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Precious metals account for 54 per cent of investment portfolio
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Gold and silver prices have surged since last reporting date
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Exposure to both listed and unlisted gold and silver mining companies
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NAV per share has increased at a CAGR of 19 per cent since 2020
Aim-traded investment company Mineral & Financial Investments (MAFL) was formed via a restructuring in 2013 when a new investor, chief executive and president Jacques Vaillancourt, joined the board. Vaillancourt has 35 years’ experience in global financial markets, during which time he has been involved in over $35bn (£26bn) of financings for the resources sector. He is also president of Mount Everest Finance, which invests in natural resource companies, and was previously managing director and global head of metals and mining at HSBC. He holds 18.4 per cent of the shares, so is a significant shareholder.
The composition of the board and management changed under the guidance of the new lead shareholder and the company thereafter adopted a more disciplined approach to investing. The best part of 18 months was needed to restructure the portfolios.