarantee that this will be the case. In summary, we take the
view that it is unlikely that we will experience a shortage of
Lithium, however, much like oil, we consider we may run out of very
cheap Lithium sometime in the future.
We have been overweight in precious metals, notably gold and to
a lesser extent silver as well as platinum group metals ("PGM"). We
remain confident that the decision was correct, and the relative
performance of precious metals to date supports this. Gold is up
5.7% yr/yr, while silver has appreciated 11.3% for the period ended
June 30, 2023. However, the share performance of the underlying
mining companies has been below our expectations due to cost
inflation exceeding metal price appreciation. We believe that this
will reverse itself and the underlying companies will outperform
metal prices. It is also our considered view that when a sector has
been out of favour, but its fundamentals are improving - the larger
cap companies will receive the first wave of investments attention,
followed by mid-caps and the small caps are last to benefit from
the markets' attention. We continue to look for that change in
trend across our portfolios.
Precious metals represent 39.2% of our asset allocation, down
from 44.9% of our assets in 2022, however, the overall value of the
investment in the sector is up 10.9% yr/yr. Base metals now
represent 39.5% of our asset allocation and, as of our YE were up
35.8% to GBP3.844M. Food, Energy and Technology increased as a
percentage of our total investable assets to 12.5% , but also on an
absolute dollar amount (+12.1%), due to increased investment into
food and fertilizer stocks, a graphite producer as well as a small
new Strategic investment in the Environmental, Social and
Governance ("ESG") auditing as well as digitizing global project
data.
Commodity Class Investment Allocation
2023-Q4 vs. 2022-Q4 (Fig. 6)
INVESTMENT COMMODITY Q4-2023 Q4-2023 Q4-2022 Q4-2022 FYE 2023/
CLASSES (GBP) (%) (GBP) (%) 2022
% Ch
---------------------- -------------- -------- ------------- -------- ----------
Cash GBP795,560 8.2% GBP481,401 6.3% 65.3%
-------------- -------- ------------- -------- ----------
Precious Metal GBP3,814,916 39.2% GBP3,441,285 44.9% 10.9%
-------------- -------- ------------- -------- ----------
Base Metals GBP3,843,664 39.5% GBP2,743,970 35.8% 40.1%
-------------- -------- ------------- -------- ----------
Food, Energy, Tech
& Misc. GBP1,212,451 12.5% GBP926,120 12.1% 30.9%
-------------- -------- ------------- -------- ----------
Diamonds GBP53,775 0.6% GBP72,163 0.9% -25.5%
-------------- -------- ------------- -------- ----------
Total investments GBP9,720,366 100.0% GBP7,664,939 100.0% 26.8%
-------------- -------- ------------- -------- ----------
For the past year we have seen and experienced mining indices
underperforming commodity indices. Equity markets have been
afflicted with a disconnect between metal prices and the
performance of the shares of the companies that explore and produce
these metals. For the first time in many years, we are seeing the
FTSE 350 mining index outperform average commodity prices. The
market is anxious about the mediocre 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 2023. Lastly, we continue to
maintain the view that commodity prices 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 2024 and that the inflationary
pressures of 2022 will moderate, but nevertheless remain stubbornly
higher than desirable.
INVESTMENT PORTFOLIOS
We have high expectations and rarely exceed those expectations.
However, FYE 2023 has been challenging for the whole of the metals
and mining sector. Our performance in 2023 was relatively strong,
but below our expectations for the year. Our NAV rose 26.5% year
over year while NAVPS rose by 21.2%. The variance was mostly due to
the issuance of 1.44 million shares via a small capital raise at
21.0p (see announcement dated 24/5/2023). These results exceed the
performance yardsticks by which we measure our performance as can
be seen in Fig. 1.
The broader equity markets rose during our fiscal year: The Euro
Stoxx 50 was up strongly by 27.3%; The S&P 500 was up 17.6%,
the CSI 300 (Shanghai) was down 14.3%, while the FTSE 100 did
manage a gain of 5.1%. The more specific comparable measures, 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 we believe 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.
CASH As a percentage of Total Investments: 8.2%
Our cash as of 30 June 2023, was GBP796,000 a rise of 65.3% from
the GBP481,000 as at the end of fiscal 2022. We view Cash as an
investment. In FY 2023 we received the final US$2.5M payment from
Ascendant as part of their earn-in on the Lagoa Salgada project.
