Mineral & Financial Invest. Limited

Earnings Release • Nov 26, 2019

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RNS Number : 7305U

Mineral & Financial Invest. Limited

26 November 2019

MINERAL & FINANCIAL INVESTMENTS LIMITED

Audited Financial Results for 12months ended 30 June 2019 and  Net Asset Value Update

HIGHLIGHTS:

·     Year-end Net Asset Value £5,114,000, up 95%, from £2,623,000, in past 12 months.

·     Net Asset Value has increased at compound annual growth rate (CAGR) of 99% since December 31, 2015.

·     Net Asset Value Per Share fully diluted (FD) 14.5p, up 93%, from 7.49p, in past 12 months.

·     NAVPS FD has increased at CAGR of 38% since December 31, 2015.

·     Investment Portfolio now totals £4,952,000, up 118% from £2,269,321 in past 12 months.

·     TH Crestgate acquisition was completed during the period and has been accretive.

·     New investments totaling £865,000 have been made during the period with an emphasis on precious metals.

George Town, Cayman Island - 26 November 2019 - Mineral & Financial Investments ("M&FI" or the "Company")), the AIM quoted resources investment company, is very pleased to announce its Net Asset value and audited fiscal year update on its activities for the 12 months ended 30 June 2019.

CHAIRMAN'S STATEMENT:

During the twelve-month fiscal period ending 30 June 2019 your company generated net trading income of £2,654,000 which translated into a net profit of £2,491,000 or 7.1p per share for the period. Our net assets at 30 June 2019 were £5,114,000 an increase of 95% from the net asset total of £2,623,000 at 30 June 2018.  The Net Asset Value per Share - fully diluted (NAVPS-FD) as at 30 June 2019 was 14.5p, a 93% increase from the 7.5p NAVPS FD at 30 June 2018. We continue to be effectively debt free, with working capital of £5.1 million.

YEAR END NET ASSET VALUES

	31 Dec. 2015	31 Dec. 2016	31 Dec. 2017	30 June 2018	30 June 2019	CAGR (%)
Net Asset Value	£909,000	£1,495,000	£2,603,000	£2,623,000	£5,114,000	99.2%
Fully diluted NAV per share	6.47p	6.25p	7.43p	7.49p	14.50p	38.1%

The world's economic performance was positive in 2019, but growth rates were lower than in 2018. We believe this subdued rate of growth is a consequence of rising trade barriers; elevated uncertainty surrounding trade and geopolitics; idiosyncratic factors causing macro-economic strain in several emerging market economies; and structural factors, such as low productivity growth and aging demographics in advanced economies. Growth in advanced economies, notably the USA, slowed in large part due to, we believe, to its imposition of various tariffs on trade with, but not exclusively, China.

IMF - WORLD ECONOMIC OUTLOOK[1]

	2016	2017	2018	2019 (E)	2020 (F)
Economic Output - World	3.20%	3.70%	3.60%	3.00%	3.40%
Economic Output - Advanced Economies	1.70%	2.40%	2.30%	1.70%	1.70%
Economic Output - Emerging Markets and Developing Economies	4.40%	4.70%	4.50%	3.90%	4.60%
Consumer Prices - Advanced Economies	0.80%	1.70%	2.00%	1.50%	2.00%
Consumer Prices - Emerging Markets and Developing Economies	4.30%	4.00%	4.80%	4.70%	4.80%

As we enter into 2020, a US presidential election year, there is cause for hope that trade hostilities will diminish. The IMF expects economic growth rates will increase to an average of 4.60% for the economic activities of Emerging Markets and Developing Economies. In contrast, the economic growth of advanced economies, as defined by the IMF, will experience no change in its forecasted 2019 average economic growth rate of 1.70% in 2020. In the IMF's forecast, what would appear to be a muted economic outlook generally, should nevertheless be a sound environment for metal consumption as emerging and developing economies have been and will continue to be the source of most new demand for metals and minerals as they advance from "Developing" to "Emerging" economies.

Inflationary pressures eased in most economies, but mostly in "Advanced Economies", as measured by the IMF Inflationary pressures are expected to rise in 2020. It is worth noting that inflation is expected to exceed economic growth in the "Advanced Economies" in 2020.

