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.

Mineral and Financial Investments Limited

Audited Full Year Financial Results and NAV for Period ended 30 June 2025

FULL YEAR HIGHLIGHTS:

·     Fiscal Year-end NAV £13.7M (FYE: 30/6/25) up 19.5%, from £11.4M (FYE: 30/6/24)

·     Net Asset Value Per Share ("NAVPS") FD 34.5p, up 18.5%, from 29.1p (FYE: 30/6/24)

·     NAV has increased at Compound Annual Growth Rate of 26.6% since 30 June 2018

·     Investable Capital now totals £14.1M, up 19.6%, Yr/Yr from £11.8M.

·     NAVPS growth has exceeded that of the comparable investments since 2018

George Town, Grand Cayman - 22 December 2025 - Mineral & Financial Investments (LSE-AIM: MAFL) ("M&F" or the "Company") is very pleased to announce its audited Net Asset value and audited results on its activities for the 12 months ended 30 June 2025.

CHAIRMAN'S COMMENTS

Mineral & Financial Investments Ltd. ("M&F" or the "Company"), the AIM quoted mineral resources investment company, is very pleased to announce its Net Asset Value (NAV) and audited results for the 12 months ended 30 June 2025.

During the 12-month period ending 30 June 2025, your company generated Gross Income of £2.90 million (2024: £2.57 million) which translated into a Pre-Tax Profit of £2.21 million (2024: £2.05 million). Net Profit after tax for the full year was £2.17 million (2024: £2.01 million) or 5.8p per share basic, or 5.4p per share on a Fully Diluted ("FD") basis for the year. At the year-end of 30 June 2025, our Net Asset Value (NAV) was £13.68 million an increase of 19.5% from the 30 June 2024 NAV of £11.45 million.  The NAV per share - fully diluted (NAVPS-FD) as of 30 June 2025 was 34.5p, up 18.5% from the 30 June 2024 NAVPS-FD of 29.1p. Since 30 June 2018, our NAV has appreciated on average by 26.6% compounded annually. We continue to operate with financial prudence and are without any long-term liabilities.

SUMMARY OF FINANCIAL PERFORMANCE  2018 - 2025

After a series of challenging years for the metals and mining sector, looking back, 2024 appears to have been the turning point for mineral commodity prices and the mining sector. However, commodities are mostly denominated in US dollars and the US dollar declined in value by more than 8% yr./yr. against the UK pound, our reporting currency. Eighty percent (80%) of our investment portfolio is denominated in US dollars, so the drop in the US dollar value had a considerable adverse effect on the overall results for the Group; nevertheless, our NAV was up 19.5% (Yr./Yr.) for the 2025 reporting period.

During the year ending 30 June 2025, most inflation levels moderated, aided largely by lower energy prices, and stable interest rates. Lower inflation and a stable interest rate environment have led to continued global economic growth, despite highly unpredictable US import tariff policies. This growth has led to strong performances from precious metals and modest, but positive, movement for most base metals. The "Green Shoots" of recovery for the metals and mining industry, which were noted in our 2024 annual report to shareholders, have taken root.  The FTSE 350 Mining Index was up 70.8% Yr./Yr. from its low base at the start of the period ending 30 June 2025 (Fig.1) and is back to where it was in 2020. The S&P / Goldman Sachs Commodity Index (see Fig.1) declined by 7% during the period (N.B. Energy commodities represent more than 50% of the S&P GS Commodity Index).

