Mineral & Fin Regulatory News (MAFL)

17 October 2013

MINERAL & FINANCIAL LIMITED

("Mineral & Financial", "MAFL", or the "Company")

NET ASSET VALUE UPDATE

 Highlights

· Net assets of £1,043 million, or 7.6p per share

· £45,000 profit from sale of interest in Chapel Down

· £167,500 realised from sale of units in Webb Funds

· £137,000 in new money invested by Mt Everest Finance SA

· Total cash at period end: £857,000, or 6.25p per share

· Restructuring of Silvermere, now Tern PLC, approaching completion

Post period

· Exit from Webb funds completed, bringing total cash recovered in the past 12 months to £516,000

· Debt cut to £162,000 (unaudited)

· Focus on bigger, more liquid stocks

· Actively seeking out investments and transactions to create value in the commodities sector

Alastair Ford, Chief Investment Officer, commented: "Our drive to realise cash and value from positions has continued apace. Post period we have moved to invest in bigger, more liquid stocks in the natural resources sector. I note that fundraisings amongst mining companies have been occurring with increasing frequency, and this gives me some grounds for optimism. While I believe a true recovery within the sector may be a while away yet, we continue to believe that a focussed approach to resource investment will yield real value."

Net Asset Value Update - 30 September 2013

The Board of Mineral & Financial announces that the Net Asset Value of the Company as at 30th September 2013 was 7.6p per share. Cash balances stood at £857,000 as of period end, with further funds subsequently realised from the company's final exit from its positions in the SF Webb Smaller Companies Gold Fund and the SF Webb Smaller Companies Growth Fund.

Equity Investments and Cash

In the context of adverse conditions in the mining and commodities sector, the Board took the decision earlier in the year to allocate a substantial portion of the Company's asset base to cash. As a result, cash balances increased during the quarter to the end of September, from £460,000 to £857,000, following three significant transactions.

The first was the conversion of the Company's £100,000 loan note in Chapel Down, and the subsequent sale of the equity for £145,000. The second was the sale of £167,500 worth of units in the SF Webb Smaller Companies Growth Fund. The third was the issue of 2,287,000 shares to Mount Everest Finance and the injection of £137,000 in new money into the Company.

The Company continues to believe that discounted valuations on the equity markets and elsewhere offer significant opportunities for the discerning investor to realise significant gains, and as such will continue to be active in the market while maintaining a focus on the preservation of capital.