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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Mineral & Financial Investments Limited | LSE:MAFL | London | Ordinary Share | KYG6181G1055 | ORD 1P (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 11.00 | 10.50 | 11.50 | 11.35 | 11.00 | 11.00 | 1,099 | 08:00:04 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Metal Mining Services | 2.39M | 1.55M | 0.0420 | 2.62 | 4.06M |
From Apr 2019 to Apr 2024
TIDMMAFL
RNS Number : 5189S
Mineral & Financial Invest. Limited
12 March 2019
Mineral & Financial Investments Limited
("M&FI" or "the Company")
Unaudited Interim Results for the Six Months Ended 31 December 2018
HIGHLIGHTS:
-- Unaudited net earnings for the first 6 months of 2019 period were GBP722,000 or 2p per share
-- NAV per share at Dec 31, 2018 up 72.5% to an all-time high of 12.5p against the same period last year
-- The Company remains debt free and with a cash balance of GBP750,000
-- Completed accretive acquisition of TH Crestgate GmbH, which is now a wholly owned subsidiary
-- Doubling of the resource at Redcorp's Lagoa Salgada Zinc project to 20.7Mt[1] with gross Zinc Equivalent metal content +89.5% during the period[2]
-- Board strengthened with the Appointment of Jamie Lesser as Chief Operating Officer
GEORGE TOWN CAYMAN ISLANDS, March 12, 2019 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) ("M&FI" or the "Company") is very pleased to announce its unaudited interim results for the six months ended 31 December 2018.
Chairman's Statement
The Board of Mineral & Financial Investments Ltd. is very pleased to report its unaudited interim results for the first half period ending 31(st) December 2018. The company generated a profit before tax of GBP722,000 and a fully diluted EPS gain of 2p per share vs 0.4p per share in the same period last year. The NAV per share increased 73% from 31(st) December 2017 to 12.54p or GBP4,392,940 a new all-time high for M&FI. The company retains a cash position of GBP750,000. The board of directors believes in keeping costs to a minimum and maintaining aligned interests with shareholders.
Continued NAV growth was in spite of market headwinds particularly from the weak zinc price and their impact on our total 2,052,546 shares in Ascendant Resources, removing 1.96p from our NAV per share. We expected this trend to reverse, with LME Zinc inventories now approaching their lowest point in well over 21years and halving in the last month alone. Since the period end, the zinc price has risen only 10% whilst Ascendant shares are up 30% YTD.
H1 2019 is the first reporting period following the acquisition of TH Crestgate (THC), in which we have consolidated THC numbers into the M&FL, and which has been accretive to NAV. Over the past four years the total NAV of M&FI has grown from GBP908k to GBP4.4m and we look forward to the de-risking of future value both from further potential exploration success at Lagoa Salgada and agreed milestone payments from Ascendant Resources, who are ahead of schedule on the required project spend.
The agreed Ascendant option earn-in cash payment schedule to M&FI is set out below, but this is at Ascendant's discretion and therefore there can be no guarantee that the payments will be made
Hot Features
Premium
Due on or Before Amount Due on or Before Amount
June 2019 US$250,000 June 2021 US$1,000,000
----------- ----------------- -------------------
Dec. 2019 US$500,000 June 2022 US$1,000,000
----------- ----------------- -------------------
June 2020 US$500,000 Dec 2022 US$2,500,000 &
Feasibility Study
----------- ----------------- -------------------
The following is a summary of the NAV, updated to include the unaudited NAV calculation released on February 21, 2019:
Dec. 31 2015 Dec. 31 2016 Dec. 31 2017 Dec. 31 2018 CAGR (%)
2018 / 2015
NET ASSET VALUE (NAV) GBP908,476 GBP1,494,360 GBP2,546,875 GBP4,392,940 68.2%
------------ ------------ ------------ ------------ ------------
NET ASSET VALUE PER SHARE (NAVPS) 6.47p 6.25p 7.25p 12.54p 24.4%
------------ ------------ ------------ ------------ ------------
Tactical Portfolio:
The purpose of the Tactical Portfolio is to allow M&FI 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. We took a view on gold in early 2018 which we continue to reflect in the more recent portfolio additions of Barrick Gold (added post period end) and Alamos Gold, (and Cerrado Gold in the Strategic Portfolio). In addition to the core 3% of Ascendant Resources the Portfolio at 31(st) December 2018 includes positions in:
Company Development Type of Security Primary Commodity Geographic Area
Stage of Activities
Ascendant Resources Production Common Equity Zinc & Lead Honduras & Portugal
------------ ----------------- ------------------ --------------------