The regular readers of our Annual Report to shareholders will be aware that we regularly refer to the International Monetary Fund's ("IMF") bi-annual economic forecasts as a yardstick for global economic performance. It is a consistent, though not necessarily more accurate, attempt to measure and estimate global economic performance. We believe that the IMF's economic forecast provides a clear picture of the best-informed consensus estimates for global economic performance.  Using the IMF estimates for 2025, the global economies have experienced slowing levels of growth (Fig. 4) versus 2024 to an estimated 3.0% in 2025. A small improvement in global economic growth to 3.1% is forecast for 2026. In 2025 Advanced Economies are expected to experience the bulk of the economic growth moderation in the global forecast, 1.5% vs. 1.8% in 2024. In 2025 inflation is expected to diminish somewhat globally, but remain uncomfortably high at 4.2%, and declining to 3.7% in 2026.  Specifically, Advanced Economies' levels of inflation are near acceptable levels, but not quite there - estimated to be 2.5% in 2025 and 2.2% on 2026. It is amongst the Emerging Markets that we can see inflation remaining stubbornly high, estimated to be 5.4% in 2025, and declining slightly to 4.7% in 2026.

IMF - WORLD ECONOMIC OUTLOOK^[1]

(Fig. 4)

In 2025, after M&F's 30 June year end, we saw the US Federal Reserve (the "Fed") reduce the Fed Fund rate by 25 basis points on 17 September 2025 to 4.25%. The Fed Fund Rate cut, which the White House was insistent the Fed implement, had no meaningful effect in reducing the yields to maturity demanded by global debt markets. The US 10 Year Treasury bond yields rose by a few basis points from 4.04% to 4.12% in the days following the Fed Fund rate cut. This suggests that the Fed's authority over markets has weakened. Deft management by the Fed will be necessary to ensure market stability.

The US Department of Labor announced that US Inflation in September 2025, as measured by the CPI was +0.3% (down from +0.4% in August 2025), continuing its slow decline. The September CPI level was slightly higher than expected. Although CPI remains above the Fed.'s target level of 2.0%, it is moving downwards.  Inflation measures continue to benefit from flat to declining energy prices. There has been a less measurable impact from US trade tariffs than had been expected on US inflation. The declared tariffs have been volatile and their imposition inconsistent. Therefore, it is possible that their impact has yet to fully impact US economic data.

As this shareholder report was being written, the US government had been shut for 40 days. There appeared to be little urgency from the US White House to resolve the shutdown, and at writing, the Senate Democrats appear to have capitulated.  The US budget, yet again, has turned into a political rather than an economic issue. There are senior members of the White House staff, former leaders of right wing "think Tanks" that are avowed Libertarians. A government closure, without a resulting crisis, may fortify their beliefs that smaller government is necessary. Nonetheless, US markets (bonds and equities) appear indifferent, as prices of both rose during this period.

Our view remains unchanged, though not popular, that rates are unlikely to be returning to the historically low levels seen in the past 5 years. We expect rates remaining in this current range. It is noteworthy to recall that since 1871 US long rates have averaged 4.49%. Additionally, the US federal government's deficit in 2025 is estimated to be US$1.9 trillion^[2] in 2025, or US$5,428 per capita.  This deficit is expected to represent 6.2% of the estimated 2025 US GDP and estimated to remain high and is estimated to be 6.1% of GDP in 2035². The current average EU budget deficit to GDP is 3.1%. Based on the current economic yardsticks - the US would be ineligible to join the European Union, if it so wished. The net result is that we believe that the US dollar is not likely to outperform other currencies in 2025 and 2026. The impact of an underperforming US currency is that it will be positive for commodity prices generally and precious metals particularly.

Chinese equity markets have appreciated during our fiscal year ending 30 June 2025. The CSI 300 is up 13.6%, while the Hang Seng Index is up 35.9%, apparently benefitting by what is termed as "southbound" flows from mainland China into the Hong Kong market. During the same period the S&P 500 was up 13.7% while European large caps were up 8.4%. The FTSE 100 index was up 7.3% in the same period.

In the past several annual reports, we have included the Schiller S&P 500 Cyclically Adjusted Price Earnings (CAPE) chart to highlight the historically high P/E valuation of the S&P 500. The CAPE has risen from 36.0x P/E last year to 39.5x P/E currently - having risen from 30.6x P/E in the 2023. The chart (Fig.6) shows that the S&P 500 is significantly above its long-term averages. The chart also shows an inverse corelation of market valuation and long-term interest rates. The US Equity market valuation, as measured by the S&P 500 P/E Index, was at an all-time high of 6,791 (27 October 2025). Inflation is not yet below the Fed's 2.0% target level. The Fed must balance economic growth against inflation. The White House exerting pressure on the Fed to reduce rates introduces yet another risk factor to the Fed's already very difficult job.

