Public Equity Investments
The public equity investment segment comprises passive positions in listed mining companies. The portfolio focuses on entities that the Board considers to hold high-quality underlying assets with strong value potential.
Our strategy targets mining companies that appear materially undervalued by the market, where upside may be realised through:
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Exploration success,
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Advancement of projects into development and production, and
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Re-rating of assets as market conditions improve.
The objective is to deliver short- to medium-term capital gains. Each investment is assessed on its individual merits, with a focus on companies listed on the TSX, ASX, AIM, and LSE.
Proceeds from divestments within this portfolio have provided the capital and profits to fund our cornerstone investment in the Amapá Iron Ore Project, aligning realised gains with the company’s long-term growth strategy.
Portfolio
As of 31 December 2024, our public equity stakes consisted of the following:
| Company | 31-Dec-24 £,000 | 31-Dec-23 £,000 | 31-Dec-22 £,000 | 31-Dec-21 £,000 |
| European Metals Holding Ltd | – | 2,339 | 4,882 | 11,287 |
| Charger Metals NL | – | – | 301 | 342 |
| Macarthur Minerals Ltd | – | – | 181 | |
| Evergreen Lithium Ltd | 469 | 1,481 | – | – |
| Hastings Technology Metals Ltd | – | 321 | – | – |
| Eagle Mountain Mining Ltd | – | – | 37 | 122 |
| Miscellaneous | 4 | 21 | 24 | 42 |
| Total | 473 | 4,162 | 5,244 | 11,974 |