Mineral & Fin Regulatory News (MAFL)

The following amendments have been made to the 'Interim Results for the Six Months Ended 31 Dec 18' announcement released on 12 March 2019 at 7:00 am under RNS No 5189S.

Mineral and Financial Investments Limited announces that the historical 2017 data was not correctly stated. Therefore, the comparative NAV, NAV per share and respective growth in NAV were not correctly stated.

The changes are as follows:

- NAV as at 31 December 2017 was £2,602,816

- NAV per share as at 31 December 2017 was 7.43p

- The NAV per share increased 67.3% from 31st December 2017

All other details remain unchanged. The full amended text is shown below.

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 £722,000 or 2p per share

· NAV per share at Dec 31, 2018 up 67.3% to an all-time high of 12.5p vs. same period last year

· The Company remains debt free and with a cash balance of £750,000

· 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 20.7Mt1 with gross Zinc Equivalent metal content +89.5% during the period2

· 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 31st December 2018. The company generated a profit before tax of £722,000 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 67% from 31st December 2017 to 12.54p or £4,392,940 a new all-time high for M&FI. The company retains a cash position of £750,000. 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 £908k to £4.4m 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

The following is a summary of the NAV, updated to include the unaudited NAV calculation released on February 21, 2019:

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 31st December 2018 includes positions in:

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:

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

Statement of Financial Position

as at 31 December 2018

Statement of Changes in equity

for the 6 months ended 31 December 2018

Statement of Cash flow

for the 6 months ended 31 December 2018

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