Unaudited Quarterly Results

MINERAL AND FINANCIAL INVESTMENTS LIMITED

Unaudited Quarterly Net Asset Value Was £13,219,000 On 31 March 2025, an Increase Of 30.7% Year on Year.

HIGHLIGHTS

· NAV (31/3/2025) was up to £13,219,000 or up 30.7% yr/yr from £10,114,000

· NAVPS3 (FD) was 33.5p on 31 March 2025, from 26.0p an increase of 28.9% yr/yr

· Unaudited EPS3 (FD) was 4.4p for the 9 months to 31 March 2025, up from 1.9p

· M&F's total investable capital[1] rose 29.7% to £13,584,000

· Working capital2 is strong at £13,380,000, with no long-term debt

· M&F continues to outperform comparable yardsticks in a volatile environment

George Town, Cayman Islands - 30 May 2025 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) ("M&F" "MAFL" or the "Company") is pleased to provide an unaudited quarterly update of its financial performance and its Net Asset Value for the quarter ending 31 March 2025. At the end of the third quarter, the NAV was £13,219,000, an increase of 30.7% from £10,114,000 achieved in the same period one year ago (see table 1). The Net Asset Value Per Share (FD) was 33.5p at the end of the Q3-2025 period, up 28.9% year on year. Unaudited gross profit for the 9 months ended 31 March 2025 was £2,219,000 (+93.3% yr/yr) and the unaudited net profit was £1,778,000 (+162% yr/yr). Earnings per share of 4.4p fully diluted and 4.8p basic. The Company's working capital at the period end was £13,380,000[2].  The following is a summary of the NAV, updated to include this unaudited NAV calculation:

SUMMARY OF HISTORICAL PERFORMANCE

(Table 1)

M&F's year-on-year NAVPS (FD) growth of 28.8%, Our earnings have increased nearly sevenfold since 31 March 2020. The net result being an average 5-year Compound Annual Growth Rate ("CAGR") of 21.8% in this period. The quarter significantly benefitted from continued strength in the price of precious metals, particularly gold. During the 12-month period ending 31 March 2025 - gold bullion appreciated 39.5%, while silver appreciated 35.9%. Year over year commodity prices are mixed, Nickel was down 5%, Lithium was down 45% and Nickel was down 27%. Oil was down 15.8% Yr//Yr, and US natural gas was up 121%. The global economic outlook is uncertain, largely due to US economic and import policies changing unexpectedly. Although the impact of this uncertainty is yet to be felt fully by the US and many other economies, it is, in our opinion, unlikely that the American populations will tolerate the impact of some of the more extreme proposals for very long and policies will revert to the mean. Additionally, USA economy remains the largest in the world, however, its dominance has diminished. The US represents 4% of the world's population. If significantly higher US tariffs prevail, we believe, that it will impact the US economy more than it will impact the remainder of the world economies. Non-USA economies will recover from impact. This is the first 12-month period where we can report that yr/yr 10-year US Treasury yields declined very slightly (4.20% vs. 4.37%). During this same period, the S&P 500 and the FTSE 100 both rose 7.8%, while most other equity markets were up, notably Japan's Nikkei 225 was down 8.8%

M&FI Net Asset Value vs. Comparables - Indexed Performance

(Chart 1)

PORTFOLIO COMPOSITION

(Table 2)

Our cash holdings increased to £326,000, however if you include both our Silver and Deferred Gold delivery contracts (1,210 oz) our cash and near cash holding amount to £3,941,000, or 29% of our total investable capital. The Company's increased weighting in precious metals is due largely to the outperformance of certain of our investments in the sector. We have used the strong performance of Luca Mining, which is a Canadian based Mexican copper, gold, zinc and silver producer, to exercise our warrants and take some profits. The Company's management achieved the improvements we had expected. Luca's fully diluted market capitalization, at its recent peaks exceeded C$450M, fulfilling our expectations. Additionally, our Deferred Gold Delivery contracts with Golden Sun Resources were timely and generated good returns for M&F. Golden Sun's Bella Vista mine and mill are now in production. We understand that Golden Sun continue to ramp up production but are currently cash flow positive. We are also advised that the cash flows are being reinvested to ensure that the mill has sufficient replacement parts to provide reliable and resilient production. Secondly, work is progressing to move from processing 3.0 g/t material obtained from surface to 5 g/t to 6 g/t material underground by year end.

FOR MORE INFORMATION:

Jacques Vaillancourt, Mineral & Financial Investments Ltd. +44 780 226 8247

Katy Mitchell, Zeus Capital +44 207 220 1666

Jon Belliss, Novum Securities Limited +44 207 382 8300

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR) as in force in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.