Global Stock Index performance

(Fig.5)

Source:  Bloomberg LLP

The equity market's continued optimism and conviction that further rate cuts lie ahead remains very evident, as can be seen by the rise in its equity valuations, despite slowing economic growth. Conversely, we believe that US debt markets are more sanguine about the likely scale of the rate cuts. We may find ourselves in the not-too-distant future confronting bear markets in both equity and bond markets. We continue to remain cautious, but responsive to circumstances, towards broad equity market valuations. We continue to be positive towards metal commodity prices, which should translate broadly into further mining share price appreciation.

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

Chief Executive Officer's Report

Your company generated gross profit of £2.90 million during the fiscal year ending 30 June 2025, a 12.9% improvement from the previous year's gross profit of £2.57 million. There was a 7.7% increase in the pre-tax profit to £2.21 million from last year's £2.05 million. Net Income after tax for the full year ending 30 June 2025, was £2.17 million compared to £2.01 million for the previous fiscal year. The per share earnings for the full year were 5.8p (basic), or 5.4p (FD), compared to 5.4p (basic) and 5.3p (FD) for the 2024 fiscal year. The overall cash and investment portfolios ("Investable Capital") increased by 19.6% to £14.1 million from £11.8 million yr/yr.

Summary of Financial Performance

(Fig.7)

Our overweighting of gold investments has been one of the important drivers of our performance in 2025. The improvement in our NAV is linked predominantly to the strong performance of our publicly listed precious metals investments, our Deferred Gold Delivery Contracts ("DGDC") and our revaluation of Toburn. However, largely offsetting this has been the weakness in the US dollar providing a significant headwind to our performance. Although the effect has been softened by the lift this provides to US dollar commodity prices. 80% of our investment portfolio is denominated in US dollars, and as a point of comparison, if all the Foreign Exchange rates we used last year were applied to calculate our NAV this year, our NAV would have been £1.1 million higher, or 2.75p higher per share. Moreover, as noted earlier, we have left unchanged the valuation of most of our Strategic investments from last year. These Strategic Investments represent 54% of our total investments.  For various reasons, most of these Investee companies did not raise capital during the year; so there was no objective valuation marker indicating a change of valuation, although we believe that their value has benefitted from the commodity and index price improvement, but this has not as yet been recognised.

We have not changed our carrying values for several of our private company investments, notably Golden Sun Resources, Ideon, Redcorp, Terrasun, and Gemdale. These Strategic Investments are either generating cash flow, as in the case of Golden Sun, or have not needed capital such as Ideon, Redcorp or TerraSun, or as for Gemdale, raised capital at the same price as our last investment.  Toburn's asset is a 2% Net Smelter Royalty on Block 21-A upon which is the Bellavista mine. We have always valued Toburn conservatively and continue to do so. These remain private companies, but several are contemplating "liquidity events" in the next 6 to 12 months. Notably, Golden Sun is considering several possible strategic transactions that may result in a favourable outcome for M&F.

Price Performance of Various Commodities & Indices

(Fig.8)

The key to creating shareholder value for M&F is attempting to achieve positive risk adjusted investment returns while keeping operating costs low. We continue to be attentive to costs. Operating costs were up more than planned during the period, due to some one-off expenses associated with an office relocation in Switzerland. Excluding these costs, operating costs would have been within budget and in-line with asset growth. An additional change from previous years, we have re-allocated a portion of our investments from Current Assets to Long Term assets. This was done to reflect our belief of when these assets will be monetized.