The intention is to keep the cash somewhere between 5% and 20% of
our NAV so that we may take advantage of investment opportunities
quickly when they present themselves. Since 2017 our average cash
holding has been around 10%. Moreover, as a rule of thumb we like
to have a combined value of our cash and the Tactical portfolio to
range between 25 and 60 percent depending on our market
perspective. For the past 3 years we have been at 35% as of the end
of 2021 and ended 2022 at 35% of NAV and as at FYE 2023 we were at
31%. At the current time we believe that our greatest performance
risk is under investment to the mining sector. As the mining cycle
evolves, we would like to gradually evolve to a higher cash &
tactical holding as we monetise our strategic investments and
marshal our cash holdings to protect our overall performance
record.
M&F Portfolio Performance 2017 - 2023 (Fig.7)
2023 CAGR
vs. '18 to
(GBP,000) 2018 2019 2020 2021 2022 2023 2022 2023
Strategic GBP766.9 GBP3,655.3 GBP3,909.7 GBP4,110.3 GBP4,946.5 GBP6,721.3 35.9% 54.4%
----------- ----------- ----------- ----------- ----------- ----------- ------ --------
Tactical GBP1,319.2 GBP226.3 GBP430.4 GBP1,711.9 GBP2,237.0 GBP2,203.5 -1.5% 10.8%
----------- ----------- ----------- ----------- ----------- ----------- ------ --------
Cash GBP422.3 GBP224.4 GBP274.6 GBP854.7 GBP481.4 GBP795.6 65.3% 13.5%
----------- ----------- ----------- ----------- ----------- ----------- ------ --------
Total GBP2,508.3 GBP4,106.0 GBP4,614.8 GBP6,677.0 GBP7,664.9 GBP9,720.4 26.8% 31.1%
----------- ----------- ----------- ----------- ----------- ----------- ------ --------
TACTICAL HOLDINGS As a percentage of Total Investments:
22.7%
The Tactical portfolios declined by 1.5% to end the year at
GBP2.203M. We have seen a compression of public company valuations
which we believe is due to higher interest rates, increased
inflation, and commodity price movements largely below the rate of
inflation. As we advance through the mining cycle, we believe the
tactical portfolio should grow more quickly than the strategic
portfolio, as we monetise some of our strategic investments and
convert them into either cash or tactical investments. The tactical
portfolio now comprises 22 distinct investments of our total
portfolio of 29 investments.
STRATEGIC PORTFOLIO As a percentage of Total Investments:
69.1%
Our Strategic Portfolio are longer term holdings, that we
strongly believe will outperform given sufficient time and capital.
We believe we made these "Strategic" investments at the bottom of
the cycle. These investments were 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 in what we believe are good geologic assets. We believe that
the best return to risk ratio is to invest in good assets when
these are out of favour. Our Strategic Portfolio now totals
GBP6.097M and represents 67% of our Net Investable funds. The
Strategic Portfolio was up 23.3% yr./yr. in FY 2023 and has grown
by 41.9% compounded annually since 2017. The next phase of our
strategy is to gradually "harvest" 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. The following are some of the most noteworthy
holdings in our Strategic Portfolio. All values are as of June 30,
2023
Redcorp Empreedimentos Mineiros Lda.: As a percentage of Total
Investments: 24.4%
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 19.2% 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"). Ascendant has met all its financial and
operational obligations to date. The Board consider that they have
been good partners, running the exploration program for which, we
are appreciative. On 25 May 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 has now earned 80% of the overall project by
making a final US$2.5M payment to M&FI in June 2023 and
completing a Definitive Feasibility Study post year end in July
2023.
The project has advanced from an initial resource of
approximately 4.4Mt with Zinc Equivalent grade of 6.0% in 2015 to a
resource totalling 27.5Mt with a 7.5% Zinc Equivalent grade today.
On November 8, 2021 Redcorp and Ascendant announced that they have
secured a mine development licence from the Portuguese government.
As announced on 26 July 2023 Redcorp and Ascendant completed a
Feasibility Study after our year end indicating that the Lagoa
Salgada Project has, based on 100% ownership, a pre-tax NPV(@8%) of
US$188.8.M resulting in a pre-tax IRR of 47% with a 2-year pre-tax
payback based on its planned 14-year life of mine. After tax
NPV(@8%) is US$147.1M with a 39% IRR and should generate a Life of
Mine Cash Flow of US$261M.
