Mineral & Financial Investments Limited (LON:MAFL) said its net-asset value hit an all-time high in the final quarter of 2018, as its mop-up acquisition of TH Crestgate, completed in the period, had a positive and material impact.
In a fourth quarter operational update, the AIM-listed firm said its fully-diluted NAV per share as at December 31, 2018, was 12.54p, up 72.5% from a year earlier.
The company said the strong NAV performance came although its tactical portfolio continues to face headwinds due to ongoing softness in base metals prices generally, and zinc specifically.
It added that this had an effect on its investment in Ascendant Resources Inc (TSX:ASND), but the company said it looks forward to potential increases in the value of the group’s investment in Redcorp Empredimentos Mineiros – which is TH Crestgate’s main asset - as work on the site progresses.
MAFL recently revealed that total resources for Redcorp’s Lagoa Salgada's polymetallic deposits in Portugal have more than doubled to 20.7mln tonnes, up from the 10.0mln tonnes reported in August 2018.
The company also highlighted several new investments initiated in the gold sector in the fourth quarter of 2018 and the first quarter of 2019.
The group concluded: “MAFL are currently reviewing several other investment opportunities. The directors look forward to providing shareholders with more information on all the investments, in due course if they progress. Several of these opportunities are private.”