We believe political and economic risks remained prominent in 2019. In our opinion central bankers and their monetary policies have been accommodative, causing low, and for a period in 2019, negative interest rates in several western economies. This has created, we believe, an extraordinary chapter in the modern world's economic history - according to Bloomberg news (1 November 2019) - $17 trillion of sovereign debt had a negative yield to maturity during 2019. During the year, negative yields were priced by the market for AA sovereign credits, such as France. As at the writing of this comment, Greek government 10-year bonds (Moody's -BB) are yielding 1.36%, almost 30% less than 10-year US treasuries' (Moody's AA+) at 1.93%. There is, in our opinion, a global mispricing of risk due to the policies of certain central banks, notably the ECB. It is with this in mind that we have deliberately increased our weighting in precious metal (gold, silver, and platinum) exposure to 28% of our investment portfolio.

GLOBAL STOCK INDEX PERFORMANCE

1 July 2018 to 30 June 2019	01/07/2018	30/06/2019	% change
Shanghai Shenzhen CSI 300 Index	3365.12	3825.59	13.7%
Standard & Poor 500 Index	2718.37	2941.7	8.2%
Euro Stoxx 50 Index	3395.6	3473.69	2.3%
Hang Seng	28955.11	28542.62	-1.4%
FTSE 100	7636.93	7425.63	-2.8%
Nikkei 225	22304.51	21275.92	-4.6%

Global equity markets, during our fiscal year ending 30 June 2019 were mixed. We believe it is surprising that some of the best performing major global stock market indices are those of the two main players in the trade tariff wars.  The best performing major index in the narrow band of exchanges which we track was the Shanghai Shenzhen CSI 300 Index, which rose 13.7%, and outperformed the S&P 500. The second-best performance was from the US, as measured by the S&P 500, up 8.2%. In negative territory was the FTSE 100, down 2.8% and the Nikkei 225, down 4.6%. We believe that global interest rates will have to begin the long and slow journey towards normalised rates, if only to provide some monetary policy ammunition to counter the possibility of future economic challenges. In an environment of stable to modestly rising rates equity market performance should be subdued, while sustaining continued global economic growth.

Commodities have struggled during the period. As measured by the Thomson / Reuters CRB Total Commodity Index, which declined 6.6% during the period, it was a challenging year.  As is usual, within a broad index such as the CRB Index, variances between commodity performances were wide. Energy prices were down, WTI oil was down 19.6%. Gold (+12.6%), Palladium (+60.8%) and Rhodium (+43.8%) were all up, while base metals such as Copper (-7.0%), Nickel (-14.0%), Zinc (-16.6%), Lead (-21.4%) and Aluminium (-20.5%) were down during the year.

During the past year our emphasis has been to find undervalued majors for the tactical portfolio, such as Barrick, Newmont Goldcorp and Alamos which have been added to the Tactical Portfolio. For the Strategic Portfolio we have sought advanced stage exploration or early stage development, precious metal investment opportunities. During the period we have added Cerrado Gold and Golden Sun Resources to our Strategic Investment portfolio. 

We completed the acquisition of the 51% in TH Crestgate GmbH ("THC"), which increased our interest to 100%, and THC is now wholly consolidated within our results. As we had planned, the acquisition has been accretive to our results. The largest asset within THC is its 75% interest in Redcorp Empreedimentos Mineiros Lda and Redcorp's interest in the Lagoa Salgada project.

M&FI continues to seek suitable strategic investment opportunities that we believe will generate above average returns while adhering to our standards of prudence. We thank you for your support and we will continue to work diligently, thoroughly and with prudence to advance your company's assets and market position.

CHIEF OPERATING OFFICER'S STATEMENT

OPERATIONS

We believe the key to creating shareholder value is sound investment performance and low operating costs. More specifically operating costs which grow at a slower rate than the accretion in the Net Asset Value. Our full year Administrative costs totalled £280,000, a 7.9% increase over the previous period. We believe the absolute amount is acceptable; however, we wish to continue exerting pressure on these cash costs while toiling to increase our net asset value. We have succeeded in reducing our average quarterly operating costs as a percentage of our NAV to 1.44% in the final quarter of the fiscal period. During the period we have remained essentially debt free.