Alamos Gold Production Common Equity Gold Canada, USA,
Mexico & Turkey
------------ ----------------- ------------------ --------------------
Trevali Mining Production Common Equity Zinc & Lead Peru, Canada,
Namibia, Burkina
Faso
------------ ----------------- ------------------ --------------------
Imperial Metals Production Common Equity Copper Canada
------------ ----------------- ------------------ --------------------
Cabral Gold Exploration Common Equity Gold Brazil
------------ ----------------- ------------------ --------------------
Artemis Resources Explo/ Near Common Equity Gold, Copper, Australia
Term Prod. Cobalt
------------ ----------------- ------------------ --------------------
Gold N/A ETF Gold Global
------------ ----------------- ------------------ --------------------
Silver N/A ETF Silver Global
------------ ----------------- ------------------ --------------------
Platinum N/A ETF Platinum Global
------------ ----------------- ------------------ --------------------
Copper N/A ETF Copper Global
------------ ----------------- ------------------ --------------------
Strategic Portfolio:
The Strategic Portfolio allows M&FI to assess the three key fundamentals to a successful investment in the sector, management, finance and geology. We can change the first two of these and so we exercise in depth due diligence on geology. As such we are constantly reviewing potential investments filtering through the many underfunded projects left struggling by 10yrs of underperformance. The Board continues to like zinc and gold which is well expressed in both portfolios and is reviewing investments in other commodities with the potential to outperform.
The Strategic Portfolio includes:
Company Development Type of Security Primary Commodity Geographic
Stage Area of Activities
Redcorp Empreedimentos Exploration Common Equity Zinc & Lead Portugal
Mineiros Lda.
------------ ----------------- ------------------ --------------------
Cap Energy Exploration Common Equity Oil & Gas Senegal & G.
Bisau
------------ ----------------- ------------------ --------------------
Cerrado Gold Exploration Common Equity Gold Brazil
------------ ----------------- ------------------ --------------------
Toro Gold Production Common Equity Gold Senegal
------------ ----------------- ------------------ --------------------
On behalf of the Board
Jacques Vaillancourt, Executive Chairman
FOR MORE INFORMATION:
Katy Mitchell and Jessica Cave, WH Ireland Limited +44 161 832 2174 Jon Belliss, Novum Securities Limited +44 207 399 9400 James Lesser, Mineral & Financial Investments Ltd. +44 777 957 7216
Statement of comprehensive Income
for the 6 months ended 31 December 2018
UNAUDITED UNAUDITED AUDITED
6 months 6 months 18 months
to to to
31 December 31 December 30 June
2018 2017 2018
Note GBP'000 GBP'000 GBP'000
------------------------------------ ------ ------------- ------------- ------------
Continuing operations:
Investment income - 1 2
Net gains on investments 838 219 313
Total income 838 220 315
Operating expenses (116) (85) (260)
-------------------------------------------- ------------- ------------- ----------
Operating profit 722 135 55
Profit before taxation 722 135 55
Profit for the period attributable
to owners of the Company 722 135 55
Earnings per share attributable
to owners of the Company during pence pence pence
the period 3
Basic: 2.1 0.4 0.2
Diluted: 2.0 0.4 0.2
-------------------------------------------- ------------- ------------- ------------
Statement of Financial Position
as at 31 December 2018
UNAUDITED UNAUDITED AUDITED
31 December 31 December 30 June
2018 2017 2018
GBP'000 GBP'000 GBP'000
---------------------------------- ------------ ------------ ---------
CURRENT ASSETS
Financial assets 3,679 2,200 2,269
Trade and other receivables 19 7 10
Cash and cash equivalents 750 456 422
----------------------------------- ------------ ------------ ---------
4,448 2,663 2,701
---------------------------------- ------------ ------------ ---------
CURRENT LIABILITIES
Trade and other payables 45 50 68
Convertible unsecured loan notes 10 10 10
----------------------------------- ------------ ------------ ---------
55 60 78
---------------------------------- ------------ ------------ ---------
NET CURRENT ASSETS 4,393 2,603 2,623
NET ASSETS 4,393 2,603 2,623
----------------------------------- ------------ ------------ ---------
EQUITY
Share capital 3,095 3,095 3,095
Share premium 5,886 5,886 5,886
Loan note equity reserve 6 6 6
Share option reserve 23 23 23
Other reserves 16,813 15,765 15,765
Retained earnings (21,401) (22,143) (22,123)
----------------------------------- ------------ ------------ ---------
Shareholders' equity 4,393 2,603 2,623
----------------------------------- ------------ ------------ ---------