During our fiscal year global commodity price performances' (Fig. 8) bifurcated, precious metals performed strongly, while base metals were generally flat to down during the period.  During the 12-month period we saw a dramatic improvement of the performance of mining share indices relative to the underlying commodity prices. During our fiscal year the FTSE 350 Mining Index rose 70.8%, this rise is from a low base and the index as at June 30 2025 was 17,732 (n.b. the FTSE 30 Mining Index  was 17,714 on June 30 2020). The S&P Goldman Sachs Commodity Index was down 6.2% during our fiscal year mostly due to its energy components declining. 

Precious metals were up, gold rising 42.3%, while silver was up 24.4% and platinum was up 36.7%. Base metals were broadly down, exceptionally copper prices appreciated by 4.2% during the 12-month period ending 30 June 2025, below trendline growth of 9.1% since 2019. Aluminium prices also appreciated slightly during this 12-month period, rising by 2.7%. The remainder of the base metals in Fig. 8 were down during the past 12 months. The notable declines were - Nickel prices declined 12.8% while Uranium declined 9.1% in the period. Nickel markets continue to digest the significant increase in production of the past few years, notably from Indonesian producers, now the world's largest producer of Nickel. Zinc prices were impacted negatively by the reopening of mothballed mines, once thought to be permanently shut in Africa, China and Russia. The only "positive" for the metal has been smelter bottlenecks and curbs in Kazakhstan and Japan. There are signs that a price reversal for Zinc is possible in 2026 as LME inventories are low at 35,300 tonnes, and new inventory growth has not been meaningful.

Uranium ("U₃O₈") pricing benefited from the creation of several physical U₃O₈ investment funds, and ETF's as well as from increased energy insecurity resulting from energy shortfalls caused by the Russian/Ukrainian conflict. Additionally, Cameco and Kazatomprom have reduced their production guidance for 2025. The World Nuclear Association[3] does forecast a rise in U₃O₈ in physical consumption by 2040 with several new reactors being commissioned and certain reactors' producing lives being extended. From the 398 GWe of nuclear capacity (as of June 2025), their base case scenario projects that nuclear capacity will reach 746 GWe by 2040. Global reactor demand requirement for uranium in 2025 are estimated at about 68,920 tU. In their base case -these are expected to rise to just over 150,000 tU by 2040.

Lithium ("Li") prices have improved from the lows reached in the summer of 2025. These lows were 90% below the highs achieved in 2023. The reality of rapidly depreciating electric vehicles and the challenges of rolling out charging networks with slow, expensive and/or erratic power availability cooled the demand growth for EV's. There will continue to be growth in Li demand, as there certainly will be for electric vehicles. The large imponderable issues for future of the industry are - alternative power storage technologies and the amount of battery and Li recycling that will occur and or be required. We have made some small investments in Li producers and will remain conservative focusing only on producers for the foreseeable time.

As can be seen in Fig. 9, our cash weighting of 1.5% of our Investable Capital[4] ("IC"), is nominally underweighted relative to our internal guidelines that cash should be in the 10%¹ range of IC. However, what is not clearly depicted is that our cash (1.5%¹), deferred gold delivery contracts (19.4%¹) and physical silver (5.5%¹) precious metals weighting is 26.3% of our total IC. We are overweighted in precious metals and minerals relative to overall industry weightings. The Precious Metals and Minerals overweighting increased from 53.7% at year-end 2024 to 56.2% as of 30 June 2025. The increase is related to the rise in gold and silver prices. Starting in October 2025 we began taking some trading profits from our gold investments when possible and appropriate. Alternatively, we started increasing silver and copper dominant investments. Although we do not disagree with the growing consensus that gold will touch US$5,000/oz within the next 12 to 18 months. Nevertheless, we expect silver and copper will outperform gold during the same period.

Commodity Class Investment Allocation as at FYE 2025 vs. 2024

(Fig. 9)

A cornerstone of our financial expectations is that the US dollar has entered, we believe, a long-term corrective period. We believe that the USA's relative economic performance will be impaired by inflation (understated) and relatively higher interest rates than other advanced economies. These issues coupled with a continued expansion of the overall debt burden of the USA is setting a very challenging environment for any government to navigate, let alone by the current US Administration. 