In November 2022 Ascendant entered into a streaming agreement to
fund the completion of the feasibility study for Redcorp's Lagoa
Salgada project and for general corporate and working capital
purposes. In connection with this agreement M&FI and Ascendant
amended the terms of their shareholders agreement in respect of
Redcorp on November 28, 2022. It was agreed that M&FI should
have the right and option, but not the obligation, to exercise an
option within 6 months (plus 10 business days) of the Stage Two
Option Exercise Date (being the date when Ascendant has earned 80%
of Redcorp and being no later than 22 June 2023) to require
Ascendant to purchase all, but not less than all, of the shares in
Redcorp at a defined price. The price would be an amount in US
dollars, payable in cash, equal to 5% of the post-tax net present
value of the Project provided in the feasibility study completed
prior to the date of exercise using a 10.5% discount rate (the "Put
Option"). On 23 June 2023 M&FI and Ascendant announced that
they had agreed to an extension to the final delivery date of the
feasibility study, pursuant to the Earn-in Option Agreement for the
Lagoa Salgada project. As a result of the extension, the final
delivery date of the feasibility study would be on or before 3
August 2023. In consideration for the extension, Ascendant agreed
to grant M&FI 500,000 common share purchase warrants. Each
Warrant is exercisable into one common share in Ascendant at any
time for a period of 30 months at a price of $0.20 per share. On 26
July 2023 (after the M&FI's year end) Ascendant announced the
results of the feasibility study and with its completion Ascendant
completed the option earn-in requirements to move its ownership of
Redcorp to 80%.
FINANCIAL STATEMENTS
Consolidated Income Statement
Year ended Year ended
30 June 30 June 2022
2023
Notes GBP'000 GBP'000
------------------------------------------ ------ ----------- --------------
Investment income 119 128
Fee revenue - -
Net gains on disposal of investments 2,108 861
Net change in fair value of investments 167 308
2,394 1,297
Operating expenses 3 (452) (439)
Share based payment expense (136) (92)
Other gains and losses 5 (230) 133
----------------------------------------- ------ ----------- --------------
Profit before taxation 1,576 899
Taxation expense 6 (26) -
Profit for the year from continuing
operations and total comprehensive
income, attributable to owners of
the Company 1,550 899
Profit per share attributable to owners
of the Company during the year from 7 Pence Pence
continuing and total operations:
Basic (pence per share) 4.4 2.5
Fully diluted (pence per share) 4.0 2.5
Consolidated Statement of Financial Position
2023 2022
Notes GBP'000 GBP'000
------------------------------------- ------ --------- ---------
CURRENT ASSETS
Financial assets held at fair value
through profit or loss 8 8,925 7,183
Trade and other receivables 10 25 18
Cash and cash equivalents 796 481
------------------------------------- ------ --------- ---------
9,746 7,682
------------------------------------- ------ --------- ---------
CURRENT LIABILITIES
Trade and other payables 11 194 125
Convertible unsecured loan notes 12 10 10
------------------------------------- ------ --------- ---------
204 135
------------------------------------- ------ --------- ---------
NET CURRENT ASSETS 9,542 7,547
------------------------------------- ------ --------- ---------
NON-CURRENT LIABILITIES
Deferred tax provision 13 (119) (93)
NET ASSETS 9,423 7,454
------------------------------------- ------ --------- ---------
EQUITY
Share capital 15 3,114 3,099
Share premium 15 6,182 5,914
Loan note equity reserve 16 6 6
Reserve for employee share schemes 17 228 92
Capital reserve 15,736 15,736
Retained earnings (15,843) (17,393)
------------------------------------- ------ --------- ---------
Equity attributable to owners of
the Company and total equity 9,423 7,454
------------------------------------- ------ --------- ---------
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 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
-------------------- -------- -------- -------------- --------- -------- ----------- -------
Total comprehensive
income for the
year - - - - - 1,550 1,550
-------------------- -------- -------- -------------- --------- -------- ----------- -------
Share based payment
expense - - 136 - - - 136
Issues of equity 15 268 - - - - 283
At 30 June 2023 3,114 6,182 228 6 15,736 (15,843) 9,423
-------------------- -------- -------- -------------- --------- -------- ----------- -------
Consolidated Statement of Cash Flows
Year ended Year ended
30 June 2023 30 June 2022
Notes GBP'000 GBP'000
-------------------------------------------- ------- -------------- --------------
OPERATING ACTIVITIES
Profit before taxation 1,576 899
Adjustments for:
Profit on disposal of trading investments (2,108) (861)
Fair value loss/(gain) on trading
investments (167) (308)
Investment income (119) (128)
Share based payment expense 136 92
Operating cash flow before working
capital changes (682) (306)
(Increase)/decrease in trade and other
receivables (7) 9
Increase/(decrease) in trade and other
payables 69 (52)
----------------------------------------------------- -------------- --------------