Statement of Changes in equity
for the 6 months ended 31 December 2018
Share
Share Share Loan note option Other Accumulated Total
capital premium reserve reserve reserves losses equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- -------- -------- --------- -------- --------- ----------- -------
At 30 June 2017 3,092 5,866 6 23 15,736 (22,279) 2,444
-------------------- -------- -------- --------- -------- --------- ----------- -------
Profit for the 6
months to
31 December 2017 - - - - - 136 136
-------------------- -------- -------- --------- -------- --------- ----------- -------
Share issues 3 20 - - - - 23
At 31 December 2017 3,095 5,886 6 23 15,736 (22,143) 2,603
Profit for the 6
months to
30 June 2018 - - - - - 20 20
-------------------- -------- -------- --------- -------- --------- ----------- -------
At 30 June 2018 3,095 5,886 6 23 15,736 (22,123) 2,623
-------------------- -------- -------- --------- -------- --------- ----------- -------
Profit for the 6
months to
31 December 2018 - - - - - 722 722
-------------------- -------- -------- --------- -------- --------- ----------- -------
Acquisition of TH
Crestgate - - - - 1,048 - 1,048
At 31 December 2018 3,095 5,886 6 23 16,784 (21,401) 4,393
-------------------- -------- -------- --------- -------- --------- ----------- -------
Statement of Cash flow
for the 6 months ended 31 December 2018
UNAUDITED UNAUDITED AUDITED
6 months 6 months 18 months
to to to
31 December 31 December 30 June
2018 2017 2018
GBP'000 GBP'000 GBP'000
-------------------------------------- ------------- ------------- ----------
OPERATING ACTIVITIES
Profit/(loss) before taxation 722 135 55
Adjustments for:
(Gain)/loss on disposal of financial
assets (449) 6 12
Fair value adjustment to financial
assets (389) (225) (325)
Investment income - (1) (2)
Share based payment charge - - 11
--------------------------------------- ------------- ------------- ----------
Operating cashflow before working
capital changes (116) (85) (249)
(Increase)/decrease in trade
and other receivables (9) 3 (3)
Increase/(decrease) in trade
and other payables (23) (25) 18
--------------------------------------- ------------- ------------- ----------
Net cash outflow from operating
activities (148) (107) (234)
--------------------------------------- ------------- ------------- ----------
INVESTING ACTIVITIES
Purchase of financial assets (188) (428) (1,806)
Disposal of financial assets 664 49 1,124
Investment income - 1 2
Net cash (outflow)/inflow from
investing activities 476 (378) (680)
--------------------------------------- ------------- ------------- ----------
FINANCING ACTIVITIES
Net proceeds of share issues - 23 1,062
--------------------------------------- ------------- ------------- ----------
Net cash outflow from financing
activities - 23 1,062
--------------------------------------- ------------- ------------- ----------
Net increase/(decrease) in cash
and cash equivalents 328 (462) 148
Cash and cash equivalents at
start of period 422 918 274
Cash and cash equivalents at
end of period 750 456 422
--------------------------------------- ------------- ------------- ----------
Notes to the unaudited interim statement
for the 6 months ended 31 December 2018
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 190 Elgin Avenue, George Town, 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 18 months ended 30 June 2018.
This interim financial information for the 6 months to 31 December 2018 was approved by the board on 11 March 2019.
The unaudited interim financial information for the 6 months to 31 December 2018 does not constitute statutory accounts. The comparative figures for the 18 months ended 30 June 2018 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 18 months
to to to
31 December 31 December 30 June
2018 2017 2018
GBP'000 GBP'000 GBP'000
------------------------------- ------------- ------------- -----------
Weighted average number of
shares for calculating basic
earnings per share 35,037,895 35,037,895 33,661,491
Weighted average number of
shares for calculating fully
diluted earnings per share 35,842,895 35,842,895 34,466,491
------------------------------- ------------- ------------- -----------
[1] Gross to Redcorp, Current Redcorp Ownership: TH Crestgate 75%, Ascendant 25%
[2] Zinc equivalent metal grade (ZnEq%) was calculated as follows: ZnEq% = ((Zn Grade * 25.35) + (Pb Grade * 23.15) + (Cu Grade * 67.24) + (Au Grade * 40.19) + (Ag Grade * 0.62)) / 25.35; Metal prices used: US$1.15/lb Zn, US$1.05/lb Pb, $3.05/lb Cu, US$19.40/oz Ag, and 1,250/oz Au; No recoveries were applied
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.
END
IR EAPDFFSKNEFF
(END) Dow Jones Newswires
March 12, 2019 03:00 ET (07:00 GMT)
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