Mineral & Financial Investments Limited
Mineral & Financial Investments Limited (M&F) is a Cayman Islands-incorporated, AIM-quoted mining finance and investment company. It invests in and provides capital to mining companies and projects, holding a longer-term 'Strategic' portfolio and a more liquid 'Tactical' portfolio of precious/base metals, royalties and mining equities, aiming to grow Net Asset Value (NAV) per share over time rather than generate conventional trading revenue. It has no employees other than its four directors and two small subsidiaries (a Swiss investment company and a UK services company).
FY2025 in sixty seconds
year to 30 Jun 2025 · approved 19 Dec 2025 · 55 pages · Company website
Mineral & Financial Investments Limited invests in mining companies, projects and metals rather than selling goods, so it reported no revenue in either year. Profit after tax was £2.2m for the year to 30 June 2025, up from £2.0m the year before.
The profit came mainly from rises in the value of its investments and gains on selling some of them, helped by strong precious metal prices, with gold up 42.3% over the year. A weaker US dollar against the pound held results back, as most of the portfolio is held in dollars. One-off costs from moving its Swiss office pushed spending above plan.
Cash at the year end was £209k, with borrowings of £10k. Shareholders put in £61k for new shares, and no dividend was proposed. The value of what it owns less what it owes rose to £13.7m from £11.4m. Management expects a weaker dollar to support metal prices and plans to gradually sell some longer-term holdings. The auditor gave a clean opinion but highlighted that most investments are unlisted and valued using the directors' judgement.
Net change in fair value of investments (unrealised gains/losses on the portfolio)
Net change in fair value of investments £1,514k (2024: £2,786k), the largest component of gross income of £2,899k
page 36One-off office relocation costs in Switzerland
Operating costs were up more than planned during the period, due to some one-off expenses associated with an office relocation in Switzerland; excluding these costs, operating costs would have been within budget and in-line with asset growth.
page 9Chairman believes the US dollar is not likely to outperform other currencies in 2025 and 2026, which should be positive for commodity prices and precious metals particularly.
page 6The Directors do not propose a dividend for FY2025 (2024: £Nil); returns to shareholders are expected to be via growth in NAV/share price rather than dividends, per the Company's Investing Policy adopted 28 November 2013
page 1910 years on one page · FY2015–FY2025
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GBP millions, negatives in brackets. Per-share lines in pence. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
2 figures restated in a later report
Every figure is read again from the following year’s report: 185 confirmed, 7 differ, 2 restated.
| Line | Year | As first filed | In the later report |
|---|---|---|---|
| FY2024 | £11.8mFY2024 report | £4.3mFY2025 report | |
| FY2024 | £17kFY2024 report | £7kFY2025 report |