Net cash outflow from operating activities (620) (348)
----------------------------------------------------- -------------- --------------
INVESTING ACTIVITIES
Purchase of financial assets (3,783) (2,177)
Disposal of financial assets 4,396 2,098
Investment income 39 29
----------------------------------------------------- -------------- --------------
Net cash (outflow)/inflow from investing
activities 652 (50)
----------------------------------------------------- -------------- --------------
FINANCING ACTIVITIES
Proceeds of share issues 282 25
Net cash inflow from financing activities 282 25
----------------------------------------------------- -------------- --------------
Net (decrease)/increase in cash and
cash equivalents 315 (374)
Cash and cash equivalents as at 1
July 481 855
C ash and cash equivalents as at 30
June 796 481
----------------------------------------------------- -------------- --------------
Notes to the Financial Statements
1. Operating Profit
2023 2022
GBP'000 GBP'000
-------------------------------------------- -------- --------
Profit from operations is arrived at after
charging:
Directors fees 105 105
Other salary costs 23 20
Share based payment expense 136 92
Registrars fees 36 31
Corporate adviser and broking fees 37 39
Other professional fees 197 180
Foreign exchange differences 230 (133)
Other administrative expenses 34 44
Fees payable to the Group's auditor:
For the audit of the Group's consolidated
financial statements 20 20
-------------------------------------------- -------- --------
818 398
-------------------------------------------- -------- --------
2. Other Gains and Losses
2023 2022
GBP'000 GBP'000
--------------------------------------- --------- ---------
Foreign currency exchange differences (230) 133
--------------------------------------- --------- ---------
(230) 133
--------------------------------------- --------- ---------
3. Income Tax Expenses
2023 2022
GBP'000 GBP'000
-------------------------------------------------------- -------- -------
Deferred tax charge relating to unrealised gains
on investments 26 -
Other tax payable - -
-------------------------------------------------------- -------- -------
26 -
-------------------------------------------------------- -------- -------
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:
2023 2022
GBP'000 GBP'000
-------------------------------------------------------- -------- -------
Profit before tax from continuing operations 1,576 899
-------------------------------------------------------- -------- -------
Profit before tax multiplied by rate of federal
and cantonal tax in Switzerland of 14.6% (2021:
14.6%) 230 131
Less abatement in respect of long term investment
holdings (207) (118)
Unrelieved tax losses - -
Overprovided in previous period 3 (13)
Total tax 26 -
-------------------------------------------------------- -------- -------
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.
2023 2022
GBP'000 GBP'000
----------------------------------------------- ----------- -----------
Profit attributable to owners of the Company
- Continuing and total operations 1,550 899
------------------------------------------------ ----------- -----------
2023 2022
----------------------------------------------- ----------- -----------
Weighted average number of shares for
calculating basic earnings per share 35,611,416 35,271,011
Weighted average number of shares for
calculating fully diluted earnings per
share 38,511,416 35,271,011
------------------------------------------------ ----------- -----------
Earnings per share from continuing and
total operations
- Basic (pence per share) 4.4 2.5
- Fully diluted (pence per share) 4.0 2.5
------------------------------------------------ ----------- -----------
5. Investments Held at Fair Value Through Profit or Loss
2023 2022
GBP'000 GBP'000
--------------------------------------------------- ----------- -----------
1 July - Investments at fair value 7,183 5,822
Cost of investment purchases 3,783 2,177
Proceeds of investment disposals (4,396) (2,098)
Profit on disposal of investments 2,108 861
Fair value adjustment 167 308
Accrued interest on loan notes 80 113
--------------------------------------------------- ----------- -----------
30 June - Investments at fair value 8,925 7,183
--------------------------------------------------- ----------- -----------
Categorised as:
Level 1 - Quoted investments 3,835 2,237
Level 3 - Unquoted investments 5,090 4,946
--------------------------------------------------- ----------- -----------
8,925 7,183
--------------------------------------------------- ----------- -----------
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
2023 2022
GBP'000 GBP'000
--------------------------------------------------- ----------- -----------
Brought forward 4,946 4,110
Purchases 307 152
Proceeds of investment disposals (238) -
Profit on disposal of investments 90 -
Fair value adjustment (639) 684
--------------------------------------------------- ----------- -----------
Carried forward 4,466 4,946
--------------------------------------------------- ----------- -----------
Level 3, unquoted investments are valued on the basis of the last
fund raise, except for Redcorp where the value has been based on
the net present value of the cash flows from the project.