Operating Costs as a Percentage of Net Asset Value

(Quarterly)

30/09/15	31/12/15	31/03/16	30/06/16	30/09/16	31/12/16	31/03/17	30/06/17
5.58%	4.95%	4.06%	4.05%	3.77%	3.88%	1.67%	2.51%
30/09/17	31/12/17	31/03/18	30/06/18	30/09/18	31/12/18	31/03/19	30/06/19
1.76%	1.65%	1.64%	1.19%	1.92%	1.63%	1.87%	1.44%

INVESTMENT PORTFOLIO

There has been a very tepid recovery in the mining sector. During the period the FTSE Mining index rose 7.1%.  M&FI's investment portfolio now totals £4,952,000, up 118% from £2,269,000 as at 30 June 2018.

ETF Portfolio

Gold ETF: During the 12-month fiscal period the Company's gold ETF position rose in value by 16.9%. We believe the position has been an excellent hedge against the weakening of the British Pound, our reporting currency. According to the World Gold Council in 2018, global gold demand was up 4% year on year; during the same period Central Bank demand for gold was up 73%. A physical gold position is a core holding in our portfolio, its weighting will vary according to our market perspective.

Silver ETF: During the 12-month fiscal period the Company's silver ETF position declined in value by 2.2%. Silver lagged gold's performance as at our 30 June 2019 year end. At the writing of this comment the price of silver has risen 10.4% since our fiscal period end. Silver's industrial uses have evolved dramatically over the past 20 years. According to the GFMS Silver is, and has been, in a deficit position (i.e. we consume more than we produce) for at least a decade. Since 2009 supply has risen by 9.6%, while demand has risen by 23.4%.

Copper ETF: Lately copper has been the "tomorrow" metal. It will be critical to the portable power and electrification. We added this position during the fiscal year. It is up 3.9% from our purchase price. Our copper ETF position is meant to offer us a conservative exposure to copper until we find a suitable operating investment vehicle at an attractive valuation in which to invest.

Platinum ETF: Platinum continues to be a disappointing and perplexing metal. It is our smallest metal investment in GBP value. In 2019 demand, according to the World Platinum Council, will be up 9%, while supply is expected to rise by 4%. The global surplus is expected to decline 48.9% to 345,000 oz. in 2019. The single largest, market for platinum is automotive (7.5% of world demand), and particularly its application in diesel engine catalytic converters. Platinum's future in the automotive industry will be its possible application in fuel cell technology. 

No other metal positions were initiated during the period.

Equity portfolio

Amongst the equity portfolio the following investments are noteworthy.

Redcorp Empreedimentos Mineiros Lda.: Your company owns 100% of TH Crestgate ("THC"). which owns 75% of Redcorp Empreedimentos Mineiros Lda. Redcorp is a Portuguese company whose main asset is the Lagoa Salgada Project. In June 2018, THC entered into a sale and earn-in agreement with a Canadian listed company, Ascendant Resources. The sale of 25% of Redcorp to Ascendant was completed for cash and shares valued at US$2,600,000. Thereafter, Ascendant can earn into 80% ownership by completing US$9,000,000 of exploration work on the project. Additionally, Ascendant must make payments totalling US$6,000,000 to THC, of which $500,000 has been received, and an additional payment of US$500,000 is expected on 22 December 2019. The project has been advanced from approximately 9.67Mt with Zinc Equivalent grade of 6.7%, when Ascendant became the operator of the project, to approximately 23Mt currently. A Preliminary Economic Assessment (PEA) technical study should be completed before the end of the calendar year.

Cap Energy: Cap's management has succeeded in acquiring its operating partner's interest in the Djiféré Block offshore Senegal, and now has 90% of the project. The Djiféré Block is in shallow waters and is adjacent to Cairn Energy's Sangomar and Rufisque blocks. The two blocks offshore Guinea-Bissau are "Block 1" and "Block 5B". We believe that Cap would benefit from also buying out its operating partner in those projects. If successful Cap would hold 76% of Block 1 and 85.5% of Block 5B. The gem in Cap Energy's portfolio is "Block 5B"- It is in deep water, but the 3D seismic analysis suggests that it is structurally analoguous to the neighbouring SNE oil field which was the largest oil discovery in 2014 and are now in production.  These are potentially enormous projects which should attract many potential partners with the financial strength to advance the projects more quickly. We expect that this will begin to bear fruit over the next year. Subsequent to YE, CAP completed a financing at 200p, higher than our carrying value.