We believe that the US debt debate focusses far too narrowly on the US Federal government's obligation. While government debt is clearly an important consideration, the current debate does not take in to account the Social Security, Medicare and Medicaid obligations, also does not consider state, county and municipal debt, and very rarely, if ever, touches on the gigantic burden of underfunded pension obligations. On this basis, we believe that gold should continue to generate positive gains from its current price level. However, from a trading standpoint we believe that silver and copper should outperform gold.

Precious metals represent 56.1% of our metal allocation as at FYE 2025, up from 53.7% of our NAV in 2024. However, if deferred gold bullion and our physical silver investment are excluded from the Precious Metals classification and deemed as near Cash, the Precious Metals and Minerals category represents 30.3% of our IC⁷, Base Metals represent 30.2%, the Food, Energy, Services & Tech, segment represents 7.8% and our NSR Royalty represents 4.4% of our IC⁷.

M&F Investable Capital⁷ - FYE 2025 - 2024

(Fig.10)

For the first time we have included as a stand-alone segment our Net Smelter Royalty² in the BellaVista Mine. We have separated the NSR out for several reasons. Since the year end the NSR has begun to generate income for M&F. Additionally, several royalty companies have expressed interest in acquiring this NSR. Our interest is held though our partial ownership of Toburn. To determine a value for the NSR we have applied a 10.0% discount rate to the estimated cash flow. Although Golden Sun Resources believes that it can achieve higher levels of grade, production and mill throughput. We have opted to value to NSR on the basis of currently installed mining and milling capacity of 500TPD, applying the spot gold price for the estimated life of the mine, applied normal mining dilution and recovery factors  and excluded any estimated resources, mining or milling increases.

INVESTMENT PORTFOLIOS

We always have very high expectations at M&F, which keeps us motivated.  The recent decline in the US dollar's value has created a headwind in the second part of our fiscal year. Moreover, we have left 54.1% of the £13.7M investment portfolio unchanged and it is denominated in US dollars. Nevertheless, our fiscal 2025 period has been a period of positive performance despite the valuation of several of our Strategic investments' valuations remaining static without an external pricing event confirming a revised valuation. Our performance in 2025 was satisfactory, yet we believe that that meaningful value has yet to be recognized in certain of our strategic investments. This value will be recognized when certain monetization events occur. Our IC⁷ rose 18.0% year over year, while NAVPS rose by 16.9% Yr./Yr. These results are in line with the industry's performance during the 12-month period to 30 June 2025: The S&P/TSX Global Mining index was up 17.2%; The S&P Goldman Sach Commodity Index was down 6.2%; The Reuters Jefferies CRB Index was up 7.2%. Our performance can be seen in Fig. 10. Cash increased by 49.3%, from a low base, to £209,000. The Tactical Portfolio increased by 30.8% to £5,384,000. The Strategic Portfolio, historically our best performing portfolio, was up 12.9% to £8,498,000.

The broader equity markets rose during our fiscal year: The FTSE 100 was up 7.3% yr/Yr, The Euro Stoxx 50 was up 8.4%; The S&P 500, also rising a third year in a row, being up 13.6% yr./yr. as of 30 June 2025, the CSI 300 (Shanghai) bounced back from last year's drop to be up 13.7% in the 12 month period to 30 June 2025. The more specific comparable measures, such as the S&P/TSX Global Mining Index was up 17.2% during our fiscal period, while FTSE 350 Mining Index, comprised of smaller market mining companies, was up 70.8%.

CASH                                                                    As a percentage of Total Investments: 1.5%

Our cash balance as of 30 June 2025, was £209,000, an increase of 49.6% from the £140,000 as at the end of fiscal 2024. We believe that this understates our liquidity. In the second half of calendar 2023 we recognized that our greatest risk would be to be under-invested. We chose to deploy some of our cash liquidity in the underlying physical mineral commodities. This would ensure participation in any metal price appreciation, while providing a degree of capital liquidity. Cash and physical commodities represent 27.6% of IC⁷. As a percentage of IC⁷ Deferred Gold Delivery Contracts represent 19.4%, Physical Silver represents 5.5%, and Rhodium represents 1.5%.