The Group's largest Level 3 investment is Redcorp Empreendimentos
Mineiros LDA ("Redcorp").
REDCORP EMPREIMENTOS MINEIROS LDA
Redcorp is a Portuguese exploration development and mining company
whose main asset is the Polymetallic) Lagoa Salgada Volcanogenic
Massive Sulphide (VMS) Project, which has resources of zinc, lead,
copper, gold, silver, tin and indium.
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 was an Earn-in Option under which
Ascendant had the right to earn a further effective 25% interest
via staged payments amounting to US$3.5 million. In addition Ascendant
was 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.
Under the last part of the agreement Ascendant was able to acquire
an additional 30% taking its total interest to 80% by the payment
of US$2,500,000 on or before 22 Dec 2022 This date was amended
so that the cash payment had to be received on/or before 22 June
2023. In addition a feasibility study was to be delivered by 22
August 2023.
To date the payments due from Ascendant under the agreement have
all been fulfilled. The Group's investment in Redcorp has been
valued on a discounted cash flow basis using a 20% discount rate
from the from the Feasibility Study completed in July 2023. As
at 30 June 2023, Mineral and Financial Investments AG owned 50%
of Redcorp (2022: 50%).
Redcorp currently owns 85% of the Lagoa Salgada project. M&F agreed
in June 2017 with Empresa Desenvolvimento Mineiro SA (EDM), a Portuguese
State-owned company, to re-acquire EDM's 15% rights on the project
resulting in Redcorp holding a 100% ownership of the project. The
2017 agreement was subject to the Portuguese Secretary of State's
approval which was not received. Redcorp and M&F continue to explore
ways and means to complete the purchase. EDM's right is an option,
if exercised, to receive a 15% working interest ("WI") in the Lagoa
Salgada Project ("LSP"). This 15% WI is subject to a Right of First
Refusal ("ROFR") if EDM exercises the Option and choses to sell
its interest. The WI is subject to standard dilution features if
financial obligations are unsatisfied. This option expires 120
days after the delivery of a Feasibility Study. M&F has granted
Ascendant conditional options that would, if exercised, result
in Ascendant owning (net) 80% interest in the Project if M&F is
unsuccessful in re-acquiring EDM's rights/interest. Within 6 months
& 10 days after the delivery of the Feasibility Study. If EDM opt
to not exercise its Option, M&F would retain its 20% Carried Interest
and the adjusting call options held by Ascendant would be nullified.
If EDM exercises its option to the 15% WI then M&F would retain
a (net) 5% CI. M&F has the right to sell its (net) 5% CI to Ascendant
at a price representing M&F's 5% share of the NPV of the LSP as
estimated in the Feasibility Study (using a 10.5% Discount Rate).
We currently estimate that this value would be significantly higher
than the year end value.
6. Subsidiary companies
The Group's subsidiary companies are as follows:
Proportion of ownership
Country of incorporation interest and voting
Principal and principal rights
Name activity place of business held by the Group
Mineral & Financial
Investments AG Investment Steinengraben 18 100%
company 4051 Basel, Switzerland
5 Bath Road, London,
M&FI Services United Kingdom,
Ltd Service company W4 1LL 100%
All intergroup transactions and balances are eliminated on
consolidation.
