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Mineral & Financial Investments reports 19.5% NAV growth to £13.679m in FY2025, driven by gold exposure. Positive outlook with strategic catalysts ahead.
This article covers information on Mineral & Financial Invest. Limited.
LON:MAFLMineral & Financial Investments (AIM: MAFL) has posted a strong year to 30 June 2025. Net Asset Value (NAV) rose 19.5% to £13.679 million, with fully diluted NAV per share (NAVPS-FD) up 18.5% to 34.5p. Profitability improved too: net profit was £2.173 million, or 5.8p basic EPS and 5.4p fully diluted.
That performance came despite an 8%+ decline in the US dollar against sterling, which dented reported returns. Management estimates NAV would have been about £1.1 million (2.75p per share) higher if FX rates had stayed flat year on year. Notably, the company continues to carry no long-term liabilities.
| Metric | FY2025 | FY2024 | Change |
|---|---|---|---|
| Net Asset Value | £13.679 million | £11.445 million | +19.5% |
| NAV per share (FD) | 34.5p | 29.1p | +18.5% |
| Gross income | £2.899 million | £2.567 million | +12.9% |
| Pre-tax profit | £2.211 million | £2.053 million | +7.7% |
| Net profit | £2.173 million | £2.005 million | +8.4% |
| EPS (basic / FD) | 5.8p / 5.4p | 5.4p / 5.3p | Up |
| Investable Capital | £14.091 million | £11.782 million | +19.6% |
| NAV CAGR since 30/06/2018 | 26.6% compounded annually |
M&F’s overweight to precious metals was the standout driver. Gold rose 42.3% during the year, and the company’s deferred gold delivery contracts (DGDCs) gained 59.4% since initiation. In simple terms, DGDCs are contracts that lock in the future delivery of gold – a way to gain exposure to bullion with defined terms.
The company also revalued Toburn, which holds a 2% net smelter royalty (NSR) over the Bellavista mine’s Block 21-A. An NSR is a slice of revenue after certain processing costs. M&F valued its share using a 10% discount rate, assuming 500 tpd throughput, 6 g/t grade and 92% recovery at spot gold – conservative assumptions that exclude any upside from higher resources or throughput. Post year end, this NSR began generating income, and several royalty companies have expressed interest.
Offsetting this, the weaker US dollar weighed on reported results. With roughly 80% of the portfolio USD-denominated, FX shaved an estimated £1.1 million off NAV compared with holding last year’s rates constant.
Investable Capital totalled £14.091 million, split between strategic and tactical holdings. Here’s the commodity mix at year end:
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| Allocation | FY2025 (£000) | FY2025 (%) |
|---|---|---|
| Precious Metals & Minerals | £7,901.7 | 56.1% |
| Base Metals | £4,257.1 | 30.2% |
| Food, Energy, Services & Tech | £1,099.3 | 7.8% |
| Royalties (NSR) | £624.1 | 4.4% |
| Cash | £209.1 | 1.5% |
Cash is low at 1.5%, below M&F’s 10% guideline. However, management considers liquidity to be stronger than it looks because deferred gold contracts (19.4% of Investable Capital), physical silver (5.5%) and rhodium (1.5%) provide “near-cash” optionality. The Tactical Portfolio rose 30.6% to £5.380 million and the Strategic Portfolio grew 13.0% to £8.502 million.
Redcorp, M&F’s largest investment at almost 32% of Investable Capital, owns 100% of the Lagoa Salgada polymetallic VMS project in Portugal. M&F’s valuation is anchored by a contractual option to sell its base stake to Cerrado Gold at the project NPV using a 10.5% discount rate. There are moving parts with EDM’s 15% working interest option (extended pending environmental and optimisation milestones), but M&F retains a clear route to monetise its interest – either as a 20% carried interest if EDM does not exercise, or a net 5% carried interest with a put right to Cerrado if it does. Cerrado currently recognises a US$6.2 million obligation related to this.
Elsewhere, several private strategic holdings (Golden Sun Resources, Ideon, Redcorp, Terrasun, Gemdale) were not revalued in FY2025 due to the absence of third-party pricing events. Management believes a number of “liquidity events” are possible within 6–12 months, with Golden Sun exploring strategic transactions.
The FTSE 350 Mining Index surged 70.8% year on year from a low base, while energy-heavy commodity indices lagged. M&F expects the US dollar to underperform into 2025–26 given persistent deficits and stickier rates than elsewhere, which tends to be supportive for commodities, especially precious metals.
Management has begun taking some profits in gold from October 2025 and is tilting incrementally towards silver and copper, expecting those to outperform gold over the next 12–18 months. It is a pragmatic move: crystallise some gains where the market agrees with you, add to areas with relative upside. The caution is sensible too – public equities have re-rated, and bond markets are less convinced on the path of rate cuts.
This is a solid set of numbers from M&F, with the added reassurance of no long-term liabilities and a disciplined, value-aware approach. The FX drag was unhelpful, but that cuts both ways in the future. The big swing factor is unlocking value in the strategic book – if management can engineer clean monetisation events in the next 6–12 months, the gap between intrinsic and reported value could narrow quickly.
Overall, a constructive year with sensible positioning for the cycle ahead. Keep an eye on those catalysts.
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