During the past year we estimated that silver and silver producers would outperform other precious metals. As an initial investment we acquired 100,000 Sprott Physical Silver Trust units, which is backed with long-term holdings of unencumbered, fully allocated, physical silver bullion, when silver was c. US$31 per ounce. From this investment we have deployed capital in a few silver producers which we found very attractive.

TACTICAL PORTFOLIO                                         As a percentage of Total Investments: 38.2%

The Tactical Portfolio is meant to generate positive Alpha, which in our case is risk adjusted returns above the expected returns for cash.  The Tactical Portfolios increased by 30.8% to end the year at £5,384,000. Tactical Investments increased in part because of performance and the deployment of cash into deferred gold delivery agreements. Our physical commodity investments are held in the Tactical Portfolio. Our early commitment to gold bullion has been timely. Our Deferred Gold Delivery Contracts have generated gains of 59.4% since they were initiated. We have also committed to increasing our silver investments and continue to selectively add to our copper investments. Elsewhere, mining stocks have performed better than in the past several years, but that is not a very high bar. Inflation, and more specifically mining cost inflation has pushed metal prices upwards as the industry's breakeven levels have increased due to inflation. The immediate impact has been on commodity prices. Latterly, as companies attempted to manage cost inflation we have begun to see some positive share price movement.  The tactical portfolio now comprises 18 distinct investments.  The following are some of the most noteworthy holdings in our Tactical Portfolio:

STRATEGIC PORTFOLIO                                      As a percentage of Total Investments: 60.3%

Our Strategic Portfolio are longer term holdings, that we believe will outperform given sufficient time, capital and occasionally guidance. We believe we made many of these "Strategic" investments at the bottom of the cycle. These investments were in out-of-favour assets that we considered to have high return potential but were, we acknowledge, higher risk and less liquid. We believe our competitive advantage was that we were capable and willing to invest where and when others would, or could, not invest in what we believe are good geologic assets.  We believe that the best return to risk ratio is to invest in good assets when these are out of favour.

Our Strategic Portfolio now totals £8.5M and represents 60.3% of our Investable Capital. The Strategic Portfolio was up 13.0% yr/yr in FY 2025. As mentioned above, we have not revalued £7.4M (89.1%) of our strategic investments. The basis of this decision is that there has not been an independent and/or objective transaction that would result in a re-valuation. Most of our Strategic investments did not require external financing (i.e. Ideon, Redcorp, Golden Sun Resources, TerraSun) in FY 2025. Gemdale financed at $1.00 p/share, which is our average costs base ("ACB"). Digbee financed at a lower price, which we participated in, and this lowered our ACB.  Toburn was revalued upwards for reasons which we will discuss below.

The next phase of our strategy is to gradually monetise these investments when and where it makes sense and redeploy these funds into more liquid investments that are out of favour but have strong long-term investment merits.

POSTING OF ANNUAL REPORT AND NOTICE OF AGM

The Company will be posting the Annual Report and Accounts, including the Notice of Annual General Meeting ("AGM") on 23 December 2025  and it will be made available on the Company's website from the same date: www.mineralandfinancial.com.

The AGM will be held at 11 a.m. on 19 January 2025 at 6-9 The Square, Stockley Park, Heathrow, Uxbridge, London UB11 1FW .

FOR MORE INFORMATION:

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

Katy Mitchell, Zeus Capital Limited                                               +44 203 829 5000

Jon Belliss, Novum Securities Limited                                                                 +44 207 382 8300

Consolidated Income Statement

The profit for the year is the "total comprehensive income" as defined by IAS 1. There is no other comprehensive income as defined by IFRS Accounting Standards and all the items in the above statement derive from continuing operations

Consolidated statement of Financial Position

The comparative figures for 2024 have been restated to include £7,478,000 of the Financial assets as fixed assets as they were considered not to be for disposal within 12 months of the year end date.

Consolidated Statement of Changes in Equity