Ascendant Resources: The Group has acquired a nearly 2.91% shareholding in Ascendant Resources, a Toronto Stock Exchange listed producer of zinc. Ascendant's main asset is the El Mochito mine in Honduras. The shares of Ascendant have performed poorly in the past reporting period. Ascendant has achieved important operational progress by reducing its operating costs, increasing its resource base at El Mochito and advancing the Lagoa Salgada Project. This progress has been overshadowed by the weakness in the zinc price, the rise in tolling charges by refiners and the fact that it is a producer with costs in the 3rd quartile. We increased our holding in the Company during the period. We continue to maintain our positive outlook for zinc prices and believe that Ascendant's higher leverage to an improvement in the price of zinc should have a disproportionate impact on its share price.

Cerrado Gold: We initiated an investment in common shares of Cerrado Gold this year. It's lead exploration project is Monte do Carmo, located in Toncantin State in Brazil.  Gold was originally discovered in the Monte do Carmo area during the 17th century by the Portuguese.  The Serra Alta deposit is the main focus of the exploration of the project.  A preliminary resource estimate completed by Micon International on 5 December 2018 identified 13,369,000 tonnes of ore grading 1.85g/t, resulting in an inferred resource of 813,000 oz. Continued exploration on the project, we believe, will result in further expansion of the deposit which could more than exceed a million ounces.

Golden Sun Resources: We invested in Golden Sun by acquiring a secured convertible loan note of Golden Sun. The notes mature on 3 April 2024. Interest shall be charged at the rate of 20% per annum, calculated monthly in arrears, and accrue on the outstanding Loan Amount and shall become payable upon maturity.  Golden Sun has brought the Bella Vista project back into production. It plans to expand the project in small, financially self-sustaining phases. Your Company believes this is a compelling investment for many reasons, including the leverage to the gold price, the attractive investment structure and the high dividend payout potential.

Consolidated Income Statement		Year ended 30 June 2019	18 months to 30 June 2018
		£'000	£'000
	Investment income	28	2
	Fee revenue	212	-
	Net gains/(losses) on disposal of investments	405	(12)
	Net change in fair value of investments	2,009	325
		2,654	315
	Operating expenses	(280)	(260)
	Other gains and losses	161	-
	Profit before taxation	2,535	55
	Taxation expense	(44)	-
	Profit for the year from continuing operations and total comprehensive income, attributable to owners of the Company	2.491	55
	Profit per share attributable to owners of the Company during the year from continuing and total operations:	Pence	Pence
	Basic (pence per share)	7.1	0.2
	Fully diluted (pence per share)	7.1	0.2

Consolidated Statement of Financial Position

	2019	2018
	£'000	£'000
CURRENT ASSETS
Financial assets held at fair value through profit or loss	4,952	2,269
Trade and other receivables	78	10
Cash and cash equivalents	224	422
	5,254	2,701
CURRENT LIABILITIES
Trade and other payables	88	68
Convertible unsecured loan notes	10	10
	98	78
NET CURRENT ASSETS	5,156	2,623
NON-CURRENT LIABILITIES
Deferred tax provision	(42)	-
NET ASSETS	5,114	2,623
EQUITY
#### Share capital	3,095	3,095
#### Share premium	5,886	5,886
#### Loan note equity reserve	6	6
#### Share option reserve	23	23
#### Capital reserve	15,736	15,736
Retained earnings	(19,632)	(22,123)
Equity attributable to owners of the Company and total equity	5,114	2,623

Consolidated Statement of Changes in Equity

	Share capital	Share premium	Share option reserve	Loan note reserve	Capital  reserve	Accumulated losses	Total equity
	£'000	£'000	£'000	£'000	£'000	£'000	£'000
At 1 January 2017	2,985	4,934	12	6	15,736	(22,178)	1,495
Total comprehensive income for the period	-	-	-	-	-	55	55
Share based payment expense	-	-	11	-	-	-	11
Share issues	110	952	-	-	-	-	1,062
At 30 June 2018	3,095	5,886	23	6	15,736	(22,123)	2,623
Total comprehensive income for the year	-	-	-	-	-	2,491	2,491
At 30 June 2019	3,095	5,886	23	6	15,736	(19,632)	5,114

