Publication of monthly factsheet

16 June 2025

UIL LIMITED

(LEI Number: 213800CTZ7TEIE7YM468)

Publication of monthly factsheet

The latest monthly factsheet for UIL Limited ("UIL" or the "Company") will shortly be available through the Company's website at:

https://www.uil.limited/investor-relations/factsheet-archive

Monthly commentary

PERFORMANCE

UIL's net asset value ("NAV") total return declined slightly by 0.4% in May, underperforming the FTSE All Share total return Index which increased by 4.1% over the month.

After April's volatility triggered largely by President Trump's "Liberation Day" tariffs, markets in May generally were in recovery mode, with the US and China negotiating a 90-day suspension on the punitive tariffs that both had imposed on each other's imports. China appears to have used its near monopoly on refined rare earth minerals and the specialist magnets produced from them as a bargaining chip to bring the US to the table.

Whilst the Federal Reserve in the US continues to hold interest rates, the Bank of England, Reserve Bank of Australia and the Reserve Bank of New Zealand all cut rates by 25bps in May. Oil prices remain relatively low, easing inflationary pressures and allowing many central banks to cut interest rates.

US markets continued to recover, with the S&P 500 Index up by 6.2% in May. European markets were also strong, with the Eurostoxx Index up by 4.0%, the German DAX Index up by 6.7% and the FTSE 100 Index up by 3.3%. In Australia, the ASX 200 Index advanced by 3.8% in the month. Anthony Albanese's Labor party scored a landslide victory in Australia's Federal Elections on 3 May2025. 

Gold remained firm, holding on to April's strong gains albeit moving up less than a dollar in May to end the month at USD 3,289.25. Copper prices rose by 2.6% and Nickel declined by 1.2%. Brent Crude oil gained 1.2% ending the month at a relatively low USD 63.90.

Sterling strengthened slightly in May, gaining 1.0% against the US Dollar, 0.9% against the Euro and 0.4% against the Australian Dollar.

PORTFOLIO UPDATE

UIL's top ten holdings are disclosed on a look through basis, taking into account the underlying

investments of Somers Limited and Zeta Resources Limited. There was no change to the constituents of the top ten holdings during the month, although L&C Waverton has become W1M, reflecting the company's new corporate identity.

Resimac continues to be the largest holding on a look through basis, and its share price declined by 0.6% during the month. The share price of Utilico Emerging Markets was up by 10.6% during May, with its NAV advancing 3.8% and a reduction in its discount from 16.4% to 11.0%.

Kumarina commenced a short term (c.11 months) mining operation on its Malcolm Challenger gold project in January 2025, whereby Kumarina will complete mining onsite, and transport produced ore to a nearby third-party processing facility. The Project's mine plan anticipates production of c.27,000 ounces of gold at an average grade of 2.46 g/t. Kumarina commenced gold production at the processing facility in April 2025 and remains on track to complete the project on time and on budget.

ORDINARY SHARES

The share price of the ordinary shares was unchanged at 116.00p. During May, 128,805 shares were bought back at an average price of 115.89p.

ZDP SHARES

The share price of the 2026 ZDP shares increased by 3.3% to 139.00p whilst the 2028 ZDP shares increased by 2.2% in May to 118.50p.

Name of contact and telephone number for enquiries:

Charles Jillings

ICM Investment Management Limited +44(0)1372 271486