7. Trade and other receivables
2023 2022
GBP'000 GBP'000
------------------------------------ --------------- ---------------
Other receivables 10 12
Prepayments 15 6
Total 25 18
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 2023 and 2022 there were no trade
and other receivables past due
1
8. Trade and other payables
2023 2022
GBP'000 GBP'000
----------------------------------- ----------------- ----------------
Trade payables 12 50
Other payables 114 21
Accrued charges 68 54
Total 194 125
The fair value of trade and other payables is considered by
the Directors not to be materially different to carrying amounts.
9. 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:
2023 2022
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 2023 to be approximately GBP10,000
(2022: GBP10,000)
10. Deferred taxation provision
2023 2022
GBP'000 GBP'000
---------------------------------------- -------- --------
As at 1 July 93 93
Provision relating to unrealised gains
on investments 26 -
---------------------------------------- -------- --------
As at 30 June 119 93
---------------------------------------- -------- --------
11. 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 GBP52,000 (2022:
GBP41,000).
The share options movements and their weighted average exercise
price are as follows:
2023 2022
Weighted average Weighted average
exercise price exercise price
Number (pence) Number (pence)
---------------------- --------- ---------------- --------- ----------------
Outstanding at 1 July 2,350,000 13.50 330,000 7.50
Granted - - 2,350,000 13.50
Exercised - - (330,000) 7.50
Lapsed - - - -
Outstanding at 30
June 2,350,000 13.50 2,350,000 13.50
---------------------- --------- ---------------- --------- ----------------
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 GBP84,000
(2022: GBP51,000).
The RSU movements and their weighted average reference price are
as follows:
2023 2022
Weighted average Weighted average
Reference price Reference price
Number (pence) Number (pence)
----------------- ---------- ------------------ --------- -----------------
Outstanding at
1 July 1,150,000 11.75 - -
Granted - - 1,150,000 11.75
Exercised - - - -
Lapsed - - - -
Outstanding at
30 June 1,150,000 11.75 1,150,000 11.75
----------------- ---------- ------------------ --------- -----------------
12. Share capital
Number of Nominal Share
shares Value premium
GBP'000 GBP'000
------------------------------------ ------------ -------- ---------
AUTHORISED
At 30 June 2022 and 30 June 2023
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 2022
Ordinary shares of 1p each 35,465,395 354
Deferred shares of 24p each 11,435,062 2,745
------------------------------------ ------------ -------- ---------
3,099 5,914
Ordinary shares issued in year
to 30 June 2023 1,440,476 15 268
------------------------------------ ------------ -------- ---------
At 30 June 2023
Ordinary shares of 1p each 36,905,871 369
Deferred shares of 24p each 11,435,062 2,745
------------------------------------ ------------ -------- ---------
3,114 6,182
------------------------------------ ------------ -------- ---------
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.
13. Loan note equity reserve
2023 2022
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
-------------------------------------------- -------- --------
14. Reserve for employee share schemes
2023 2022
GBP'000 GBP'000
------------------------------------------- -------- --------
Brought forward at 1 July 92 23
Transfer to retained earnings on exercise
of options - (23)
Share based payment charge 136 92
------------------------------------------- -------- --------
Carried forward at 30 June 228 92
------------------------------------------- -------- --------
15. Risk management objectives and policies
The Company is exposed to a variety of financial risks which
result from both its operating and investing activities. The
Company's risk management is coordinated by the board of directors
and focuses on actively securing the Company's short to medium
term cash flows by minimising the exposure to financial markets.
MARKET PRICE RISK
The Company's exposure to market price risk mainly arises from
potential movements in the fair value of its investments. The
Company manages this price risk within its long-term investment
strategy to manage a diversified exposure to the market. If
each of the Company's equity investments were to experience
a rise or fall of 10% in their fair value, this would result
in the Company's net asset value and statement of comprehensive
income increasing or decreasing by GBP893,000 (2022: GBP718,000).
FOREIGN CURRENCY RISK
The Group holds investments and cash balances denominated in
foreign currencies and investments quoted on overseas exchanges;
consequently, exposures to exchange rate fluctuations arise.
The Group does not hedge its foreign currency exposure and its
liabilities in foreign currencies are limited to the trade payables
of Mineral & Financial Investments AG which are not material.