Consolidated Statement of Cash Flows

		Year ended 30 June 2019	18 months to 30 June 2018
		£'000	£'000
OPERATING ACTIVITIES
Profit before taxation		2,535	55
Adjustments for:
Share based payment expense		-	11
(Profit)/loss on disposal of trading investments		(405)	12
Fair value (gain)/loss on trading investments		(2,009)	(325)
Other gains and losses		(178)	-
Investment income		(28)	(2)
Tax paid		(2)	-
Operating cash flow before working capital changes		(87)	(249)
(Increase) in trade and other receivables		(58)	(3)
Increase in trade and other payables		7	18
Net cash outflow from operating activities		(138)	(234)
INVESTING ACTIVITIES
Purchase of financial assets		(865)	(1,806)
Disposal of financial assets		587	1,124
Acquisition of subsidiary		(97)	-
Cash balance of subsidiary acquired		287	-
Investment income		28	2
Net cash inflow/(outflow) from investing activities		(60)	(680)
FINANCING ACTIVITIES
Proceeds of share issues		-	1,062
Net cash inflow from financing activities		-	1,062
Net (decrease)/increase in cash and cash equivalents		(198)	148
Cash and cash equivalents as at 1 July/ 1 January		422	274
Cash and cash equivalents as at 30 June		224	422

NOTES TO THE FINANCIAL STATEMENTS

1	OPERATING PROFIT
		2019	2018
		£'000	£'000
	Profit from operations is arrived at after charging:
	Directors fees	59	78
	Share based payment expense	-	11
	Other salary costs	14	12
	Registrars fees	30	44
	Corporate adviser and broking fees	23	34
	Other professional fees	75	44
	Foreign exchange differences	17	1
	Other administrative expenses	61	24
	Fees payable to the Group's auditor:
	For the audit of the Group's consolidated financial statements	18	12
		297	260

2	OTHER GAINS AND LOSSES
		2019	2018
		£'000	£'000
	Gain on acquisition of subsidiary	178	-
	Foreign currency exchange differences	(17)	-
		161	-

3	INCOME TAX EXPENSE
		2019	2018
		£	£
	Deferred tax charge relating to unrealised gains on investments	42	-
	Other tax payable	2	-
		44	-
	The tax on the Group's profit before tax differs from the theoretical amount that would arise using the weighted average rate applicable to the results of the Consolidated entities as follows:
		2019	2018
		£	£
	Profit before tax from continuing operations	2,535	55
	Profit before tax multiplied by rate of federal and cantonal tax in Switzerland of 14.6% (2018: N/A)	370	-
	Less abatement in respect of long term investment holdings	(333)	-
	Unrelieved tax losses	7	-
	Total tax	44	-

4	EARNINGS PER SHARE
	The basic and diluted earnings per share are calculated by dividing the profit attributable to owners of the Company by the weighted average number of ordinary shares in issue during the year.
			2019	2018
			£'000	£'000
	Profit attributable to owners of the Company
	- Continuing and total operations		2,491	55
			2019	2018
	Weighted average number of shares for calculating basic earnings per share		35,037,895	33,661,491
	Weighted average number of shares for calculating fully diluted earnings per share		35,064,391	34,466,491
	Profit per share from continuing and total operations
	- Basic (pence per share)		7.1	0.2
	- Fully diluted (pence per share)		7.1	0.2

5	ACQUISITION OF SUBSIDIARY
	On 6 September 2018 the Company entered into an agreement to acquire the remaining 51% majority shareholdings in TH Crestgate GmbH ("THC") for a cash consideration of CHF125,000.  Completion took place at the beginning of October with a total cash payment of CHF125,000 to the controlling shareholders.  THC is an investment company registered in Switzerland whose main asset is an investment in Redcorp Empreendimentos Mineiros LDA which owns 85% of the Lagoa Salgada mining project. The amounts recognised in respect of the identifiable assets acquired and the liabilities assumed are as set out in the table below:
				£'000
	Investments			142
	Cash and cash equivalents			287
	Plant and equipment			5
	Trade and other receivables			5
	Trade and other creditors			(13)
	Total identifiable assets			426
	Original consideration for minority shareholding			151
	Cash consideration for acquisition of majority shareholding			97
	Total cash consideration			248
	Gain on acquisition			178