The carrying amounts of the Group's foreign currency denominated
monetary assets at the reporting date are as follows:
2023 2022
GBP'000 GBP'000
----------------------------------------------------- ---------- ----------
US Dollar 5,740 5,913
Canadian Dollar 3,142 1,402
Swiss franc 201 28
Euro 115 -
Australian Dollar - 208
FOREIGN CURRENCY SENSITIVITY ANALYSIS
The Group is mainly exposed to the US Dollar and the Canadian
Dollar in respect of investments which are either denominated
in or valued in terms of those currencies. The following table
details the Group's sensitivity to a 5 per cent increase and
decrease in pounds sterling against the US Dollar, Canadian
Dollar and Swiss franc. The Group's exposure to the Australian
Dollar and the Euro are not considered material.
2023 2022
GBP'000 GBP'000
----------------------------------------------------- ---------- ----------
5% increase in exchange rate
US Dollar against GBP 287 296
5% decrease in exchange rate
against GBP (287) (296)
Canadian 5% increase in exchange rate
Dollar against GBP 157 70
5% decrease in exchange rate
against GBP (157) (70)
Swiss 5% increase in exchange rate
franc against GBP 10 1
5% decrease in exchange rate
against GBP (10) (1)
Euro 5% increase in exchange rate 6 -
against GBP
5% decrease in exchange rate (6) -
against GBP
Australian 5% increase in exchange rate
Dollar against GBP - 10
5% decrease in exchange rate
against GBP - (10)
---------------------------------------------------- ---------- ----------
CREDIT RISK
The Company's financial instruments, which are exposed to credit
risk, are considered to be mainly cash and cash equivalents
and the Company's receivables are not material. The credit risk
for cash and cash equivalents is not considered material since
the counterparties are reputable banks.
The Company's exposure to credit risk is limited to the carrying
amount of the financial assets recognised at the balance sheet
date, as summarised below:
15. Risk management and objectives
2023 2022
GBP'000 GBP'000
--------------------------------------------- --------------- --------------
Cash and cash equivalents 796 481
Other receivables 10 12
--------------------------------------------- --------------- --------------
806 493
--------------------------------------------- --------------- --------------
No impairment provision was required against other receivables
which are not past due.
LIQUIDITY RISK
Liquidity risk is managed by means of ensuring sufficient cash
and cash equivalents are held to meet the Company's payment obligations
arising from administrative expenses.
CAPITAL RISK MANAGEMENT
The Company's objectives when managing capital are:
* to safeguard the Company's ability to continue as a
going concern, so that it continues to provide
returns and benefits for shareholders;
* to support the Company's growth; and
* to provide capital for the purpose of strengthening
the Company's risk management capability.
The Company actively and regularly reviews and manages its capital
structure to ensure an optimal capital structure and equity holder
returns, taking into consideration the future capital requirements
of the Company and capital efficiency, prevailing and projected
profitability, projected operating cash flows, projected capital
expenditures and projected strategic investment opportunities.
Management regards total equity as capital and reserves, for capital
management purposes.
16. 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:
2023 2022
GBP'000 GBP'000
-------------------------------------------------- ----------- ----------
Financial assets:
Cash and cash equivalents 796 481
Loans and receivables 10 12
Investments held at fair value
through profit and loss 8,925 7,183
9,731 7,675
-------------------------------------------------- ----------- ----------
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:
2023 2022
GBP'000 GBP'000
-------------------------------------------------- ----------- ----------
Financial liabilities at amortised
cost:
Convertible unsecured loan notes 10 10
Trade and other payables 126 71
--------------------------------------------------- ----------- ----------
136 81
-------------------------------------------------- ----------- ----------
17. Contingent liabilities and capital commitments
There were no contingent liabilities or capital commitments
at 30 June 2023 or 30 June 2022.
18. Post year end events
On 26 July 2023 the Company announced that Ascendant had completed
the feasibility study for the Lagoa Salgada project and thus
had completed its earn in to 80% of Redcorp.
19. 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 and RSUs granted to directors are
disclosed in the remuneration report.
20. Ultimate controlling party
The Directors do not consider there to be a single ultimate
controlling party.
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] International Monetary Fund, "World Economic Outlook:
Recovery - Navigating Global Divergences" - October, 2023
[2] International Monetary Fund / Monthly / 2016 = 100 / Not
seasonally adjusted
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
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END
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