6	INVESTMENTS HELD AT FAIR VALUE THROUGH PROFIT OR LOSS
			2019		2018
			£'000		£'000
	1 July - Investments at fair value		2,269		1,274
	Investments held by subsidiary on acquisition		142		-
	Reclassified to subsidiary undertaking		(151)		-
	Cost of investment purchases		865		1,806
	Proceeds of investment disposals		(587)		(1,124)
	Profit/(loss) on disposal of investments		405		(12)
	Fair value adjustment		2,009		325
	30 June  - Investments at fair value		4,952		2,269
	Categorised as:
	Level 1 - Quoted investments		1,117		1,342
	Level 3 - Unquoted investments		3,835		927
			4,952		2,269
	The Company has adopted fair value measurements using the IFRS 7 fair value hierarchy Categorisation within the hierarchy has been determined on the basis of the lowest level of input that is significant to the fair value measurement of the relevant asset as follows: Level 1 - valued using quoted prices in active markets for identical assets Level 2 - valued by reference to valuation techniques using observable inputs other than quoted prices included in Level 1. Level 3 - valued by reference to valuation techniques using inputs that are not based on observable market criteria.
	LEVEL 3 investments Reconciliation of Level 3 fair value measurement of investments
				2019	2018
				£'000	£'000
	Brought forward			927	1,085
	Investments held by subsidiary on acquisition			14	-
	Reclassified to subsidiary undertaking			(150)	-
	Purchases			350	683
	Disposals			-	(1,022)
	Fair value adjustment			2,694	181
	Carried forward			3,835	927
	Level 3 valuation techniques used by the Company are explained on page 26 (Fair value of financial instruments) The Company's two largest Level 3 investments are Redcorp Empreendimentos Mineiros LDA ("Redcorp") and Cap Energy plc. REDCORP EMPREENDIMENTOS MINEIROS LDA Redcorp is a Portuguese company whose main asset is the Lagoa Salgada Project, which has resources of zinc, lead and copper. In June 2018, TH Crestgate entered into an agreement with Ascendant Resources Inc ("Ascendant") under which Ascendant initially acquired 25% of the equity in Redcorp for a consideration of US$2.45 million, composed of US$1.65 million in Ascendant shares and US$800,000 in cash. The second part of the Agreement is an Earn-in Option under which Ascendant has the right to earn a further effective 25% interest via staged payments and funding obligations as outlined below: Ascendant is required to spend a minimum of US$9.0 million directly on the Lagoa Salgada Project within 48 months of the closing date, to fund exploration drilling, metallurgical test work, economic studies and other customary activities for exploration and development, and to make stage payments totalling US$3.5 million to TH Crestgate according to the following schedule or earlier:
22 Dec 2018 22 Jun 2019 22 Dec 2019 22 Jun 2020 22 Dec 2020 22 Jun 2021	US$250,000 US$250,000 US$500,000 US$500,000 US$1,000,000 US$1,000,000
	Under the last part of the agreement Ascendant can acquire an additional 30% taking its total interest to 80% by the payment of US$2,500,000 on or before 22 Dec 2021.  To date the payments due by Ascendant under the agreement have been paid on time and the Group's investment in Redcorp has been valued on a discounted cash flow basis of the remaining payments due under the agreement plus an additional amount for the discounted value of the Group's residual investment in the project. Redcorp currently owns 85% of the Lagoa Salgada project. Redcorp signed an agreement in June 2017 with Empresa Desenvolvimento Mineiro SA (EDM), a Portuguese State-owned company to re-purchase the remaining 15% of the project resulting in a 100% ownership of the project. The 2017 agreement was subject to the Portuguese Secretary of State's approval which has not yet been received. Redcorp and Mineral & Financial continue to explore ways and means to complete the purchase.
	CAP ENERGY PLC The Company has a 1.3% interest in Cap Energy which has been valued at the issue price of Cap Energy's fund raise in March 2016 (187.5p per share). Post year-end Cap Energy has issued shares at 200p per share.

Mineral & Financial's Audited Financial Statements for the year ended 30 June 2019 will be available on the Company's website (http://www.mineralandfinancial.com/) on Thursday, 28 November 2019 and will be posted to shareholders together with the notice of the AGM on or before18 December 2019.

Mineral and Financial will hold its Annual General Meeting 16 January 2020 at 10:00AM at W.H. Ireland's offices - 24 Martin Lane, London, EC4R 0DR, United Kingdom

FOR MORE INFORMATION:

James Lesser, Mineral & Financial Investments Ltd.                 +44 777 957 7216

Katy Mitchell, WH Ireland Group Limited                                 +44 161 832 2174

Jon Belliss, Novum Securities Limited                                       +44 207 399 9400

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[1] Source: All economic data references are from the IMF World Economic Outlook (October 2019)

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